1 00:00:06,280 --> 00:00:09,160 Speaker 1: Federal Parliament is in its final week of the year 2 00:00:09,240 --> 00:00:11,920 Speaker 1: and possibly of this government, with a rush to push 3 00:00:11,960 --> 00:00:15,520 Speaker 1: through legislation from social media bands to new housing policies, 4 00:00:15,920 --> 00:00:19,040 Speaker 1: the ASX and the Commonwealth Bank hit new records, and 5 00:00:19,079 --> 00:00:21,239 Speaker 1: why the price of a cup of coffee is set 6 00:00:21,280 --> 00:00:23,360 Speaker 1: to saw all out and plenty more. Welcome to Fear 7 00:00:23,400 --> 00:00:25,680 Speaker 1: and Greed. Daily business news for people who make their 8 00:00:25,680 --> 00:00:29,600 Speaker 1: own decisions. It is Tuesday, the twenty sixth of November 9 00:00:29,640 --> 00:00:33,000 Speaker 1: twenty twenty four. Are Michael Thompson and Good Morning, Sean Aylmer. 10 00:00:33,440 --> 00:00:35,280 Speaker 2: Good morning Michael, Sean. 11 00:00:35,400 --> 00:00:38,400 Speaker 1: The main story this morning. It is a very very 12 00:00:38,760 --> 00:00:42,080 Speaker 1: busy final week of the sitting year for Federal Parliament, 13 00:00:42,120 --> 00:00:44,800 Speaker 1: with the bill to ban social media for under sixteen 14 00:00:44,880 --> 00:00:49,160 Speaker 1: year old really front and center amid though seventy six 15 00:00:49,520 --> 00:00:52,200 Speaker 1: unpassed bill, so there's a bit to get through. 16 00:00:52,760 --> 00:00:56,360 Speaker 2: They will be busy. Prime Minister Anthony Albernizi was talking 17 00:00:56,400 --> 00:00:59,240 Speaker 2: about the social media ban yesterday. He said world leaders 18 00:00:59,240 --> 00:01:02,640 Speaker 2: at G twenty, which was out last week, said that 19 00:01:02,680 --> 00:01:06,600 Speaker 2: they're watching Australia's efforts to limit online platforms for under 20 00:01:06,640 --> 00:01:10,080 Speaker 2: sixteen year olds. He hopes the bill, which has bipartisan support, 21 00:01:10,200 --> 00:01:15,080 Speaker 2: passes this week. There was a very hastily convened Parliamentary 22 00:01:15,080 --> 00:01:18,480 Speaker 2: Committee meeting on it yesterday. What came out was that 23 00:01:18,560 --> 00:01:22,240 Speaker 2: not everyone agrees with the idea, including groups like youth 24 00:01:22,319 --> 00:01:26,840 Speaker 2: mental health organizations, so that certainly worth listening to those people. 25 00:01:27,200 --> 00:01:29,920 Speaker 2: No one seems to be sure how it will work, 26 00:01:30,160 --> 00:01:32,400 Speaker 2: and they all agree that it is being rushed through. 27 00:01:32,720 --> 00:01:35,000 Speaker 2: Labour's also made a final push for other parties to 28 00:01:35,040 --> 00:01:38,360 Speaker 2: support its help to buy housing policy. It's going to 29 00:01:38,440 --> 00:01:40,600 Speaker 2: hit the Senate today. This will see the government co 30 00:01:40,720 --> 00:01:44,119 Speaker 2: purchase homes with about forty thousand first home buyers. Now 31 00:01:44,120 --> 00:01:46,520 Speaker 2: it is likely to fail and provide a trigger for 32 00:01:46,520 --> 00:01:49,720 Speaker 2: a double dissolution election. The other part of the housing 33 00:01:49,960 --> 00:01:53,080 Speaker 2: platform is the built to Rent legislation. It's also being 34 00:01:53,080 --> 00:01:56,560 Speaker 2: introduced this week. Provides new tax and centives for investors. 35 00:01:57,280 --> 00:01:59,720 Speaker 2: Both pieces of legislation helped to buy and build a 36 00:01:59,720 --> 00:02:03,800 Speaker 2: rent where election promises. Both are likely to fail. Resources 37 00:02:03,800 --> 00:02:06,360 Speaker 2: Minister Maddal and King yesterday urged the opposition, Greens and 38 00:02:06,400 --> 00:02:10,519 Speaker 2: Cross benches to support tax cub incentives for net zero industries. 39 00:02:10,760 --> 00:02:14,200 Speaker 2: The legislation is for production tax credits totaling thirteen point 40 00:02:14,240 --> 00:02:17,160 Speaker 2: seven billion dollars. Opposition leader Peter Dutton has previously called 41 00:02:17,200 --> 00:02:21,480 Speaker 2: this one corporate welfare for billionaires. There will be some 42 00:02:21,520 --> 00:02:23,280 Speaker 2: good news for the government, though Michael is likely to 43 00:02:23,320 --> 00:02:27,200 Speaker 2: get through new legislation on aged care and political donations. 44 00:02:27,280 --> 00:02:32,000 Speaker 2: It also may pass a bill for free free tafe. However, 45 00:02:32,240 --> 00:02:34,000 Speaker 2: I don't think it's going to get through that seventy 46 00:02:34,120 --> 00:02:37,000 Speaker 2: six unpassed bill backlog. 