1 00:00:06,280 --> 00:00:08,640 Speaker 1: This is the weekend edition of Fear and Greed business 2 00:00:08,680 --> 00:00:10,959 Speaker 1: news you can use. I'm Michael Thompson and good morning 3 00:00:11,000 --> 00:00:11,600 Speaker 1: Adam Lang. 4 00:00:12,000 --> 00:00:14,240 Speaker 2: Good morning Michael, Now Adam. 5 00:00:14,280 --> 00:00:16,160 Speaker 1: Our weekend show is all about the two of us, 6 00:00:16,360 --> 00:00:19,520 Speaker 1: each nominating what we think is the biggest business story 7 00:00:19,560 --> 00:00:21,959 Speaker 1: of the week, the most remarkable business story, a mystery 8 00:00:21,960 --> 00:00:25,640 Speaker 1: category that we change every single week, and our favorite story. 9 00:00:25,680 --> 00:00:29,240 Speaker 1: And normally we would it would be me and Sean Almer. 10 00:00:29,320 --> 00:00:33,400 Speaker 1: Sean is on his plane at this very moment heading 11 00:00:33,640 --> 00:00:36,839 Speaker 1: back flight back from Europe, back in the studio on Monday, 12 00:00:38,040 --> 00:00:41,640 Speaker 1: and so you're stepping in to compete against me, and 13 00:00:41,720 --> 00:00:46,280 Speaker 1: as a result, we have called in a very dear 14 00:00:46,320 --> 00:00:48,880 Speaker 1: friend of Fear and Greed to replace you as the 15 00:00:49,000 --> 00:00:50,800 Speaker 1: judge this week, because we do need a judge to 16 00:00:50,800 --> 00:00:54,360 Speaker 1: pick a winner. That judges Natalie McDonald, business journalist, occasional 17 00:00:54,400 --> 00:00:57,880 Speaker 1: Fear and greeter and the founder of Working at Us. Natalie, 18 00:00:57,920 --> 00:01:02,920 Speaker 1: good morning, Hello, good morning to you. You you judged last 19 00:01:02,920 --> 00:01:07,520 Speaker 1: week as well. Are there any particular criteria Have your 20 00:01:07,520 --> 00:01:10,800 Speaker 1: criteria evolved since last week? What are you looking for 21 00:01:11,760 --> 00:01:13,880 Speaker 1: in order for me to get full marks? 22 00:01:14,240 --> 00:01:16,399 Speaker 3: This is a great question. 23 00:01:16,560 --> 00:01:19,480 Speaker 4: We've already had some shots fired pre record, so who knows, frankly, 24 00:01:19,520 --> 00:01:22,440 Speaker 4: how this is going to go. As far as criteria goes, 25 00:01:22,480 --> 00:01:24,959 Speaker 4: we're looking at size, we're looking at magnitude. We're here 26 00:01:24,959 --> 00:01:27,600 Speaker 4: for headlines. But with that said, we're also here for 27 00:01:27,760 --> 00:01:30,760 Speaker 4: the business news that people can use, which means I 28 00:01:30,800 --> 00:01:33,319 Speaker 4: do want context. I want to understand what does this 29 00:01:33,440 --> 00:01:35,680 Speaker 4: mean for Australians, what does this mean for small business? 30 00:01:35,720 --> 00:01:38,920 Speaker 4: What does this mean for professionals? And then we're all 31 00:01:38,959 --> 00:01:43,360 Speaker 4: storytellers at heart, some more than others, Michael, So I 32 00:01:43,400 --> 00:01:46,360 Speaker 4: want a bit of storytelling. I want to be entertained. 