1 00:00:03,840 --> 00:00:06,720 Speaker 1: It's Monday, the twenty ninth of July twenty twenty four. 2 00:00:06,920 --> 00:00:09,680 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,720 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,640 --> 00:00:14,160 Speaker 1: need to know and just five minutes. Are Michael Thompson 5 00:00:14,200 --> 00:00:17,840 Speaker 1: and good morning, Sean Aylmer, Good morning, Michael Shawn. Five stories, 6 00:00:17,880 --> 00:00:20,560 Speaker 1: five minutes. Let's go Story number one. It is a 7 00:00:20,720 --> 00:00:24,759 Speaker 1: massive week for the economy, with official inflation data set 8 00:00:24,840 --> 00:00:27,560 Speaker 1: to determine whether interest rates rise again. 9 00:00:27,880 --> 00:00:30,639 Speaker 2: As most other developed economy's lower rates or talk about 10 00:00:30,680 --> 00:00:33,560 Speaker 2: lowering rates, the Reserve Bank is thinking about lifting them. 11 00:00:33,640 --> 00:00:36,519 Speaker 2: If the consumer price index and underlying inflation figures come 12 00:00:36,560 --> 00:00:39,479 Speaker 2: in above four percent annualized, there'll be pressure on the 13 00:00:39,479 --> 00:00:42,240 Speaker 2: local central bank to hike the official rate to keep 14 00:00:42,400 --> 00:00:45,920 Speaker 2: prices in check. However, plenty of talk at the moment 15 00:00:46,120 --> 00:00:49,879 Speaker 2: about the risks of tipping Australia into a recession if 16 00:00:49,920 --> 00:00:53,840 Speaker 2: the Reserve Bank changes interest rates. The issue economists worn 17 00:00:53,840 --> 00:00:56,440 Speaker 2: its households continue to struggle with rising cost of living 18 00:00:56,480 --> 00:00:59,520 Speaker 2: pressures and higher interest rates could tip them over the edge. 19 00:00:59,600 --> 00:01:03,600 Speaker 2: And you're report by Deloitte Access Economics, very respected, argues 20 00:01:03,640 --> 00:01:05,680 Speaker 2: that if it weren't for the federal government stage three 21 00:01:05,680 --> 00:01:08,399 Speaker 2: tax cuts would already be in a recession now. The 22 00:01:08,480 --> 00:01:12,279 Speaker 2: Bureau Statistics publishes the inflation figures on Wednesday. The Reserve 23 00:01:12,319 --> 00:01:15,160 Speaker 2: Bank Board meets next week. That's when we find out 24 00:01:15,160 --> 00:01:18,200 Speaker 2: what's going on. At the moment, we have the official 25 00:01:18,240 --> 00:01:20,560 Speaker 2: cash rate at four point three five percent, a twelve 26 00:01:20,680 --> 00:01:23,720 Speaker 2: year high. Deloitte said more than nine inflation figures will 27 00:01:23,760 --> 00:01:25,960 Speaker 2: allow the bank to keep rates steady and keep Australia 28 00:01:26,040 --> 00:01:29,480 Speaker 2: on the narrow path of low unemployment and economic recovery. 29 00:01:29,720 --> 00:01:32,800 Speaker 2: Let's hope it happens. Certainly, Federal treasure Jim Thomas hope so. 30 00:01:32,880 --> 00:01:34,640 Speaker 2: He more or less said that yesterday, saying there's a 31 00:01:34,680 --> 00:01:38,040 Speaker 2: bunch of factors involved in the Reserve Bank's decision maybe, 32 00:01:38,120 --> 00:01:40,319 Speaker 2: but inflation is definitely the most important one. 33 00:01:40,520 --> 00:01:43,840 Speaker 1: Yeah, sure is. And Wednesday's data is so important it 34 00:01:43,880 --> 00:01:46,760 Speaker 1: will no doubt impact the share market as well, just 35 00:01:46,800 --> 00:01:49,080 Speaker 1: as we head into earning season. That's right, Rio. 36 00:01:49,000 --> 00:01:51,200 Speaker 2: Tinto kicks things off on Wednesday. The mark has been 37 00:01:51,200 --> 00:01:53,440 Speaker 2: pretty volatile over the past fortnite or so here to 38 00:01:53,480 --> 00:01:55,840 Speaker 2: record high, then fell sharply that it did rise again 39 00:01:55,880 --> 00:01:59,120 Speaker 2: on Friday. While what's happening to interest rates is the backdrop. 40 00:01:59,200 --> 00:02:01,680 Speaker 2: Earning season will force investors to take a close look 41 00:02:01,680 --> 00:02:03,680 Speaker 2: at the fundamentals of different companies. The one they look 42 00:02:03,720 --> 00:02:06,840 Speaker 2: at most closely and anything to do with interest rates, consumed, 43 00:02:06,840 --> 00:02:10,480 Speaker 2: discretionary stocks, the banks, property It's going to be fun, Michael. 