1 00:00:03,960 --> 00:00:07,080 Speaker 1: It's Friday, the fifth of December twenty twenty five. Welcome 2 00:00:07,080 --> 00:00:09,440 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,440 --> 00:00:11,240 Speaker 1: where we give you the top five business stories you 4 00:00:11,280 --> 00:00:13,720 Speaker 1: need to know intus five minutes. Oh, Michael Thompson and 5 00:00:13,760 --> 00:00:15,280 Speaker 1: good morning Sean Aylmer. 6 00:00:15,320 --> 00:00:16,640 Speaker 2: Good morning, Michael Sewan. 7 00:00:16,720 --> 00:00:19,119 Speaker 1: Five big stories to race through in five minutes. Let's 8 00:00:19,120 --> 00:00:21,440 Speaker 1: go a story number one. The federal government has run 9 00:00:21,440 --> 00:00:23,520 Speaker 1: into a bit of an economic dilemma when it comes 10 00:00:23,520 --> 00:00:27,000 Speaker 1: to tobacco sales. They've been taxed so much that the 11 00:00:27,040 --> 00:00:31,440 Speaker 1: illegal market has surged and that's hurting legitimate retailers. And 12 00:00:31,440 --> 00:00:33,600 Speaker 1: at the same time, cigarettes are so available and so 13 00:00:33,760 --> 00:00:35,559 Speaker 1: cheap on the black market that the fear is that 14 00:00:35,640 --> 00:00:37,280 Speaker 1: smoking rates will actually rise. 15 00:00:37,800 --> 00:00:40,159 Speaker 2: Legal cigarette and tobacco sales fill twenty nine percent in 16 00:00:40,200 --> 00:00:42,239 Speaker 2: the year through to the end of September, according to 17 00:00:42,280 --> 00:00:45,360 Speaker 2: the ABS. Now we've had retailers like Woolli's, Cole's, mpole 18 00:00:45,479 --> 00:00:51,320 Speaker 2: IgA reporting falling revenue from tobacco. Illegal tobacco sales, however, 19 00:00:51,479 --> 00:00:53,519 Speaker 2: are surging. I mean you can get to a convenience 20 00:00:53,520 --> 00:00:56,920 Speaker 2: store by a pack of cigarettes illegally for sixteen bucks 21 00:00:56,960 --> 00:01:00,280 Speaker 2: compared to fifty dollars legally. A report by These for 22 00:01:00,360 --> 00:01:03,240 Speaker 2: Independent Studies says the federal governments tobacco tax has reached 23 00:01:03,280 --> 00:01:07,440 Speaker 2: the point of diminishing returns. Raising excise rates rather than 24 00:01:07,440 --> 00:01:12,479 Speaker 2: diminishing demand, just incentivizes illicit supply. Now the Federal governments 25 00:01:12,480 --> 00:01:15,840 Speaker 2: tobacco exercise revenue has more than half since twenty nineteen 26 00:01:15,920 --> 00:01:18,959 Speaker 2: twenty twenty, and it's forecast to continue to decline. 27 00:01:19,319 --> 00:01:22,640 Speaker 1: Even more concerning is the instances of smoking among young 28 00:01:22,680 --> 00:01:24,200 Speaker 1: Australians as rising. 29 00:01:24,440 --> 00:01:28,040 Speaker 2: Yes so Roy Morgan data shows seventeen percent or seventeen 30 00:01:28,040 --> 00:01:31,360 Speaker 2: point four percent of Australians aged eighteen and over smoked 31 00:01:31,480 --> 00:01:34,720 Speaker 2: or vaped, similar to levels of a decade ago younger 32 00:01:34,760 --> 00:01:37,120 Speaker 2: Australians eighteen to twenty four, it actually goes up to 33 00:01:37,200 --> 00:01:40,720 Speaker 2: nearly twenty eight percent according to the Finn Review. Also 34 00:01:40,760 --> 00:01:43,920 Speaker 2: the problem of crime some real problems in Victoria, particularly 35 00:01:43,920 --> 00:01:48,480 Speaker 2: with fire bombings. The governments in South Australia New South 36 00:01:48,480 --> 00:01:52,520 Speaker 2: Wales have introduced tough new penalties, but the problem remains. 