33 00:01:47,120 --> 00:01:48,960 Speaker 4: But with that said, the beauty of this is it's 34 00:01:49,120 --> 00:01:51,920 Speaker 4: my criteria and I can change it at WIM. 35 00:01:53,280 --> 00:01:55,680 Speaker 1: You've been hanging around Adam too much, because when Adam 36 00:01:55,760 --> 00:01:59,040 Speaker 1: is the judge, he changes his criteria without warning and 37 00:01:59,080 --> 00:02:01,480 Speaker 1: then we'll disregard the criteria that he announced at the 38 00:02:01,520 --> 00:02:03,680 Speaker 1: beginning of the show in order to judge differently. So 39 00:02:04,560 --> 00:02:07,920 Speaker 1: I'm well versed in this and I'm looking forward to it. Adam, 40 00:02:08,040 --> 00:02:10,519 Speaker 1: would you like to go first on the biggest business 41 00:02:10,560 --> 00:02:12,200 Speaker 1: story of the week? 42 00:02:12,440 --> 00:02:16,240 Speaker 2: Alright? Size and gravitas of news, context, the flow through 43 00:02:16,240 --> 00:02:18,880 Speaker 2: to Australians and small business a bit of storytelling. Let's 44 00:02:18,919 --> 00:02:21,760 Speaker 2: see if I can do this with some of Natalie's 45 00:02:21,880 --> 00:02:26,600 Speaker 2: favored puns. So there was economic data drama this week. 46 00:02:26,680 --> 00:02:29,960 Speaker 2: It was like a three act play. In the first act, 47 00:02:30,280 --> 00:02:32,960 Speaker 2: the minutes from the Reserve Banks seven October meeting we're 48 00:02:32,960 --> 00:02:37,600 Speaker 2: released on Tuesday, keeping the Australian economy soft landing story 49 00:02:37,639 --> 00:02:40,840 Speaker 2: alive with an approach that is cautious, data dependent, and 50 00:02:40,880 --> 00:02:45,360 Speaker 2: waiting for proof that inflation is easy. Sarah Hunter, the 51 00:02:45,400 --> 00:02:48,680 Speaker 2: Reserve Bank's Assistant Governor for Economics, back that view in 52 00:02:48,760 --> 00:02:52,919 Speaker 2: two public appearances this week, saying the nation's fundamentals remain 53 00:02:53,080 --> 00:02:56,360 Speaker 2: resilient as the Bank holds a watching brief on potential 54 00:02:56,440 --> 00:02:59,800 Speaker 2: rate cuts. Now for the second act, which came on Thursday, 55 00:03:00,000 --> 00:03:03,960 Speaker 2: when the Australian Bureau Statistics dropped a data bomb, reporting 56 00:03:04,040 --> 00:03:07,480 Speaker 2: unemployment at four point five percent in September and only 57 00:03:07,560 --> 00:03:10,800 Speaker 2: fifteen thousand jobs created while the population grows since at 58 00:03:10,800 --> 00:03:14,400 Speaker 2: two percent. Employment has grown one point three percent this year, 59 00:03:14,800 --> 00:03:18,040 Speaker 2: worse than the RBA expected. Now for the third act, 60 00:03:18,040 --> 00:03:22,320 Speaker 2: and markets rallied within hours of that RBA data being hit. 61 00:03:22,360 --> 00:03:26,400 Speaker 2: With the Australian Bureau Statistics, traders priced a seventy percent 62 00:03:26,520 --> 00:03:28,920 Speaker 2: chance of an interest rate cut this year, and the 63 00:03:28,960 --> 00:03:32,880 Speaker 2: ASX hit an intra day high. The biggest news story 64 00:03:32,919 --> 00:03:36,840 Speaker 2: of the week now has economic data. Theater goers turning 65 00:03:36,840 --> 00:03:39,640 Speaker 2: to the twenty nine October quarterly inflation data and the 66 00:03:39,680 --> 00:03:42,800 Speaker 2: next RBA announcement on Melbourne Cup Day, which is also 67 00:03:42,840 --> 00:03:45,880 Speaker 2: known as the fourth of November biggest story of the week. 68 