44 00:02:10,840 --> 00:02:14,440 Speaker 1: It's certainly well okay. Story number two. Prime Minister Anthony 45 00:02:14,480 --> 00:02:18,160 Speaker 1: Alberizi has reshuffled his front bench, with Tony Burke being 46 00:02:18,240 --> 00:02:21,880 Speaker 1: the winner taking on the Home Affairs portfolio, while Clara 47 00:02:21,919 --> 00:02:24,880 Speaker 1: O'Neil who had that job, will now look after Housing 48 00:02:24,919 --> 00:02:25,720 Speaker 1: and Homelessness. 49 00:02:26,000 --> 00:02:28,920 Speaker 2: Mister Burke, who's Employment and Workplace Relations Minister, will also 50 00:02:29,000 --> 00:02:32,000 Speaker 2: take on Immigration and Multicultural affairs. They had been held 51 00:02:32,000 --> 00:02:34,720 Speaker 2: by Andrew Giles. He now gets skills and training that 52 00:02:34,720 --> 00:02:37,000 Speaker 2: that's no longer in the cabinet. Mister Burke remains leader 53 00:02:37,040 --> 00:02:39,079 Speaker 2: in the House. Senator Murray Watt will become the next 54 00:02:39,080 --> 00:02:42,880 Speaker 2: Employment and Workplace Relations Minister, Housing and Homelessness Minister Julie 55 00:02:42,880 --> 00:02:46,400 Speaker 2: Collins will become Minister for Fisheries and Forestry and Minister 56 00:02:46,440 --> 00:02:50,160 Speaker 2: for Small Business. Senator Malin Deary McCarthy will replace outgoing 57 00:02:50,200 --> 00:02:54,560 Speaker 2: Indigenous Australians Minister Lindy Bernie basically Pat Conroy will also 58 00:02:54,680 --> 00:02:57,079 Speaker 2: come in to the cabinet as Defense Minister. The winner's 59 00:02:57,120 --> 00:03:01,160 Speaker 2: Pat Conroy and Tony Burke, the losers Andrew Giles particularly 60 00:03:01,160 --> 00:03:02,240 Speaker 2: and clar O'Neill. 61 00:03:02,680 --> 00:03:05,880 Speaker 1: Story number three. Rupert Murdoch is locked in a secret 62 00:03:05,919 --> 00:03:08,519 Speaker 1: legal battle against three of his children over the future 63 00:03:08,520 --> 00:03:11,520 Speaker 1: of the family's media empire as he moves to preserve 64 00:03:11,600 --> 00:03:14,880 Speaker 1: it as a conservative political force after his death. According 65 00:03:14,880 --> 00:03:18,320 Speaker 1: to a sealed court document obtained by The New York Times. 66 00:03:18,600 --> 00:03:20,680 Speaker 2: Incredible story in The New York Times, the ninety three 67 00:03:20,760 --> 00:03:22,760 Speaker 2: year old mister Murdock late last year made a surprise 68 00:03:22,880 --> 00:03:25,880 Speaker 2: move to change the terms of the Murdock's, a revocable 69 00:03:26,040 --> 00:03:28,919 Speaker 2: family trust, to ensure that his eldest son and chosen 70 00:03:28,960 --> 00:03:31,880 Speaker 2: success are Lachlan, remains in charge of his collection of 71 00:03:31,919 --> 00:03:35,360 Speaker 2: television networks and newspapers. The trust currently hands control of 72 00:03:35,400 --> 00:03:38,680 Speaker 2: the family business toward four children, but mister Murdock's arguing 73 00:03:38,680 --> 00:03:40,760 Speaker 2: in court that only by empowering Lachlan to run the 74 00:03:40,800 --> 00:03:44,440 Speaker 2: company without interference from his more politically moderate siblings can 75 00:03:44,480 --> 00:03:48,320 Speaker 2: he preserve its conservative editorial bent and thus protect its 76 00:03:48,320 --> 00:03:52,040 Speaker 2: commercial value for all his heirs. Last month, and Nevada 77 00:03:52,080 --> 00:03:54,520 Speaker 2: Probate Commissioner found that mister Murdock could amended the trust 78 00:03:54,560 --> 00:03:57,120 Speaker 2: if he's able to show he's acting good faith and 79 00:03:57,160 --> 00:04:00,480 Speaker 2: for the sole benefit of heirs. A trial to determine 80 00:04:00,480 --> 00:04:03,120 Speaker 2: whether mister Murdock is in fact acting in good faith 81 00:04:03,280 --> 00:04:06,880 Speaker 2: is expected to start in September. It basically pits the 82 00:04:06,960 --> 00:04:10,840 Speaker 2: father Rupert against the three siblings Jans, Elizabeth and Pruden's 83 00:04:10,840 --> 00:04:11,720 Speaker 2: incredible story. 84 00:04:12,040 --> 00:04:14,360 Speaker 1: How about this one Sean story number four? All those 85 00:04:14,440 --> 00:04:18,279 Speaker 1: Aldi shoppers me included hoping for an online version sooner 86 00:04:18,360 --> 00:04:22,000 Speaker 1: going to be a little bit disappointed because the German 87 00:04:22,040 --> 00:04:25,960 Speaker 1: based supermarket chain has abandoned plans to go digital, even 88 00:04:26,000 --> 00:04:28,680 Speaker 1: as Woolies and Coals are both pushing even more into 89 00:04:28,680 --> 00:04:29,240 Speaker 1: that space. 