37 00:01:53,280 --> 00:01:58,640 Speaker 2: The AFP in July confiscated five point eight million cigarettes 38 00:01:58,720 --> 00:02:01,600 Speaker 2: eighty four thousand vapes. A lot of that is coming 39 00:02:01,600 --> 00:02:04,760 Speaker 2: from off shore. Now spending on cigarettes and tobacco peaked 40 00:02:04,760 --> 00:02:07,000 Speaker 2: in nineteen eighty one and it's fallen back down. The 41 00:02:07,040 --> 00:02:10,000 Speaker 2: problem is now that this tax is so high that 42 00:02:10,040 --> 00:02:13,120 Speaker 2: people just going to the black market and making in 43 00:02:13,160 --> 00:02:17,120 Speaker 2: tobacco is cheap enough for people to actually be incentivized 44 00:02:17,160 --> 00:02:17,639 Speaker 2: to smoke. 45 00:02:18,040 --> 00:02:20,280 Speaker 1: Okay, all right, moving on to story number two. Now, 46 00:02:20,360 --> 00:02:24,480 Speaker 1: Australian household spending jumped one point three percent in October. 47 00:02:24,720 --> 00:02:27,959 Speaker 1: That's twice as much as expected by economists and suggests 48 00:02:27,960 --> 00:02:30,760 Speaker 1: that consumers really are out there spending. 49 00:02:31,120 --> 00:02:33,840 Speaker 2: Yes, the household spending indicator from the ABS replaces the 50 00:02:33,880 --> 00:02:36,400 Speaker 2: retail sales figure. It's a bit new, a little bit volatile, 51 00:02:36,480 --> 00:02:38,720 Speaker 2: but this is a big jump and your growth search 52 00:02:38,800 --> 00:02:42,800 Speaker 2: to five point six percent. Sales informational periods drove the rise, 53 00:02:42,800 --> 00:02:45,200 Speaker 2: so the biggest increase was in consumer good spending stuff 54 00:02:45,200 --> 00:02:48,200 Speaker 2: like clothing, footwear, furniture. It just suggests that people are 55 00:02:48,200 --> 00:02:51,120 Speaker 2: getting sensible about when they're spending their money waiting for 56 00:02:51,120 --> 00:02:53,720 Speaker 2: a sale. For example, many of this year's Black Friday 57 00:02:53,760 --> 00:02:56,040 Speaker 2: sales begin in October would be caught up by this number. 58 00:02:56,320 --> 00:02:58,120 Speaker 2: What it does mean is that the economy is picking 59 00:02:58,200 --> 00:03:00,480 Speaker 2: up and it's unlikely the reserve Bank will cut rates 60 00:03:00,560 --> 00:03:02,160 Speaker 2: anytime soon, okay. 61 00:03:02,320 --> 00:03:05,000 Speaker 1: Story number three. The federal government has conceded that it's 62 00:03:05,080 --> 00:03:08,119 Speaker 1: unlikely to reach its ambition of building one point two 63 00:03:08,200 --> 00:03:11,160 Speaker 1: million homes before the end of the decade, and only 64 00:03:11,200 --> 00:03:13,919 Speaker 1: two states are likely to reach their targets for new houses. 65 00:03:14,240 --> 00:03:16,680 Speaker 2: Head of Treasury Jenny Wilkinson said building one point two 66 00:03:16,720 --> 00:03:18,799 Speaker 2: million homes by the end of twenty twenty nine would 67 00:03:18,840 --> 00:03:22,799 Speaker 2: be challenging. On Wednesday, Reserve Bank Governor Michelle Bullock said 68 00:03:22,840 --> 00:03:25,480 Speaker 2: the country would likely miss its housing targets at sid 69 00:03:25,520 --> 00:03:28,440 Speaker 2: and estimates. Wilkinson was asked whether the government's five percent 70 00:03:28,480 --> 00:03:32,560 Speaker 2: deposit scheme would drive up prices. She kind of obfuscated, really, 71 00:03:32,560 --> 00:03:35,160 Speaker 2: She said housing was difficult to model, but she thought 72 00:03:35,200 --> 00:03:38,000 Speaker 2: there would be a small positive impact over the medium term. 73 00:03:38,600 --> 00:03:40,520 Speaker 1: Story number four. It's the end of the year, sean, 74 00:03:40,640 --> 00:03:43,480 Speaker 1: we get all these reports showing what people buy and 75 00:03:43,520 --> 00:03:47,119 Speaker 1: eat and say and listen to. Spotify was up yesterday. 