1 00:00:06,320 --> 00:00:09,280 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,320 --> 00:00:12,600 Speaker 1: The federal budget deficit comes in much lower than forecasts. 3 00:00:12,920 --> 00:00:16,680 Speaker 1: Optus suffers another triple zero outage ahead of a meeting 4 00:00:16,760 --> 00:00:19,799 Speaker 1: between its owner and the government, and the world's highest 5 00:00:19,840 --> 00:00:23,680 Speaker 1: bridge more than six hundred meters up opens to traffic, 6 00:00:23,880 --> 00:00:27,280 Speaker 1: plus home loan wars heat up, and the medical regulator 7 00:00:27,320 --> 00:00:31,680 Speaker 1: warns against buying melatonin online. It is Tuesday, the thirtieth 8 00:00:31,720 --> 00:00:35,080 Speaker 1: of September twenty twenty five. I'm Michael Thompson and good morning, 9 00:00:35,159 --> 00:00:35,920 Speaker 1: Sean Aylmer. 10 00:00:36,159 --> 00:00:37,840 Speaker 2: Good morning, Michael, Sean. 11 00:00:37,840 --> 00:00:41,599 Speaker 1: The main story this morning, the underlying federal budget deficit 12 00:00:41,680 --> 00:00:44,120 Speaker 1: for the last financial year has come in at ten 13 00:00:44,360 --> 00:00:48,440 Speaker 1: billion dollars. That's well below the forecast of twenty seven 14 00:00:48,520 --> 00:00:51,000 Speaker 1: point nine billion dollars, and it's on the back of 15 00:00:51,080 --> 00:00:54,120 Speaker 1: higher tax receipts due to the strong employment market. 16 00:00:54,040 --> 00:00:57,000 Speaker 2: More jobs than Michael needs, more income tax and that's 17 00:00:57,040 --> 00:01:00,240 Speaker 2: good for the government's coffers. The labor market is better 18 00:01:00,280 --> 00:01:04,520 Speaker 2: than forecast receipts, with thirteen billion dollars higher overall, and 19 00:01:04,600 --> 00:01:07,440 Speaker 2: our apart from that income tax jump, company tax receipts 20 00:01:07,440 --> 00:01:12,160 Speaker 2: were also higher. There were higher contributions from superfunds. Superfunds 21 00:01:12,200 --> 00:01:14,560 Speaker 2: have done really well over the past financial year. As 22 00:01:14,600 --> 00:01:17,759 Speaker 2: a result, the tax they pay increases. Payments are also 23 00:01:17,840 --> 00:01:21,440 Speaker 2: about four point six billion dollars lower now. A big 24 00:01:21,560 --> 00:01:25,200 Speaker 2: chunk of that relates to national partnership payments with the States. 25 00:01:25,720 --> 00:01:27,960 Speaker 2: Treasure Jim Chalmers says Australia now has one of these 26 00:01:27,959 --> 00:01:31,480 Speaker 2: strongest economies in the G twenty, saying that in dollar terms, 27 00:01:31,760 --> 00:01:35,160 Speaker 2: it's the biggest ever positive improvement in the budget in 28 00:01:35,200 --> 00:01:39,160 Speaker 2: a single parliamentary term, which is kind of something Michael 29 00:01:39,160 --> 00:01:41,800 Speaker 2: that politicians do say when they're trying to work out 30 00:01:42,040 --> 00:01:44,600 Speaker 2: the good news in you know, what they're producing. 31 00:01:45,200 --> 00:01:49,040 Speaker 1: Why does it matter, Sean? And just given this was 32 00:01:49,120 --> 00:01:51,600 Speaker 1: last financial year, you always tell us to look to 33 00:01:51,640 --> 00:01:54,320 Speaker 1: the future, to be forward thinking. Why does it matter 34 00:01:54,360 --> 00:01:58,040 Speaker 1: then what the budget deficit was for the last financial year. 35 00:01:58,480 --> 00:02:02,760 Speaker 2: Well, two reasons. One, it's just a stronger starting point 36 00:02:02,800 --> 00:02:05,080 Speaker 2: for this financial year. So if you're you know, minus 37 00:02:05,160 --> 00:02:08,000 Speaker 2: twenty eight billion dollars and you start the new financial year, 38 00:02:08,040 --> 00:02:12,239 Speaker 2: that's kind of your baseline. Now a minus ten billion dollars, 39 00:02:12,240 --> 00:02:15,080 Speaker 2: still all of money, but eighteen billion dollars better than 40 00:02:15,120 --> 00:02:17,880 Speaker 2: the baseline was going to be so that's good. The 41 00:02:18,040 --> 00:02:19,840 Speaker 2: other reason less debt. 42 00:02:20,720 --> 00:02:22,040 Speaker 1: So you know, debt. 43 00:02:22,120 --> 00:02:24,360 Speaker 2: Now is about one hundred and eighty eight Well, according 44 00:02:24,360 --> 00:02:26,680 Speaker 2: to charmers, one hundred and eighty eight billion dollars lower 45 00:02:26,840 --> 00:02:29,200 Speaker 2: in the year just ended compared to when the government 46 00:02:29,800 --> 00:02:34,160 Speaker 2: took power. He calculates, or treasury calculates that sixty billion 47 00:02:34,200 --> 00:02:38,720 Speaker 2: dollars less debt interest over the course of the next decade. 