00:03:46,320 --> 00:03:48,960 Speaker 1: Okay, I'm just here looking around the studio for a 69 00:03:49,000 --> 00:03:51,640 Speaker 1: bell or like an air horn or something to sound 70 00:03:51,640 --> 00:03:55,920 Speaker 1: the alarm for an illegal move. Natalie, really, yes, yes, 71 00:03:56,400 --> 00:03:59,080 Speaker 1: because I mean it's an omnibus story for one thing, 72 00:03:59,120 --> 00:04:02,960 Speaker 1: there's multiple things drawn into one. But the other problem 73 00:04:03,000 --> 00:04:05,600 Speaker 1: with that was that you have absorbed part of the 74 00:04:05,640 --> 00:04:08,680 Speaker 1: true biggest story, my story into your own, Adam, and 75 00:04:08,720 --> 00:04:10,480 Speaker 1: that is a legal move. Yeah. 76 00:04:10,600 --> 00:04:11,640 Speaker 2: Is it an appropriation? 77 00:04:12,320 --> 00:04:15,120 Speaker 1: It is? It is, and it's also grounds for disqualification. 78 00:04:15,160 --> 00:04:17,560 Speaker 1: But I'll leave that up to Natalie. But clearly you 79 00:04:17,560 --> 00:04:20,000 Speaker 1: know what you need to do here. The economy is 80 00:04:20,480 --> 00:04:23,599 Speaker 1: a big story this week, but until we get the 81 00:04:23,600 --> 00:04:27,120 Speaker 1: September quarter inflation data, everything is up in the air. Right. 82 00:04:27,600 --> 00:04:32,120 Speaker 1: What isn't up in the air is markets this week. 83 00:04:32,279 --> 00:04:36,160 Speaker 1: Allow me to give you a very quick rap of 84 00:04:36,200 --> 00:04:38,480 Speaker 1: what has happened this week, because this this. 85 00:04:38,520 --> 00:04:40,159 Speaker 4: Is not going to be quick. This will not be 86 00:04:40,160 --> 00:04:42,680 Speaker 4: a quick round boiler alas. 87 00:04:42,839 --> 00:04:45,120 Speaker 1: I promise you it will be start the timer. I 88 00:04:45,160 --> 00:04:48,720 Speaker 1: will be done in under one minute. Right. Gold keeps 89 00:04:48,800 --> 00:04:52,280 Speaker 1: hitting new records. It seems like every single day we 90 00:04:52,320 --> 00:04:56,120 Speaker 1: are talking about gold hitting a new record, surging, surging, 91 00:04:56,279 --> 00:04:59,960 Speaker 1: surging investors looking for a safe haven past multiple threshold. 92 00:05:00,160 --> 00:05:02,480 Speaker 1: This week four two hundred US dollars an ounce. The 93 00:05:02,520 --> 00:05:04,760 Speaker 1: gold miners, the Australian gold miners are loving it. Did 94 00:05:04,760 --> 00:05:07,280 Speaker 1: you know the gold this year is up sixty percent 95 00:05:07,560 --> 00:05:10,440 Speaker 1: since the beginning of the year. It is quite incredible. 96 00:05:10,680 --> 00:05:14,720 Speaker 1: Silver though, as well silver miners. The price of silver 97 00:05:14,800 --> 00:05:16,840 Speaker 1: hit its own records, more than fifty two US dollars 98 00:05:16,839 --> 00:05:21,560 Speaker 1: an ounce, resetting highs from nineteen eighty from nineteen eighty. 99 00:05:21,720 --> 00:05:26,279 Speaker 1: This is unprecedented except for nineteen eighty, of course, so 100 00:05:26,320 --> 00:05:29,520 Speaker 1: it's semi precedented anyway. Equities, Adam, you did mention this, 101 00:05:29,560 --> 00:05:31,640 Speaker 1: and you got yourself disqualified by doing so. All that 102 00:05:31,720 --> 00:05:35,719 Speaker 1: talk of interest rate cuts fueled the ASX to an 103 00:05:35,800 --> 00:05:39,600 Speaker 1: all time high, and that was on Thursday around lunchtime. 