47 00:02:38,080 --> 00:02:41,440 Speaker 1: You've covered a lot of federal politics in your time, Sean, Yes, 48 00:02:42,200 --> 00:02:47,160 Speaker 1: how does a government and this is fairly consistent, right, 49 00:02:47,160 --> 00:02:49,799 Speaker 1: there's always like this last there's mad rush right at 50 00:02:49,800 --> 00:02:52,640 Speaker 1: the end. How do they get kind of so much 51 00:02:52,840 --> 00:02:55,120 Speaker 1: trying to jam it all into one where it's got 52 00:02:55,160 --> 00:02:58,280 Speaker 1: all the hallmarks, right of a student who's kind of 53 00:02:58,360 --> 00:03:02,919 Speaker 1: left their assignments and everything's right till the very last minute. 54 00:03:03,800 --> 00:03:05,560 Speaker 1: How do we kind of get into this position? Is 55 00:03:05,560 --> 00:03:08,079 Speaker 1: it just bad time management through the rest of the year. 56 00:03:09,040 --> 00:03:11,480 Speaker 2: Look, I mean a lot of it is deliberate. There 57 00:03:11,560 --> 00:03:14,680 Speaker 2: is a bunch of bills that come through and good ideas, 58 00:03:14,840 --> 00:03:17,320 Speaker 2: not time to debate them. No one really thinks they're 59 00:03:17,320 --> 00:03:19,400 Speaker 2: going to pass a bunch of these bills. Things like 60 00:03:19,400 --> 00:03:22,040 Speaker 2: the social media bands an interesting one because you have 61 00:03:22,480 --> 00:03:25,240 Speaker 2: bipartisan support, so obviously that's going to go through. Though 62 00:03:25,320 --> 00:03:28,639 Speaker 2: yesterday we saw this sort of group saying let's not 63 00:03:28,760 --> 00:03:32,680 Speaker 2: rush this one, and then other things like the housing legislation, 64 00:03:32,760 --> 00:03:34,480 Speaker 2: they're just never going to make it, and they're just 65 00:03:34,520 --> 00:03:38,000 Speaker 2: political points. Allows for a double dissolution election, you know, 66 00:03:38,040 --> 00:03:41,520 Speaker 2: if we go. So maybe it's a little bit last 67 00:03:41,520 --> 00:03:43,240 Speaker 2: minute rush. I think there is something in that, but 68 00:03:43,320 --> 00:03:45,080 Speaker 2: a lot of it is politicking as well. 69 00:03:45,120 --> 00:03:50,440 Speaker 1: Michael, Okay, So really they don't just necessarily all sides 70 00:03:50,480 --> 00:03:52,840 Speaker 1: don't just have our kind of best interest necessarily at 71 00:03:52,880 --> 00:03:53,400 Speaker 1: heart here. 72 00:03:53,480 --> 00:03:55,920 Speaker 2: Oh Michael, please. 73 00:03:55,160 --> 00:03:58,760 Speaker 1: I'm such an idealist here. Sure, you are such an idealist, 74 00:03:58,960 --> 00:04:01,400 Speaker 1: but really kind of a way from legislation. The government 75 00:04:01,480 --> 00:04:04,520 Speaker 1: is kind of feeling the heat at the moment on 76 00:04:04,600 --> 00:04:08,600 Speaker 1: everything from the cost of living crisis through to international diplomacy. 77 00:04:09,000 --> 00:04:11,400 Speaker 2: So polling hasn't been that good for the government given 78 00:04:11,520 --> 00:04:14,320 Speaker 2: the mandate it got almost three years ago, two and 79 00:04:14,360 --> 00:04:17,080 Speaker 2: a half years ago. It's surprising, and I know within 80 00:04:17,120 --> 00:04:19,560 Speaker 2: the Labor Party it's a bit of a surprise how 81 00:04:19,600 --> 00:04:22,359 Speaker 2: poorly they are polling at this point. It's quite possible 82 00:04:22,400 --> 00:04:24,960 Speaker 2: that this will be the final sitting week of this Parliament. 83 00:04:25,160 --> 00:04:27,520 Speaker 2: We could end up with an election early next year. 84 00:04:28,000 --> 00:04:29,800 Speaker 2: We do need an election by the middle of May 85 00:04:30,000 --> 00:04:32,840 Speaker 2: next year. Now there will be a budget update next month. 86 00:04:33,640 --> 00:04:36,120 Speaker 2: I suppose the cost of living crisis is the thing 87 00:04:36,160 --> 00:04:39,480 Speaker 2: that is hurting the government most. According to the polls, 88 00:04:39,520 --> 00:04:41,560 Speaker 2: the government would love to see a rate cut by 89 00:04:41,600 --> 00:04:45,760 Speaker 2: May next year. That is now considered highly unlikely. Other 90 00:04:46,200 --> 00:04:49,120 Speaker 2: issues are plenty. The big one at the moment this 91 00:04:49,279 --> 00:04:53,080 Speaker 2: is what's happening with International Criminal Court issuing arrest warrants 92 00:04:54,320 --> 00:04:58,880 Speaker 2: is including Israeli Prime Minister Benjamin nett Yahu. Foreign Minister 93 00:04:58,960 --> 00:05:02,160 Speaker 2: Pennywong yesterday in indicated that he would be arrested if 94 00:05:02,160 --> 00:05:05,840 Speaker 2: he came to Australia. Now this is quite a stout. 