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Speaker 1: Today on Fear and Greed, the most expensive home ever

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Speaker 1: sold in Australia finds a buyer with very deep pockets.

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Speaker 1: Bad news for Labor and the Greens from elections in Victoria.

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Speaker 1: And it's super bowlt Sunday in the US and the

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Speaker 1: thirty second ads are going for eight million US dollars

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Speaker 1: a slot. Plus Domino's closes a bunch of stores and

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Speaker 1: corporates pull out of the country's biggest carbon trading scheme.

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Speaker 1: Welcome to Fear and Greed, daily business news for people

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Speaker 1: who make their own decisions. It is Monday, the tenth

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Speaker 1: of February twenty twenty five. I'm Michael Thompson and good

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Speaker 1: morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning the country's most expensive home

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Speaker 1: and estate in Turak and Melbourne has sold for one

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Speaker 1: hundred and fifty million dollars, an absolutely staggering price, beating

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Speaker 1: the previous record, which was in Sydney's Eastern suburb by

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Speaker 1: twenty million dollars. So it didn't just beat it, it

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Speaker 1: demolished the meshd.

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Speaker 2: The eighteen sixty seven built Kunak c w NAC, owned

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Speaker 2: by Paul Little, he of Toll Holding's fame and wife

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Speaker 2: Jan Hanson, who's the chancellor of the University of Melbourne.

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Speaker 2: They've sold it to someone. We don't know who the

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Speaker 2: buyer is at this point, but they got one hundred

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Speaker 2: and fifty million dollars. It's described as an italianate mansion

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Speaker 2: one point one hectares pool cabana. Never really known why

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Speaker 2: cabana is such as selling point in the house, but anyway,

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Speaker 2: a pool, cabana, tennis court, park like gardens, two hundred

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Speaker 2: meters frontage on Clendon Road. Those who know that area

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Speaker 2: knows that's a place to be in Tuak in Melbourne.

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Speaker 2: Now Little and Hanson paid four and a half million

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Speaker 2: dollars in two thousand and two. They've renovated it. According

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Speaker 2: to the Financial Review, they're getting one hundred and fifty

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Speaker 2: million barks for it.

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Speaker 1: Return is it? That's pretty good.

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Speaker 2: The previous Melbourne record was eighty million dollars for another

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Speaker 2: property in two rac That property has actually been knocked

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Speaker 2: down and is being rebuilt. The previous record for a

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Speaker 2: house was one hundred and thirty million dollars for two

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Speaker 2: different properties in Point Piper in Sydney's East. The actual

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Speaker 2: apartment record is higher, or was until this weekend, was

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Speaker 2: higher than the house record. The apartment records one hundred

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Speaker 2: and forty million dollars. That's for an apartment, a penthouse

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Speaker 2: and a sub penthouse in Barangaroo, which is in Sydney,

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Speaker 2: CBD that's only just been completed. And that's a mystery

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Speaker 2: buyer as well. Anyway, the appshot Michael a cabana. Is

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Speaker 2: a cabana really a selling point for a house?

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Speaker 1: Well, I suspect that's what helped it to beat the

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Speaker 1: Barangaroo apartment because I'm tipping that apartment didn't have a no. Oh.

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Speaker 1: That is just incredible, just staggering numbers and I can't wait.

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Speaker 1: I hope you do find out who the buyer is

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Speaker 1: because I'm sure the leak, I'm sure, very very nosy.

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Speaker 1: Sean is It's good to see the top end of

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Speaker 1: the market doing so well. But Sean, what about the

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Speaker 1: rest of us? We know that the market ended last

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Speaker 1: year just to touch soggy, really.

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Speaker 2: Soggy as a.

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Speaker 1: Very visual word. Isn't it any pickup in twenty twenty five, Well, a.

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Speaker 2: Little too early to tell, but there are some positive signs.

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Speaker 2: There was a bunch of homes that went under the

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Speaker 2: hammer over the last week up to about seventeen hundred.