104 00:05:40,000 --> 00:05:43,160 Speaker 1: Quite incredible. And then there are these big moves as well. 105 00:05:43,320 --> 00:05:45,240 Speaker 1: When we're talking about markets, we tend to focus on 106 00:05:45,240 --> 00:05:46,880 Speaker 1: all the good stuff that's happening. We need to look 107 00:05:46,880 --> 00:05:49,920 Speaker 1: at the other end as well. We had bitcoin having 108 00:05:50,000 --> 00:05:55,239 Speaker 1: its largest one day selloff ever in dollar terms. Even 109 00:05:55,320 --> 00:05:59,800 Speaker 1: coco prices, yes, slightly obscure market, but coco prices are 110 00:06:00,240 --> 00:06:03,320 Speaker 1: from their highs, Which means right that even if if 111 00:06:03,320 --> 00:06:06,320 Speaker 1: you assess everything that I've talked about, that the incredible 112 00:06:06,320 --> 00:06:08,440 Speaker 1: week that we've had in markets, that even if you're 113 00:06:08,440 --> 00:06:11,040 Speaker 1: not an investor in equities, if you don't buy gold, 114 00:06:11,160 --> 00:06:13,839 Speaker 1: if you don't buy silver, if you don't own crypto, 115 00:06:14,080 --> 00:06:17,320 Speaker 1: you are still going to benefit from my story, Natalie, 116 00:06:17,360 --> 00:06:19,560 Speaker 1: which is one of the criteria that you have mentioned. 117 00:06:19,800 --> 00:06:24,039 Speaker 1: Because chocolate prices are coming back down. It has been 118 00:06:24,279 --> 00:06:26,279 Speaker 1: a heck of a week for markets. It is the 119 00:06:26,320 --> 00:06:33,600 Speaker 1: biggest story of the week. Adam wins the that's baloney. 120 00:06:34,080 --> 00:06:37,760 Speaker 4: I mean, if only, if only on the fact that 121 00:06:37,800 --> 00:06:39,640 Speaker 4: you went for at least a minute and twenty one 122 00:06:39,680 --> 00:06:43,160 Speaker 4: seconds plus how long it actually took me to find 123 00:06:43,360 --> 00:06:46,040 Speaker 4: the time of star. You haven't, so you haven't even 124 00:06:46,080 --> 00:06:50,359 Speaker 4: been able to meet your own standards on this. So 125 00:06:50,800 --> 00:06:53,640 Speaker 4: I recognize that this is a visual medium, but you 126 00:06:54,080 --> 00:06:56,840 Speaker 4: listeners should know that while Adam was speaking, Michael was 127 00:06:56,920 --> 00:07:01,000 Speaker 4: quite literally doing warm up stretches. So so much was 128 00:07:01,000 --> 00:07:05,000 Speaker 4: his need and desire not only for love but also 129 00:07:05,040 --> 00:07:05,800 Speaker 4: to win this. 130 00:07:06,279 --> 00:07:09,160 Speaker 3: Oh no, and I hear what you're saying. I do 131 00:07:09,240 --> 00:07:09,840 Speaker 3: hear what you're saying. 132 00:07:09,880 --> 00:07:12,640 Speaker 4: I also want to point out that last week we 133 00:07:12,680 --> 00:07:15,760 Speaker 4: did gold versus Bitcoin. I went with Bitcoin and was 134 00:07:16,680 --> 00:07:20,640 Speaker 4: dramatically humbled when that one day fall did happen. 135 00:07:20,720 --> 00:07:23,520 Speaker 3: So I pulled my hands up and recognized that. 136 00:07:23,760 --> 00:07:27,400 Speaker 4: However, on this I am certain that when it comes 137 00:07:27,440 --> 00:07:30,840 Speaker 4: to the raft of economic data that we've coming through, 138 00:07:31,000 --> 00:07:33,559 Speaker 4: when it comes to what November is going to bring. 