95 00:05:05,960 --> 00:05:09,240 Speaker 2: The US has just totally disagreed with International Criminal Court. 96 00:05:09,600 --> 00:05:12,240 Speaker 2: Others like Ireland and the Netherlands have basically said yet 97 00:05:12,240 --> 00:05:14,640 Speaker 2: he will be arrested. We haven't quite said that or 98 00:05:14,800 --> 00:05:18,440 Speaker 2: indicated that he will. Another interesting one running around at 99 00:05:18,440 --> 00:05:23,520 Speaker 2: the moment is the well the idea of banning gambling advertising. 100 00:05:23,520 --> 00:05:27,320 Speaker 2: Independent MP David Pocock, a Senator from Cambery, yesterday said 101 00:05:27,400 --> 00:05:30,200 Speaker 2: Labor is gutless for not progressing with a ban on 102 00:05:30,360 --> 00:05:34,960 Speaker 2: gambling advertising, having previously said they'll put forward a proposal 103 00:05:35,080 --> 00:05:35,920 Speaker 2: by the end of this year. 104 00:05:36,920 --> 00:05:39,360 Speaker 1: A lot of politics to kick us off there today, Sean, 105 00:05:39,440 --> 00:05:42,320 Speaker 1: let's move to markets. Shall we another day? Another record 106 00:05:42,760 --> 00:05:44,680 Speaker 1: for the local share market, with the S and PA 107 00:05:44,839 --> 00:05:48,080 Speaker 1: Sex two hundred hitting a new intra day high and 108 00:05:48,120 --> 00:05:51,039 Speaker 1: a closing high as well. Finally cracked that eighty four 109 00:05:51,120 --> 00:05:52,320 Speaker 1: hundred mark for the. 110 00:05:52,279 --> 00:05:56,320 Speaker 2: Close sure did so. The record high was hit late 111 00:05:56,640 --> 00:05:59,920 Speaker 2: yesterday morning four hundred and fifty eight point nine points. 112 00:06:00,400 --> 00:06:01,680 Speaker 2: By the end of the day, the market was up 113 00:06:01,800 --> 00:06:04,919 Speaker 2: zero point three percent to eighty four hundred and seventeen points. 114 00:06:05,040 --> 00:06:08,400 Speaker 2: As you said, a new closing high. The interest rate 115 00:06:08,480 --> 00:06:12,080 Speaker 2: sensitive sectors did best three of stain investment trusts, healthcare 116 00:06:12,080 --> 00:06:14,119 Speaker 2: and consumer discretionary. That was on the back of stuff 117 00:06:14,120 --> 00:06:15,800 Speaker 2: out of Wall Street. We'll mention that in a moment 118 00:06:16,160 --> 00:06:18,440 Speaker 2: on all prices pushed up the big miners higher, and 119 00:06:18,480 --> 00:06:21,279 Speaker 2: energy prices pushed up weil and gas stocks, the bank stocks. 120 00:06:21,279 --> 00:06:22,880 Speaker 2: By the end of the day they're actually lower, and 121 00:06:22,960 --> 00:06:26,520 Speaker 2: that's after the regulator, the Australian Credential Regulation Authority, came 122 00:06:26,560 --> 00:06:29,760 Speaker 2: out and said it would maintain mortgage lending buffers it's 123 00:06:29,760 --> 00:06:32,400 Speaker 2: worried about high debt levels, cost of living pressures, and 124 00:06:32,440 --> 00:06:35,600 Speaker 2: a pickup in credit growth. Basically, that's all about how 125 00:06:35,640 --> 00:06:39,640 Speaker 2: much people need to be able to repay When going 126 00:06:39,640 --> 00:06:41,479 Speaker 2: for a home loans homelands at seven percent, you've got 127 00:06:41,520 --> 00:06:43,680 Speaker 2: to be able to repay ten percent. That's three percents 128 00:06:43,680 --> 00:06:47,799 Speaker 2: of homelan. Going to keep with that bank centered down, 129 00:06:48,120 --> 00:06:51,680 Speaker 2: but not before come off. Bank once again did what 130 00:06:51,720 --> 00:06:54,159 Speaker 2: it's been doing NonStop, hitting a new record high so 131 00:06:54,200 --> 00:06:57,160 Speaker 2: on opening yesterday hit one hundred and sixty dollars and 132 00:06:57,200 --> 00:07:00,240 Speaker 2: twenty seven cents a share, first time above one hundred six. 133 00:07:00,560 --> 00:07:02,559 Speaker 2: I said one dollar sixty. It's one hundred and sixty 134 00:07:02,600 --> 00:07:04,000 Speaker 2: dollars and twenty seven cents this year. 135 00:07:04,279 --> 00:07:07,159 Speaker 1: Isn't it quite extraordinary? Where it's hat at the moment, 136 00:07:07,200 --> 00:07:09,040 Speaker 1: considering kind of what it was at one hundred and 137 00:07:09,080 --> 00:07:11,080 Speaker 1: forty and one hundred and thirty dollars, there were plenty 138 00:07:11,080 --> 00:07:13,280 Speaker 1: of analysts saying, no, it's too expensive, too expensive, and 139 00:07:13,320 --> 00:07:14,280 Speaker 1: it just keeps going. 