48 00:02:38,720 --> 00:02:41,600 Speaker 2: It's a lower debt, lower interest payments, that sixty billion 49 00:02:41,639 --> 00:02:44,040 Speaker 2: dollars over the next decade. They're the main reasons and 50 00:02:44,040 --> 00:02:47,720 Speaker 2: that debt. Sorry, our debt will hit one trillion dollars 51 00:02:47,720 --> 00:02:51,160 Speaker 2: at some point this financial year, and our charmers said 52 00:02:51,160 --> 00:02:53,640 Speaker 2: it would have already hit that if the federal government 53 00:02:53,919 --> 00:02:57,160 Speaker 2: hadn't done what it's done. Some commentators this morning they 54 00:02:57,240 --> 00:02:59,160 Speaker 2: all notice the same. Well, actually, the federal government should 55 00:02:59,160 --> 00:03:01,440 Speaker 2: have done more, and we should actually have been in 56 00:03:01,440 --> 00:03:05,240 Speaker 2: a surplus. Anyway, all up, ten billion dollars is better 57 00:03:05,280 --> 00:03:06,760 Speaker 2: than twenty eight billion dollars. 58 00:03:06,960 --> 00:03:08,720 Speaker 1: I was going to ask you about that, because this 59 00:03:08,919 --> 00:03:14,359 Speaker 1: is the Albanese government's first budget deficit, and there is 60 00:03:14,360 --> 00:03:16,360 Speaker 1: an argument to be made for the fact that it 61 00:03:16,400 --> 00:03:19,200 Speaker 1: shouldn't have been a deficit at all. That considering the 62 00:03:19,240 --> 00:03:22,680 Speaker 1: tax receipts were so good and there was a significant 63 00:03:23,000 --> 00:03:26,639 Speaker 1: jump in government spending that maybe with a little bit 64 00:03:26,720 --> 00:03:29,880 Speaker 1: more perhaps fiscal discipline, that it might have been an 65 00:03:29,919 --> 00:03:32,120 Speaker 1: even better position than what it was, and that we 66 00:03:32,120 --> 00:03:34,000 Speaker 1: wouldn't be talking about a deficit at all. 67 00:03:34,280 --> 00:03:36,960 Speaker 2: Yeah, I mean totally. The underlying deficit is aboutero point 68 00:03:37,000 --> 00:03:40,760 Speaker 2: four percent of gross domestic product. If you look over 69 00:03:40,760 --> 00:03:43,000 Speaker 2: the last twenty or thirty years, that's a really really 70 00:03:43,040 --> 00:03:45,400 Speaker 2: good result. But you know, plenty of money coming in 71 00:03:45,560 --> 00:03:49,720 Speaker 2: from companies, from workers, from super funds. You actually had 72 00:03:49,840 --> 00:03:53,920 Speaker 2: federal nominal spending jumping about eight percent, So if the 73 00:03:53,960 --> 00:03:58,120 Speaker 2: government hadn't spent that much, hadn't increased that much, And 74 00:03:58,240 --> 00:04:00,520 Speaker 2: a lot of this was for good reason, So I mean, 75 00:04:00,840 --> 00:04:05,840 Speaker 2: no value judgment. They think disability workers, health workers, Remember 76 00:04:05,840 --> 00:04:08,680 Speaker 2: the aged care worker's got that big increase social security. 77 00:04:08,920 --> 00:04:11,360 Speaker 2: So there's reasons for all that. But you could easily 78 00:04:11,360 --> 00:04:13,800 Speaker 2: make the argument the government should have just pulled back 79 00:04:13,800 --> 00:04:15,680 Speaker 2: a little bit and we would have been in surplus. 80 00:04:16,040 --> 00:04:19,360 Speaker 1: Do we get to hung up on just the terminology 81 00:04:19,640 --> 00:04:23,000 Speaker 1: of surplus and deficit that, in the end of improvement 82 00:04:23,080 --> 00:04:25,880 Speaker 1: is an improvement, and whether it or not it's a 83 00:04:25,920 --> 00:04:28,440 Speaker 1: surplus or a deficit doesn't really matter in the long run. 84 00:04:28,520 --> 00:04:31,640 Speaker 1: It's really just almost more a political point at that point. 