1
00:00:06,400 --> 00:00:09,320
Speaker 1: Welcome to fear and Greed business news you can use today.

2
00:00:09,360 --> 00:00:12,639
Speaker 1: The personal data of more than six million Quantus customers

3
00:00:12,640 --> 00:00:15,240
Speaker 1: could have been stolen in one of the country's biggest

4
00:00:15,280 --> 00:00:19,040
Speaker 1: cyber attacks. Retail trade and building approval data points to

5
00:00:19,040 --> 00:00:21,840
Speaker 1: a rate cut next week, and the Royal Train, which

6
00:00:21,840 --> 00:00:25,119
Speaker 1: has carried kings and queens since Victoria, is set to

7
00:00:25,200 --> 00:00:28,920
Speaker 1: find its final destination. Plus, the local share market hits

8
00:00:28,920 --> 00:00:32,240
Speaker 1: a record closed and more strife at Domino's. It is Thursday,

9
00:00:32,320 --> 00:00:35,240
Speaker 1: the third of July twenty twenty five. I'm Michael Thompson

10
00:00:35,280 --> 00:00:36,680
Speaker 1: and good morning, Adam Lane.

11
00:00:37,000 --> 00:00:40,240
Speaker 2: Good morning, Michael. It is a vibrant day in business news.

12
00:00:40,479 --> 00:00:43,080
Speaker 1: A lot to get through today. The main story this morning, Adam,

13
00:00:43,120 --> 00:00:46,360
Speaker 1: the personal data of more than six million Quantus customers

14
00:00:46,360 --> 00:00:49,000
Speaker 1: could have been stolen in a cyber attack, with a

15
00:00:49,040 --> 00:00:52,000
Speaker 1: hacker convincing a staff member from one of the airline's

16
00:00:52,080 --> 00:00:55,680
Speaker 1: call centers to grant access to its systems. A person

17
00:00:55,720 --> 00:01:00,520
Speaker 1: impersonating a Quantus employee contacted a call center was able

18
00:01:00,520 --> 00:01:03,720
Speaker 1: to gain access to a third party client service platform

19
00:01:03,720 --> 00:01:07,440
Speaker 1: that it uses. It's really an old fashioned hack. This

20
00:01:07,560 --> 00:01:10,360
Speaker 1: is where someone actually opened the door, letting the criminals

21
00:01:10,360 --> 00:01:13,120
Speaker 1: in rather than a system's breakdown, and you've got a

22
00:01:13,120 --> 00:01:16,080
Speaker 1: feel for the person who did let them in. Credit

23
00:01:16,120 --> 00:01:20,679
Speaker 1: card details, financial information and passport details are not in

24
00:01:20,680 --> 00:01:23,560
Speaker 1: the system. Importantly, the hack is believed to be part

25
00:01:23,560 --> 00:01:27,440
Speaker 1: of a coordinated attack on airlines globally, according to media.

26
00:01:27,280 --> 00:01:31,320
Speaker 2: Reports, Yes Michael. Earlier this week, the United States Federal

27
00:01:31,360 --> 00:01:35,200
Speaker 2: Bureau of Investigation warned airlines globally not to pay ransoms

28
00:01:35,240 --> 00:01:39,039
Speaker 2: to a cyber criminal gang called Scattered Spider, which is

29
00:01:39,040 --> 00:01:42,399
Speaker 2: thought to be responsible for the attacks. Then just days later,

30
00:01:42,600 --> 00:01:46,840
Speaker 2: Quantus gets hit. The carriers stated that the names, email addresses,

31
00:01:46,920 --> 00:01:50,040
Speaker 2: phone numbers, birth dates and frequent flyer numbers of six

32
00:01:50,120 --> 00:01:55,240
Speaker 2: million customers were compromised, although operations and safety remain unaffected

33
00:01:55,320 --> 00:01:58,440
Speaker 2: so far. The airline said credit card and payment details,

34
00:01:58,520 --> 00:02:01,760
Speaker 2: as you said, were stored separately. Quantus joins now a

35
00:02:01,800 --> 00:02:05,680
Speaker 2: list of Australian companies targeted by cyber criminals, including Medibank,

36
00:02:05,720 --> 00:02:08,160
Speaker 2: Optus and superannuation industry funds.