140 00:07:14,520 --> 00:07:17,120 Speaker 2: It's too expensive to get to one hundred bucks. Yeah, 141 00:07:17,160 --> 00:07:22,920 Speaker 2: it's phenomenal. It's total rerating. So sometimes in CSL has 142 00:07:22,960 --> 00:07:25,640 Speaker 2: had a D rating, whereas people thought it was the 143 00:07:25,640 --> 00:07:28,000 Speaker 2: best thing ever. In the last twelve months, it's really 144 00:07:28,080 --> 00:07:31,720 Speaker 2: fallen and sort of been derated. Come of Bank's been rerated, 145 00:07:31,800 --> 00:07:34,680 Speaker 2: so you know where it sits in the kind of 146 00:07:34,840 --> 00:07:39,760 Speaker 2: spectrum it's gone up the did you go up the spectrum? 147 00:07:39,880 --> 00:07:41,520 Speaker 2: The name further up the tree. I don't know. My 148 00:07:41,560 --> 00:07:45,360 Speaker 2: mixed metaphor is ridiculous. But people think it's fundamentally worth 149 00:07:45,400 --> 00:07:47,480 Speaker 2: more than what they fundamental when they thought it was 150 00:07:47,560 --> 00:07:49,040 Speaker 2: fundamentally worth twelve months ago. 151 00:07:49,320 --> 00:07:52,160 Speaker 1: Okay, So it's essentially a reset. It's a reset of 152 00:07:52,200 --> 00:07:56,280 Speaker 1: what they believe and understand that the stocks would be worth. 153 00:07:56,720 --> 00:08:01,080 Speaker 2: Yeah, yeah, Hopefulley couple another quick one runs payments and 154 00:08:01,160 --> 00:08:05,840 Speaker 2: data infrastructure group Cascoll hit the market yesterday. Initially came 155 00:08:05,880 --> 00:08:08,600 Speaker 2: on at two bucks fifty ended about two bucks thirty 156 00:08:08,720 --> 00:08:10,680 Speaker 2: five or something rather so it was down a bit 157 00:08:11,440 --> 00:08:14,680 Speaker 2: and pro Medicus came out. It had its AGM yesterday. 158 00:08:14,720 --> 00:08:17,120 Speaker 2: Best performing large cap this year wasn't It was only 159 00:08:17,200 --> 00:08:18,760 Speaker 2: mid cap by the end of this year. It's now 160 00:08:18,760 --> 00:08:21,360 Speaker 2: a large cap because it has done so well, considering 161 00:08:21,400 --> 00:08:24,720 Speaker 2: a share split, so retail investors can still buy in. 162 00:08:25,080 --> 00:08:29,000 Speaker 1: And quickly sewn. Global markets are fixated at the moment 163 00:08:29,120 --> 00:08:32,680 Speaker 1: on Donald Trump's nomination of hedge fund founder Scott Besant 164 00:08:32,720 --> 00:08:35,160 Speaker 1: as Treasury Secretary. 165 00:08:34,360 --> 00:08:36,080 Speaker 2: A big part of the reason why our local share 166 00:08:36,080 --> 00:08:38,920 Speaker 2: market did so well yesterday. They're fixated on him kind 167 00:08:38,920 --> 00:08:41,720 Speaker 2: of for good reasons, though he actually understands the job 168 00:08:42,000 --> 00:08:44,880 Speaker 2: people think, which says a lot about some of the 169 00:08:44,920 --> 00:08:48,800 Speaker 2: other nominations. Sixty two year old has been publicly supportive 170 00:08:48,840 --> 00:08:52,240 Speaker 2: of tariffs, but he's also suggested the threats by Donald 171 00:08:52,240 --> 00:08:56,000 Speaker 2: Trump on tariffs or a negotiating strategy aimed at extracting concessions. 172 00:08:56,280 --> 00:08:59,360 Speaker 2: In fact, he told The Financial Times about a month 173 00:08:59,360 --> 00:09:02,160 Speaker 2: ago that he Thoughtald Trump is a free trader that 174 00:09:02,280 --> 00:09:04,319 Speaker 2: kind of took pressure off mark interest rates and the 175 00:09:04,400 --> 00:09:07,440 Speaker 2: US dollars. That's why some of those the interest rates 176 00:09:07,480 --> 00:09:12,160 Speaker 2: sensitive stocks in Australia did well yesterday. Otherwise, Bitcoin hasn't 177 00:09:12,200 --> 00:09:14,640 Speaker 2: quite hit one hundred thousand US dollars a unit and 178 00:09:14,679 --> 00:09:18,520 Speaker 2: the Aussie dollars buying just over sixty five US since a. 179 00:09:18,520 --> 00:09:21,800 Speaker 1: Very quick mention of our interview coming up after the 180 00:09:21,840 --> 00:09:28,160 Speaker 1: show today, something completely different today, Sean, we have a 181 00:09:28,200 --> 00:09:32,800 Speaker 1: special guest appearance by Tim Minchin, who is basically kind 182 00:09:32,840 --> 00:09:39,920 Speaker 1: of an extraordinary Australian export in terms of singer songwriter author. 