85 00:04:32,200 --> 00:04:35,640 Speaker 2: Yes, except it holds the government to account. So I 86 00:04:35,680 --> 00:04:38,280 Speaker 2: don't think ten billion dollars surplus or a ten billion 87 00:04:38,279 --> 00:04:40,840 Speaker 2: dollar deficit. In the long run, it doesn't actually make 88 00:04:40,920 --> 00:04:44,680 Speaker 2: that much of a difference, except that the opponents can 89 00:04:44,760 --> 00:04:47,920 Speaker 2: score political points on it. So it does keep some 90 00:04:47,960 --> 00:04:50,640 Speaker 2: sort of safeguard on the government allowing it to blow 91 00:04:50,680 --> 00:04:51,280 Speaker 2: out too much. 92 00:04:51,720 --> 00:04:54,160 Speaker 1: It gives it finally gives the opposition something to have 93 00:04:54,240 --> 00:04:56,520 Speaker 1: a crack at. I haven't had much fun lately have they, 94 00:04:56,560 --> 00:04:59,960 Speaker 1: So finally this might actually give them something to score 95 00:05:00,080 --> 00:05:03,960 Speaker 1: or a few points over now Sean still in politics broadly, 96 00:05:04,000 --> 00:05:07,599 Speaker 1: but Prime Minister Anthony Abernezi arrived in Abu Dhabi for 97 00:05:07,640 --> 00:05:11,240 Speaker 1: the final leg of his eleven day work trip yesterday. 98 00:05:11,640 --> 00:05:16,120 Speaker 1: He's discussing trade and the Israel Gaza conflicts before continuing 99 00:05:16,160 --> 00:05:17,120 Speaker 1: his journey home. 100 00:05:17,720 --> 00:05:21,160 Speaker 2: Australia has signed a free trade deal with the UAE. 101 00:05:21,240 --> 00:05:24,240 Speaker 2: We did that last year. It actually starts tomorrow, one October. 102 00:05:24,279 --> 00:05:26,400 Speaker 2: The Prime Minister is spending twenty four hours in the country. 103 00:05:26,400 --> 00:05:29,839 Speaker 2: As a result, he'll mark the occasion during his meeting 104 00:05:29,839 --> 00:05:33,520 Speaker 2: with UA President Sheik Muhammad bin Zayed al Nayan. They're 105 00:05:33,520 --> 00:05:36,720 Speaker 2: also expected to discuss progress towards the ceasefire in Israel 106 00:05:36,839 --> 00:05:39,719 Speaker 2: against a pending in sort of ahead of the pending 107 00:05:39,720 --> 00:05:42,479 Speaker 2: White House meeting between dond Trump and Israeli Prime Minister 108 00:05:42,560 --> 00:05:47,040 Speaker 2: Benjamin Yahu. Overnight, the PM will visit shak Zayed's Grand Mosque, 109 00:05:47,080 --> 00:05:50,320 Speaker 2: the largest mosque in Abu Dhabi and a cultural landmark 110 00:05:50,480 --> 00:05:52,680 Speaker 2: in the Arab and Islamic world. 111 00:05:52,760 --> 00:05:55,400 Speaker 1: Sean, there's plenty of action in the local share market 112 00:05:55,760 --> 00:05:59,120 Speaker 1: at the moment. Defense tech company drone Shield was up 113 00:05:59,200 --> 00:06:03,120 Speaker 1: eighteen percent yesterday on the back of NATO boosting air 114 00:06:03,160 --> 00:06:06,560 Speaker 1: defense assets. That was in response to drone incursions in 115 00:06:06,680 --> 00:06:07,799 Speaker 1: Denmark last week. 116 00:06:08,400 --> 00:06:12,160 Speaker 2: A cool little company. We had them on trained Shields, yeah, 117 00:06:12,600 --> 00:06:15,320 Speaker 2: a little while ago. The company itself is up nearly 118 00:06:15,320 --> 00:06:18,520 Speaker 2: five hundred percent this year as investors pile into war 119 00:06:18,600 --> 00:06:22,440 Speaker 2: stocks amid high defense bending from governments, also the proliferation 120 00:06:22,520 --> 00:06:25,520 Speaker 2: of drone attacks. We've heard lots about that this company 121 00:06:26,360 --> 00:06:30,040 Speaker 2: tries to create a defense mechanism against drones, and that's 122 00:06:30,040 --> 00:06:31,840 Speaker 2: why they're say we're liked at the moment. By the 123 00:06:31,920 --> 00:06:35,000 Speaker 2: close yesterday, the smp ASEX two hundred was up nearly 124 00:06:35,000 --> 00:06:37,880 Speaker 2: one percent to eighty eight hundred and sixty three points. 125 00:06:38,240 --> 00:06:40,000 Speaker 2: Good day for the banks for the Big four, up 126 00:06:40,200 --> 00:06:42,480 Speaker 2: between one and a half and two percent. Gold stock 127 00:06:42,560 --> 00:06:45,080 Speaker 2: surged at the price of the precious metal pushed above 128 00:06:45,160 --> 00:06:47,640 Speaker 2: thirty eight hundred US dollars announced for the first time. 129 00:06:47,920 --> 00:06:50,920 Speaker 2: I Think, Evolution Mining, Neumont, Northern Star. They all jumped. 130 00:06:51,000 --> 00:06:54,120 Speaker 2: The healthcare stocks also rebounded after Friday Seller following the 131 00:06:54,200 --> 00:06:57,400 Speaker 2: US imposing one hundred percent tariffs on drug import. CSL 132 00:06:57,520 --> 00:06:59,760 Speaker 2: rose two percent yesterday, recovering most of the ground a 133 00:06:59,800 --> 00:07:03,120 Speaker 2: lot last Friday. On the flip side, sluggish steel demand 134 00:07:03,120 --> 00:07:05,800 Speaker 2: and mounting inventries in China Wait on the big minus 135 00:07:05,839 --> 00:07:09,040 Speaker 2: BHP Fortescue Rea, we're all lower otherwise. In corporate news, 136 00:07:09,040 --> 00:07:11,640 Speaker 2: wy SEC founder Richard White has sold another sixty eight 137 00:07:11,680 --> 00:07:14,120 Speaker 2: million dollars worth of stock over the last week. 138 00:07:14,280 --> 00:07:15,600 Speaker 1: He's it's been about. 