1
00:00:06,200 --> 00:00:08,760
Speaker 1: This is the weekend edition of Fear and Greed, daily

2
00:00:08,800 --> 00:00:11,039
Speaker 1: business news for people who make their own decisions. Are

3
00:00:11,119 --> 00:00:14,720
Speaker 1: Michael Thompson and good morning, Sean Aylmer, Good morning, Michael, Sean.

4
00:00:14,760 --> 00:00:16,360
Speaker 1: Our weekend show is all about the two of us,

5
00:00:16,400 --> 00:00:18,720
Speaker 1: each nominating what we think is the biggest business story

6
00:00:18,720 --> 00:00:22,720
Speaker 1: of the week, the most remarkable business story, a sleeper story,

7
00:00:22,760 --> 00:00:25,119
Speaker 1: one that's not getting the attention that we feel it

8
00:00:25,160 --> 00:00:28,400
Speaker 1: probably should, and then our favorite business ish story. And

9
00:00:28,440 --> 00:00:31,080
Speaker 1: every week we are joined by a judge to pick

10
00:00:31,120 --> 00:00:34,320
Speaker 1: a winner. It is horrendously competitive, and that judge is

11
00:00:34,360 --> 00:00:37,839
Speaker 1: our Fear and Greed colleague, Adam Lang Adam, good morning.

12
00:00:37,800 --> 00:00:39,640
Speaker 2: Good morning Michael, and good morning Sean.

13
00:00:40,040 --> 00:00:42,440
Speaker 3: Ah Good morning, Adam. You've done an excellent job the

14
00:00:42,479 --> 00:00:45,360
Speaker 3: last couple of weeks.

15
00:00:45,560 --> 00:00:48,440
Speaker 1: Yes, I think we can all agree that the last

16
00:00:48,440 --> 00:00:51,280
Speaker 1: few weeks have been horrendously biased. Look, speaking of bias,

17
00:00:51,360 --> 00:00:52,960
Speaker 1: can you just give us a quick rundown, Adam, of

18
00:00:53,000 --> 00:00:54,560
Speaker 1: your judging criteria?

19
00:00:54,760 --> 00:00:57,000
Speaker 2: Why? Why?

20
00:00:57,520 --> 00:01:00,320
Speaker 1: Really? It doesn't count for a huge amount. It really

21
00:01:00,360 --> 00:01:02,160
Speaker 1: does just come down to your bias, doesn't it.

22
00:01:02,200 --> 00:01:07,360
Speaker 4: But my working criteria are one topicality, two timeliness, three

23
00:01:07,440 --> 00:01:11,319
Speaker 4: economic impact very important for of course, my subjective bias

24
00:01:11,400 --> 00:01:11,959
Speaker 4: comes into it.

25
00:01:12,040 --> 00:01:14,400
Speaker 2: And five we love a touch of melodrama.

26
00:01:14,800 --> 00:01:17,440
Speaker 1: Okay, that's all fine, that all makes sense in theory.

27
00:01:17,800 --> 00:01:21,920
Speaker 1: Let's see what happens in practice. The biggest story this week.

28
00:01:22,120 --> 00:01:25,679
Speaker 1: Look something a little a little unorthodox here today, Adam,

29
00:01:25,720 --> 00:01:30,880
Speaker 1: because Sean and I actually agree on one biggest story

30
00:01:30,880 --> 00:01:32,399
Speaker 1: and Sean's going to tell you what that is, and

31
00:01:32,440 --> 00:01:35,320
Speaker 1: then we're it's going to put to you our next

32
00:01:35,400 --> 00:01:37,039
Speaker 1: biggest story and you can judge those.

33
00:01:37,160 --> 00:01:40,759
Speaker 4: I see, Yes, so you're still going for a podium finish,

34
00:01:40,880 --> 00:01:42,560
Speaker 4: but it's second and third that we're going for.

35
00:01:42,720 --> 00:01:45,080
Speaker 3: Yeah, So it's very much silver and bronze because the

36
00:01:45,160 --> 00:01:48,400
Speaker 3: gold medal. We agree and were you both get half

37
00:01:48,440 --> 00:01:50,680
Speaker 3: a point. So today's race is going to be out

38
00:01:50,680 --> 00:01:54,200
Speaker 3: of five, not four. So we're both getting half a point.

39
00:01:54,320 --> 00:01:56,920
Speaker 3: Because of those inflation figures that came out during the week.

40
00:01:57,720 --> 00:02:01,800
Speaker 3: One percent for the quarter, four percent, four the annual year,

41
00:02:02,240 --> 00:02:06,520
Speaker 3: the annual year, just the year. The tim De mean measure,

42
00:02:06,560 --> 00:02:08,600
Speaker 3: which is on the Reserve Bank likes one we care

43
00:02:08,639 --> 00:02:11,240
Speaker 3: about in terms of interest rates. One percent for the quarter,

44
00:02:11,320 --> 00:02:14,360
Speaker 3: three point nine percent for the year. That's actually slightly

45
00:02:14,400 --> 00:02:19,320
Speaker 3: lower than expected. So certainly that pushed markets in different ways.

46
00:02:19,360 --> 00:02:22,440
Speaker 3: With the idea now that interest rates will be cut

47
00:02:22,600 --> 00:02:24,200
Speaker 3: and will be the next move, there won't be a

48
00:02:24,240 --> 00:02:26,720
Speaker 3: hike when the Reserve Bank Board meets next week. That's

49
00:02:26,760 --> 00:02:28,120
Speaker 3: the biggest story of the week. So we kind of

50
00:02:28,160 --> 00:02:31,160
Speaker 3: get that, we both get half a point. Nice start, Michael, well.

51
00:02:31,040 --> 00:02:34,760
Speaker 1: Done, We did well on that. And just to make

52
00:02:34,800 --> 00:02:37,520
Speaker 1: it abundantly clear, Adam, don't include that insurance kind of

53
00:02:37,560 --> 00:02:38,560
Speaker 1: story when he's when.

54
00:02:38,639 --> 00:02:41,160
Speaker 3: I'm sure you end I did. I did say it.

55
00:02:41,400 --> 00:02:44,120
Speaker 1: But see, this is the problem that whenever you kind

56
00:02:44,120 --> 00:02:47,440
Speaker 1: of introduce a story that, I just feel like Adam somehow,

57
00:02:47,720 --> 00:02:51,040
Speaker 1: just somehow managers to merge to blend it into the judging.

58
00:02:51,320 --> 00:02:55,760
Speaker 1: I'm really paranoid. I need a win. My self esteems

59
00:02:55,760 --> 00:02:56,720
Speaker 1: at an all time low.

60
00:02:57,080 --> 00:02:59,760
Speaker 3: I think I think you are right. You are very paranoid.

61
00:03:00,280 --> 00:03:02,800
Speaker 3: I think that's right. So Adam, do not take that

62
00:03:02,840 --> 00:03:06,840
Speaker 3: into account. Anything I have said irrelevant. My biggest story

63
00:03:06,840 --> 00:03:09,320
Speaker 3: of the week. What a crazy week, crazy, crazy, crazy

64
00:03:09,480 --> 00:03:16,120
Speaker 3: week for financial markets. Basically, it's the flow on from

65
00:03:16,360 --> 00:03:20,160
Speaker 3: the inflation figures. The ASX two hundred hit a new

66
00:03:20,280 --> 00:03:24,359
Speaker 3: record high of eighty one and forty five points incredible,

67
00:03:24,960 --> 00:03:30,240
Speaker 3: then it goes ahead and tumbles. So the market really

68
00:03:30,280 --> 00:03:34,160
Speaker 3: was on a tear now touch risky because we are

69
00:03:34,200 --> 00:03:37,600
Speaker 3: heading into earning season. What happens if companies disappoint. I

70
00:03:37,600 --> 00:03:41,040
Speaker 3: mean you could well see a mighty sell off. Companies

71
00:03:41,080 --> 00:03:44,280
Speaker 3: are what they say, priced to perfection, as in very

72
00:03:44,360 --> 00:03:48,960
Speaker 3: fully priced, notwithstanding the sell off on Friday. Any slip

73
00:03:49,040 --> 00:03:52,680
Speaker 3: ups and you could see share prices fall very quickly

74
00:03:52,720 --> 00:03:54,960
Speaker 3: in the US and Europe. What you're seeing in companies

75
00:03:55,000 --> 00:03:58,800
Speaker 3: hitting targets, as in earnings targets, revenue targets, but just

76
00:03:58,840 --> 00:04:01,160
Speaker 3: being a bit less optimistic about the future. You had

77
00:04:01,160 --> 00:04:03,920
Speaker 3: some of the big tech companies during the week come

78
00:04:03,960 --> 00:04:06,680
Speaker 3: out with pretty good numbers, Apple some of those guys,

79
00:04:06,720 --> 00:04:10,200
Speaker 3: but then just disappoint about what the outlooks like. We

80
00:04:10,280 --> 00:04:12,960
Speaker 3: did have Rio reporting locally this week, a solid result,