183 00:09:40,640 --> 00:09:45,520 Speaker 1: He writes a lot of music and things for shows, 184 00:09:45,520 --> 00:09:48,880 Speaker 1: stage shows like Matilda. He's got another one for Groundhog Day. 185 00:09:48,880 --> 00:09:53,360 Speaker 1: At the moment absolutely just going nuts, particularly overseas. He 186 00:09:53,480 --> 00:09:56,520 Speaker 1: is a huge success. But he's talking to Adam Lang 187 00:09:56,559 --> 00:10:00,240 Speaker 1: our Fear and Greed colleague today about OZ Music T 188 00:10:00,360 --> 00:10:03,440 Speaker 1: Shirt Day which is coming up on Thursday, basically about 189 00:10:03,440 --> 00:10:06,600 Speaker 1: why it's important to help kind of grass roots music 190 00:10:06,960 --> 00:10:09,600 Speaker 1: in Australia and musicians and people in Australia who are 191 00:10:09,600 --> 00:10:12,839 Speaker 1: struggling a bit at the moment. It is a great conversation. 192 00:10:12,960 --> 00:10:14,280 Speaker 1: It's something a bit different, isn't it. 193 00:10:15,080 --> 00:10:16,560 Speaker 2: Sorry, So I'm looking forward to it. 194 00:10:16,800 --> 00:10:18,560 Speaker 1: Yeah, it'll be a good one. It's coming up after 195 00:10:18,600 --> 00:10:20,400 Speaker 1: the show. We'll be back in a moment with the 196 00:10:20,440 --> 00:10:22,000 Speaker 1: rest of the day's business news. 197 00:10:28,280 --> 00:10:28,559 Speaker 2: Sewn. 198 00:10:28,640 --> 00:10:32,400 Speaker 1: Deputy Prime Minister Richard Miles is being sued by his 199 00:10:32,679 --> 00:10:36,400 Speaker 1: chief of staff, Joe Tanovsky under the Fair Work Act, 200 00:10:36,520 --> 00:10:39,720 Speaker 1: claiming adverse action in the form of victimization. 201 00:10:40,600 --> 00:10:44,960 Speaker 2: Via her lawyer, Michael Bradley, Miss Tanovsky claims she raised 202 00:10:45,040 --> 00:10:48,520 Speaker 2: concerns of bullying from senior members of staff with mister 203 00:10:48,600 --> 00:10:50,880 Speaker 2: Miles and her treatment as a result of that was 204 00:10:51,000 --> 00:10:54,000 Speaker 2: adverse action, which is unlawful. In a statement, she said 205 00:10:54,240 --> 00:10:57,319 Speaker 2: six weeks ago, I spoke out publicly to reveal what 206 00:10:57,360 --> 00:11:00,480 Speaker 2: was happening to me behind closed doors. As far as 207 00:11:00,520 --> 00:11:03,240 Speaker 2: I know, there has been no investigation into the behaviors 208 00:11:03,240 --> 00:11:05,800 Speaker 2: are reported or regarding the actions taken by the Deputy 209 00:11:05,800 --> 00:11:08,079 Speaker 2: Prime Minister against me. Not a single member of the 210 00:11:08,120 --> 00:11:10,160 Speaker 2: government has reached out to check on my well being. 211 00:11:10,360 --> 00:11:11,960 Speaker 2: Three weeks ago, I wrote a letter to the Prime 212 00:11:11,960 --> 00:11:15,120 Speaker 2: Minister asking him to intervene and hold the Deputy Prime 213 00:11:15,120 --> 00:11:17,439 Speaker 2: Minister to account for the way I had been treated. 214 00:11:17,720 --> 00:11:21,000 Speaker 2: The Prime Minister has not responded. She said that the 215 00:11:21,040 --> 00:11:25,160 Speaker 2: government needs to learn from her experience. Miss Taranovsky is 216 00:11:25,200 --> 00:11:29,400 Speaker 2: still employed as Miles's chief staff, but is on miscellaneous leave. 217 00:11:29,960 --> 00:11:33,160 Speaker 1: Private equity group Pacific Equity Partners has made a bid 218 00:11:33,160 --> 00:11:36,160 Speaker 1: for SG Fleet Group, sending its share price up more 219 00:11:36,160 --> 00:11:37,160 Speaker 1: than twenty percent. 220 00:11:37,760 --> 00:11:40,679 Speaker 2: The one point two billion dollar bid that provides an 221 00:11:40,720 --> 00:11:44,400 Speaker 2: exit for the majority shareholder, South African based Supergroup. It 222 00:11:44,480 --> 00:11:47,680 Speaker 2: had about fifty three percent of the company yesterday. The 223 00:11:47,679 --> 00:11:50,040 Speaker 2: board said it's in the best interest to engage with 224 00:11:50,200 --> 00:11:54,679 Speaker 2: PEP Pacific equity partners and granted them exclusive due diligence. 225 00:11:54,720 --> 00:11:57,880 Speaker 2: A binding offer is expected some point after this week. 226 00:11:58,160 --> 00:12:00,840 Speaker 1: I love this next story, Sean. This is a New 227 00:12:00,920 --> 00:12:04,200 Speaker 1: Zealand is about to retro fit its wide body planes, 228 00:12:04,679 --> 00:12:08,000 Speaker 1: adding more premium economy and business class seats. It is 229 00:12:08,040 --> 00:12:10,000 Speaker 1: such a big job to go and kind of just 230 00:12:10,280 --> 00:12:13,319 Speaker 1: and basically gut these aircraft and just do it all 231 00:12:13,360 --> 00:12:14,600 Speaker 1: over again. That's fascinating. 232 00:12:14,960 --> 00:12:17,760 Speaker 2: So we're talking about Dreamline is here and it decreases 233 00:12:17,800 --> 00:12:22,120 Speaker 2: the capacity but adds about thirty percent more non economy seats. 