139 00:07:34,200 --> 00:07:38,800 Speaker 4: And also the fact that Sarah Hunter love her, have 140 00:07:39,080 --> 00:07:41,680 Speaker 4: really enjoyed seeing her career growth and her development and 141 00:07:41,680 --> 00:07:43,640 Speaker 4: her role now at the Reserve Bank. The fact that 142 00:07:43,680 --> 00:07:47,360 Speaker 4: she has been doing so much publicly in terms of 143 00:07:47,560 --> 00:07:50,880 Speaker 4: really trying to actually communicate what the RBA is looking 144 00:07:50,920 --> 00:07:52,520 Speaker 4: at and how they're viewing the economy. 145 00:07:53,200 --> 00:07:54,840 Speaker 3: Two thumbs up, brilliant. 146 00:07:54,880 --> 00:07:57,360 Speaker 4: You didn't even mention Sarah Hunter really, but she's in 147 00:07:57,800 --> 00:07:58,600 Speaker 4: Oh I did, but. 148 00:07:58,640 --> 00:08:01,120 Speaker 2: Work for my final story, I might have another little 149 00:08:01,160 --> 00:08:02,360 Speaker 2: easter egg for you there. 150 00:08:02,840 --> 00:08:06,640 Speaker 1: Oh no, that's not fair, more grounds for disqualification, for shadowing. 151 00:08:07,080 --> 00:08:07,240 Speaker 4: Yeah. 152 00:08:07,360 --> 00:08:10,480 Speaker 1: Can I mention though, just in terms of we did 153 00:08:10,520 --> 00:08:13,560 Speaker 1: touch on gold, but just how much it is outperforming 154 00:08:13,920 --> 00:08:16,520 Speaker 1: like that is when it's up sixty percent this year, 155 00:08:16,760 --> 00:08:20,120 Speaker 1: when you compare that with the with Wall Street, the 156 00:08:20,200 --> 00:08:23,440 Speaker 1: S and P five hundred is up thirteen percent so 157 00:08:23,560 --> 00:08:27,640 Speaker 1: far this year, Bitcoin up nineteen percent, and then you've 158 00:08:27,680 --> 00:08:30,160 Speaker 1: got gold sitting at sixty percent like it is. It 159 00:08:30,240 --> 00:08:35,120 Speaker 1: is quite staggering. This rush to the safe can do anything. Yeah, yeah, 160 00:08:35,200 --> 00:08:37,600 Speaker 1: no it doesn't. And the thing I like about that 161 00:08:37,679 --> 00:08:40,880 Speaker 1: as well is that I was speaking to Diana Messina, 162 00:08:41,360 --> 00:08:44,440 Speaker 1: the deputy chief economist at AMP, and she gave me 163 00:08:44,440 --> 00:08:46,920 Speaker 1: those stats and now I feel like I have let 164 00:08:46,920 --> 00:08:48,560 Speaker 1: her down because I failed to use them in a 165 00:08:48,559 --> 00:08:50,160 Speaker 1: way that helped me to win the category. 166 00:08:50,360 --> 00:08:52,400 Speaker 4: You also could have drawn upon the interview that we 167 00:08:52,440 --> 00:08:55,680 Speaker 4: did with Evan Lucas about a month ago, when we 168 00:08:55,760 --> 00:08:58,000 Speaker 4: actually asked him is there a ceiling? 