37
00:02:08,880 --> 00:02:10,959
Speaker 1: Honestly, I've lost count of the number of times my

38
00:02:11,080 --> 00:02:13,760
Speaker 1: details have now been compromised. Yeah, Adam, I don't know

39
00:02:13,800 --> 00:02:14,480
Speaker 1: if you're the same.

40
00:02:14,639 --> 00:02:17,000
Speaker 2: No, I am the same, and unfortunately for both of US.

41
00:02:17,000 --> 00:02:19,280
Speaker 2: I think it's much more data than that. Yeah.

42
00:02:19,320 --> 00:02:22,040
Speaker 1: Indeed, now this one in particular, this is a big

43
00:02:22,080 --> 00:02:26,880
Speaker 1: cyber attack. Really, many Australians could now be targeted. If

44
00:02:26,919 --> 00:02:30,440
Speaker 1: you're a customer and you've enabled multi factor authentication, which

45
00:02:30,480 --> 00:02:33,840
Speaker 1: asks you to verify your log in via email or telephone,

46
00:02:33,880 --> 00:02:36,720
Speaker 1: you were definitely safer. Experts say the first thing to

47
00:02:36,760 --> 00:02:39,000
Speaker 1: do if you think you are affected is to change

48
00:02:39,000 --> 00:02:42,239
Speaker 1: your password and make sure that that multi factor authentication

49
00:02:42,560 --> 00:02:46,840
Speaker 1: is enabled on your frequent flyer account. Quantus will always

50
00:02:46,840 --> 00:02:48,959
Speaker 1: send a prompt to your phone or email if you

51
00:02:49,040 --> 00:02:51,240
Speaker 1: log in on a new, unknown device or computer, and

52
00:02:51,240 --> 00:02:53,200
Speaker 1: also make sure that your details are up to date

53
00:02:53,400 --> 00:02:57,119
Speaker 1: and correct. That's just a really basic important step.

54
00:02:57,200 --> 00:03:00,320
Speaker 2: Yeah, Michael. Experts say there is currently no to ring

55
00:03:00,400 --> 00:03:03,320
Speaker 2: Quantus unless you notice suspicious activity on your statement or

56
00:03:03,360 --> 00:03:06,959
Speaker 2: receive an email that the airline has detected unusual logging

57
00:03:07,080 --> 00:03:11,440
Speaker 2: activity on your account. Also, and as always, be alert

58
00:03:11,480 --> 00:03:15,520
Speaker 2: to scammers. Increasingly they are using AI to impersonate voices

59
00:03:15,720 --> 00:03:20,440
Speaker 2: and local accents, making foreign cyber criminals more believable. Quantus

60
00:03:20,560 --> 00:03:24,160
Speaker 2: is advising its customers to be cautious about unusual communications

61
00:03:24,400 --> 00:03:26,799
Speaker 2: claiming to be from the airline, and to look out

62
00:03:26,840 --> 00:03:31,160
Speaker 2: for emails or calls requesting personal information or passwords. So

63
00:03:31,360 --> 00:03:35,280
Speaker 2: these tips should be considered. Always verify the source. If

64
00:03:35,320 --> 00:03:37,960
Speaker 2: you get a phone call requesting data, hang up and

65
00:03:38,040 --> 00:03:41,280
Speaker 2: ring back using the Quantus verified number, not the one

66
00:03:41,400 --> 00:03:43,040
Speaker 2: that a potential hacker gives you.

67
00:03:43,240 --> 00:03:45,520
Speaker 1: Yeah, big story, A lot of people affected by that

68
00:03:45,560 --> 00:03:50,720
Speaker 1: one now moving away from Quantus Adam. Disappointing retail sales

69
00:03:50,760 --> 00:03:54,160
Speaker 1: and building approval figures has increased the chance of a

70
00:03:54,240 --> 00:03:57,000
Speaker 1: rate cut next week. Also bolstered prospects of a bunch

71
00:03:57,040 --> 00:04:00,400
Speaker 1: of reductions coming later in the year as well. Spending

72
00:04:00,400 --> 00:04:04,120
Speaker 1: in May was pretty underwhelming at best, really rising just

73
00:04:04,280 --> 00:04:07,200
Speaker 1: zero point two percent. That was much lower than expected.