139 00:07:16,000 --> 00:07:18,360 Speaker 2: He has sold about two hundred and forty million dollars 140 00:07:18,480 --> 00:07:21,240 Speaker 2: worth of shares in the last month. And battery and 141 00:07:21,280 --> 00:07:25,440 Speaker 2: tech company Novonex delivered its first mass production of commercial 142 00:07:25,440 --> 00:07:28,640 Speaker 2: grade sample of synthetic graphite for industrial applications to one 143 00:07:28,680 --> 00:07:31,400 Speaker 2: of its big US clients. It's share price jumped fifteen 144 00:07:31,440 --> 00:07:32,200 Speaker 2: percent yesterday. 145 00:07:32,240 --> 00:07:36,280 Speaker 1: Good on them. Yeah, cracker of a day, Sean. We're 146 00:07:36,280 --> 00:07:38,640 Speaker 1: going to take a very quick break while we do that. 147 00:07:39,000 --> 00:07:42,080 Speaker 1: Why don't I mean, not you specifically, Sean, but anybody 148 00:07:42,120 --> 00:07:44,040 Speaker 1: listening to this head to the link in the show 149 00:07:44,080 --> 00:07:46,880 Speaker 1: notes and sign up for our free daily newsletter. I'm 150 00:07:46,880 --> 00:07:49,120 Speaker 1: assuming Sean, that you've already signed up, almost as a 151 00:07:49,200 --> 00:07:50,840 Speaker 1: quality control kind of thing, have you. 152 00:07:50,960 --> 00:07:52,720 Speaker 2: Well, yes, and I've got a bit to say that 153 00:07:52,880 --> 00:07:53,680 Speaker 2: Optus today. 154 00:07:53,880 --> 00:07:56,560 Speaker 1: Yes. Yeah, there's some good editorials in the newsletter, So 155 00:07:56,640 --> 00:07:58,720 Speaker 1: sign up while we take a quick break. Back in 156 00:07:58,760 --> 00:08:00,640 Speaker 1: a moment with the rest of the day's business news. 157 00:08:07,640 --> 00:08:13,440 Speaker 1: Sean the chief executive of Optus's Singaporeian parent company, Singtel. 158 00:08:13,680 --> 00:08:17,120 Speaker 1: We'll meet with Federal Communications Minister Annika Wells and Sydney 159 00:08:17,280 --> 00:08:20,560 Speaker 1: as the telcost struggles to meet its community obligations. 160 00:08:21,000 --> 00:08:23,640 Speaker 2: The meeting is set to discuss service standards as set 161 00:08:23,680 --> 00:08:26,880 Speaker 2: out in the Telecommunications Act and service quality and customer rights. 162 00:08:27,080 --> 00:08:30,120 Speaker 2: Optus is also being investigated by the Australian Communications and 163 00:08:30,280 --> 00:08:33,600 Speaker 2: Media Authority now opt to suffered another triple zero outage 164 00:08:33,640 --> 00:08:36,360 Speaker 2: on Sunday. As I'm sure everyone knows, that left customers 165 00:08:36,440 --> 00:08:39,240 Speaker 2: south of Sydney unable to reach the Triple zero network. 166 00:08:39,559 --> 00:08:42,880 Speaker 2: Nine calls to the emergency network failed to connect, OPTA 167 00:08:42,960 --> 00:08:46,440 Speaker 2: said fortunately all callers were unharmed after their welfare was 168 00:08:46,480 --> 00:08:50,360 Speaker 2: confirmed with New South Wales Police and Ambulance Services. The 169 00:08:50,480 --> 00:08:53,720 Speaker 2: company Optus hasn't been able to explain why the service 170 00:08:53,760 --> 00:08:56,640 Speaker 2: went down as yet. It follows a triple zero network 171 00:08:56,640 --> 00:08:59,280 Speaker 2: outage eleven days ago that was responsible for the deaths 172 00:08:59,280 --> 00:09:01,679 Speaker 2: of four people. The Federal position is calling for a 173 00:09:01,720 --> 00:09:05,640 Speaker 2: review of the whole Triple O ecosystem rather than AKMA 174 00:09:05,840 --> 00:09:09,280 Speaker 2: just focusing on Optus. Meanwhile, The Australian is reporting that 175 00:09:09,320 --> 00:09:12,679 Speaker 2: government owned nbn Co customers weren't able to drive dial 176 00:09:12,760 --> 00:09:16,960 Speaker 2: Triple O on Wi Fi during a separate shutdown in Esperance, 177 00:09:17,000 --> 00:09:20,199 Speaker 2: Western Australia on Friday that affected seven hundred households. 