81
00:04:13,080 --> 00:04:15,800
Speaker 3: even if the dividend disappointed some investors. Next week there

82
00:04:15,800 --> 00:04:18,080
Speaker 3: are more companies reporting, But the following couple of weeks

83
00:04:18,120 --> 00:04:20,679
Speaker 3: is when things really ramp up. Another reason the market

84
00:04:20,760 --> 00:04:22,440
Speaker 3: is running is that the FED came out this week

85
00:04:22,440 --> 00:04:25,440
Speaker 3: and said it could start lurering interstrates as soon as September,

86
00:04:25,520 --> 00:04:28,039
Speaker 3: after holding rates at a twenty three year high for

87
00:04:28,080 --> 00:04:30,600
Speaker 3: the eighth meeting in a row. In fact, the FED

88
00:04:30,600 --> 00:04:33,200
Speaker 3: said there had been real discussion the FED Open Market

89
00:04:33,240 --> 00:04:36,920
Speaker 3: Committee about cutting rates. So we're heading into profit reporting

90
00:04:37,000 --> 00:04:41,040
Speaker 3: season with equity markets in Australia. Well it did. They

91
00:04:41,120 --> 00:04:44,400
Speaker 3: hit the ASEX two hundred, hit a new high, come

92
00:04:44,400 --> 00:04:47,479
Speaker 3: off a bit since then. What could possibly go wrong, Adam?

93
00:04:47,520 --> 00:04:52,799
Speaker 3: What could possibly go wrong with that? Worrying Michael?

94
00:04:54,000 --> 00:04:56,560
Speaker 1: Yes, big story that one.

95
00:04:57,160 --> 00:04:58,200
Speaker 3: She weren't even listening.

96
00:05:00,160 --> 00:05:03,000
Speaker 2: It sounded like he was perfecting his own story, didn't I.

97
00:05:03,000 --> 00:05:05,800
Speaker 1: No, it's like the swimmers, the Olympic swimmers, kind of

98
00:05:05,800 --> 00:05:07,560
Speaker 1: they're just in the zone. They're not kind of paying

99
00:05:07,560 --> 00:05:10,240
Speaker 1: attention to the other competitors being introduced. I was there

100
00:05:10,279 --> 00:05:11,920
Speaker 1: with my headphones on.

101
00:05:12,000 --> 00:05:13,360
Speaker 2: Just kind of in your zone.

102
00:05:13,600 --> 00:05:15,240
Speaker 1: Yeah, I was in the zone. I was in a

103
00:05:15,320 --> 00:05:17,760
Speaker 1: victory zone. Because that's what I'm going I'm going to

104
00:05:17,800 --> 00:05:21,800
Speaker 1: be seeing gold after this one. What's really silver isn't

105
00:05:21,800 --> 00:05:24,560
Speaker 1: because inflation was the biggest. But after inflation, there was

106
00:05:24,680 --> 00:05:28,520
Speaker 1: one other big story this week that grabbed all of

107
00:05:28,560 --> 00:05:31,080
Speaker 1: the headlines, that certainly grabbed my interest. It is the

108
00:05:31,160 --> 00:05:33,960
Speaker 1: collapse of Rex, the airline that started out really as

109
00:05:33,960 --> 00:05:38,239
Speaker 1: a regional operator connecting towns and people all over the country.

110
00:05:38,279 --> 00:05:41,400
Speaker 1: Three years ago, though it made a somewhat fateful decision

111
00:05:41,440 --> 00:05:44,279
Speaker 1: to take on the Golden Triangle Sydney, Melbourne, Brisbane, signing

112
00:05:44,279 --> 00:05:47,840
Speaker 1: a lease on seven three seven jets after Virgin went

113
00:05:47,839 --> 00:05:51,560
Speaker 1: into administration during the pandemic, but taking on quantas and

114
00:05:51,600 --> 00:05:55,400
Speaker 1: then of course a revived Virgin Australia has not been

115
00:05:55,520 --> 00:05:58,400
Speaker 1: a success for REX. Even a month ago I was

116
00:05:58,400 --> 00:06:01,200
Speaker 1: offering ninety nine dollar fairs the East Coast to Perth.

117
00:06:01,279 --> 00:06:04,040
Speaker 1: Still not enough. Maybe part of the problem. There's been

118
00:06:04,080 --> 00:06:06,520
Speaker 1: angst at the board level for weeks now and then

119
00:06:06,520 --> 00:06:09,120
Speaker 1: at lasts this week the administrators were called in. E

120
00:06:09,400 --> 00:06:12,240
Speaker 1: Y is now conducting a sale process over the next

121
00:06:12,240 --> 00:06:14,760
Speaker 1: five or so weeks. The flow on effects though here

122
00:06:15,160 --> 00:06:18,880
Speaker 1: are huge. This is a hugely significant story. It is massive.

123
00:06:19,279 --> 00:06:20,840
Speaker 1: Regional flights are contained.

124
00:06:20,440 --> 00:06:24,320
Speaker 3: On hold, on hold, it is this is a huge story,

125
00:06:24,480 --> 00:06:27,279
Speaker 3: massive fluence. Then the next sentence you said regional flights

126
00:06:27,279 --> 00:06:28,480
Speaker 3: are continuing.

127
00:06:30,160 --> 00:06:33,440
Speaker 1: Only because of a financial lifeline, and this is actually

128
00:06:33,480 --> 00:06:36,040
Speaker 1: it actually goes to the point I thank you, I

129
00:06:36,200 --> 00:06:38,680
Speaker 1: thank you Sean for your interjection because it allows me

130
00:06:38,720 --> 00:06:43,040
Speaker 1: to make a very pertinent point. The regional flights are continuing,

131
00:06:43,200 --> 00:06:45,599
Speaker 1: and that is only because of a financial lifeline that

132
00:06:45,640 --> 00:06:47,800
Speaker 1: has been extended by one of the investors because they

133
00:06:47,839 --> 00:06:50,440
Speaker 1: recognize how important it isn't because that is the core

134
00:06:50,480 --> 00:06:53,400
Speaker 1: of the business that is actually successful. The Capital City

135
00:06:53,440 --> 00:06:57,119
Speaker 1: flights here have been suspended immediately. Up to six hundred

136
00:06:57,160 --> 00:06:59,920
Speaker 1: people may lose their jobs across the business. Hopefully wouldn't

137
00:06:59,920 --> 00:07:01,599
Speaker 1: be as many as that because that kind of covers

138
00:07:01,720 --> 00:07:04,560
Speaker 1: a larger part of the company. But the big winner

139
00:07:04,720 --> 00:07:06,839
Speaker 1: out of this, if there is one, is Virgin Australia

140
00:07:06,839 --> 00:07:09,840
Speaker 1: because it moved very quickly taking over leases for the

141
00:07:09,880 --> 00:07:13,440
Speaker 1: rex jets, helping to offset a global delay in delivery

142
00:07:13,560 --> 00:07:16,680
Speaker 1: for their new aircraft. It's also helping to fly those

143
00:07:16,720 --> 00:07:20,239
Speaker 1: people who had Capital City tickets. A big, big, big

144
00:07:20,400 --> 00:07:24,120
Speaker 1: political angle to this story. The government. It is big,

145
00:07:24,200 --> 00:07:29,480
Speaker 1: It is massive, It is huge, It is enormously significant.

146
00:07:29,720 --> 00:07:31,560
Speaker 1: The government is under pressure.

147
00:07:31,680 --> 00:07:32,680
Speaker 3: Is a bit dull.

148
00:07:35,720 --> 00:07:36,120
Speaker 2: Adam.

149
00:07:36,440 --> 00:07:39,040
Speaker 4: So, Michael, if this was sailing, would you be raising

150
00:07:39,080 --> 00:07:41,000
Speaker 4: a protest flag at this point?

151
00:07:41,640 --> 00:07:44,880
Speaker 1: I started my story with a protest flag in the air.

152
00:07:45,880 --> 00:07:48,000
Speaker 1: Goodness me, this is outrageous.

153
00:07:48,480 --> 00:07:51,440
Speaker 3: Go on, keep going going, this is great fun.

154
00:07:52,280 --> 00:07:55,600
Speaker 1: The government is under pressure to do what it needs

155
00:07:55,640 --> 00:07:57,680
Speaker 1: to do to make sure that services are maintained to

156
00:07:57,760 --> 00:08:02,720
Speaker 1: regional Australia, including including the potential to take a stake

157
00:08:03,040 --> 00:08:07,960
Speaker 1: in the airline it airlined airline. And keep in mind

158
00:08:08,240 --> 00:08:12,080
Speaker 1: that this is the second second local airline to go

159
00:08:12,200 --> 00:08:16,440
Speaker 1: under just this year, after BONDSA collapsed a few months ago.