74
00:04:07,240 --> 00:04:10,240
Speaker 2: Yeah Michael. According to AMP, the long term average monthly

75
00:04:10,320 --> 00:04:14,240
Speaker 2: growth rate for retail sales is about zero point five percent,

76
00:04:14,600 --> 00:04:17,800
Speaker 2: and Australia has trended below this rate since the beginning

77
00:04:17,920 --> 00:04:21,960
Speaker 2: of the year. Real retail sales per capita, which takes

78
00:04:21,960 --> 00:04:26,720
Speaker 2: into account inflation, have gone backwards since January after rebounding

79
00:04:26,760 --> 00:04:29,400
Speaker 2: throughout the second half of twenty twenty four. The weather

80
00:04:29,680 --> 00:04:32,160
Speaker 2: was the big driver of retail results, as consumers bought

81
00:04:32,200 --> 00:04:34,600
Speaker 2: more winter clothes than usual in May, and if you

82
00:04:34,680 --> 00:04:38,200
Speaker 2: take out clothing, the rise in retail sales was even weaker.

83
00:04:38,880 --> 00:04:41,960
Speaker 1: In terms of building approvals, another one I mentioned theybros

84
00:04:42,080 --> 00:04:45,359
Speaker 1: just three point two percent over the month. Approvals for

85
00:04:45,480 --> 00:04:49,440
Speaker 1: detached houses were roughly flat. Meanwhile, units increased nine percent

86
00:04:49,480 --> 00:04:52,720
Speaker 1: in May. But this rise comes after three consecutive falls,

87
00:04:52,760 --> 00:04:56,120
Speaker 1: including a large eighteen percent drop last month. So I

88
00:04:56,160 --> 00:04:57,719
Speaker 1: was just trying to make up ground now.

89
00:04:57,720 --> 00:05:01,560
Speaker 2: Yeah, Michael. Disappointingly, this is another week result. Building approvals

90
00:05:01,640 --> 00:05:05,000
Speaker 2: saw a short lived rebound throughout last year, but the

91
00:05:05,120 --> 00:05:08,520
Speaker 2: data has deteriorated since January this year. On a three

92
00:05:08,520 --> 00:05:11,760
Speaker 2: month annualized basis, approvals are running at around one hundred

93
00:05:11,760 --> 00:05:14,240
Speaker 2: and eighty one thousand per annum, and that is well

94
00:05:14,279 --> 00:05:16,680
Speaker 2: below the government's goal of two hundred and forty thousand

95
00:05:16,720 --> 00:05:20,560
Speaker 2: a year. Both the retail and building approval data add

96
00:05:20,600 --> 00:05:23,600
Speaker 2: to the case for a rate cut next Tuesday of

97
00:05:23,720 --> 00:05:25,159
Speaker 2: the Reserve Bank Board meets.

98
00:05:25,520 --> 00:05:29,560
Speaker 1: How about the local share market yesterday, Adam, another record

99
00:05:30,040 --> 00:05:33,120
Speaker 1: is so strong, I think the novelty will ever wear

100
00:05:33,160 --> 00:05:36,400
Speaker 1: off for me. Records No, not for me either. It

101
00:05:36,480 --> 00:05:39,640
Speaker 1: was finished at a record closed yesterday SMPA Sex two

102
00:05:39,720 --> 00:05:43,480
Speaker 1: hundred finishing up zero points seven percent to eight thousand,

103
00:05:43,680 --> 00:05:46,960
Speaker 1: five hundred and ninety eight points. The economic news that

104
00:05:47,000 --> 00:05:49,719
Speaker 1: we've just gone through the hopes of a rate cut

105
00:05:49,880 --> 00:05:53,920
Speaker 1: really sent shares higher. Interest rates sensitive sectors like real

106
00:05:54,000 --> 00:05:56,800
Speaker 1: estate did best. The big iron all producers also rose

107
00:05:56,839 --> 00:05:59,800
Speaker 1: with a higher commodity price a mid science that Chinese

108
00:05:59,800 --> 00:06:04,240
Speaker 1: made manufacturing activity could be recovering otherwise the textocs fell

109
00:06:04,279 --> 00:06:05,400
Speaker 1: back yesterday.