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Speaker 2: I think the preliminary clearance rate came in at sixty

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Speaker 2: seven point four percent. That's the highest since October, so

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Speaker 2: we should be excited about that, I'd imagine core logics,

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Speaker 2: Tim Lawless said the early trend is showing an improvement

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Speaker 2: in selling conditions, which might reflect some renewed confidence as

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Speaker 2: the likelihood of interest rates cuts grows. Now we'll find

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Speaker 2: out more about whether or not we're going to get

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Speaker 2: an interest rate cut next week when the Reserve Bank meets.

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Speaker 2: The Melbourne early clearance rate was sixty eight percent. Sydney

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Speaker 2: came in at seventy three percent, But the numbers are

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Speaker 2: relatively low. Seventeen hundred well, Sydney and Melbourne at times

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Speaker 2: have that many of their own cities. Seventeen hundred across

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Speaker 2: the country. Not a huge amount of selling going on,

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Speaker 2: but at least the early size are positive.

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Speaker 1: Got to say, it's been a pretty good week for

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Speaker 1: Melbourne over Sydney, hasn't it when you think about the

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Speaker 1: NFL games to be held at the MCG big announcement

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Speaker 1: last week. Now taking out the title of the most

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Speaker 1: expensive property in Australia. Good week to be a Melbournian.

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Speaker 2: It is, it is unless you're a labor Melbournian. But

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Speaker 2: we'll get to that in a moment.

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Speaker 1: Very very good point and great tease, Sean. Yes, just

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Speaker 1: lure people through local markets. How do they finish up

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Speaker 1: on Friday?

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Speaker 2: This INPA six two hundred closed down. Are just touched

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Speaker 2: to eight thy five hundred and eleven points. It was

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Speaker 2: a bit of a mixed day. The big banks will hire,

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Speaker 2: say to the big miners, but says Hell Macquari, West

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Speaker 2: Farmers to Aristocrat leisure or lower. After all the Trump

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Speaker 2: related headlines last week, it was actually a fairly quiet session.

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Speaker 2: Of note was Domino's. It was the best performer, share

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Speaker 2: price up twenty one percent. We'll talk about that in

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Speaker 2: a moment. Colin's Food's, owner of KFC, also did well,

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Speaker 2: rising more than twelve percent. Energy and healthcare stocks are

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Speaker 2: among the worst performers. Transurban and Telstra were also lower.

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Speaker 1: And what about international markets?

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Speaker 2: Much going on A fair bit of economic information out

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Speaker 2: of the us SO data shows unemployment in that country

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Speaker 2: at four percent. Basically the labor market's solid I support.

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Speaker 2: I mean, it's a bit like here. Solid that suggests

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Speaker 2: a good basis for economic growth without too many inflationary pressures.

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Speaker 2: Kind of goldilocks really. Economists said that supports the idea

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Speaker 2: that rates in the US will be on hold for

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Speaker 2: the time being, which is what the US Fed has

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Speaker 2: said in the past fortnite or so. Markets doren't like that.

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Speaker 2: Markets want rates to fall, or at least equity markets

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Speaker 2: want rates to fall. So the fact that that employment

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Speaker 2: rate came of, that unemployment number came out at four percent,

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Speaker 2: pushed the S and P five hundred down one percent.

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Speaker 2: Take heavy Nasse fell by almost one and a half percent.

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Speaker 2: Not helping were comments from Donald Trump that he plans

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Speaker 2: to announce reciprocal tariffs on many countries early this week.

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Speaker 2: That weight on Market's not exactly clear what he means

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Speaker 2: at this point, but the administration has been upset about

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Speaker 2: the European Union's value added tax, which it's had for many,

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Speaker 2: many years. That's a minimum of fifteen percent, So the

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Speaker 2: idea is that potentially there will be a fifteen percent

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Speaker 2: tariff on EU products. Other data over the weekend shows

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Speaker 2: that consumer sentiment in the usfell, and worryingly, inflation expectations

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Speaker 2: sawed Otherwise, Brent Krude trade about seventy five US dollars

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Speaker 2: a barrel, goals about twenty eight sixty US dollars an ounce,

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Speaker 2: THEOSSI dollars just under sixty three US sinse and Bitcoin

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Speaker 2: ninety seven thousand US dollars a unit Sean.