169 00:08:58,040 --> 00:09:01,520 Speaker 1: And he was like no, anyway, Look, it feels like 170 00:09:01,559 --> 00:09:03,960 Speaker 1: it's all pointless now because I didn't win. And not 171 00:09:03,960 --> 00:09:05,600 Speaker 1: that I'm a bad sport or anything, but I don't 172 00:09:05,600 --> 00:09:07,680 Speaker 1: want to talk about it anymore. I want to move 173 00:09:07,720 --> 00:09:12,480 Speaker 1: on to the most remarkable category. And what's remarkable actually is, Natalie, 174 00:09:12,520 --> 00:09:17,640 Speaker 1: you are soldiering through interesting circumstances to join us as 175 00:09:17,640 --> 00:09:20,920 Speaker 1: our judge. You are at south By Southwest this week, 176 00:09:20,960 --> 00:09:23,640 Speaker 1: which is you've been there all week and now you're 177 00:09:23,720 --> 00:09:26,520 Speaker 1: joining us for the weekend edition. And you have tucked 178 00:09:26,520 --> 00:09:30,640 Speaker 1: yourself away into a corner of the ICC in Sydney. 179 00:09:31,640 --> 00:09:35,040 Speaker 1: And it sounds like quite And that's basically an explanation 180 00:09:35,080 --> 00:09:37,160 Speaker 1: for any kind of little background noise that pops up. 181 00:09:37,200 --> 00:09:40,400 Speaker 1: That really the party happens at all hours there, right. 182 00:09:40,679 --> 00:09:41,520 Speaker 3: Yeah, very much. 183 00:09:41,600 --> 00:09:44,400 Speaker 4: Everyone is gathering their ready to go. There's some fantastic 184 00:09:44,559 --> 00:09:47,640 Speaker 4: sessions coming through today. That is day five. I'll be honest, 185 00:09:47,760 --> 00:09:50,880 Speaker 4: I'm tired, but I am fulfilled. I am full of 186 00:09:51,120 --> 00:09:52,320 Speaker 4: learning and wisdom. 187 00:09:52,880 --> 00:09:53,600 Speaker 3: It's exciting. 188 00:09:54,200 --> 00:09:57,480 Speaker 1: The most remarkable story of the week, if I may 189 00:09:57,520 --> 00:10:03,400 Speaker 1: go first on that one, please k This week Macquarie 190 00:10:03,800 --> 00:10:07,640 Speaker 1: has reminded the world why it is called the Millionaires Factory. 191 00:10:08,000 --> 00:10:14,959 Speaker 1: It has pulled off the biggest data center deal ever ever. 192 00:10:15,840 --> 00:10:20,280 Speaker 1: It is selling a network of fifty sites across the Americas, 193 00:10:20,920 --> 00:10:24,200 Speaker 1: that's North and South America. Probably didn't need to explain 194 00:10:24,240 --> 00:10:27,600 Speaker 1: that to anybody listening. They are selling this to a 195 00:10:27,640 --> 00:10:31,520 Speaker 1: consortium led by a few little, little known companies black 196 00:10:31,600 --> 00:10:37,000 Speaker 1: Rock and Video Microsoft for a jaw dropping forty billion 197 00:10:37,360 --> 00:10:42,200 Speaker 1: US dollars about sixty sixty one billion ossie. The market 198 00:10:42,760 --> 00:10:46,640 Speaker 1: loved it when this was announced. Macquarie's shares jumped five percent. 199 00:10:47,160 --> 00:10:50,080 Speaker 1: And what it has done. It has cemented the bank's 200 00:10:50,120 --> 00:10:54,560 Speaker 1: dominance in one of the hottest asset classes on the planet. 201 00:10:54,800 --> 00:10:57,160 Speaker 1: This is not just in Australia or in America. It 202 00:10:57,240 --> 00:10:59,600 Speaker 1: is on the This is a global story, this one. 203 00:11:00,000 --> 00:11:01,960 Speaker 1: But this is just a year. This is not a 204 00:11:01,960 --> 00:11:04,280 Speaker 1: one off. This is just a year after after it 205 00:11:04,400 --> 00:11:06,800 Speaker 1: sold a air trunk, it's taken air truck for twenty 206 00:11:06,800 --> 00:11:09,920 Speaker 1: three and a half billion dollars. Shows the same playbook 207 00:11:09,960 --> 00:11:14,160 Speaker 1: at work here by early scale, fast exit, huge Right. 