110
00:06:05,120 --> 00:06:08,400
Speaker 2: Yeah, Michael. And in corporate news, James Hardy rose five

111
00:06:08,440 --> 00:06:11,799
Speaker 2: percent after announcing its acquisition of the US decking company

112
00:06:11,839 --> 00:06:15,840
Speaker 2: AZEC has been completed. And Perpetual surged on the back

113
00:06:15,880 --> 00:06:19,239
Speaker 2: of UBS upgrading its outlook for the stock to buy

114
00:06:19,560 --> 00:06:24,080
Speaker 2: from neutral. Fellow wealth manager Magellan also climbed after UBS

115
00:06:24,160 --> 00:06:27,920
Speaker 2: retained its buy outlook. Just before Adam and we're talking

116
00:06:27,920 --> 00:06:30,200
Speaker 2: about the outlook for interest rates, it's worth noting that

117
00:06:30,240 --> 00:06:33,440
Speaker 2: A and Z has pulled forward its prediction of an

118
00:06:33,480 --> 00:06:35,479
Speaker 2: interest rate cut, saying they think there will be one

119
00:06:35,640 --> 00:06:37,159
Speaker 2: next week. It's one of the things that we go

120
00:06:37,279 --> 00:06:40,960
Speaker 2: into in today's newsletter. If you haven't signed up yet

121
00:06:40,960 --> 00:06:44,120
Speaker 2: for the newsletter, head along to Fearandgreed dot com dot

122
00:06:44,160 --> 00:06:46,240
Speaker 2: au and I'll put a link in today's show notes

123
00:06:46,279 --> 00:06:50,880
Speaker 2: as well. That's one of many little juicy business nuggets, Jen,

124
00:06:51,000 --> 00:06:54,160
Speaker 2: you will find. Yeah, that sounds better than a business nugget,

125
00:06:54,200 --> 00:06:54,800
Speaker 2: doesn't it.

126
00:06:54,880 --> 00:06:57,760
Speaker 1: Anyway? Sign up for the newsletter today. We'll be back

127
00:06:57,800 --> 00:07:00,159
Speaker 1: in a moment with the rest of the day's business news.

128
00:07:08,000 --> 00:07:11,400
Speaker 1: Adam Foreign Minister Penny Wong says the Quad leaders have

129
00:07:11,520 --> 00:07:16,200
Speaker 1: agreed on an initiative have agreed on an initiative that's

130
00:07:16,240 --> 00:07:19,480
Speaker 1: a new tongue twister for me to diversify supply chains

131
00:07:19,480 --> 00:07:22,720
Speaker 1: for critical minerals which are largely controlled by China. Of course.

132
00:07:23,040 --> 00:07:26,440
Speaker 1: Foreign ministers from the Quad country so that's Australia, India, Japan,

133
00:07:26,560 --> 00:07:30,040
Speaker 1: and the US met in Washington and discussed China's grip

134
00:07:30,080 --> 00:07:32,840
Speaker 1: on the production of rare earths, which has given Beijing

135
00:07:33,000 --> 00:07:34,760
Speaker 1: leverage in its trade talks.

136
00:07:34,440 --> 00:07:38,600
Speaker 2: With The US Foreign Secretary Marco Rubio stressed after the

137
00:07:38,640 --> 00:07:41,280
Speaker 2: meeting that the Quad should play a more prominent role

138
00:07:41,320 --> 00:07:45,120
Speaker 2: in economic cooperation. Senator Wong also said she had very

139
00:07:45,200 --> 00:07:48,760
Speaker 2: positive talks with the US Foreign Secretary Marco Rubio. She

140
00:07:48,840 --> 00:07:52,280
Speaker 2: said her talks with Rubio focused more on Orcus than

141
00:07:52,320 --> 00:07:55,360
Speaker 2: on Australia's defense spending, which is interesting.

142
00:07:55,720 --> 00:07:58,760
Speaker 1: Considering those two are very closely tired right now. I

143
00:07:58,840 --> 00:08:01,600
Speaker 1: find that very much, very interesting.

144
00:08:01,600 --> 00:08:02,600
Speaker 2: We're not talking about that one.