76 00:03:47,160 --> 00:03:51,200 Speaker 1: It released its top streaming tracks, and overseas musicians led 77 00:03:51,200 --> 00:03:51,520 Speaker 1: the way. 78 00:03:51,920 --> 00:03:55,560 Speaker 2: The top five artists rule from Offshore no prizes for 79 00:03:55,600 --> 00:03:58,760 Speaker 2: number one, Taylor Swift, then Drake Morgan Wollen, The Weekend 80 00:03:59,040 --> 00:04:02,880 Speaker 2: and Billye Eiley, which the most streamed track between January 81 00:04:02,880 --> 00:04:07,119 Speaker 2: one and the mid November cutoff for telling was Ordinary 82 00:04:07,400 --> 00:04:10,920 Speaker 2: from American Alex Warren. Top Australian artist was The Wiggles, 83 00:04:11,200 --> 00:04:13,800 Speaker 2: followed by kid Leroy There's a funny couple there. The 84 00:04:14,080 --> 00:04:16,680 Speaker 2: top Oozzi song was a riptide by Vance Joey, which 85 00:04:16,680 --> 00:04:19,280 Speaker 2: is an oldie. I listened to more podcasts and music Mike. 86 00:04:19,400 --> 00:04:21,440 Speaker 2: I got my list one hundred and ninety one genres. 87 00:04:21,520 --> 00:04:24,479 Speaker 1: What about You, Fast fired by Fear and Greed was 88 00:04:24,720 --> 00:04:29,479 Speaker 1: number one, tough being absolutely last one, sorry number five. 89 00:04:29,560 --> 00:04:33,440 Speaker 1: Thailand has temporarily lifted a decade's old ban on the 90 00:04:33,600 --> 00:04:36,839 Speaker 1: sale of alcoholic drinks in the afternoon as it seeks 91 00:04:36,839 --> 00:04:37,719 Speaker 1: to boost tourism. 92 00:04:38,360 --> 00:04:41,000 Speaker 2: Offair. We discussed we were very unaware that there was 93 00:04:41,080 --> 00:04:43,760 Speaker 2: actually a band. Now we've been there in the afternoon 94 00:04:43,800 --> 00:04:47,080 Speaker 2: and anyway, liquor stores, restaurants and other accredited establishments can 95 00:04:47,160 --> 00:04:49,960 Speaker 2: now sell beer, wine and spirits from two pm to 96 00:04:50,040 --> 00:04:52,600 Speaker 2: five pm as part of a six month trial. According 97 00:04:52,640 --> 00:04:54,880 Speaker 2: to the BBC, The band, which came into force in 98 00:04:54,960 --> 00:04:58,640 Speaker 2: nineteen seventy two, was introduced primarily to stop government employees 99 00:04:58,640 --> 00:05:02,560 Speaker 2: from drinking during work, but it has long vexed visitors 100 00:05:02,600 --> 00:05:05,279 Speaker 2: to the predominantly Buddhist country, which is also known for 101 00:05:05,400 --> 00:05:08,200 Speaker 2: its party scene. The move comes just days ahead of 102 00:05:08,240 --> 00:05:11,560 Speaker 2: Christmas and the New Year holiday pick season for tourist arrivals, 103 00:05:11,720 --> 00:05:12,920 Speaker 2: especially from Australia. 104 00:05:12,960 --> 00:05:15,040 Speaker 1: Indeed, all right, there we go, the top five business 105 00:05:15,040 --> 00:05:17,479 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 106 00:05:17,560 --> 00:05:20,279 Speaker 1: It's Friday, the fifth of December twenty twenty five. Remember 107 00:05:20,279 --> 00:05:22,599 Speaker 1: to hit follow on the podcast, and if five minutes 108 00:05:22,640 --> 00:05:24,880 Speaker 1: isn't enough, you can find our longer daily show called 109 00:05:24,920 --> 00:05:27,479 Speaker 1: Fear and Greed where ever you listen to podcasts. I'm 110 00:05:27,480 --> 00:05:29,680 Speaker 1: Michael Thompson and that was the fast five business news 111 00:05:29,680 --> 00:05:31,520 Speaker 1: by Fear and Greed. Have a great day.