160
00:08:16,480 --> 00:08:19,880
Speaker 1: There are calls now, as you would expect, for major

161
00:08:19,920 --> 00:08:22,520
Speaker 1: reform in the sector because clearly it is a tough

162
00:08:22,720 --> 00:08:26,320
Speaker 1: space and expensive space for a third operator, even one

163
00:08:26,600 --> 00:08:32,760
Speaker 1: as experienced and as established as Rex. Big story covering business,

164
00:08:33,120 --> 00:08:37,360
Speaker 1: covering politics, a real human impact right across the country.

165
00:08:38,200 --> 00:08:40,480
Speaker 1: It's also just a tiny little bit embarrassing for me

166
00:08:40,520 --> 00:08:43,600
Speaker 1: considering a month ago on this podcast I was going

167
00:08:43,600 --> 00:08:47,000
Speaker 1: on about Rex being the unsung hero of the Australian

168
00:08:47,040 --> 00:08:52,400
Speaker 1: aviation sector rising through the Skytracks World airline rankings. In fact,

169
00:08:52,800 --> 00:08:54,800
Speaker 1: I went back and checked the tapes through the week

170
00:08:55,280 --> 00:08:57,600
Speaker 1: and I declared that it was entirely possible that Rex

171
00:08:57,720 --> 00:09:01,080
Speaker 1: could take the top spot from Qatar Airways. Goodness me,

172
00:09:01,120 --> 00:09:04,840
Speaker 1: as my face read. But it is a big, big

173
00:09:04,960 --> 00:09:07,920
Speaker 1: story and really a story that has affected so many

174
00:09:07,920 --> 00:09:11,040
Speaker 1: people across the country, and Adam for anyone else.

175
00:09:11,720 --> 00:09:13,079
Speaker 3: I would like to I would like just to say,

176
00:09:13,120 --> 00:09:16,240
Speaker 3: and I think you should judge this story on the

177
00:09:16,280 --> 00:09:20,200
Speaker 3: basis that Rex was on the way to being the

178
00:09:20,320 --> 00:09:23,680
Speaker 3: top airline aviator in the world.

179
00:09:24,200 --> 00:09:26,040
Speaker 1: Well, I'll tell you what. When I went back and

180
00:09:26,080 --> 00:09:29,840
Speaker 1: listened to it, I'm like, goodness, me, I say some stuff,

181
00:09:29,880 --> 00:09:33,599
Speaker 1: don't I Actually it was a moment of self realization

182
00:09:34,400 --> 00:09:37,720
Speaker 1: listening back to that tape, going I reckon half of

183
00:09:37,720 --> 00:09:38,920
Speaker 1: what comes out of my mouth.

184
00:09:38,720 --> 00:09:42,280
Speaker 2: As a rubbish, well, flourish I'd prefer to call it.

185
00:09:43,080 --> 00:09:46,520
Speaker 3: The other half is flourish.

186
00:09:46,679 --> 00:09:48,640
Speaker 1: One half is rubbish, the other half is flourish.

187
00:09:48,760 --> 00:09:49,160
Speaker 3: Thank you.

188
00:09:49,360 --> 00:09:51,800
Speaker 1: I'm going to take that as a compliment you, Adam.

189
00:09:52,480 --> 00:10:01,520
Speaker 2: Okay, Sean wins. So look, CPI story is obviously massive.

190
00:10:01,600 --> 00:10:04,920
Speaker 4: That number at eleven thirty on Wednesday was just so

191
00:10:05,000 --> 00:10:08,120
Speaker 4: important and what a relief. So moving on to the

192
00:10:08,160 --> 00:10:12,000
Speaker 4: second and third, I think the financial markets is also incredible, Sean.

193
00:10:12,040 --> 00:10:15,640
Speaker 4: I love your line Priced to Perfection. You know that

194
00:10:15,920 --> 00:10:20,520
Speaker 4: the Magnificent seven in the US reporting so far has

195
00:10:20,559 --> 00:10:23,040
Speaker 4: been as you've said that there are many expectations, but

196
00:10:23,080 --> 00:10:26,240
Speaker 4: they're not matching hopes, and so the prices have come

197
00:10:26,280 --> 00:10:30,240
Speaker 4: down despite really good results. There's just so much money

198
00:10:30,280 --> 00:10:33,240
Speaker 4: involved and as this is flowing through to Australia and

199
00:10:33,280 --> 00:10:38,280
Speaker 4: the ASX, it's incredible. So I think that that record high,

200
00:10:38,440 --> 00:10:42,000
Speaker 4: what a week, incredible week. REX collapse is really interesting.

201
00:10:42,000 --> 00:10:44,000
Speaker 4: And Michael, to your point, what is going to happen

202
00:10:44,040 --> 00:10:47,520
Speaker 4: from here? You know, Sean, I know you proposed that

203
00:10:47,600 --> 00:10:50,760
Speaker 4: perhaps the government should intervene. We don't know the status

204
00:10:50,800 --> 00:10:53,520
Speaker 4: of that and what will happen. But you know, the

205
00:10:53,559 --> 00:10:56,439
Speaker 4: regional airline component is so important. But obviously the metro

206
00:10:56,520 --> 00:10:58,040
Speaker 4: stuff has just failed.

207
00:10:58,960 --> 00:11:01,280
Speaker 3: One and a half half. You've got to You've got

208
00:11:01,280 --> 00:11:03,120
Speaker 3: half a point there, Michael, keep that in mind from

209
00:11:03,160 --> 00:11:04,080
Speaker 3: the inflation stuff.

210
00:11:04,840 --> 00:11:09,640
Speaker 1: Yeah, I thought i'd have more than that. Anyway, Look,

211
00:11:09,679 --> 00:11:12,800
Speaker 1: it's consistent. We are being consistent here. For me thinking

212
00:11:12,800 --> 00:11:15,880
Speaker 1: I would win the first story instead losing, I need

213
00:11:15,920 --> 00:11:20,600
Speaker 1: to lower my expectations. I'm going to be more realistic. However, however,

214
00:11:20,760 --> 00:11:24,720
Speaker 1: I'm going into the most remarkable category with sky high. Okay,

215
00:11:25,240 --> 00:11:31,920
Speaker 1: take it on, go for it, Okay, Adam this week.

216
00:11:31,800 --> 00:11:34,360
Speaker 3: There are listeners out there. It's not just about Adam.

217
00:11:35,000 --> 00:11:37,160
Speaker 1: Oh no, this is all about Adam, right, because in

218
00:11:37,200 --> 00:11:39,800
Speaker 1: the end, it's Adam that decides, unless unless we want

219
00:11:39,800 --> 00:11:43,480
Speaker 1: to turn the judging over to everyone else, in which

220
00:11:43,520 --> 00:11:47,800
Speaker 1: case I suspect the people, my people will rise up.

221
00:11:48,480 --> 00:11:50,239
Speaker 2: It's to an online vote.

222
00:11:50,640 --> 00:11:52,320
Speaker 1: We certainly won't put that to the test because I

223
00:11:52,320 --> 00:11:56,440
Speaker 1: would hate to be shown up. This week we received

224
00:11:56,559 --> 00:12:01,079
Speaker 1: what can only be described does ay truly remark insight

225
00:12:01,240 --> 00:12:03,360
Speaker 1: into the state of Australian business. And I'm going to

226
00:12:03,400 --> 00:12:05,760
Speaker 1: start with the good news before I get to the bad.

227
00:12:06,520 --> 00:12:10,440
Speaker 1: Assic revealed and Adam, this is really quite amazing. So

228
00:12:10,480 --> 00:12:13,400
Speaker 1: you best hold onto something, your hat, your pants, your chair.

229
00:12:13,440 --> 00:12:15,520
Speaker 3: Listeners, this is really quite amazing.

230
00:12:16,080 --> 00:12:18,960
Speaker 1: Hold onto something, because you will be shocked by this,

231
00:12:19,360 --> 00:12:25,280
Speaker 1: shocked and amazed. There were, according to ACIK, three point

232
00:12:25,760 --> 00:12:31,720
Speaker 1: three eight million businesses registered in Australia at the end

233
00:12:31,760 --> 00:12:36,120
Speaker 1: of June just twelve years ago. In twenty twelve, there

234
00:12:36,120 --> 00:12:40,400
Speaker 1: were one point eight eight million businesses. So from one

235
00:12:40,480 --> 00:12:43,160
Speaker 1: point eight eight million to three point three eight million.

236
00:12:43,160 --> 00:12:45,440
Speaker 1: With a little bit of rounding up, I probably could

237
00:12:45,440 --> 00:12:50,200
Speaker 1: have done this more accurately. Let's just say doubled or

238
00:12:50,240 --> 00:12:56,400
Speaker 1: reasonably close to. Isn't that just remarkable? And you know

239
00:12:56,480 --> 00:12:59,760
Speaker 1: it tells us something, doesn't it about the entrepreneurial spirit

240
00:12:59,800 --> 00:13:03,360
Speaker 1: that evades this country, that unites this it's that have

241
00:13:03,520 --> 00:13:07,080
Speaker 1: a go attitude that's driving our economic growth. I don't

242
00:13:07,080 --> 00:13:11,480
Speaker 1: know about you, Adam, but to me that is just remarkable.