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Speaker 1: I should have mentioned this before that we've got a

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Speaker 1: great interview coming up after the show speaking of local markets.

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Speaker 1: You're talking to and a mill from Wilson Asset Management.

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Speaker 1: So this is all ahead of reporting season.

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Speaker 2: Yeah, So we've got some great stocks kicking off today,

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Speaker 2: like JB hi Fi reports today, for example. So we

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Speaker 2: talked to Anna about which sectors look interesting to her

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Speaker 2: and which ones don't, and we actually talk about consumer

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Speaker 2: discretionary stocks like Wes Farmers and JB. So if you're

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Speaker 2: interested at all in investing, particularly earning season, this one

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Speaker 2: is a must not miss.

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Speaker 1: I must not miss. That's changing it up, changing, I

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Speaker 1: must listen.

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Speaker 2: Yeah, yeah, I was.

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Speaker 1: Like it used probably about two extra words, but anyways,

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Speaker 1: all right. The thing I love about Anna's interview is

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Speaker 1: that she just goes through the stocks that she is watching,

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Speaker 1: the ones that she is keeping an eye on, and

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Speaker 1: names names which we love, isn't It's always great, particularly

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Speaker 1: if you are interested in investing. Don't go anywhere. We've

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Speaker 1: got plenty still coming up. We're talking about Domino's big

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Speaker 1: announcement that you alluded to before, Sean, why big companies

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Speaker 1: are quitting, a federal net zero scheme, and a great

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Speaker 1: sorry about copycat cryptos. I love that one. It's all

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Speaker 1: coming up. Surely we'll be back in a moment with

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Speaker 1: the rest of the day's business news Sean. Labor and

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Speaker 1: the Greens have suffered major swings away from incumbent members

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Speaker 1: in two Victorian by elections, auguring pretty well for the

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Speaker 1: federal coalition in the upcoming federal poll.

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Speaker 2: In Piran, it appears that Liberal candidate Rachel west Away

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Speaker 2: has won the Inner Melbourne seat away from the Greens

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Speaker 2: for the first time in a decade, and the formerly

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Speaker 2: safe Labour seat of Werribee in Melbourne's West last night

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Speaker 2: was too close to call, with the Libs in the

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Speaker 2: running to win it for the first time since nineteen

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Speaker 2: seventy nine. Probably will stay with ALP, but a very

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Speaker 2: close run thing certainly bad news for Jacintra Allen's a

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Speaker 2: Victorian government, but also of Prime Minister Anthony Albanesi. There

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Speaker 2: was a ten percent swing against Labor in Werriby. If

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Speaker 2: you replicated that across Victoria in the federal po which

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Speaker 2: is due before the middle of May, you'd end up

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Speaker 2: with the ALP losing eleven seats. Now, it's not going

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Speaker 2: to happen, but it's just an interesting exercise. It shows

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Speaker 2: that Victoria's thirty nine seats in the federal poll are

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Speaker 2: well and truly up for grabs. Victoria is no longer

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Speaker 2: a Labour stronghold. I think that's what we can read

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Speaker 2: out of those results over the weekend, and.

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Speaker 1: You can imagine that the federal parties would be watching

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Speaker 1: this so closely, and you would think if it was

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Speaker 1: all of a sudden, just a resounding win for Labor,

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Speaker 1: then the potential for the election to be called very quickly. Yeah,

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Speaker 1: kind of increased. But now it might be like, okay,

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Speaker 1: all right, we've got a fair bit of work to

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Speaker 1: do between now and who knows when in May. Perhaps maybe.

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Speaker 2: Yeah. I think it's been a bit of scuttle but

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Speaker 2: over the last few days that there won't be an

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Speaker 2: election before the end of April or May, and that

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Speaker 2: the budget will be handed down at the end of March.

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Speaker 2: So that's what their betting says at the moment, but

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Speaker 2: who knows.

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Speaker 1: Now we've talked, we've mentioned, we've teased Dominoes several times

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Speaker 1: now Sean and the company is closing more than two

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Speaker 1: hundred stores as it looks to reduce the number of

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Speaker 1: loss making restaurants and really try to plicate a disgruntled investors.