178 00:09:20,559 --> 00:09:23,720 Speaker 1: Sewn home loan was between The big landers are back 179 00:09:24,000 --> 00:09:28,880 Speaker 1: with aggressive tactics, particularly from Macquarie, triggering better deals for customers, 180 00:09:29,280 --> 00:09:33,080 Speaker 1: though much of the competition comes actually away from interest rates. 181 00:09:33,520 --> 00:09:36,560 Speaker 2: Yes, so Commonwealth Bank is offering three hundred thousand quantus 182 00:09:36,600 --> 00:09:41,360 Speaker 2: loyalty points for purely online home loan applications. Less than 183 00:09:41,400 --> 00:09:46,600 Speaker 2: one in five home loan applications occur purely online, which 184 00:09:46,600 --> 00:09:48,679 Speaker 2: is a bit of a surprise given we're a pretty 185 00:09:48,720 --> 00:09:52,640 Speaker 2: adept at filling in forms online nowadays. For the banks, 186 00:09:52,679 --> 00:09:55,199 Speaker 2: of course, they're much cheaper to handle online applications. You 187 00:09:55,240 --> 00:09:58,680 Speaker 2: don't have people involved that include mortgage broker costs, which 188 00:09:58,720 --> 00:10:02,239 Speaker 2: Commonwealth Bank in particularly trying to pull away from. Competition 189 00:10:02,440 --> 00:10:05,400 Speaker 2: in the home lending market has always been pretty ferocious 190 00:10:05,400 --> 00:10:07,240 Speaker 2: that in the past couple of years it's really come 191 00:10:07,280 --> 00:10:11,040 Speaker 2: off as interest rates have risen. Now it's heating up again. 192 00:10:11,559 --> 00:10:14,440 Speaker 2: That's partly on the back of falling interest rates and 193 00:10:14,480 --> 00:10:16,760 Speaker 2: people starting to look around for better home loan deals. 194 00:10:16,960 --> 00:10:19,480 Speaker 2: Commonwof Bank has about twenty five percent of the mortgage market, 195 00:10:19,520 --> 00:10:23,440 Speaker 2: followed by Westpacket twenty one percent. Mcquarie has more than 196 00:10:23,520 --> 00:10:26,520 Speaker 2: six percent of the market, easily the fastest growing of 197 00:10:26,520 --> 00:10:30,240 Speaker 2: the major lenders now. After the commonwealf Banks results last month, 198 00:10:30,640 --> 00:10:33,600 Speaker 2: Matt Commons said that the bank thinks and worries about 199 00:10:33,679 --> 00:10:37,080 Speaker 2: mcquarie at least as much as Westpac National Australia Bank 200 00:10:37,080 --> 00:10:40,280 Speaker 2: and A and Z. It really is holding the big 201 00:10:40,320 --> 00:10:43,240 Speaker 2: four majors to account. Mcquarie among the other majors. Ain 202 00:10:43,360 --> 00:10:45,719 Speaker 2: Z is still offering a three thousand dollars cash back 203 00:10:45,760 --> 00:10:48,719 Speaker 2: for first home buyers, but analysts expect to see some 204 00:10:48,800 --> 00:10:52,920 Speaker 2: better deals for customers coming through in the next couple 205 00:10:52,960 --> 00:10:54,080 Speaker 2: of months now. 206 00:10:54,240 --> 00:10:59,280 Speaker 1: Net Wealth says it's working with regulators, liquidatas and relevant 207 00:10:59,320 --> 00:11:02,440 Speaker 1: stakeholders to find a solution for the people who invested 208 00:11:02,480 --> 00:11:05,840 Speaker 1: in the failed First Guardian master fund on a platform 209 00:11:05,880 --> 00:11:11,040 Speaker 1: it oversaw, though significantly it hasn't promised to compensate investors. 210 00:11:11,480 --> 00:11:14,760 Speaker 2: Okay, so this is a story which might sound as 211 00:11:14,800 --> 00:11:17,360 Speaker 2: if we're getting in the weeds a little bit, but 212 00:11:18,040 --> 00:11:22,520 Speaker 2: for many of us, it is a very very important story. 213 00:11:22,600 --> 00:11:25,680 Speaker 2: It's becoming a really big issue for the platform providers. 214 00:11:26,040 --> 00:11:28,080 Speaker 2: What are they, Well, they're the guys that administer and 215 00:11:28,080 --> 00:11:32,720 Speaker 2: facilitate investor options for investors. So a DIY superfund would 216 00:11:32,800 --> 00:11:36,920 Speaker 2: use the platform provider. Many investors use a platform provider. 