243
00:13:14,800 --> 00:13:17,920
Speaker 1: I've always wanted someone to start humming the national anthem

244
00:13:17,920 --> 00:13:20,600
Speaker 1: while I'm talking. So you really made my day, Sean.

245
00:13:21,280 --> 00:13:27,280
Speaker 1: The bad news now, last financial year, hospitality businesses failed

246
00:13:27,360 --> 00:13:30,120
Speaker 1: at the fastest rate on record, rising food and energy

247
00:13:30,160 --> 00:13:33,560
Speaker 1: prices and a reduction and consumer spending to blame for that.

248
00:13:33,559 --> 00:13:36,000
Speaker 1: The number of collapses in the sector jump fifty percent

249
00:13:36,320 --> 00:13:39,600
Speaker 1: to a record total insolvencies. We're up to just over

250
00:13:39,640 --> 00:13:41,880
Speaker 1: eleven thousand of record. Yes, but maybe this is a

251
00:13:41,920 --> 00:13:45,080
Speaker 1: normalization after the propping up of so many businesses during COVID.

252
00:13:45,240 --> 00:13:47,480
Speaker 1: But I must, I really want to finish on a

253
00:13:47,559 --> 00:13:50,880
Speaker 1: high here. So just one more tribute once again to

254
00:13:51,000 --> 00:13:54,840
Speaker 1: those three point three eight million businesses operating in Australia,

255
00:13:54,880 --> 00:13:57,200
Speaker 1: and ASSEK revealed this week just how many there are

256
00:13:57,240 --> 00:13:59,520
Speaker 1: now compared to how many there were twelve years ago.

257
00:13:59,640 --> 00:14:04,319
Speaker 1: That is spectacular growth. So many small and medium sized businesses,

258
00:14:04,559 --> 00:14:09,440
Speaker 1: all with aspirations of growth, dreams of success and willing

259
00:14:09,520 --> 00:14:12,040
Speaker 1: to get in there. And have a go. Fear and

260
00:14:12,080 --> 00:14:14,920
Speaker 1: greet is one of them. Adam. To rule against me

261
00:14:14,960 --> 00:14:17,760
Speaker 1: on this one is to declare yourself both un Australian

262
00:14:18,000 --> 00:14:24,240
Speaker 1: and anti business. Wow, and I do not believe that

263
00:14:24,320 --> 00:14:25,440
Speaker 1: you are either of those.

264
00:14:25,920 --> 00:14:28,640
Speaker 3: Was at the flourish of the rubbish I.

265
00:14:28,520 --> 00:14:31,040
Speaker 1: Think of it's an indistinguishable blending.

266
00:14:33,560 --> 00:14:35,040
Speaker 2: With a little bit of threat mixed.

267
00:14:36,440 --> 00:14:37,480
Speaker 3: Yeah.

268
00:14:37,520 --> 00:14:39,960
Speaker 1: Well I've never tried that before. I did.

269
00:14:40,080 --> 00:14:42,600
Speaker 3: Everyone started business in COVID though I started three in

270
00:14:42,680 --> 00:14:48,480
Speaker 3: COVID literally yep, how many did you start? How many

271
00:14:48,480 --> 00:14:49,680
Speaker 3: of you started the last few years?

272
00:14:49,680 --> 00:14:49,920
Speaker 1: Adam?

273
00:14:49,960 --> 00:14:54,360
Speaker 3: One? Two? Yeah, and Michael you've started too. We're going

274
00:14:54,440 --> 00:14:56,160
Speaker 3: to say bookselling is business.

275
00:14:56,480 --> 00:14:59,800
Speaker 2: M international author.

276
00:14:59,840 --> 00:15:00,600
Speaker 3: Is national.

277
00:15:01,920 --> 00:15:03,880
Speaker 1: All around dream boat.

278
00:15:04,640 --> 00:15:05,720
Speaker 2: That's not as.

279
00:15:07,200 --> 00:15:09,840
Speaker 5: Please start a business called international dream boat.

280
00:15:09,880 --> 00:15:12,680
Speaker 3: That's his third business that. Let's not talk about that.

281
00:15:12,840 --> 00:15:14,280
Speaker 1: So business, it's just an asset.

282
00:15:17,000 --> 00:15:22,480
Speaker 3: Okay. My most remarkable story comes from the one and

283
00:15:22,560 --> 00:15:28,160
Speaker 3: only Donald Trump. Perhaps we should ban Trump stories. I'm

284
00:15:28,160 --> 00:15:30,560
Speaker 3: happy to do it up to this week. But even

285
00:15:30,640 --> 00:15:36,680
Speaker 3: by these standards, this week's efforts were truly remarkable. He

286
00:15:36,840 --> 00:15:45,840
Speaker 3: questioned whether Kamela Harris identified as being black, and he

287
00:15:46,000 --> 00:15:49,480
Speaker 3: was talking to an audience of black journalists. He actually

288
00:15:49,560 --> 00:15:53,680
Speaker 3: suggested Harris had adopted her racial profile as a way

289
00:15:53,720 --> 00:15:59,440
Speaker 3: to gain a political advantage. What is what do you

290
00:15:59,480 --> 00:16:02,680
Speaker 3: say to that? Like what he actually said. She was

291
00:16:02,760 --> 00:16:05,240
Speaker 3: Indian all the way, and then all of a sudden

292
00:16:05,360 --> 00:16:07,880
Speaker 3: she made a turn and she became a black person.

293
00:16:09,200 --> 00:16:11,680
Speaker 1: Seriously, I mean, missus.

294
00:16:11,680 --> 00:16:17,240
Speaker 3: Harris's mother is Indian American, father's Jamaican. She's always identified

295
00:16:17,240 --> 00:16:20,800
Speaker 3: as a black woman. She went to one of the states,

296
00:16:20,840 --> 00:16:25,640
Speaker 3: the US's most famous black colleges. She's this is absolute crap.

297
00:16:26,280 --> 00:16:30,240
Speaker 3: That's the only way you can describe just absolute rubbish. Now.

298
00:16:30,920 --> 00:16:35,760
Speaker 3: Mister Trump's remarks not surprisingly prompted gass and jeers from

299
00:16:35,760 --> 00:16:39,160
Speaker 3: the audience at the National Association of Black Journalists in Chicago.

300
00:16:39,280 --> 00:16:42,120
Speaker 3: Don't you love how he picked his audience in this one.

301
00:16:42,600 --> 00:16:44,760
Speaker 3: He also told the group that he was the best

302
00:16:44,880 --> 00:16:48,680
Speaker 3: president for the black population since Abraham Lincoln, I mean

303
00:16:49,080 --> 00:16:52,080
Speaker 3: Lyndon Lyndon Johnson. He did all the civil rights stuff.

304
00:16:52,360 --> 00:16:56,200
Speaker 3: He included the legislation that ensured black votes counted. Does

305
00:16:56,200 --> 00:17:01,240
Speaker 3: he beat that? I just the Wall Street Journal, which

306
00:17:01,400 --> 00:17:04,800
Speaker 3: is the editorial pages of the Wall Street Journal, which

307
00:17:04,840 --> 00:17:08,360
Speaker 3: is the most right wing media outlet in the US

308
00:17:08,480 --> 00:17:10,919
Speaker 3: came out and they didn't actually say he was wrong,

309
00:17:11,240 --> 00:17:13,760
Speaker 3: but they said, oh, you know, he's kept inflation down,

310
00:17:13,800 --> 00:17:17,840
Speaker 3: so he has helped black people in America. But to

311
00:17:17,920 --> 00:17:21,440
Speaker 3: actually come out and say, CARLMLA Harris wasn't black until

312
00:17:21,480 --> 00:17:24,159
Speaker 3: she was Indian and now she's black, It's just it

313
00:17:24,240 --> 00:17:28,919
Speaker 3: is absolutely remarkable from Donald Trump. I still find it

314
00:17:28,960 --> 00:17:32,120
Speaker 3: astounding that someone running for president can just simply lie

315
00:17:32,200 --> 00:17:34,520
Speaker 3: like that and get away with it. I mean, maybe

316
00:17:34,680 --> 00:17:37,359
Speaker 3: the American population is also tiring of Donald Trump. Pole

317
00:17:37,400 --> 00:17:40,520
Speaker 3: suggests that in battleground states like Michigan and Pennsylvania, Miss

318
00:17:40,560 --> 00:17:43,280
Speaker 3: Harris might be slightly in front. Still a long long

319
00:17:43,320 --> 00:17:45,959
Speaker 3: way to go, though. I just think his effort this

320
00:17:46,000 --> 00:17:49,200
Speaker 3: week was truly remarkable. Promise not to do another Donald

321
00:17:49,240 --> 00:17:51,879
Speaker 3: Trump story in this category because he gives us so

322
00:17:52,080 --> 00:17:58,480
Speaker 3: much fodder, but to question whether KRLA Harris is black remarkable?