90 00:04:29,680 --> 00:04:31,880 Speaker 2: Al there's only been in Australia since two thousand. It's 91 00:04:31,880 --> 00:04:34,200 Speaker 2: funny to think it hasn't been here that long. It's 92 00:04:34,200 --> 00:04:36,360 Speaker 2: got market share of ten and a half percent. It's 93 00:04:36,400 --> 00:04:39,280 Speaker 2: been looking at moving into online, but Jordan lack Aldi, 94 00:04:39,360 --> 00:04:41,719 Speaker 2: managing director of Buying, told the fin Review that after 95 00:04:41,800 --> 00:04:46,240 Speaker 2: serious consideration, the retailer dismantled it's online team late last year. 96 00:04:46,279 --> 00:04:48,120 Speaker 2: He said, in the current environment and me to cost 97 00:04:48,160 --> 00:04:52,240 Speaker 2: a living crisis. Customers want value over convenience. Now with 98 00:04:52,279 --> 00:04:54,240 Speaker 2: price playing a bigger role, the cost of an online 99 00:04:54,240 --> 00:04:58,560 Speaker 2: store would force prices up. That's not what Aldi wants, 100 00:04:58,640 --> 00:05:00,880 Speaker 2: or at least that's not its strategy. The group's now 101 00:05:00,920 --> 00:05:04,800 Speaker 2: considering new products, most recently launching Aldi Insurance. It's also 102 00:05:04,880 --> 00:05:07,680 Speaker 2: targeting growth corridors on the outskirts of major cities and 103 00:05:07,720 --> 00:05:10,920 Speaker 2: growing sales at its existing five hundred and seventy stores. 104 00:05:11,400 --> 00:05:15,159 Speaker 1: Last one story number five, customers who buy secondhand clothes 105 00:05:15,240 --> 00:05:18,159 Speaker 1: at op shops would earn carbon credits under one of 106 00:05:18,160 --> 00:05:21,760 Speaker 1: the first privately generated trading schemes to be considered for 107 00:05:21,800 --> 00:05:23,520 Speaker 1: adoption by federal regulators. 108 00:05:23,839 --> 00:05:27,240 Speaker 2: The idea comes from a guy called Caine Blackman, who's 109 00:05:27,279 --> 00:05:29,480 Speaker 2: the boss of Good Semi Enterprises. 110 00:05:29,720 --> 00:05:29,840 Speaker 1: Here. 111 00:05:29,880 --> 00:05:32,599 Speaker 2: Reckons government should offer financial incentives to people who we 112 00:05:32,680 --> 00:05:34,680 Speaker 2: cycle and reuse clothes in the bid to curb the 113 00:05:34,720 --> 00:05:38,160 Speaker 2: greenhouse gas emissions generated by the import of new garments 114 00:05:38,160 --> 00:05:41,200 Speaker 2: and textiles. According to report in the finn the proposal 115 00:05:41,279 --> 00:05:43,480 Speaker 2: is one of forty three ideas now being assessed under 116 00:05:43,480 --> 00:05:47,120 Speaker 2: the Albanezy government's plan for private citizens, corporations and charities 117 00:05:47,480 --> 00:05:50,719 Speaker 2: to play a bigger role in determining eligibility for Australian 118 00:05:50,760 --> 00:05:54,159 Speaker 2: carbon credit unions. The Clean Energy Regulator has devised thirty 119 00:05:54,200 --> 00:05:57,320 Speaker 2: one different methods for earning those credit units over the 120 00:05:57,320 --> 00:06:00,400 Speaker 2: past decade. But the government once look further afere. It's 121 00:06:00,480 --> 00:06:03,080 Speaker 2: using crowdsourcing to come up with some new ideas. 122 00:06:03,320 --> 00:06:05,480 Speaker 1: All right, there we go the top five business stories 123 00:06:05,560 --> 00:06:09,240 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Monday, 124 00:06:09,279 --> 00:06:12,159 Speaker 1: the twenty ninth of July twenty twenty four. Remember follow 125 00:06:12,200 --> 00:06:14,000 Speaker 1: on the podcast. If five minutes isn't enough, you can 126 00:06:14,000 --> 00:06:16,640 Speaker 1: find our longer daily show called Fear and Greed where 127 00:06:16,680 --> 00:06:18,440 Speaker 1: eb you listen to podcasts. That comes with a bunch 128 00:06:18,480 --> 00:06:21,200 Speaker 1: of interviews and things. Today. Today's interview was with Brian 129 00:06:21,279 --> 00:06:23,640 Speaker 1: Hand from Morning Stale, where it goes through his most 130 00:06:23,880 --> 00:06:27,159 Speaker 1: overvalued and undervalued stocks. It's a great one for investors. 131 00:06:27,360 --> 00:06:29,600 Speaker 1: I'm Michael Thompson and that was the fast five business 132 00:06:29,600 --> 00:06:31,640 Speaker 1: news by Fear and Greed. Have a great day.