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Speaker 2: Yes, so Dominos, believe it or not, has thirty eight

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Speaker 2: hundred stores in Australia, New Zealand, Europe and Asia. The

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Speaker 2: bulk of the closures one hundred and seventy two of

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Speaker 2: the two hundred are coming from Japan. Japan has been

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Speaker 2: a real disappointment for the chain for a while. For

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Speaker 2: an Australia will close. It's one of the first moves

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Speaker 2: by new CEO Mark van Dijk Now. The old CEO

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Speaker 2: and founder Don May famously expanded Dominoes. He didn't like

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Speaker 2: closing stores at all. He liked opening stores. That was

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Speaker 2: the basis of his strategy. Now in the last telve

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Speaker 2: months he has had to reverse that just the touch,

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Speaker 2: but he also has stepped down and the new CEO

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Speaker 2: has come in and wholesale closes in Japan. As a result,

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Speaker 2: investors love that type of stuff, and it's the share

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Speaker 2: price actually jumped. It's sort it was about twenty three

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Speaker 2: percent at one point last Friday. It's still down about

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Speaker 2: eight percent over the last year or so. But it's

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Speaker 2: interesting that the new guys coming and you know, whole

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Speaker 2: no problems at all in closing stores.

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Speaker 1: Yeah. I suppose it's less about kind of the number

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Speaker 1: of stores that are being closed and more about the

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Speaker 1: big shift in strategy, isn't it that it's it's suddenly

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Speaker 1: that it's not so much were not just about this

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Speaker 1: aggressive growth. It is about perhaps being more strategic now

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Speaker 1: and the ones that are allowed to remain open.

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Speaker 2: Yeah, Dominos wanted to have seventy one hundred restaurants around

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Speaker 2: the world by two thousand and thirty three, so once

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Speaker 2: that eight years time, that's forty percent more than what

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Speaker 2: they've got now. But they're actually going the other way,

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Speaker 2: so I think they've actually dumped that a whole idea

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Speaker 2: of having seventy one hundred stores around the world huge now.

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Speaker 1: Nick Scarlely reported on Friday, and Boss Anthony Scary was

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Speaker 1: very upbeat about the retailer's push into the UK saying

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Speaker 1: that it's sofas and swivel armchairs are being bought up

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Speaker 1: by English shoppers. A swivel armchair. You look like a

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Speaker 1: swivel armchair kind of guy.

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Speaker 2: It'd be great to have a swivel arm chair. Just

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Speaker 2: sad it goes circles.

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Speaker 1: The day you get one in the studio, that'll do me.

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Speaker 1: You'll just be just reclining in your swivel arm chair,

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Speaker 1: turning around like mister Burns.

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Speaker 2: Nick Scarlely, who posted a small loss for the December

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Speaker 2: six months, but investors liked what they heard in the

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Speaker 2: share price jump twelve percent. Retailing is a consumer discretionary

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Speaker 2: stock now Nick Scarly is one of the first consumer

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Speaker 2: discretionary stocks to report Those companies have done really well

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Speaker 2: on the AX this year in anticipation of a strong

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Speaker 2: earnings season. We talked to Enemil from Wheam about that

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Speaker 2: in the discussion after the show. Nick Carley certainly didn't

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Speaker 2: disappoint on Friday, However, the Boss Anthony's Scarley did say

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Speaker 2: that trading was very volatile week to week in Australia

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Speaker 2: and New Zealand, so it's not all good news.

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Speaker 1: It wasn't even to such mister Burns. It's more do

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Speaker 1: you remember Inspector Gadget to that, No, it wasn't, No.

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Speaker 2: It really wasn't.

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Speaker 1: I was just trying to remember who it was that

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Speaker 1: really kind of sits in the chair and turns around

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Speaker 1: and there's accommodation doctor Klaw from Inspector Gadget, doctor Evil

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Speaker 1: from Austin Powers and also the original kind of bad

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Speaker 1: guy from James Bond, Blowfeld Ernst starvro Blofeld, like the

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Speaker 1: bad guy stroking the cat.