217 00:11:37,240 --> 00:11:41,080 Speaker 2: They give you access to manage investment schemes, etf shares, 218 00:11:41,200 --> 00:11:43,120 Speaker 2: term deposits, a whole lot. So they're kind of like 219 00:11:43,160 --> 00:11:46,840 Speaker 2: the black box that you invest in. The thing is 220 00:11:47,480 --> 00:11:50,600 Speaker 2: when a platform form provider gives a list of the 221 00:11:50,640 --> 00:11:53,120 Speaker 2: options you can invest in, there's kind of like an 222 00:11:53,160 --> 00:11:56,640 Speaker 2: implicit stamp of approval for any of those investments that 223 00:11:56,679 --> 00:11:59,600 Speaker 2: sit on the platform. So what happens if that investment 224 00:11:59,720 --> 00:12:01,960 Speaker 2: far as in the case of First Guarding that you 225 00:12:02,040 --> 00:12:05,360 Speaker 2: just mentioned, should the platform in this case net Wealth 226 00:12:06,120 --> 00:12:09,400 Speaker 2: be responsible? Do they have responsibility to compensate investors for 227 00:12:09,440 --> 00:12:12,280 Speaker 2: their losses? Last week, remember there was a landmark deal 228 00:12:12,280 --> 00:12:15,920 Speaker 2: between ASEK and McQuary Group over the failed Shield Master Trust. 229 00:12:16,280 --> 00:12:19,080 Speaker 2: Mcquarie agreed to repay all of three hundred and twenty 230 00:12:19,080 --> 00:12:21,920 Speaker 2: one million dollars to around three thousand clients who used 231 00:12:21,920 --> 00:12:25,240 Speaker 2: its Wrap platform to invest in Shield and lost out. 232 00:12:25,800 --> 00:12:30,600 Speaker 2: So this one net Wealth that's the platform First Guardian 233 00:12:30,679 --> 00:12:34,679 Speaker 2: Master has failed. Now they haven't actually said we're going 234 00:12:34,720 --> 00:12:36,840 Speaker 2: to repay customers, and it's much easier for the one 235 00:12:36,880 --> 00:12:40,560 Speaker 2: hundred billion dollar Maquarry to repay than someone much smaller 236 00:12:40,559 --> 00:12:43,920 Speaker 2: than net Wealth. But it's a really important issue in 237 00:12:44,000 --> 00:12:49,040 Speaker 2: financial markets right now about how much responsibility these platforms 238 00:12:49,320 --> 00:12:51,320 Speaker 2: have given so many of us use them. 239 00:12:52,120 --> 00:12:54,800 Speaker 1: It is one of those ones that the significance of 240 00:12:54,840 --> 00:12:57,200 Speaker 1: it isn't immediately apparent. But then as soon as you 241 00:12:57,280 --> 00:12:59,480 Speaker 1: listen to an explanation like that, they're like, oh, okay, 242 00:12:59,600 --> 00:13:01,560 Speaker 1: this is it's a big deal. 243 00:13:02,080 --> 00:13:05,040 Speaker 2: I'm taking that as a compliment. Michael. I was halfway 244 00:13:05,040 --> 00:13:07,600 Speaker 2: through that. I'm thinking, oh, his eyes are rolling a 245 00:13:07,600 --> 00:13:09,000 Speaker 2: little bit. No, No, he's staying with me. 246 00:13:09,080 --> 00:13:12,400 Speaker 1: He's saying nothing percent with you. Because this is that's 247 00:13:12,480 --> 00:13:14,360 Speaker 1: the thing like that, that there is an element of 248 00:13:14,400 --> 00:13:17,360 Speaker 1: trust right that you go, Okay, what I'm doing here 249 00:13:17,440 --> 00:13:20,200 Speaker 1: is the right thing for me, and when when it 250 00:13:20,280 --> 00:13:23,320 Speaker 1: falls over in the way that this has suddenly that 251 00:13:23,360 --> 00:13:27,160 Speaker 1: trust is damaged. Yeah, and it absolutely makes sense to 252 00:13:27,400 --> 00:13:29,640 Speaker 1: spend a little bit of time exploring those and trying 253 00:13:29,640 --> 00:13:31,480 Speaker 1: to explain it because for a lot of people it's 254 00:13:31,480 --> 00:13:36,040 Speaker 1: a really really concerning story. Sean, can we talk about melotonin? 255 00:13:36,280 --> 00:13:36,640 Speaker 2: We can? 256 00:13:36,720 --> 00:13:41,480 Speaker 1: It is melotonin? Go on, yeah, yeah, we go from 257 00:13:41,480 --> 00:13:43,319 Speaker 1: a story that you thought was putting me to sleep 258 00:13:43,320 --> 00:13:46,840 Speaker 1: to a story that is actually about sleep. Melotonin from 259 00:13:46,920 --> 00:13:49,839 Speaker 1: some online suppliers has been found to have as much 260 00:13:49,880 --> 00:13:55,320 Speaker 1: as four times the amount of the active ingredient advertised, 261 00:13:55,480 --> 00:13:58,640 Speaker 1: or even no melotonin at all, according to testing by 262 00:13:58,640 --> 00:13:59,920 Speaker 1: the National Drug Regulator. 