145
00:08:02,680 --> 00:08:06,640
Speaker 1: No, no, no, no, look over here now. Billionaire businessman Jack

146
00:08:06,720 --> 00:08:10,320
Speaker 1: Cowen will take on executive duties at Domino's Pizza, where

147
00:08:10,320 --> 00:08:13,000
Speaker 1: he holds twenty seven percent of shares, after the chief

148
00:08:13,040 --> 00:08:15,920
Speaker 1: executive of the business quit less than a year after

149
00:08:15,960 --> 00:08:19,160
Speaker 1: being appointed. Mister Cowen, who is eighty two years old

150
00:08:19,240 --> 00:08:22,360
Speaker 1: and also the owner of Hungry Jack's, says there is

151
00:08:22,480 --> 00:08:24,800
Speaker 1: no fundamental problem with the company strategy.

152
00:08:25,440 --> 00:08:27,840
Speaker 2: Michael. It has been a rough ride for Dominoes as

153
00:08:27,840 --> 00:08:30,840
Speaker 2: we know, or should I say a rough delivery for Dominoes.

154
00:08:30,920 --> 00:08:33,200
Speaker 2: Its share price has gone from one hundred and sixty

155
00:08:33,240 --> 00:08:37,800
Speaker 2: dollars in COVID to around seventeen dollars yesterday after another

156
00:08:37,800 --> 00:08:40,560
Speaker 2: big drop. Cowen says he has the energy and desire

157
00:08:40,600 --> 00:08:43,880
Speaker 2: to fix Dominoes. Mister Cowan told the Australian Financial Review,

158
00:08:44,280 --> 00:08:46,920
Speaker 2: I'm the same age as Joe Biden and Joe Biden

159
00:08:46,920 --> 00:08:49,480
Speaker 2: who's buggered. But my role models in life at my

160
00:08:49,559 --> 00:08:52,520
Speaker 2: age are Mick Jagger and Paul McCartney. I've seen both

161
00:08:52,520 --> 00:08:56,400
Speaker 2: of them on stage three hours NonStop performing, high energy

162
00:08:56,720 --> 00:08:59,000
Speaker 2: end of quote. Good luck, mister Cowen.

163
00:09:00,000 --> 00:09:02,840
Speaker 1: I love people like Jack Cowen who tell you exactly

164
00:09:02,880 --> 00:09:06,400
Speaker 1: what they think, like just there's no holding back, right.

165
00:09:06,440 --> 00:09:09,000
Speaker 2: Yeah, I love it. He's comparing himself to mc jagger

166
00:09:09,000 --> 00:09:11,560
Speaker 2: and Paul McCartney. Why not bring business and rock and

167
00:09:11,640 --> 00:09:12,360
Speaker 2: roll back together.

168
00:09:12,480 --> 00:09:16,880
Speaker 1: Yeah, absolutely, and he certainly had some success across his career. Now, Adam,

169
00:09:17,120 --> 00:09:23,480
Speaker 1: one of Canvas's main global competitors, a company called Pigma Figma,

170
00:09:23,720 --> 00:09:25,720
Speaker 1: has filed to go public on the New York Stock

171
00:09:25,800 --> 00:09:29,199
Speaker 1: Exchange in what could be one of the biggest IPOs

172
00:09:29,320 --> 00:09:32,720
Speaker 1: of the year on Wall Street. Now, this design software

173
00:09:32,880 --> 00:09:36,000
Speaker 1: company was last valued at I think nineteen billion US

174
00:09:36,080 --> 00:09:38,800
Speaker 1: dollars and according to the financial reviewers, seizing the moment

175
00:09:39,080 --> 00:09:42,720
Speaker 1: amid buoyant markets and strong investor appetite for growth tech stocks.

176
00:09:43,120 --> 00:09:46,079
Speaker 1: This is a big step for Pigma after it nearly

177
00:09:46,120 --> 00:09:48,920
Speaker 1: sold to Adobe three years ago for twenty billion dollars

178
00:09:48,920 --> 00:09:52,480
Speaker 1: before regulators I think in Europe actually blocked that deal

179
00:09:52,480 --> 00:09:53,400
Speaker 1: from going ahead.

180
00:09:53,679 --> 00:09:56,600
Speaker 2: Yeah, Michael, And listeners may ask why are we mentioning

181
00:09:56,640 --> 00:10:00,480
Speaker 2: it here, because really the movie set to focus even

182
00:10:00,559 --> 00:10:05,120
Speaker 2: more attention on Australia's Canvas, our most valuable private tech firm.