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Speaker 2: Yes, yes, yes, yes, yes I do know, yes.

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Speaker 1: The original bad guy anyway, Yes, you could be any

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Speaker 1: one of those in your swivel arm chair. That's my point.

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Speaker 1: And I'm sorry for not listening to you.

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Speaker 2: That's all right, Let's get on with it.

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Speaker 1: Some of it this does not sit well with you, doesn't.

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Speaker 1: Some of Australia's biggest companies, including Australia, Post Canvas, Telstra

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Speaker 1: and PwC, have quit the federal scheme that allows them

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Speaker 1: to claim net zero carbon emissions amid mounting integrity concerns on.

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Speaker 2: Australian corporations have spent hundreds of millions of dollars in

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Speaker 2: the past decade buying offsets in the voluntary market to

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Speaker 2: reduce their climate footprint, but according to the AGE, there

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Speaker 2: are rising doubts about whether the projects generating these offsets

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Speaker 2: actually reduce greenhouse gases. More than one hundred companies have

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Speaker 2: left the Climate Active scheme in the past two years,

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Speaker 2: with the damaging corporate departures prompting the federal government to

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Speaker 2: consider radically reshaping or even shutting down the so called

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Speaker 2: voluntary marketing carbon credits. Climate Active is a federal government

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Speaker 2: run voluntary register that companies join to report their carbon

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Speaker 2: emissions and the offsets they're buying so they can claim

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Speaker 2: to their customers that they're actually carbon neutral. That's how

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Speaker 2: it works, but a lot of companies are walking away

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Speaker 2: from it, including Australia Post SeaBus, Superannuation Fund, Telstra, NRMA, Canvas, PwC.

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Speaker 2: Even the Clean Energy Finance Corporation, which is a federal

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Speaker 2: government's thirty billion dollar green bank, has pulled out of

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Speaker 2: Climate Active. Not a good look.

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Speaker 1: That is not a good look at all. One last

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Speaker 1: one Sean before we get to international news. Woodside Energies

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Speaker 1: boss Merg O'Neil has come out swinging against the Victorian

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Speaker 1: and federal government, saying that it is too late to

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Speaker 1: avoid an economically damaging gas shortfall in Victoria.

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Speaker 2: She blamed a decade of political opposition to the fossil

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Speaker 2: fuel industry. O'Neil believes it is too late to avert

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Speaker 2: a shortfall as developers such as Woodside remain wary of

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Speaker 2: the Victorian government's skeptical attitude towards the fuel source. I

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Speaker 2: quote ideology has stood in the way of sensible energy investment.

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Speaker 2: In times of crisis, things can move quickly. We'd like

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Speaker 2: to see them move before you actually get a crisis.

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Speaker 2: The comments underscore the expectation of Victoria, Australia's most gas

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Speaker 2: dependent state, will be forced to import LNG, in a

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Speaker 2: move that could add two short term price pressures, according

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Speaker 2: to a report in The Australian.

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Speaker 1: Okay turning to international news and I mentioned this story

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Speaker 1: in passing earlier Sean Donald Trump's new cryptocurrency has sparked

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Speaker 1: a flood of imitators, with more than seven hundred copycat

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Speaker 1: and spam coins sent to is digital wallet by people

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Speaker 1: apparently seeking to suggest that their creations have the president's endorsement.

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Speaker 2: Opportunism at its finess, you find it anytime now. The

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Speaker 2: seven hundred copycat and spam coin that was found as

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Speaker 2: a result of the Financial Times analysis after the President

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Speaker 2: and his wife Milania launched meme coins in the days

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Speaker 2: ahead of his return to the White House. The FD

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Speaker 2: found that seven hundred and thirty six different meme coins

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Speaker 2: have been deposited in the official Trump coin wallet over

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Speaker 2: the past three weeks. Among them, nearly two hundred, including

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Speaker 2: Official Trump and Official Line, are named after Trump or

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Speaker 2: members of his family, but have absolutely no connection to

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Speaker 2: the president. After the real Trump coin was launched, the

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Speaker 2: phase first so called copycat coin was minted within thirty minutes.