234 00:12:22,679 --> 00:12:24,880 Speaker 2: And at the moment ian Quantas has done this and 235 00:12:24,920 --> 00:12:26,439 Speaker 2: done really well out of it. It's a bit of 236 00:12:26,480 --> 00:12:30,640 Speaker 2: a hedge against weak domestic and corporate travel markets going 237 00:12:30,679 --> 00:12:33,600 Speaker 2: more up market. In a New Zealand's case, it also 238 00:12:33,640 --> 00:12:37,040 Speaker 2: hop hopes to boost cargo exports to help the bottom 239 00:12:37,040 --> 00:12:39,760 Speaker 2: line in New Zealand, which is listed in New Zealand 240 00:12:39,840 --> 00:12:41,800 Speaker 2: and here on the A six, looks like it will 241 00:12:41,840 --> 00:12:43,960 Speaker 2: finally turn a profit in the current six months. It's 242 00:12:44,000 --> 00:12:45,640 Speaker 2: had a bit of a shocker. It was up two 243 00:12:45,640 --> 00:12:48,480 Speaker 2: percent yesterday, but it's down more than fifteen percent this 244 00:12:48,800 --> 00:12:52,280 Speaker 2: year compared that to Quantus. It's up sixty seven percent 245 00:12:52,320 --> 00:12:53,920 Speaker 2: this year, trading near record levels. 246 00:12:54,840 --> 00:12:59,600 Speaker 1: Southern Crossostereo held its annual general meeting yesterday and investors 247 00:12:59,720 --> 00:13:02,800 Speaker 1: to of it a first strike against executive pay. 248 00:13:03,400 --> 00:13:07,000 Speaker 2: It's a tough market and Southern Cross austraio is down 249 00:13:07,120 --> 00:13:10,480 Speaker 2: forty three percent this year. That's a very tough market. 250 00:13:10,800 --> 00:13:13,960 Speaker 2: It's the group with triple am hit radio networks as 251 00:13:14,000 --> 00:13:17,679 Speaker 2: well as Listener app and a network of regional TV stations. 252 00:13:18,080 --> 00:13:20,920 Speaker 2: Now a bunch of its big shareholders voted against the 253 00:13:21,160 --> 00:13:26,120 Speaker 2: remuneration report. One of those big shareholders is ARN Media, 254 00:13:26,280 --> 00:13:30,080 Speaker 2: who last year tried to buy SCA. Arn includes Kiss 255 00:13:30,200 --> 00:13:33,920 Speaker 2: FM and Pure Gold SCA. Southern Cross said it's inactive 256 00:13:34,000 --> 00:13:37,400 Speaker 2: negotiations to offload its TV stations. It has nearly one 257 00:13:37,440 --> 00:13:41,320 Speaker 2: hundred of them. Chair John Kelly said going forward for SCA, 258 00:13:41,360 --> 00:13:43,480 Speaker 2: it's all about audio. 259 00:13:44,360 --> 00:13:46,920 Speaker 1: Thousands of New South Wales, So I get excited as 260 00:13:46,920 --> 00:13:48,360 Speaker 1: soon as anyone talks about audio. 261 00:13:48,920 --> 00:13:50,240 Speaker 2: We love audio on this show. 262 00:13:50,320 --> 00:13:52,640 Speaker 1: Yeah, because audio is the future, right, That's what we 263 00:13:52,679 --> 00:13:56,240 Speaker 1: always see here. Thousands of New South Wales homes and 264 00:13:56,280 --> 00:13:59,920 Speaker 1: businesses are facing the threat of rolling blackouts tomorrow on 265 00:14:00,120 --> 00:14:02,679 Speaker 1: the back of unexpected outage is at coal power units, 266 00:14:02,720 --> 00:14:04,760 Speaker 1: along with of course very hot weather. 267 00:14:05,600 --> 00:14:10,280 Speaker 2: Yeah. Initially the Australian Energy Market Operator said that one 268 00:14:10,320 --> 00:14:14,640 Speaker 2: point seven three gigawa's could be lost by mid afternoon tomorrow. 269 00:14:15,800 --> 00:14:17,600 Speaker 2: That's enough energy to power about one and a half 270 00:14:17,840 --> 00:14:20,960 Speaker 2: million homes. Later it cut that to about twenty percent 271 00:14:21,000 --> 00:14:23,600 Speaker 2: of that level, still three hundred thousand homes. It's the 272 00:14:23,640 --> 00:14:26,120 Speaker 2: biggest test for the state since the closure of Ageal 273 00:14:26,360 --> 00:14:30,000 Speaker 2: Energy's at Liddell coal power station in April last year. 274 00:14:30,400 --> 00:14:33,120 Speaker 2: According to the fin Review, there are disruptions or out 275 00:14:33,320 --> 00:14:36,560 Speaker 2: just all across the East Coast or down the East Coast. 276 00:14:36,560 --> 00:14:40,240 Speaker 2: I suppose Agal Energy's Bayswater Generator in the Hunter Valley 277 00:14:40,320 --> 00:14:44,440 Speaker 2: for example. Origin energies are Ring Plant, Delta's at VAL's 278 00:14:44,720 --> 00:14:47,480 Speaker 2: Point station in New South Wales and ag Eel's loy 279 00:14:47,560 --> 00:14:51,400 Speaker 2: Yang Power station in Victoria. There's also other units down 280 00:14:51,480 --> 00:14:55,360 Speaker 2: for planned maintenance. Just a bunch of events that are 281 00:14:55,360 --> 00:14:58,040 Speaker 2: coming together whilst this really hot weather's happening. 