1 00:00:04,160 --> 00:00:06,720 Speaker 1: Welcome to the Saturday edition of the Fast five Business 2 00:00:06,760 --> 00:00:09,400 Speaker 1: News Both Fear and Greed. I'm Michael Thompson and Hello 3 00:00:09,480 --> 00:00:12,960 Speaker 1: Sean Aylmer. Hello Michael Sean. On weekdays, it's all about 4 00:00:12,960 --> 00:00:15,560 Speaker 1: the Fast five, the top five business stories in five minutes. 5 00:00:15,640 --> 00:00:17,079 Speaker 1: On the weekend though, we're still going to keep it 6 00:00:17,079 --> 00:00:18,480 Speaker 1: to five minutes, but we're going to pick out the 7 00:00:18,480 --> 00:00:22,040 Speaker 1: biggest business story of the week, the most remarkable story, 8 00:00:22,480 --> 00:00:27,920 Speaker 1: a mystery category and our favorite story as well. Two 9 00:00:27,920 --> 00:00:30,240 Speaker 1: big stories this week really and we'll just do these 10 00:00:30,800 --> 00:00:33,920 Speaker 1: very briefly. The biggest global story is, of course the 11 00:00:33,960 --> 00:00:36,280 Speaker 1: war in the Middle East, the ceasefire that came after 12 00:00:36,320 --> 00:00:40,319 Speaker 1: weeks of fighting and escalating rhetoric that they've got more 13 00:00:40,360 --> 00:00:43,600 Speaker 1: and more intense the further we got along, and really 14 00:00:43,680 --> 00:00:45,640 Speaker 1: out of all of that, the hope that we will 15 00:00:45,760 --> 00:00:49,080 Speaker 1: end up with a lasting peace in the Middle East, 16 00:00:49,080 --> 00:00:50,640 Speaker 1: which we can only hope. 17 00:00:50,800 --> 00:00:53,040 Speaker 2: We can only hope. Of course, the biggest local story 18 00:00:53,120 --> 00:00:56,000 Speaker 2: was the former soldier in Victoria. Cross recipient Ben Roberts 19 00:00:56,000 --> 00:00:59,080 Speaker 2: Smith has been charged with five counts of war crime 20 00:00:59,400 --> 00:01:03,080 Speaker 2: murder in what will be the biggest military trial Australia 21 00:01:03,120 --> 00:01:04,760 Speaker 2: has seen. It's poor the courts. We're not going to 22 00:01:04,760 --> 00:01:07,440 Speaker 2: say much more about it, but certainly the biggest local story. 23 00:01:07,760 --> 00:01:10,640 Speaker 1: Yeah, some big stories around this week. Most remarkable. There's 24 00:01:10,640 --> 00:01:15,920 Speaker 1: some interesting stuff going on as well. What did you like, Sean, 25 00:01:15,959 --> 00:01:17,600 Speaker 1: Because you know what I'm going to put forward as 26 00:01:17,600 --> 00:01:19,600 Speaker 1: the most remarkable and I get a bit carried away. 27 00:01:19,680 --> 00:01:22,440 Speaker 2: So just look, I think remarkable how the federal government 28 00:01:22,560 --> 00:01:25,640 Speaker 2: has this week gone from telling us there's nothing to 29 00:01:25,680 --> 00:01:28,120 Speaker 2: worry about when it comes to petrol and diesel to 30 00:01:28,240 --> 00:01:32,040 Speaker 2: treating fuel suppliers and national security issue. Prime Minister anthing 31 00:01:32,080 --> 00:01:35,080 Speaker 2: Albernizi's headed off to Singapore to tie down arrangements with 32 00:01:35,120 --> 00:01:38,200 Speaker 2: our biggest fuel trading partner, Energy Mister Chris Bowen gives 33 00:01:38,240 --> 00:01:42,360 Speaker 2: us updates every day about what petrol stations have fuel 34 00:01:42,600 --> 00:01:47,440 Speaker 2: what don't. Federal government said that they will underwrite the 35 00:01:47,600 --> 00:01:51,200 Speaker 2: purchases by Viva Energy in Geelong and Ampol in Brisbane 36 00:01:51,640 --> 00:01:54,200 Speaker 2: of oil to make sure we get additional supply into 37 00:01:54,240 --> 00:01:57,720 Speaker 2: the country. All this isn't a surprise. We run on 38 00:01:57,760 --> 00:02:00,920 Speaker 2: petrol and diesel. It's just and we don't want talk 39 00:02:00,920 --> 00:02:03,040 Speaker 2: about rating. I get that, but it just darn't to 40 00:02:03,120 --> 00:02:05,640 Speaker 2: feel a bit like COVID. I reckon. We've just gone 41 00:02:05,840 --> 00:02:08,840 Speaker 2: from nothing to worry about here to a national emergency 42 00:02:08,960 --> 00:02:10,239 Speaker 2: in just four or five days. 43 00:02:10,680 --> 00:02:14,360 Speaker 1: Remarkable about a remarkable good news story. Then, Sean, just 44 00:02:14,400 --> 00:02:17,280 Speaker 1: to balance that out a little bit, Artemis too, and 45 00:02:17,560 --> 00:02:20,000 Speaker 1: historic week for all humanity. And I don't want to 46 00:02:20,040 --> 00:02:21,960 Speaker 1: overstate it, but I think I'm pretty safe in saying 47 00:02:22,040 --> 00:02:25,200 Speaker 1: that they orbited the Moon, set a new record for 48 00:02:25,240 --> 00:02:29,280 Speaker 1: the furthest distance away from Earth by any human ever 49 00:02:29,639 --> 00:02:32,640 Speaker 1: in all of history. Sean sent back new images, did 50 00:02:32,720 --> 00:02:34,800 Speaker 1: a stack a new research, tested a whole lot of 51 00:02:34,840 --> 00:02:37,960 Speaker 1: new equipment named new crators. The ten day mission is 52 00:02:37,960 --> 00:02:41,840 Speaker 1: coming to an end today, splashed down in the Pacific 53 00:02:41,960 --> 00:02:46,079 Speaker 1: Ocean around ten o'clock this morning, hoping that it will 54 00:02:46,120 --> 00:02:49,160 Speaker 1: be a safe re entry into the atmosphere. It's just 55 00:02:49,200 --> 00:02:51,880 Speaker 1: been an incredible story all week, seeing those pictures and 56 00:02:51,960 --> 00:02:54,760 Speaker 1: just hearing all about it. I'm in my element. I'm 57 00:02:54,760 --> 00:02:57,280 Speaker 1: a bit of a space nut. Sean, did you guess 58 00:02:57,320 --> 00:03:03,560 Speaker 1: that you are? Tell me that hints the mystery category 59 00:03:03,680 --> 00:03:05,359 Speaker 1: this week, the one that we change each week, is 60 00:03:05,440 --> 00:03:08,320 Speaker 1: kind of the consequences of the war in the Middle 61 00:03:08,360 --> 00:03:11,560 Speaker 1: East that we don't haven't talked about as much, or 62 00:03:11,600 --> 00:03:13,760 Speaker 1: that we may not have expected to see, and all 63 00:03:13,760 --> 00:03:16,799 Speaker 1: of a sudden they've popped up. Can I suggest one here, 64 00:03:17,760 --> 00:03:21,919 Speaker 1: and that is the fact that evs are suddenly back 65 00:03:21,960 --> 00:03:24,160 Speaker 1: in favor. They were falling out of favor a little bit. 66 00:03:24,200 --> 00:03:27,200 Speaker 1: There was a shift kind of really towards the hybrids more. 67 00:03:27,480 --> 00:03:29,840 Speaker 1: But even then there was we talked in the last 68 00:03:29,840 --> 00:03:31,760 Speaker 1: few weeks about kind of all of the big car 69 00:03:31,800 --> 00:03:35,880 Speaker 1: manufacturers around the world pulling back from EV manufacturing. All 70 00:03:35,880 --> 00:03:38,040 Speaker 1: of a sudden, we are seeing now that evs are 71 00:03:38,080 --> 00:03:41,000 Speaker 1: back in favor in a big way. And it's really 72 00:03:41,040 --> 00:03:44,200 Speaker 1: all because of the oil crisis. We've got wait times 73 00:03:44,240 --> 00:03:47,680 Speaker 1: blowing out for BYD. They've got two models, the Sea 74 00:03:47,680 --> 00:03:50,240 Speaker 1: Lion seven and the Atto two, where the waite time 75 00:03:50,320 --> 00:03:52,040 Speaker 1: is previously two to three weeks now it's two to 76 00:03:52,080 --> 00:03:55,840 Speaker 1: three months. The financing as well, the banks are seeing 77 00:03:55,920 --> 00:03:57,960 Speaker 1: kind of more people looking for loans to buy it. 78 00:03:58,040 --> 00:04:00,840 Speaker 1: It's Commonwealth Bank one hundred and sixty one cent jump 79 00:04:01,160 --> 00:04:04,720 Speaker 1: in weekly loan volumes for new battery evs and NAB 80 00:04:04,800 --> 00:04:07,640 Speaker 1: also saw loan applications double. And what did we see 81 00:04:07,680 --> 00:04:10,520 Speaker 1: this week Sean as well that I think point six. 82 00:04:10,480 --> 00:04:13,240 Speaker 2: Percent of sales enduring march or EVS. 83 00:04:13,240 --> 00:04:15,880 Speaker 1: EVS, So that is a that is a massive share 84 00:04:15,960 --> 00:04:18,440 Speaker 1: now for EV's and it's really quite incredible, and EV's 85 00:04:18,440 --> 00:04:20,320 Speaker 1: are firmly we can say now back in favor. 86 00:04:21,000 --> 00:04:25,320 Speaker 2: That's right. Look my entry for this particular category. The 87 00:04:25,440 --> 00:04:27,920 Speaker 2: union covering tens of thousands of council workers in New 88 00:04:27,960 --> 00:04:30,160 Speaker 2: South Wales has launched a case in the Industrial Relations 89 00:04:30,200 --> 00:04:34,200 Speaker 2: Commission seeking emergency workplace conditions, including work from home rights, 90 00:04:34,200 --> 00:04:36,920 Speaker 2: four day week options, big lift in fuel subsidies. What 91 00:04:36,920 --> 00:04:40,680 Speaker 2: they're saying is, what's happening with fuel in this country. 92 00:04:40,839 --> 00:04:44,279 Speaker 2: It's no longer a personal budgeting problem. It's a system 93 00:04:44,440 --> 00:04:47,080 Speaker 2: shock and employers have to adapt. They have to let 94 00:04:47,080 --> 00:04:51,880 Speaker 2: people work from home. If you're a customer facing employer employee, sorry, 95 00:04:52,080 --> 00:04:53,919 Speaker 2: then maybe you only work four days a week so 96 00:04:53,960 --> 00:04:56,760 Speaker 2: you can save one day a week in the commute. 97 00:04:57,160 --> 00:05:01,160 Speaker 2: It's really interesting that the union movement and there's I mean, 98 00:05:01,200 --> 00:05:03,240 Speaker 2: maybe they're pushing it a bit far, but there is 99 00:05:03,279 --> 00:05:06,279 Speaker 2: certainly some justification in it is actually saying, hey, this 100 00:05:06,440 --> 00:05:09,960 Speaker 2: is just beyond personal circumstances. It's a system shock and 101 00:05:10,040 --> 00:05:11,160 Speaker 2: we have to treat it like that. 102 00:05:11,640 --> 00:05:16,279 Speaker 1: Yeah. Last one our favorite story of the week, What 103 00:05:16,400 --> 00:05:19,520 Speaker 1: did you like? Sure, this is something that we learned 104 00:05:19,520 --> 00:05:22,479 Speaker 1: about you this week that you'd kept hidden for so long. 105 00:05:22,920 --> 00:05:25,960 Speaker 2: It looks like reality TV has had its day. The 106 00:05:26,040 --> 00:05:29,880 Speaker 2: number of unscripted US series premiers fell by a third 107 00:05:30,040 --> 00:05:35,159 Speaker 2: since twenty twenty two. So Jersey Shaw, Catfish, they've gone 108 00:05:36,279 --> 00:05:40,839 Speaker 2: Love Island, Housepice Franchise, Blowdecks, Survivor. They're continuing on others 109 00:05:40,880 --> 00:05:43,920 Speaker 2: like Dancing with Stars, how To TikTok, Fuel Renaissance. There's 110 00:05:43,960 --> 00:05:46,520 Speaker 2: been the disaster the late latest episode of The Bachelorette 111 00:05:46,560 --> 00:05:48,600 Speaker 2: in the US is a bit of a disaster. But 112 00:05:48,680 --> 00:05:53,039 Speaker 2: basically people aren't watching cable TV in the US US. 113 00:05:53,240 --> 00:05:55,719 Speaker 2: The rise of YouTube and other digital outlets are giving 114 00:05:55,720 --> 00:05:58,960 Speaker 2: people stuff to do. That's ongoing consolidation in the industry. 