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Speaker 1: Oh that is efficient. Give that man a job with

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Speaker 1: Elon Musk in the Department of Government. Efficients this Protestant

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Speaker 1: can move quickly.

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Speaker 2: So meme coin creators a taking advantage of a function

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Speaker 2: in Solana, which is actually the blockchain that underpins Trump's

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Speaker 2: meme coins. It allows users to dump new coins into

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Speaker 2: someone else's wallet without needing permission. So they are of

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Speaker 2: course dumping them into Trump's wallet and hoping that not

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Speaker 2: that he will indorse it, that people will think he

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Speaker 2: endorsed it, and as a result makes some money out

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Speaker 2: of it.

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Speaker 1: People can feel free to dump anything into my wallet.

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Speaker 1: My wallet is alarmingly empty. Sure. It is a Super

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Speaker 1: Bowl Sunday in the US and the game kicks off

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Speaker 1: later this morning. In Australia, it has been how in

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Speaker 1: do you say New Orleans or New Orleans?

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Speaker 2: New Orleans?

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Speaker 1: Oh yeah, I suppose you? And did you go there? Yeah?

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Speaker 1: Did you?

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Speaker 2: Great place?

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Speaker 1: It does look amazing anyway. It's been played by between

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Speaker 1: the Philadelphia Eagles and the returning champs, the Kansas City Chiefs.

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Speaker 2: Who cares who's playing? I mean, let's face it, it's

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Speaker 2: all about you know, half time nut table, Kendrick Lamar,

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Speaker 2: he'll be good, Tallis Swift will be there. I mean

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Speaker 2: her boyfriend Travis Kelsey's playing for the Chiefs, the Kansas

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Speaker 2: City Chiefs. So was it last year that she flew

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Speaker 2: back from Japan to be there?

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Speaker 1: Yeah?

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Speaker 2: Maybe I think that was it. It's Super Bowl fifty nine.

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Speaker 2: Ten advertisements have been sold for more than eight million

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Speaker 2: US dollars each, according to vriety Wow Incredible cell toy

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Speaker 2: has one which involves David Beckham and some sort of

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Speaker 2: long lost brother American brother who his name is Dave

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Speaker 2: Beckham played by Matt Damon so instead twice using David

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Speaker 2: Beckham Matt damon the same ad. There's also adds by

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Speaker 2: Hargan das Hellman's Mayo website Build a Square Space. Donald

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Speaker 2: Trump is due to Turner. No sitting president has ever

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Speaker 2: been to the Superbar. Fox has the rights to the show.

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Speaker 2: I suppose in terms of the football, Kansas City's going

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Speaker 2: for three straight. That's never happened before. The two teams

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Speaker 2: played two years ago. Kansas won that one. You know,

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Speaker 2: if they've got a quarterback, a guy called Patrick Mahomes

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Speaker 2: who is sort of the great quarterback of his era,

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Speaker 2: and I supposely win three times in a row, he'll

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Speaker 2: quite rightfully claim that, Michael, I love that to.

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Speaker 1: Actually did manage to squeeze a little bit of actual

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Speaker 1: sport into the end of that story. It felt almost begrudging.

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Speaker 2: Yeah, I mean, I'm sort of an American sports fan,

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Speaker 2: so I fell I had to drop something in there.

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Speaker 1: Yeah. Yeah, but really, for most of us, it is

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Speaker 1: about he adds it is, Yeah, Okay. Up next is

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Speaker 1: Fear and Greed The Week Ahead with our resident economist,

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Speaker 1: Stephen Coucoulis. He's always very excited and he's got plenty

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Speaker 1: to say today and after that stick around for the

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Speaker 1: Fear and Greed Daily Interview, Wilson Asset Managements and a

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Speaker 1: Meal in the head of reporting season. These docks that

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Speaker 1: she is keeping an eye on. They are both coming

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Speaker 1: up in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearandgreed dot com dot au. Thank you

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Speaker 1: very much, Sean, Thank you, Michael. It is Monday, the

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Speaker 1: tenth of February twenty twenty five. Make sure you're following

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Speaker 1: the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Michael Thompson. That was Fear and Greed.

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Speaker 1: Have a great day.