183
00:10:05,160 --> 00:10:08,880
Speaker 2: It's been considered by many to be IPO ready for years,

184
00:10:09,200 --> 00:10:11,600
Speaker 2: but continues to hold off on a public listing. With

185
00:10:11,720 --> 00:10:15,040
Speaker 2: a forty nine billion dollar evaluation and two hundred and

186
00:10:15,080 --> 00:10:19,800
Speaker 2: forty million monthly users, those are staggering numbers. Canva dwarf

187
00:10:19,960 --> 00:10:24,360
Speaker 2: Figma's thirteen million strong user base, but the US listing

188
00:10:24,400 --> 00:10:27,920
Speaker 2: of its closest peer could prompt questions around timing and

189
00:10:27,960 --> 00:10:29,079
Speaker 2: competitive positioning.

190
00:10:29,520 --> 00:10:31,760
Speaker 1: Yeah, you can guarantee that team at Canva will be

191
00:10:31,800 --> 00:10:36,040
Speaker 1: watching this one very very closely. Get that prospectus have

192
00:10:36,160 --> 00:10:38,880
Speaker 1: a red hot look through it there. Indeed, turning to

193
00:10:38,960 --> 00:10:42,160
Speaker 1: international news now, and Israel has agreed to the necessary

194
00:10:42,200 --> 00:10:45,839
Speaker 1: conditions to finalize a sixty days ceasefire in Gaza. This

195
00:10:45,880 --> 00:10:48,840
Speaker 1: is according to US President Donald Trump. He wrote on

196
00:10:49,040 --> 00:10:51,720
Speaker 1: truth Social Of course, he said, we will work with

197
00:10:51,840 --> 00:10:54,960
Speaker 1: all parties to end the war. The Kataris and Egyptian

198
00:10:55,000 --> 00:10:56,880
Speaker 1: to have worked very hard to help bring peace, will

199
00:10:56,920 --> 00:10:59,840
Speaker 1: deliver this final proposal. I hope that Hermas takes this

200
00:11:00,080 --> 00:11:02,960
Speaker 1: deal because it will not get better, It will only

201
00:11:03,080 --> 00:11:07,000
Speaker 1: get worse. And those last five words were all in caps,

202
00:11:07,040 --> 00:11:08,719
Speaker 1: as you would expect.

203
00:11:08,760 --> 00:11:12,360
Speaker 2: Have we become accustomed to reading. Israel's ambassador to the

204
00:11:12,440 --> 00:11:16,640
Speaker 2: United Nations, Danny Dannon, said that Israel was absolutely ready

205
00:11:16,640 --> 00:11:19,440
Speaker 2: for a ceasefire, but it was not immediately clear whether

206
00:11:19,480 --> 00:11:22,720
Speaker 2: Hummas would accept the conditions of the proposed deal. According

207
00:11:22,720 --> 00:11:26,199
Speaker 2: to the BBC, Trump's announcement comes before a meeting with

208
00:11:26,360 --> 00:11:29,720
Speaker 2: Israeli Prime Minister Benjamin Nettina, who's scheduled for next week,

209
00:11:30,040 --> 00:11:32,480
Speaker 2: in which the US President said he would be very

210
00:11:32,520 --> 00:11:34,080
Speaker 2: firm adam.

211
00:11:34,200 --> 00:11:38,200
Speaker 1: After hours of stalemate, Republicans in the US Senate have

212
00:11:38,360 --> 00:11:43,440
Speaker 1: narrowly passed Donald Trump's megabill on tax and spending, meaning

213
00:11:43,480 --> 00:11:46,959
Speaker 1: the proposed legislation has cleared one of its key hurdles.

214
00:11:47,000 --> 00:11:48,760
Speaker 1: This is the bill with the greatest name in the

215
00:11:48,840 --> 00:11:50,280
Speaker 1: history of legislation, right.

216
00:11:50,440 --> 00:11:53,439
Speaker 2: Yeah, Michael. Do you remember many names of bills?