115 00:05:59,120 --> 00:06:02,080 Speaker 2: So we just not getting the reality TV that we 116 00:06:02,240 --> 00:06:05,440 Speaker 2: used to and it's a shame. Michael, I'd like to go. 117 00:06:05,800 --> 00:06:08,240 Speaker 1: There we go. I knew what was coming up. We 118 00:06:08,400 --> 00:06:11,719 Speaker 1: learned this week that you are a reality TV nut 119 00:06:11,720 --> 00:06:15,000 Speaker 1: and I love it. My favorite story this week a 120 00:06:15,040 --> 00:06:17,839 Speaker 1: bit of an AI cautionary tailer was researched this week 121 00:06:18,160 --> 00:06:20,280 Speaker 1: from an AI startup working with The New York Times 122 00:06:20,279 --> 00:06:23,680 Speaker 1: that basically said that Google's AI responses are accurate ninety 123 00:06:23,720 --> 00:06:26,960 Speaker 1: percent of the time, and more worryingly, perhaps that of 124 00:06:27,000 --> 00:06:30,680 Speaker 1: those ninety percent accurate answers, well, then half of those 125 00:06:30,720 --> 00:06:33,360 Speaker 1: are ungrounded and a linked to websites that don't completely 126 00:06:33,360 --> 00:06:37,799 Speaker 1: support the information they provided. That's context Sean and basically 127 00:06:37,880 --> 00:06:40,039 Speaker 1: says you need to check. You need to double check 128 00:06:40,120 --> 00:06:43,159 Speaker 1: the information that you're getting from AI, right if you 129 00:06:43,360 --> 00:06:46,760 Speaker 1: rely on it in an environment where you need accurate information. 130 00:06:46,960 --> 00:06:49,040 Speaker 1: This is what could happen. There was a sacked worker 131 00:06:49,120 --> 00:06:52,560 Speaker 1: in Queensland. He used AI to run his unfair dismissal 132 00:06:52,600 --> 00:06:56,000 Speaker 1: case in the Fair Work Commission. Only problem was AI 133 00:06:56,520 --> 00:07:02,080 Speaker 1: apparently severely hallucinated his defense, and the Farework Commission actually 134 00:07:02,120 --> 00:07:05,320 Speaker 1: warned him. They said, you are relying on incoherent arguments, 135 00:07:05,520 --> 00:07:10,840 Speaker 1: deliberately misrepresenting the law. You're referring to nonexistent terms in 136 00:07:10,880 --> 00:07:14,240 Speaker 1: your contract, non existent parts of the award and the 137 00:07:14,320 --> 00:07:16,600 Speaker 1: worst part, he continued to do it even after the 138 00:07:16,600 --> 00:07:21,160 Speaker 1: commission warned him against providing fake evidence. Just a cautionary tale, there, 139 00:07:21,200 --> 00:07:24,520 Speaker 1: I think, Sewan, Yeah, I think so all right, there 140 00:07:24,520 --> 00:07:26,520 Speaker 1: we go five minutes and pretty much everything you need 141 00:07:26,560 --> 00:07:28,400 Speaker 1: to know in the world of business. Thanks very much, 142 00:07:28,720 --> 00:07:30,840 Speaker 1: Thanks Michael, and don't forget to hit follow on the 143 00:07:30,880 --> 00:07:32,760 Speaker 1: podcast and head to Fear and Greed dot com. Today 144 00:07:32,800 --> 00:07:35,040 Speaker 1: you to sign up for our free daily newsletter. I'm 145 00:07:35,080 --> 00:07:37,160 Speaker 1: Michael Thompson and this is the past five business news 146 00:07:37,200 --> 00:07:38,000 Speaker 1: by Fear and Greed.