263 00:14:00,120 --> 00:14:03,319 Speaker 2: So Melatanin is used by many Australians to improve their 264 00:14:03,360 --> 00:14:07,240 Speaker 2: sleep and a new safety note the Therapeutic Goods Administration 265 00:14:07,320 --> 00:14:12,840 Speaker 2: said patients should stop using unregistered imported melotanin products immediately 266 00:14:13,280 --> 00:14:17,400 Speaker 2: after testing in its laboratories indicated significant discrepancies between the 267 00:14:17,400 --> 00:14:20,920 Speaker 2: actual meltanin amount and what's on the label, in one case, 268 00:14:21,160 --> 00:14:24,960 Speaker 2: four hundred percent more melatonin. According to the ABC, almost 269 00:14:25,080 --> 00:14:28,040 Speaker 2: a dozen different products examined by the TGA were found 270 00:14:28,040 --> 00:14:31,640 Speaker 2: to have significantly more or less melatonin than the labeled amount. 271 00:14:32,000 --> 00:14:36,320 Speaker 2: Melatonin is a hormone that regulates the sleep wake cycle. 272 00:14:36,440 --> 00:14:39,680 Speaker 2: A prescription is technically required to use melatanea in Australia 273 00:14:39,880 --> 00:14:43,600 Speaker 2: only prove limited circumstances. However, it can be bought online 274 00:14:44,040 --> 00:14:47,280 Speaker 2: really easily from overseas retailers. It's off the shelf in 275 00:14:47,360 --> 00:14:51,080 Speaker 2: many overseas countries as well. They even have like gummies 276 00:14:51,920 --> 00:14:55,800 Speaker 2: Melatonin and gummies Michael which can be taken really easily 277 00:14:55,880 --> 00:15:00,160 Speaker 2: by kids and stuff like that. So the regulator he 278 00:15:00,200 --> 00:15:01,400 Speaker 2: wants to crack down on this one. 279 00:15:01,480 --> 00:15:03,760 Speaker 1: Yeah, yeah, and look you have seen this one coming. 280 00:15:04,000 --> 00:15:09,440 Speaker 1: The parenting forums have been in an uproar over this 281 00:15:09,560 --> 00:15:11,360 Speaker 1: now for a little while because about a month ago 282 00:15:11,720 --> 00:15:15,800 Speaker 1: I Herb, which is one of the big online health retailers, 283 00:15:15,840 --> 00:15:20,880 Speaker 1: announced that it would stop selling melatonin into Australia. And 284 00:15:20,920 --> 00:15:23,360 Speaker 1: now that this note has come through from the Therapeutic 285 00:15:23,360 --> 00:15:26,040 Speaker 1: Goods Administration, it's making it less and less likely that 286 00:15:26,040 --> 00:15:28,040 Speaker 1: that trade will be able to begin at any point 287 00:15:28,400 --> 00:15:32,320 Speaker 1: in the near future. Sean, turning to international news now, 288 00:15:32,440 --> 00:15:36,920 Speaker 1: Israeli Prime Minister Benjaminettaniahu and US President Donald Trump met 289 00:15:36,960 --> 00:15:42,160 Speaker 1: overnight amid comment from Washington, an ambitious plan to end 290 00:15:42,240 --> 00:15:44,640 Speaker 1: the war in Gaza is nearly complete. 291 00:15:44,960 --> 00:15:47,280 Speaker 2: The meeting, the fourth between the two allies since Trump 292 00:15:47,320 --> 00:15:50,200 Speaker 2: took office in January, comes after the President shed a 293 00:15:50,240 --> 00:15:54,200 Speaker 2: twenty one point proposal aimed at concluding the Israel Hamas 294 00:15:54,240 --> 00:15:56,680 Speaker 2: conflict with other regional heads in New York last week. 295 00:15:57,120 --> 00:15:59,840 Speaker 2: Trump on social media said, we have a real chance 296 00:16:00,000 --> 00:16:02,560 Speaker 2: greatness in the Middle East. All are on board for 297 00:16:02,640 --> 00:16:06,160 Speaker 2: something special, first time ever. We will get it done. Now, 298 00:16:06,320 --> 00:16:08,480 Speaker 2: his claims don't always pan out. Let's be honest, and 299 00:16:08,520 --> 00:16:10,640 Speaker 2: both Israel and Hamas say they need to study the 300 00:16:10,680 --> 00:16:13,560 Speaker 2: plan over the weekend. The senior Israeli official told US 301 00:16:13,760 --> 00:16:16,960 Speaker 2: editors in a background briefing that only after the Monday meeting. 302 00:16:17,040 --> 00:16:19,640 Speaker 2: Last night's meeting with Israel comment, Hamas said it hasn't 303 00:16:19,640 --> 00:16:23,320 Speaker 2: even seen the plan yet. Media reports suggested under proposal, 304 00:16:23,400 --> 00:16:26,720 Speaker 2: Hamas would release all forty eight living and dead hostages 305 00:16:26,960 --> 00:16:30,120 Speaker 2: within the next couple of days, while Israeli military operations 306 00:16:30,160 --> 00:16:33,320 Speaker 2: will cease and its troops gradually withdraw. Israel would agree 307 00:16:33,360 --> 00:16:37,200 Speaker 2: to free Palestinian prisoners and allow significantly more aid to 308 00:16:37,400 --> 00:16:41,320 Speaker 2: enter Gaza. If it's true, it is a great breakthrough, 309 00:16:41,360 --> 00:16:42,960 Speaker 2: but I wouldn't hold your breath. 