323
00:17:58,560 --> 00:18:04,240
Speaker 4: Adam, Yeah, how incredible. I mean, it is totally remarkable

324
00:18:05,560 --> 00:18:08,919
Speaker 4: the Donald Trump's story. And I wonder Sean, if equally

325
00:18:08,880 --> 00:18:12,119
Speaker 4: he was remarkable. Is will it matter to his voters?

326
00:18:12,720 --> 00:18:13,840
Speaker 4: I don't know that it will.

327
00:18:15,160 --> 00:18:17,119
Speaker 3: Does it matter to the middle ground, like it won't

328
00:18:17,119 --> 00:18:18,760
Speaker 3: matter to his voters that's.

329
00:18:18,920 --> 00:18:21,719
Speaker 4: Well, that's that's a better point. Actually, yeah, that's a

330
00:18:21,720 --> 00:18:23,719
Speaker 4: better point. Will it matter to the middle ground, and

331
00:18:23,760 --> 00:18:26,399
Speaker 4: that's to be seen. What I also think is remarkable

332
00:18:26,880 --> 00:18:29,919
Speaker 4: is the fact that two weeks ago the election was

333
00:18:30,119 --> 00:18:32,240
Speaker 4: clearly favoring to Donald Trump.

334
00:18:32,280 --> 00:18:36,760
Speaker 2: It probably still is, but it has changed.

335
00:18:36,320 --> 00:18:39,800
Speaker 4: A lot in the last two weeks, remarkably so, so

336
00:18:39,880 --> 00:18:43,040
Speaker 4: I think, great story. I'm going to give this one

337
00:18:43,040 --> 00:18:45,920
Speaker 4: to Michael. It does speak to my heartland. I love

338
00:18:46,000 --> 00:18:49,160
Speaker 4: the fact that Australians are starting more businesses and having

339
00:18:49,240 --> 00:18:53,080
Speaker 4: a go. I think it is brilliant, remarkable. I also

340
00:18:53,119 --> 00:18:56,320
Speaker 4: wonder whether this is impacting union membership. And I know

341
00:18:56,440 --> 00:18:58,840
Speaker 4: that's a long sort of bow to draw, but.

342
00:18:58,760 --> 00:19:01,239
Speaker 3: If you might know, Adam, not as long as some

343
00:19:01,280 --> 00:19:02,520
Speaker 3: of the ones you've drawn before.

344
00:19:04,440 --> 00:19:07,360
Speaker 4: If you look at the cf ME EU and it's

345
00:19:07,520 --> 00:19:11,040
Speaker 4: demise in recent times, and you look at the diminishing

346
00:19:11,359 --> 00:19:14,560
Speaker 4: long term union base, ye yeah, the fact that it's

347
00:19:14,560 --> 00:19:17,240
Speaker 4: strain into starting more businesses and doing it for themselves.

348
00:19:17,320 --> 00:19:20,040
Speaker 2: I wonder if they find the link.

349
00:19:23,480 --> 00:19:24,840
Speaker 1: You win, Michael, well done.

350
00:19:27,119 --> 00:19:31,040
Speaker 3: Oh what I think is most remarkable this morning that

351
00:19:31,080 --> 00:19:33,399
Speaker 3: you somehow got this venu and unionism into my.

352
00:19:33,640 --> 00:19:38,399
Speaker 1: Story I'm just still waiting for the connection that was.

353
00:19:38,880 --> 00:19:39,840
Speaker 1: That was great.

354
00:19:40,280 --> 00:19:40,840
Speaker 2: Ah.

355
00:19:41,080 --> 00:19:43,960
Speaker 1: Now where are we one and a half to one

356
00:19:43,960 --> 00:19:44,440
Speaker 1: and a half.

357
00:19:44,520 --> 00:19:45,600
Speaker 3: Oh god, it's exciting.

358
00:19:45,720 --> 00:19:52,600
Speaker 1: Yes, it's pretty close. It's very close. Obviously we should

359
00:19:52,640 --> 00:19:54,760
Speaker 1: take a quick break. We will come back in a

360
00:19:54,800 --> 00:19:56,879
Speaker 1: moment and find a sleeper. So I've got a cracker

361
00:19:56,880 --> 00:19:59,840
Speaker 1: of a sleeper story this week. I'm actually I'm secretly

362
00:20:00,119 --> 00:20:02,199
Speaker 1: very excited about it. We will get to that in

363
00:20:02,320 --> 00:20:10,840
Speaker 1: just a moment. Sean sleeper story of the week. You're

364
00:20:10,880 --> 00:20:12,840
Speaker 1: going first on this one. This is a story that's

365
00:20:12,880 --> 00:20:15,600
Speaker 1: flying under the radar awe bit or is not perhaps

366
00:20:15,640 --> 00:20:19,520
Speaker 1: getting the attention that we feel it deserves. What have

367
00:20:19,600 --> 00:20:20,640
Speaker 1: you found for us?

368
00:20:20,680 --> 00:20:23,760
Speaker 3: Wow, this is a big one because it's been everywhere

369
00:20:23,880 --> 00:20:26,440
Speaker 3: but Australia. That's a total light. It's been in Europe,

370
00:20:26,560 --> 00:20:29,720
Speaker 3: in the US, but not really in Australia. It's basically

371
00:20:29,800 --> 00:20:33,520
Speaker 3: all about weight loss drugs. So weight loss drug supplies

372
00:20:33,560 --> 00:20:36,600
Speaker 3: in Australia are set to improve dramatically as the company

373
00:20:36,680 --> 00:20:40,800
Speaker 3: behind Ozenpic prepares to provide its version of the medication

374
00:20:40,960 --> 00:20:44,600
Speaker 3: that is specifically designed for patients seeking to shed kilograms.

375
00:20:45,080 --> 00:20:49,800
Speaker 3: No no, nor disk huge Norwegian company. It has finally

376
00:20:49,840 --> 00:20:54,919
Speaker 3: decided to launch its powerful Wigobie medication in Australia. That

377
00:20:55,080 --> 00:20:58,520
Speaker 3: should resolve the prospect of a supply shortage. In October,

378
00:20:58,600 --> 00:21:02,320
Speaker 3: when Chemist made verse of ozen Pik, We're scheduled to

379
00:21:02,359 --> 00:21:05,400
Speaker 3: be banned. There's still some questions in the air about

380
00:21:05,440 --> 00:21:08,160
Speaker 3: the long term effects of these drugs. That's kind of

381
00:21:08,280 --> 00:21:09,879
Speaker 3: why it was going to be banned. But until now

382
00:21:09,880 --> 00:21:12,960
Speaker 3: Australians have only been able to buy limited supplies of

383
00:21:13,040 --> 00:21:16,399
Speaker 3: ozen pic, which is officially licensed as a diabetes treatment

384
00:21:16,520 --> 00:21:19,000
Speaker 3: rather than for weight loss. The Financial Review this week

385
00:21:19,080 --> 00:21:20,920
Speaker 3: was saying that navan or Disk is planning to begin

386
00:21:20,960 --> 00:21:23,680
Speaker 3: offering its weight loss druggle we Go the this month.

387
00:21:24,040 --> 00:21:27,080
Speaker 3: Patients will need a prescription from their doctor and the

388
00:21:27,160 --> 00:21:30,560
Speaker 3: drug won't be subsidized on the Pharmaceutical Benefit Scheme. We

389
00:21:30,600 --> 00:21:32,480
Speaker 3: don't know how much it will cost, but it will

390
00:21:32,480 --> 00:21:36,040
Speaker 3: be expensive. We gave it comes in higher days than

391
00:21:36,200 --> 00:21:39,200
Speaker 3: ozen pic that makes it more effective for weight loss.

392
00:21:39,280 --> 00:21:42,160
Speaker 3: It's been approved by the Therapeutic Goods Administration since twenty

393
00:21:42,200 --> 00:21:44,880
Speaker 3: twenty two, but it's never really been sold in Australia.

394
00:21:45,040 --> 00:21:50,280
Speaker 3: These drugs are absolutely revolutionizing health. We haven't had them

395
00:21:50,320 --> 00:21:53,879
Speaker 3: in Australia at least not at scale that might be

396
00:21:54,119 --> 00:21:58,120
Speaker 3: about to change. That has enormous flow on effects through

397
00:21:58,200 --> 00:22:00,840
Speaker 3: to I mean, we've seen ResMed this week. For example,

398
00:22:00,880 --> 00:22:04,440
Speaker 3: this sleep apnea group, it reported good results, stronger result

399
00:22:04,520 --> 00:22:08,200
Speaker 3: on Friday, but its share price has been declining because

400
00:22:08,200 --> 00:22:11,240
Speaker 3: of what these weight loss drugs are doing to help

401
00:22:11,359 --> 00:22:16,680
Speaker 3: sleep apnear patients. Huge implications. We haven't seen it in

402
00:22:16,680 --> 00:22:19,359
Speaker 3: Australia yet, but now that this drug is going to

403
00:22:19,400 --> 00:22:23,680
Speaker 3: be here, we may well do. That's my sleeper story.