282 00:14:58,560 --> 00:15:00,400 Speaker 1: Mentioned this next one on the top of the show, Shawn. 283 00:15:00,480 --> 00:15:03,800 Speaker 1: Bad news for coffee drinkers. Prices are soaring on the 284 00:15:03,800 --> 00:15:08,440 Speaker 1: back of expected poor crops in Vietnam and Brazil. 285 00:15:07,880 --> 00:15:10,680 Speaker 2: And they're the biggest coffee producers. Now we've spoken a 286 00:15:10,680 --> 00:15:12,520 Speaker 2: bit about coffee on this shade. It's like, I reckon, 287 00:15:12,520 --> 00:15:15,080 Speaker 2: it's one of our favorite commodities. Would you agree with this? Yeah? 288 00:15:15,160 --> 00:15:16,400 Speaker 1: Up there with orange juice. 289 00:15:16,800 --> 00:15:19,880 Speaker 2: Yeah, well no we're no, no, no. Coffee is way in 290 00:15:19,920 --> 00:15:20,320 Speaker 2: front of it. 291 00:15:21,240 --> 00:15:24,040 Speaker 1: Is much much much better. But in terms of interesting 292 00:15:24,040 --> 00:15:26,520 Speaker 1: commodities to talk about, I would say orange juice is 293 00:15:26,600 --> 00:15:29,880 Speaker 1: up there too, right, really sorry? Just go on? 294 00:15:30,080 --> 00:15:32,240 Speaker 2: Just how many caps of coffee? 295 00:15:32,280 --> 00:15:32,400 Speaker 1: You know? 296 00:15:32,440 --> 00:15:36,040 Speaker 2: How many caps of coffee is consumed every day globally? 297 00:15:37,840 --> 00:15:39,480 Speaker 1: I'm going to round it up and say a lot. 298 00:15:40,040 --> 00:15:43,680 Speaker 2: Yeah, two million according to the British Coffee Association, mind 299 00:15:43,720 --> 00:15:44,840 Speaker 2: you two millions on that many? 300 00:15:44,920 --> 00:15:47,160 Speaker 1: Maybe that's only that must just be in Britain. 301 00:15:47,560 --> 00:15:48,920 Speaker 2: I might have to go into it and that must 302 00:15:48,920 --> 00:15:51,800 Speaker 2: have been Britain. Yeah, yeah. The biggest drinkers are actually 303 00:15:51,840 --> 00:15:54,480 Speaker 2: the Dutch and the Finish. There you go. 304 00:15:54,920 --> 00:15:57,640 Speaker 1: I would have thought it would be Okay, this is 305 00:15:57,680 --> 00:15:59,920 Speaker 1: at risk of stereotyping here, but I would have thought 306 00:16:00,040 --> 00:16:02,960 Speaker 1: would be the Italians. Yeah, and where does Australia fit 307 00:16:03,000 --> 00:16:04,960 Speaker 1: in this? This is this is just all an outrage, 308 00:16:05,240 --> 00:16:06,360 Speaker 1: this whole story. 309 00:16:06,120 --> 00:16:10,720 Speaker 2: Anyways, So production last season was one hundred and sixty 310 00:16:10,720 --> 00:16:13,840 Speaker 2: four million sixty kilo bags, So you talk about one 311 00:16:13,880 --> 00:16:17,240 Speaker 2: hundred sixty four million bags, that's how you measure it. 312 00:16:17,280 --> 00:16:20,960 Speaker 2: But there's sixty kilo bags, so that's a lot of coffee. Yes, 313 00:16:21,400 --> 00:16:24,160 Speaker 2: Arabic of futures are now at a thirteen year high, 314 00:16:24,240 --> 00:16:26,120 Speaker 2: so you have sort of robuster, isn't it? And Arabic 315 00:16:26,320 --> 00:16:29,720 Speaker 2: are the two main types sixty percent. Arabic's up six 316 00:16:29,760 --> 00:16:33,359 Speaker 2: percent this year. That's what most Australians drink Arabica coffee. 317 00:16:33,720 --> 00:16:36,400 Speaker 2: Now some of the big buyers like Nesle have worn 318 00:16:36,560 --> 00:16:39,120 Speaker 2: that it's going to up prices. The reason for all 319 00:16:39,160 --> 00:16:42,440 Speaker 2: this is unfavorable weather in Brazil, but also people now 320 00:16:42,560 --> 00:16:45,760 Speaker 2: consuming drinks that require more coffee. So you know, I 321 00:16:45,800 --> 00:16:49,160 Speaker 2: forget the single shot flat wide. People are going the 322 00:16:49,160 --> 00:16:51,240 Speaker 2: double shot with this, that and the other. And so 323 00:16:51,360 --> 00:16:55,160 Speaker 2: the actual demand is how much higher because the cups 324 00:16:55,200 --> 00:16:58,560 Speaker 2: of coffee I've got more caffeine in them. There you go. Anyway, 325 00:16:58,760 --> 00:17:00,200 Speaker 2: ban news, We're going to have to pay more for 326 00:17:00,200 --> 00:17:04,600 Speaker 2: it soon because the price of the raw material coffee 327 00:17:04,600 --> 00:17:05,760 Speaker 2: beans has gone through the roof. 328 00:17:06,440 --> 00:17:10,000 Speaker 1: Do you know how much is consumed in Italy now? 329 00:17:10,080 --> 00:17:11,280 Speaker 2: You've obviously been googling. 