310 00:16:43,120 --> 00:16:48,120 Speaker 1: Last one Jean, China has officially opened the world's highest 311 00:16:48,240 --> 00:16:52,000 Speaker 1: bridge to the public. It is towering six hundred and 312 00:16:52,120 --> 00:16:56,520 Speaker 1: twenty five meters above a gorge in the country southwest. 313 00:16:56,560 --> 00:16:59,000 Speaker 1: My hands are sweating just thinking about it. You would 314 00:16:59,040 --> 00:17:00,320 Speaker 1: not be able to get me under this. 315 00:17:00,360 --> 00:17:04,080 Speaker 2: Oh have you seen the videos? Yes, it is terrifying, 316 00:17:04,400 --> 00:17:10,040 Speaker 2: absolutely terrifying. So the bridge itself, it's called the Huajong 317 00:17:10,520 --> 00:17:13,960 Speaker 2: Grand Kenyon Bridge. It actually cuts travel time between the 318 00:17:14,000 --> 00:17:18,440 Speaker 2: canyon's two sides from two hours to two minutes. It's 319 00:17:18,480 --> 00:17:21,480 Speaker 2: one and a half kilometers long, ninety three segments weighing 320 00:17:21,480 --> 00:17:25,360 Speaker 2: a collective of twenty two thousand tons, nine times higher 321 00:17:25,359 --> 00:17:28,000 Speaker 2: than the Golden Gate Bridge in San Francisco, twice the 322 00:17:28,040 --> 00:17:31,680 Speaker 2: height of the Eiffel Tower. Now the videos that you 323 00:17:31,720 --> 00:17:34,600 Speaker 2: can see online, it's basically a testing team drove ninety 324 00:17:34,640 --> 00:17:40,280 Speaker 2: six trucks onto designated points to test the bridge's structural integrity. 325 00:17:41,400 --> 00:17:43,920 Speaker 2: He'd like to be a truck driver in that instance. 326 00:17:44,280 --> 00:17:47,520 Speaker 1: Just checking what your assignment is for the day, Like, oh, no, 327 00:17:47,720 --> 00:17:48,960 Speaker 1: I'm of the testing team. 328 00:17:49,160 --> 00:17:51,320 Speaker 2: Oh didn't they do that on the harbor at Sydney 329 00:17:51,359 --> 00:17:53,800 Speaker 2: Harbor Bridge, you know, in the thirties or whenever it 330 00:17:53,840 --> 00:17:55,280 Speaker 2: was that it was opened. They put a bunch of 331 00:17:55,280 --> 00:17:57,919 Speaker 2: buses on it to make sure it didn't fall a train. 332 00:17:58,400 --> 00:17:59,720 Speaker 1: Yeah, yeah, both. 333 00:17:59,720 --> 00:18:03,120 Speaker 2: Anyway, this new bridge has set a record for both 334 00:18:03,119 --> 00:18:06,840 Speaker 2: the world's highest bridge and largest span bridge built in 335 00:18:06,840 --> 00:18:08,119 Speaker 2: a mountainous area. 336 00:18:08,320 --> 00:18:11,520 Speaker 1: Google it It is world worth look certainly is Sean. 337 00:18:11,600 --> 00:18:14,399 Speaker 1: Coming up next is Fear and Greed Q and A 338 00:18:14,600 --> 00:18:17,600 Speaker 1: our guest today. Two guests today in one interview, Tim Steele, 339 00:18:17,640 --> 00:18:20,280 Speaker 1: the chief executive of Class and Meg Hefron, the managing 340 00:18:20,320 --> 00:18:23,680 Speaker 1: director of Hefron, talking about self managed super funds because 341 00:18:23,840 --> 00:18:29,120 Speaker 1: the sector has surged past one point five trillion dollars 342 00:18:29,119 --> 00:18:33,040 Speaker 1: in assets in the last financial year and a huge 343 00:18:33,640 --> 00:18:36,760 Speaker 1: increase in the number of people who are setting up smsfs, 344 00:18:36,760 --> 00:18:39,000 Speaker 1: and so just looking at the reasons for the growth 345 00:18:39,119 --> 00:18:41,879 Speaker 1: in that space, it is an interesting conversation. Sean. 346 00:18:42,119 --> 00:18:46,760 Speaker 2: Yes, that platform story very relevant to all those people. 347 00:18:46,880 --> 00:18:49,280 Speaker 1: Yeah. No, you're absolutely right, Sean. It is coming up 348 00:18:49,320 --> 00:18:52,320 Speaker 1: next in the Fear and Greed playlist on your podcast 349 00:18:52,400 --> 00:18:54,560 Speaker 1: platform or at Fearangreed dot com dot au. Thank you 350 00:18:54,640 --> 00:18:55,200 Speaker 1: very much, Sean. 351 00:18:55,240 --> 00:18:55,840 Speaker 2: Thank you, Michael. 352 00:18:55,960 --> 00:18:58,560 Speaker 1: It is Tuesday, the thirtieth of September twenty twenty five. 353 00:18:58,840 --> 00:19:00,919 Speaker 1: Make sure you're following the podcast and please join us 354 00:19:00,920 --> 00:19:04,840 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 355 00:19:04,840 --> 00:19:09,119 Speaker 1: Thompson and that was Fhear and Greed. Have a great day.