404
00:22:23,800 --> 00:22:26,520
Speaker 3: Actually that wasn't bad bringing sleep apnea into the sleep

405
00:22:26,720 --> 00:22:30,480
Speaker 3: per story. Didn't mean to, but bit of self reclaim

406
00:22:30,560 --> 00:22:34,520
Speaker 3: it kind of worked. Yeah, Michael, sleeper story. Give me

407
00:22:34,560 --> 00:22:35,040
Speaker 3: a good one.

408
00:22:35,119 --> 00:22:35,760
Speaker 1: That's a good one.

409
00:22:35,880 --> 00:22:37,640
Speaker 3: Give me one, Give me a one that matters, Give

410
00:22:37,680 --> 00:22:39,280
Speaker 3: me one that matters that it's actually going to happen.

411
00:22:39,359 --> 00:22:43,760
Speaker 1: Tell me okay, thank you, Sean. It feels like here,

412
00:22:44,240 --> 00:22:47,919
Speaker 1: I know you're trying to set me up, but it

413
00:22:47,920 --> 00:22:50,800
Speaker 1: doesn't matter because I've got this covered. Because this week

414
00:22:51,240 --> 00:22:56,199
Speaker 1: we received a glimpse, a glimpse into the future of

415
00:22:56,320 --> 00:22:59,320
Speaker 1: the green economy, just a week glimpse. But that's why

416
00:22:59,440 --> 00:23:02,560
Speaker 1: I am here to feature it as my sleeper story

417
00:23:02,920 --> 00:23:05,639
Speaker 1: to shine a spotlight on it, because I'm talking, of

418
00:23:05,720 --> 00:23:10,240
Speaker 1: course about carbon credits or Australian carbon credit units. We

419
00:23:10,280 --> 00:23:13,280
Speaker 1: already know, of course, how the system works. Businesses can

420
00:23:13,320 --> 00:23:17,359
Speaker 1: earn credits for reducing or removing carbon dioxide equivalent. Those

421
00:23:17,520 --> 00:23:20,560
Speaker 1: credits can be sold to other businesses or organizations, including

422
00:23:20,560 --> 00:23:23,119
Speaker 1: those who are required by LARD to offset their emissions.

423
00:23:23,240 --> 00:23:27,800
Speaker 1: This is going to be big bit, no huge business,

424
00:23:27,840 --> 00:23:30,840
Speaker 1: particularly as we push towards our net zero goals. But

425
00:23:30,920 --> 00:23:34,760
Speaker 1: the sleeper part of this is just how broad and

426
00:23:34,960 --> 00:23:38,280
Speaker 1: quite frankly creative the scheme is going to be. And

427
00:23:38,320 --> 00:23:40,320
Speaker 1: the reason for that is that government has now put

428
00:23:40,359 --> 00:23:44,159
Speaker 1: it to private citizens, corporations and charities to come up

429
00:23:44,160 --> 00:23:46,800
Speaker 1: with new methods for earning these credits. There are already

430
00:23:46,800 --> 00:23:50,399
Speaker 1: thirty one approved methods. The government is now considering another

431
00:23:50,520 --> 00:23:56,240
Speaker 1: forty three ideas. These include things like buying secondhand clothes

432
00:23:56,240 --> 00:23:58,840
Speaker 1: at op shops earning carbon credits because it reduces greenhouse

433
00:23:58,880 --> 00:24:02,040
Speaker 1: gas emissions from the import of new garments, particularly fast fashion.

434
00:24:02,400 --> 00:24:05,280
Speaker 1: There are forty two other ideas on list. That was

435
00:24:05,320 --> 00:24:07,280
Speaker 1: just one. There are forty two other ideas. I won't

436
00:24:07,280 --> 00:24:09,760
Speaker 1: go through them. All, but the carbon credit market is

437
00:24:09,800 --> 00:24:11,959
Speaker 1: going to be huge. The value of these carbon credits

438
00:24:11,920 --> 00:24:13,560
Speaker 1: are tipped to double by twenty thirty.

439
00:24:13,560 --> 00:24:15,200
Speaker 3: Can you just give us a second one?

440
00:24:15,240 --> 00:24:17,880
Speaker 1: And no, Sean, I'm on brevity. I'm really on time here.

441
00:24:18,119 --> 00:24:21,040
Speaker 1: And it is going to be broad And this is

442
00:24:21,080 --> 00:24:25,160
Speaker 1: the thing. The carbon credit market is going to be

443
00:24:25,520 --> 00:24:29,320
Speaker 1: much bigger than business. It is going to be beyond

444
00:24:29,359 --> 00:24:32,200
Speaker 1: big business. It is going to expand to everyday consumers.

445
00:24:32,200 --> 00:24:34,800
Speaker 1: When we are now talking about things that actually involve citizens.

446
00:24:35,000 --> 00:24:40,399
Speaker 1: We saw that this week. This is this, This is

447
00:24:40,440 --> 00:24:42,080
Speaker 1: the sleeper story of the decade.

448
00:24:42,440 --> 00:24:44,680
Speaker 3: So can I just get this right? So the sleepers

449
00:24:44,720 --> 00:24:49,040
Speaker 3: through the decade is people going to the salvation armies

450
00:24:49,040 --> 00:24:52,320
Speaker 3: and visit the pall shop. Is that right?

451
00:24:53,200 --> 00:24:56,640
Speaker 1: Well, essentially that's just the tip, the teeny tiny tip

452
00:24:56,640 --> 00:24:59,919
Speaker 1: of the iceberg of a giant sleeper story iceberg, Sean,

453
00:25:00,320 --> 00:25:03,919
Speaker 1: because this is actually about the future overall of the

454
00:25:03,920 --> 00:25:05,520
Speaker 1: green economy and the fact that it is not just

455
00:25:05,560 --> 00:25:07,960
Speaker 1: about business, and it is not just about kind of

456
00:25:08,000 --> 00:25:12,639
Speaker 1: your big polluting businesses being tasked with the reduction of

457
00:25:13,400 --> 00:25:17,160
Speaker 1: carbon dioxide and greenhouse gas emissions. That these ideas now

458
00:25:17,359 --> 00:25:21,479
Speaker 1: are going beyond that to include your everyday Steven's and

459
00:25:21,520 --> 00:25:24,800
Speaker 1: you're on the street, Mary's like that. We are actually

460
00:25:24,840 --> 00:25:30,080
Speaker 1: talking about ordinary people being involved in the carbon credit

461
00:25:30,400 --> 00:25:33,639
Speaker 1: unit market, which I think is quite extraordinary and it

462
00:25:33,680 --> 00:25:36,439
Speaker 1: is the future of the green economy, and we only

463
00:25:36,520 --> 00:25:39,440
Speaker 1: learned that this week. It is a big, big sting.

464
00:25:39,520 --> 00:25:41,119
Speaker 3: The only probably with me saying something, Ben, was it

465
00:25:41,160 --> 00:25:47,480
Speaker 3: just gave you another thirty seconds to rabbit hop Adam

466
00:25:47,560 --> 00:25:49,400
Speaker 3: hover to you put us out of our misery, both

467
00:25:49,400 --> 00:25:49,679
Speaker 3: of us.

468
00:25:50,160 --> 00:25:55,040
Speaker 2: Okay, So I think Sean, you have to win on this.

469
00:25:56,800 --> 00:26:00,480
Speaker 3: I'd hope say, given Michael's effort about secondhand clothing.

470
00:26:01,080 --> 00:26:06,200
Speaker 1: Yes, just an example, you guys, it is just an example.

471
00:26:06,560 --> 00:26:11,200
Speaker 1: You are just so again, you are so literal, so concrete,

472
00:26:11,400 --> 00:26:14,439
Speaker 1: that you can't look beyond this single example to the

473
00:26:14,480 --> 00:26:17,320
Speaker 1: bigger issue here. This is what is wrong with Australia,

474
00:26:17,640 --> 00:26:18,239
Speaker 1: the two of you.

475
00:26:23,320 --> 00:26:24,440
Speaker 2: Okay, I'm going to be brief.

476
00:26:25,200 --> 00:26:30,400
Speaker 4: Weight loss is the great health challenge, so I think

477
00:26:30,400 --> 00:26:33,200
Speaker 4: that is far more present and real in its impact.

478
00:26:33,960 --> 00:26:35,480
Speaker 2: I get it totally. Michael.

479
00:26:35,520 --> 00:26:38,600
Speaker 4: It's a huge story, but I think it's been discussed

480
00:26:38,600 --> 00:26:41,120
Speaker 4: for so long and we are just still some.

481
00:26:41,200 --> 00:26:41,920
Speaker 2: Long way off.

482
00:26:42,040 --> 00:26:45,880
Speaker 4: I think resolution on real progress so yeah, weight loss

483
00:26:45,920 --> 00:26:46,320
Speaker 4: has to win.