330 00:17:11,680 --> 00:17:14,280 Speaker 1: I have. I was listening with one ear and googling 331 00:17:14,320 --> 00:17:18,640 Speaker 1: with the other. On average, Italians drink four coffees a day, 332 00:17:19,200 --> 00:17:21,800 Speaker 1: and what they will typically do is have kind of 333 00:17:22,280 --> 00:17:26,560 Speaker 1: smaller quantities. So I mean, you're not having kind of 334 00:17:26,880 --> 00:17:29,960 Speaker 1: like two hundred meals of milk with it. You're just 335 00:17:30,040 --> 00:17:34,760 Speaker 1: having kind of you like your espresso shot essentially. Right 336 00:17:34,880 --> 00:17:36,920 Speaker 1: there you go, fascinating fact. 337 00:17:37,000 --> 00:17:39,680 Speaker 2: Right, that is a totally fascinating fact. 338 00:17:40,480 --> 00:17:43,639 Speaker 1: Interningway, just thought i'd share that with you. Turning to 339 00:17:43,720 --> 00:17:47,480 Speaker 1: international news, now, a senior Russian general has been sacked 340 00:17:47,640 --> 00:17:51,680 Speaker 1: for faking reports of battlefield successes in Ukraine. This is 341 00:17:51,760 --> 00:17:53,880 Speaker 1: according to Russian media and war bloggers. 342 00:17:54,400 --> 00:17:59,200 Speaker 2: So Colonel General jeneity And Nashkin was the commander of 343 00:17:59,200 --> 00:18:03,280 Speaker 2: the Russian Art's Southern Group, which had been fighting around 344 00:18:03,320 --> 00:18:10,199 Speaker 2: Seversk in eastern Ukraine. A prominent pro Kremlin telegram channel 345 00:18:10,280 --> 00:18:14,560 Speaker 2: called Raibar Roybar is saying that as well as produced 346 00:18:14,720 --> 00:18:18,640 Speaker 2: as well as providing inaccurate reports, and n Ashkin has 347 00:18:18,680 --> 00:18:22,760 Speaker 2: thrown poorly prepared and ill equipped units into battle, unnecessarily 348 00:18:22,800 --> 00:18:26,360 Speaker 2: killing hundreds of men for little apparent tactical gain. According 349 00:18:26,359 --> 00:18:28,600 Speaker 2: to the Telegraph of London. Neither the Kremlin nor the 350 00:18:28,640 --> 00:18:32,240 Speaker 2: Russian Army has officially confirmed the sacking, although Russian state 351 00:18:32,280 --> 00:18:36,399 Speaker 2: outlet RBK reported that a source in the Russian Ministry 352 00:18:36,440 --> 00:18:40,600 Speaker 2: of Defense acknowledged and Nashkin's dismissal, but claimed it was 353 00:18:40,680 --> 00:18:42,280 Speaker 2: due to a planned rotation. 354 00:18:43,119 --> 00:18:46,400 Speaker 1: Last one shown. The Times of Israel has reported that 355 00:18:46,520 --> 00:18:50,639 Speaker 1: Israel has agreed in principle to a US backed ceasefire 356 00:18:50,680 --> 00:18:53,600 Speaker 1: with Hezbollah in what would have to be a major 357 00:18:53,640 --> 00:18:54,560 Speaker 1: breakthrough in the war. 358 00:18:55,200 --> 00:18:58,840 Speaker 2: The newspaper cited multiple reports of high level consultations involving 359 00:18:58,840 --> 00:19:01,960 Speaker 2: Prime Minister Benjamin and Yahoo. It came after Israel was 360 00:19:02,040 --> 00:19:04,880 Speaker 2: hit by rocket fire from Lebanon and the Israeli Air 361 00:19:04,920 --> 00:19:07,880 Speaker 2: Force carried out multiple strikes on hesblast sites in Beirut. 362 00:19:08,240 --> 00:19:12,160 Speaker 2: The proposed ceasefire aims to restore UN Security Council Resolution 363 00:19:12,240 --> 00:19:14,840 Speaker 2: seventeen oh one, which ended the two thousand and six 364 00:19:14,880 --> 00:19:17,760 Speaker 2: heads Blow Israel war. It would require HESBLA to pull 365 00:19:17,800 --> 00:19:20,560 Speaker 2: its hiders back about thirty kilometers from the Israeli border 366 00:19:20,680 --> 00:19:23,080 Speaker 2: and the Lebanese Army to deploy in the buffer zone. 367 00:19:23,160 --> 00:19:24,680 Speaker 2: According to the finn Review. 368 00:19:25,119 --> 00:19:28,440 Speaker 1: All Right Up Next is the Fear and Greed Daily Interview. 369 00:19:28,800 --> 00:19:32,720 Speaker 1: Our guest today is Australian entertainer Tim Minchin. That's coming 370 00:19:32,800 --> 00:19:34,480 Speaker 1: up in the Fear and Gred playlist on your podcast 371 00:19:34,480 --> 00:19:36,720 Speaker 1: platform or at Fearangreed dot com dot a you, which 372 00:19:36,760 --> 00:19:38,280 Speaker 1: is also where you can sign up for our free 373 00:19:38,400 --> 00:19:42,320 Speaker 1: weekly newsletter out tomorrow. Thank you very much, Sean, Thank you, Michael. 374 00:19:42,720 --> 00:19:45,520 Speaker 1: It is Tuesday, the twenty sixth of November twenty twenty four. 375 00:19:45,560 --> 00:19:48,119 Speaker 1: Make sure you're following the podcast and please join us 376 00:19:48,160 --> 00:19:52,160 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 377 00:19:52,200 --> 00:19:54,680 Speaker 1: Thompson and that was Fear and Greed. Have a great date.