217
00:11:54,320 --> 00:11:57,440
Speaker 1: No? No, not in general, right no, But we remember

218
00:11:57,480 --> 00:12:00,439
Speaker 1: this one and the only other one I do remember, obviously,

219
00:12:00,480 --> 00:12:03,480
Speaker 1: this is the one, big, beautiful bill Act. The other

220
00:12:03,559 --> 00:12:06,959
Speaker 1: one that I enjoyed was Joe Biden's Inflation Reduction Act,

221
00:12:07,320 --> 00:12:09,120
Speaker 1: which really didn't have a huge amount to do with

222
00:12:09,240 --> 00:12:12,160
Speaker 1: actually reducing inflation. In fact, it spent an awful lot

223
00:12:12,200 --> 00:12:12,600
Speaker 1: of money.

224
00:12:12,840 --> 00:12:15,920
Speaker 2: Yeah, on the transition to green energy. So the One

225
00:12:16,000 --> 00:12:19,800
Speaker 2: Big Beautiful Bill Act passed, with Vice President JD. Vance

226
00:12:19,960 --> 00:12:23,120
Speaker 2: casting a tie breaking vote after more than twenty four

227
00:12:23,120 --> 00:12:25,720
Speaker 2: hours of debate. It now heads back to the House

228
00:12:25,800 --> 00:12:29,240
Speaker 2: or Lower Chamber, where it still faces more opposition. An

229
00:12:29,280 --> 00:12:32,480
Speaker 2: earlier version was cleared by the House Republicans by a

230
00:12:32,520 --> 00:12:36,880
Speaker 2: single vote margin. Trump had given the Republican controlled Congress

231
00:12:37,160 --> 00:12:39,840
Speaker 2: a deadline of four July to send him a final

232
00:12:39,920 --> 00:12:41,800
Speaker 2: version of the bill to sign into law.

233
00:12:42,600 --> 00:12:48,320
Speaker 1: Finally, Adam, I love this story, King Charles, you would

234
00:12:48,360 --> 00:12:50,920
Speaker 1: not be surprised to know that I love trains. No,

235
00:12:51,160 --> 00:12:54,640
Speaker 1: King Charles has decided to scrap the Royal train service

236
00:12:54,679 --> 00:12:59,240
Speaker 1: that dates back to his great great great grandmother, Queen Victoria,

237
00:12:59,280 --> 00:13:03,240
Speaker 1: because it is no longer cost effective. The first Royal

238
00:13:03,480 --> 00:13:08,200
Speaker 1: rail carriages were commissioned in eighteen sixty nine and in

239
00:13:08,280 --> 00:13:10,680
Speaker 1: twenty twenty five. It's made up of nine carriages that

240
00:13:10,760 --> 00:13:13,480
Speaker 1: can be coupled to commercial locomotive, So if you've already

241
00:13:13,520 --> 00:13:15,240
Speaker 1: got the train kind of heading in that direction, you

242
00:13:15,360 --> 00:13:17,360
Speaker 1: just whack the Royal carriage on the back of it,

243
00:13:17,400 --> 00:13:19,120
Speaker 1: and the way you go. But it was used just

244
00:13:19,240 --> 00:13:22,560
Speaker 1: twice during the past financial year, with the two journeys

245
00:13:22,600 --> 00:13:26,840
Speaker 1: together costing almost eighty thousand pounds, which is what about

246
00:13:26,840 --> 00:13:30,119
Speaker 1: one hundred and seventy thousand Australian dollars or thereabouts.

247
00:13:30,280 --> 00:13:33,200
Speaker 2: There's a romantic charm about this story, isn't there? Michael?

248
00:13:33,280 --> 00:13:35,280
Speaker 1: Oh, yes, I would love to go on that try.

249
00:13:35,320 --> 00:13:37,199
Speaker 1: I just love to go on any train. Sorry, I'll

250
00:13:37,200 --> 00:13:38,360
Speaker 1: stop talking. Go for it.