484
00:26:47,600 --> 00:26:50,680
Speaker 3: Yeah, two and a half to one and a half.

485
00:26:52,280 --> 00:26:59,320
Speaker 1: I'm being gracious about this. I'll accept the judge's decision. Okay,

486
00:26:59,880 --> 00:27:03,080
Speaker 1: we move on to the favorite story. Yeah, I can

487
00:27:03,320 --> 00:27:06,840
Speaker 1: still pull this one back. You can, am I going

488
00:27:06,880 --> 00:27:07,439
Speaker 1: first on this?

489
00:27:08,720 --> 00:27:10,560
Speaker 3: Let me go first, Let me go first, you go.

490
00:27:11,000 --> 00:27:14,119
Speaker 3: Let's finish with a flourish. I mean, I'll start with

491
00:27:14,160 --> 00:27:21,919
Speaker 3: some serious stuff, some actual news finish. Yeah, yeah, yeah.

492
00:27:20,560 --> 00:27:22,800
Speaker 2: And then we could cheer Michael into the stadium for

493
00:27:22,880 --> 00:27:23,440
Speaker 2: that last week.

494
00:27:23,480 --> 00:27:26,240
Speaker 3: That's exactly right. It'll be like the marathon in the final.

495
00:27:26,000 --> 00:27:27,720
Speaker 1: Day, the last runner.

496
00:27:29,800 --> 00:27:31,160
Speaker 2: At least she made it, Michael.

497
00:27:32,240 --> 00:27:35,600
Speaker 3: Everyone's favorite pastime, maybe not for the current two weeks

498
00:27:35,600 --> 00:27:38,280
Speaker 3: of the year or two weeks of the four years,

499
00:27:38,440 --> 00:27:42,960
Speaker 3: but otherwise everyone's favorite pastime is property values. So the

500
00:27:43,000 --> 00:27:44,800
Speaker 3: fact that we found out this week that national home

501
00:27:44,880 --> 00:27:47,560
Speaker 3: values rose by half percent in July. That's the eighteenth

502
00:27:47,680 --> 00:27:51,600
Speaker 3: consecutive month of increases, and prices are more than thirteen

503
00:27:51,640 --> 00:27:54,919
Speaker 3: percent higher than early last year has to be my

504
00:27:54,960 --> 00:27:57,959
Speaker 3: favorite story. The Australian market's now split into Perth, Brisbane

505
00:27:57,960 --> 00:28:01,240
Speaker 3: and Adelaide, Soaring Melbourne, Hope Out and Darwhen are struggling.

506
00:28:01,240 --> 00:28:04,480
Speaker 3: According to core Logic figures, Sydney is somewhere in between.

507
00:28:04,920 --> 00:28:07,359
Speaker 3: House prices actually filled during the last three months in Melbourne.

508
00:28:07,359 --> 00:28:10,359
Speaker 3: Pretty incredible Sydney, They're up just one percent, much slower

509
00:28:10,400 --> 00:28:13,480
Speaker 3: than the five percent pace this time last year. Momentum

510
00:28:13,480 --> 00:28:16,840
Speaker 3: has well and truly come out of those markets outside

511
00:28:16,840 --> 00:28:19,760
Speaker 3: Perth Brisban Adelaide. What's great about this is just a

512
00:28:19,840 --> 00:28:24,440
Speaker 3: great example of supply and demand in the cities where

513
00:28:24,480 --> 00:28:29,080
Speaker 3: supply is below average. Perth Brisbane Adelaide prices are highest

514
00:28:30,040 --> 00:28:33,520
Speaker 3: vice versa. For the struggling cities. It's economics at work.

515
00:28:34,200 --> 00:28:37,119
Speaker 3: Affordability problems are also kicking in, with the fastest growth

516
00:28:37,160 --> 00:28:39,360
Speaker 3: sexual across the nation over the past three months coming

517
00:28:39,360 --> 00:28:42,360
Speaker 3: from the lowest quartile of house prices. So the cheaper

518
00:28:43,120 --> 00:28:47,960
Speaker 3: houses are growing in price faster than the expensive houses.

519
00:28:48,080 --> 00:28:50,680
Speaker 3: I think I said that right. Yes, unit prices are

520
00:28:50,680 --> 00:28:54,080
Speaker 3: also rising much faster than house prices. That's probably an

521
00:28:54,200 --> 00:28:57,640
Speaker 3: affordability issue as well. Bottom line here is that the

522
00:28:57,680 --> 00:29:00,320
Speaker 3: momentum has definitely come out of the housing market. Price

523
00:29:00,360 --> 00:29:04,480
Speaker 3: growth is still above inflation. Let's not forget that. My

524
00:29:04,560 --> 00:29:07,520
Speaker 3: favorite story of the week, Michael, that's a.

525
00:29:07,440 --> 00:29:11,320
Speaker 1: Good story Sean just a quick one for me this week,

526
00:29:11,520 --> 00:29:12,880
Speaker 1: and you know when he.

527
00:29:12,840 --> 00:29:14,600
Speaker 3: Says quick one, that's when I put the timer on.

528
00:29:16,520 --> 00:29:18,360
Speaker 1: Well, it's actually a story that I'm surprised and no

529
00:29:18,400 --> 00:29:22,960
Speaker 1: one else has done. My favorite story this week is

530
00:29:23,000 --> 00:29:23,760
Speaker 1: the Olympics.

531
00:29:25,960 --> 00:29:29,240
Speaker 3: Okay, which part of the Olympics. Like I was watching

532
00:29:29,240 --> 00:29:31,520
Speaker 3: all of it, I was watching their table tennis the

533
00:29:31,600 --> 00:29:36,040
Speaker 3: other night. It was a Thursday night, and the Korean

534
00:29:36,160 --> 00:29:39,600
Speaker 3: champion was playing the Japanese champion, and there were five

535
00:29:39,640 --> 00:29:42,680
Speaker 3: of us upstairs in our house watching the table tennis.

536
00:29:42,720 --> 00:29:46,000
Speaker 3: Our local barista is a Korean guy, Peter. Love your coffee, Peter,

537
00:29:46,480 --> 00:29:50,880
Speaker 3: and we were going off at this table tennis that

538
00:29:50,960 --> 00:29:53,920
Speaker 3: was going on between two Banagreu otherwise would never ever

539
00:29:53,960 --> 00:29:55,800
Speaker 3: watch a game of table In fact, the only time

540
00:29:55,840 --> 00:29:58,280
Speaker 3: I would have watched previously was at an Olympics. Is

541
00:29:58,320 --> 00:29:58,920
Speaker 3: it great there?

542
00:29:59,400 --> 00:30:01,520
Speaker 1: You're abs right, and you've watched it kind of late

543
00:30:01,520 --> 00:30:03,880
Speaker 1: at night. You've been watching getting up very very early

544
00:30:04,120 --> 00:30:06,120
Speaker 1: to watch. You watch the heats at night, the finals

545
00:30:06,120 --> 00:30:09,760
Speaker 1: in the morning, and has just been extraordinary. And like

546
00:30:09,840 --> 00:30:11,760
Speaker 1: you with the table tenants, I've kind of found myself

547
00:30:11,800 --> 00:30:15,080
Speaker 1: getting drawn into sports that I've never really kind of

548
00:30:15,120 --> 00:30:18,320
Speaker 1: considered before, like the BMX with it it's flares and

549
00:30:18,400 --> 00:30:21,360
Speaker 1: tail whips and feeble grinds and things.

550
00:30:21,920 --> 00:30:23,040
Speaker 3: Is there a feeble grind?

551
00:30:23,760 --> 00:30:27,080
Speaker 1: Did you hear the commentary? The commentary of the BX

552
00:30:27,360 --> 00:30:31,720
Speaker 1: was just amazing. It was just so high energy and

553
00:30:31,880 --> 00:30:35,280
Speaker 1: everyone was being kind of supported. It's just it was

554
00:30:35,320 --> 00:30:39,000
Speaker 1: actually just it was completely ridiculous because it was so

555
00:30:39,360 --> 00:30:43,560
Speaker 1: amazing what they were doing. Of course, of course, Adam,

556
00:30:43,920 --> 00:30:46,240
Speaker 1: it is big business, so it belongs.

557
00:30:45,880 --> 00:30:47,720
Speaker 3: In a business don't ruin it.

558
00:30:47,720 --> 00:30:50,040
Speaker 1: It belongs in a business podcast, because if we wanted

559
00:30:50,040 --> 00:30:52,040
Speaker 1: to get technical, we could talk about the three hundred

560
00:30:52,080 --> 00:30:54,680
Speaker 1: and five million dollars that nine paid for this and

561
00:30:54,720 --> 00:30:58,200
Speaker 1: then the following four games after this, and the brands

562
00:30:58,200 --> 00:31:01,480
Speaker 1: like Woollies and Telstra and Countess paying huge money to

563
00:31:01,600 --> 00:31:04,760
Speaker 1: advertise and the creativity of those ads, and we could

564
00:31:04,760 --> 00:31:06,880
Speaker 1: talk about the value of the medals or the prize

565
00:31:06,880 --> 00:31:10,720
Speaker 1: money paid by countries to their champions. But really it

566
00:31:10,800 --> 00:31:13,240
Speaker 1: is just an incredible spectacle and it is one that

567
00:31:13,280 --> 00:31:16,400
Speaker 1: brings everyone together. Everyone's got something to talk about. That

568
00:31:16,560 --> 00:31:19,040
Speaker 1: is why it is my favorite story of the week. However,

569
00:31:19,560 --> 00:31:24,880
Speaker 1: question for you both, as you were watching the Olympics.

570
00:31:25,360 --> 00:31:28,560
Speaker 1: Are there any sports that you're just thinking now, I reckon,

571
00:31:28,600 --> 00:31:33,280
Speaker 1: I could probably do that. I I reckon I could

572
00:31:34,000 --> 00:31:37,360
Speaker 1: a reasonable chance of medaling in that one. For instance,

573
00:31:37,800 --> 00:31:42,680
Speaker 1: just to pull an example out, I reckon in the rowing,

574
00:31:44,120 --> 00:31:48,240
Speaker 1: I would make a good cost in the eights, I

575
00:31:48,280 --> 00:31:51,560
Speaker 1: don't weigh a huge amount. I like the sound of

576
00:31:51,600 --> 00:31:54,040
Speaker 1: my own voice, so I'm good at kind of encouraging

577
00:31:54,040 --> 00:31:57,280
Speaker 1: them and telling them what to do. I could even theoretically,

578
00:31:57,280 --> 00:32:00,240
Speaker 1: as long as I was looking too closely, I could

579
00:32:00,280 --> 00:32:02,120
Speaker 1: be one of the rollers in the middle of the

580
00:32:02,320 --> 00:32:04,720
Speaker 1: of the eight. I could just move my arms pretend

581
00:32:04,720 --> 00:32:06,720
Speaker 1: to be rolling. You know, like when you're singing in

582
00:32:06,880 --> 00:32:09,440
Speaker 1: church and you move your lips and you don't actually

583
00:32:09,520 --> 00:32:12,880
Speaker 1: make any noise. Very similar to that. You get on

584
00:32:12,920 --> 00:32:15,120
Speaker 1: the e bike, get out there and do some pop

585
00:32:15,160 --> 00:32:18,680
Speaker 1: a couple of wheelies for the BMX. Never served in

586
00:32:18,720 --> 00:32:22,800
Speaker 1: my life. No problems, How hard could it be? You know?

587
00:32:23,280 --> 00:32:26,560
Speaker 1: Table tennis, Oh, very good at playing with a drink

588
00:32:26,600 --> 00:32:27,120
Speaker 1: in one.

589
00:32:26,960 --> 00:32:31,840
Speaker 3: Hand as no problems there. Yeah, you know what about Adam?

590
00:32:31,880 --> 00:32:32,920
Speaker 3: What would Adam be good at?

591
00:32:33,000 --> 00:32:33,160
Speaker 2: Oh?

592
00:32:33,200 --> 00:32:34,800
Speaker 1: God, racewalking.

593
00:32:36,920 --> 00:32:39,120
Speaker 3: I imagine that that asked of his game. Boom boom,

594
00:32:39,160 --> 00:32:45,160
Speaker 3: boom boom, boom boom. It is in his that's right racewalking.

595
00:32:45,280 --> 00:32:46,600
Speaker 3: That is you all over.

596
00:32:47,200 --> 00:32:49,000
Speaker 2: I'm getting visions of Kath and Kim.

597
00:32:50,160 --> 00:32:55,280
Speaker 1: Oh, yes you are Kel, aren't you? Oh?

598
00:32:55,320 --> 00:32:55,640
Speaker 2: I mean?

599
00:32:56,760 --> 00:33:00,200
Speaker 1: And then Sean, I reckon. I could see you was

600
00:33:00,240 --> 00:33:05,000
Speaker 1: a fencer, don't you reckon?

601
00:33:06,640 --> 00:33:07,160
Speaker 3: He just.

602
00:33:09,560 --> 00:33:11,400
Speaker 1: Strategic enough to kind of go.

603
00:33:12,160 --> 00:33:14,520
Speaker 2: But the triumph at the end, when you whip off the.

604
00:33:14,440 --> 00:33:25,800
Speaker 1: Mask and go, it is me underneath this, Sean. So anyway, look, really, yeah,

605
00:33:25,880 --> 00:33:27,760
Speaker 1: Olympics is just the best story.

606
00:33:27,840 --> 00:33:28,160
Speaker 3: It is.

607
00:33:28,280 --> 00:33:30,200
Speaker 1: It could have been the bigger story of the week, really,

608
00:33:30,440 --> 00:33:32,600
Speaker 1: but I've chosen it for my favorite story because it

609
00:33:32,640 --> 00:33:36,680
Speaker 1: has just been so entertaining and so exciting and fun

610
00:33:36,760 --> 00:33:40,120
Speaker 1: to watch and really no melodrama required because the Olympics

611
00:33:40,160 --> 00:33:43,120
Speaker 1: are all melodrama. There you go, Adam.

612
00:33:45,160 --> 00:33:48,520
Speaker 3: Michael wins fair enough. I got no argument.

613
00:33:50,360 --> 00:33:54,520
Speaker 2: With Sean on this one. It was so so close.

614
00:33:54,640 --> 00:33:58,000
Speaker 2: But on the melodrama, he just brought it home.

615
00:33:58,360 --> 00:34:00,320
Speaker 1: Do you think I do?

616
00:34:00,440 --> 00:34:02,160
Speaker 2: I mean, you know, I love property. It is a

617
00:34:02,200 --> 00:34:03,360
Speaker 2: spectator sport.

618
00:34:04,200 --> 00:34:07,000
Speaker 4: And as you put that, price growth is still ahead

619
00:34:07,000 --> 00:34:07,600
Speaker 4: of inflation.

620
00:34:08,400 --> 00:34:12,160
Speaker 2: That's incredible. Yep, absolutely incredible story.

621
00:34:12,280 --> 00:34:14,120
Speaker 3: But I'm happy I'm happy to give it to the Olympics.

622
00:34:14,440 --> 00:34:16,480
Speaker 3: I think that you know, that's what we're talking about.

623
00:34:16,880 --> 00:34:18,080
Speaker 2: Yeah, it is.

624
00:34:18,120 --> 00:34:19,799
Speaker 1: I love the fact that, Adam, you said though, that

625
00:34:19,880 --> 00:34:23,520
Speaker 1: it was so so close. You're saying that Hobart House

626
00:34:23,560 --> 00:34:27,120
Speaker 1: prices are the equivalent of the greatest spectacle in the

627
00:34:27,320 --> 00:34:28,120
Speaker 1: entire world.

628
00:34:28,960 --> 00:34:30,400
Speaker 2: Yes, indeed, Adam.

629
00:34:30,480 --> 00:34:32,160
Speaker 3: So what's what's two and a half to two and

630
00:34:32,200 --> 00:34:32,600
Speaker 3: a half?

631
00:34:32,960 --> 00:34:35,120
Speaker 1: Yes, well, we've we've never had a score that adds

632
00:34:35,160 --> 00:34:36,920
Speaker 1: up to five before. This is exciting.

633
00:34:38,560 --> 00:34:44,680
Speaker 5: And the score is also a tie ninety two points each. Oh,

634
00:34:44,800 --> 00:34:50,160
Speaker 5: winners all round, share the podium, gentlemen, How whim how appropriate?

635
00:34:50,640 --> 00:34:53,319
Speaker 1: Good result, fantastic. I'm very happy with that.

636
00:34:53,760 --> 00:34:57,239
Speaker 2: After a run of bad decision making by me.

637
00:34:57,960 --> 00:35:00,640
Speaker 1: No I was going to say of self and fleet losses.

638
00:35:01,239 --> 00:35:07,040
Speaker 1: Finally you're witnessing something special today, humility. I'm actually owning

639
00:35:07,280 --> 00:35:10,240
Speaker 1: where I went wrong. Thank you very much, Adam, Thank you, Michael,

640
00:35:10,280 --> 00:35:11,720
Speaker 1: Thank you, Sean, and thanks Sean.

641
00:35:12,200 --> 00:35:13,879
Speaker 3: Thanks Michael, thank you Adam.

642
00:35:14,280 --> 00:35:17,000
Speaker 1: Great results. Make sure you're following the podcast and please

643
00:35:17,120 --> 00:35:21,520
Speaker 1: join us online on LinkedIn, Instagram, TikTok, Facebook and x A.

644
00:35:21,680 --> 00:35:24,120
Speaker 1: Michael Thompson, that was fear and greed. We have a

645
00:35:24,120 --> 00:35:24,760
Speaker 1: great weekend,