251
00:13:38,520 --> 00:13:40,960
Speaker 2: Well, some of the names and titles involved in this

252
00:13:41,000 --> 00:13:44,800
Speaker 2: story are just brilliant. James Charmers, the King's Treasurer, said

253
00:13:44,800 --> 00:13:47,360
Speaker 2: the Monarch had now agreed that the train, which critics

254
00:13:47,400 --> 00:13:49,960
Speaker 2: had long said was a waste of money, would reach

255
00:13:50,080 --> 00:13:52,760
Speaker 2: the end of the line in twenty twenty seven. Charmers,

256
00:13:52,760 --> 00:13:56,400
Speaker 2: who is officially known as the Keeper of the Privy Purse, says,

257
00:13:57,000 --> 00:13:59,560
Speaker 2: in moving forward, we must not be bound by the

258
00:13:59,600 --> 00:14:02,640
Speaker 2: pass now. This announcement comes as part of the annual

259
00:14:02,640 --> 00:14:05,960
Speaker 2: Report of the Sovereign Grant, the government handout that covers

260
00:14:05,960 --> 00:14:09,840
Speaker 2: staffing costs, upkeep of royal palaces and travel expenses. Now,

261
00:14:09,880 --> 00:14:12,920
Speaker 2: thanks to a boom in revenue from offshore wind leases,

262
00:14:13,280 --> 00:14:16,920
Speaker 2: the Crown estates profits are actually soaring, meaning royal funds

263
00:14:16,960 --> 00:14:19,920
Speaker 2: will leap from eighty six point three million pounds to

264
00:14:20,000 --> 00:14:22,400
Speaker 2: one hundred and thirty two million pounds for the next

265
00:14:22,400 --> 00:14:22,960
Speaker 2: two years.

266
00:14:24,000 --> 00:14:27,240
Speaker 1: Can we just point out, just briefly the fact that

267
00:14:27,600 --> 00:14:31,200
Speaker 1: of the Privy Purse. Yes, the King's Treasurer is James Charmers.

268
00:14:31,200 --> 00:14:34,200
Speaker 1: You come down under and our treasurer is Jim Chalmers. Like,

269
00:14:34,280 --> 00:14:36,640
Speaker 1: you can't get more Australian than that, and a direct

270
00:14:36,640 --> 00:14:39,560
Speaker 1: Have we ever seen them together? No, we have not.

271
00:14:39,640 --> 00:14:42,880
Speaker 1: That's a very good point. Conspiracy theory starting here on

272
00:14:42,920 --> 00:14:45,520
Speaker 1: Fear and Greed. Now, immediately after the show got an

273
00:14:45,560 --> 00:14:46,680
Speaker 1: interview coming up today.

274
00:14:47,000 --> 00:14:47,240
Speaker 2: Now.

275
00:14:47,400 --> 00:14:50,080
Speaker 1: The reason I like this one it is with Joel Bell,

276
00:14:50,280 --> 00:14:52,720
Speaker 1: who is who is a listener to Fear and Greed

277
00:14:52,720 --> 00:14:55,080
Speaker 1: and he got in touch because sometimes there are some

278
00:14:55,160 --> 00:14:59,080
Speaker 1: really fascinating stories happening out. There's a former Australian Army

279
00:14:59,120 --> 00:15:03,120
Speaker 1: engineer now living and working in North Carolina in the US.

280
00:15:03,280 --> 00:15:06,720
Speaker 1: He's a director of bot Built, which is a company

281
00:15:06,840 --> 00:15:12,760
Speaker 1: that is essentially using recycled car robots, so automotive production

282
00:15:12,920 --> 00:15:17,040
Speaker 1: robots to make houses now and in doing so a

283
00:15:17,160 --> 00:15:20,640
Speaker 1: cutting the cost of making houses and hoping that long

284
00:15:20,760 --> 00:15:23,440
Speaker 1: term it will be a solution to the housing crisis.

285
00:15:23,440 --> 00:15:25,520
Speaker 1: It's a great story and a great chat with a

286
00:15:26,080 --> 00:15:28,520
Speaker 1: with an Aussie xpat living in the US. It's coming

287
00:15:28,600 --> 00:15:30,640
Speaker 1: up in the Fear and Greed playlist on your podcast

288
00:15:30,640 --> 00:15:32,000
Speaker 1: platform or at Fearangreed dot com.

289
00:15:32,040 --> 00:15:34,000
Speaker 2: Today you thank you Adam, Thank you Michael.

290
00:15:34,400 --> 00:15:36,800
Speaker 1: It is Thursday, the third of July twenty twenty five.

291
00:15:36,840 --> 00:15:38,960
Speaker 1: Make sure you're following the podcast and please join us

292
00:15:38,960 --> 00:15:42,600
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. A'm Michael

293
00:15:42,600 --> 00:15:46,920
Speaker 1: pumpson that Spear and Greed. Have a great day.