208 00:11:14,480 --> 00:11:17,880 Speaker 1: When mcquarie first invested in aligned data centers back in 209 00:11:17,960 --> 00:11:21,760 Speaker 1: twenty eighteen, it was two sites, just two sites. Now 210 00:11:21,760 --> 00:11:26,520 Speaker 1: it is fifty campuses with more than five gigawatts of capacity. 211 00:11:26,640 --> 00:11:29,679 Speaker 1: Of capacity, of capacity. I don't know why I'm struggling 212 00:11:29,760 --> 00:11:32,840 Speaker 1: to say that. And the deal still leaves Macquarie with 213 00:11:32,920 --> 00:11:37,040 Speaker 1: a with a sizable slice of equity, a pipeline of 214 00:11:37,160 --> 00:11:40,640 Speaker 1: data center players across the US, across the UK, across 215 00:11:40,800 --> 00:11:43,280 Speaker 1: China as well. You know what this is. This is 216 00:11:43,640 --> 00:11:49,319 Speaker 1: remarkable deal making, even by Macquarie's standards. This is next 217 00:11:49,400 --> 00:11:53,520 Speaker 1: level and a guaranteed win. Adam, you don't even need 218 00:11:53,559 --> 00:11:56,520 Speaker 1: to enter. You can just say I agree, I stepped 219 00:11:56,600 --> 00:11:58,359 Speaker 1: down you either, winner. 220 00:11:59,760 --> 00:12:05,200 Speaker 2: No challenge accepted, Tom siden try. It is a ripper 221 00:12:05,200 --> 00:12:07,720 Speaker 2: of a story. I wonder too, not to add too 222 00:12:07,800 --> 00:12:12,840 Speaker 2: much to your story, but mcquarie has shown exquisite timing 223 00:12:13,040 --> 00:12:15,120 Speaker 2: in the past right and taking some money off the 224 00:12:15,120 --> 00:12:18,520 Speaker 2: table now and this fear around is there really an 225 00:12:18,559 --> 00:12:19,400 Speaker 2: AI bubble? 226 00:12:20,480 --> 00:12:20,640 Speaker 4: You know? 227 00:12:20,760 --> 00:12:23,680 Speaker 2: I think this is a very very interesting play by mcquoi. 228 00:12:23,720 --> 00:12:28,080 Speaker 2: They've shown remarkable international level skills in many, many games, 229 00:12:28,120 --> 00:12:31,720 Speaker 2: so watch this space for me though. Look, great billions 230 00:12:31,720 --> 00:12:36,560 Speaker 2: are good, but do you know what's better? Trillions? Government 231 00:12:36,720 --> 00:12:40,400 Speaker 2: U turns aren't rare, but this one took its time. 232 00:12:40,800 --> 00:12:43,840 Speaker 2: The Australian superannuation industry is worth over four point two 233 00:12:43,960 --> 00:12:47,520 Speaker 2: trillion dollars and is the fourth largest pension market in 234 00:12:47,520 --> 00:12:49,840 Speaker 2: the world. We're behind the US, Canada and the UK. 235 00:12:50,320 --> 00:12:52,920 Speaker 2: We're smaller populations, but pound for pound, we are on 236 00:12:52,960 --> 00:12:55,480 Speaker 2: our way up. On Wednesday, with a sense of the 237 00:12:55,520 --> 00:12:59,719 Speaker 2: Prime Minister's help, Treasurer Jim Chalmers finally stepped back from 238 00:12:59,720 --> 00:13:03,120 Speaker 2: the most controversial aspects of the now infamous Division two 239 00:13:03,240 --> 00:13:07,520 Speaker 2: nine six proposal to tax unrealized capital gains in superannuation 240 00:13:07,520 --> 00:13:11,040 Speaker 2: accounts above three million dollars and not index the thresholds. 241 00:13:11,040 --> 00:13:14,079 Speaker 2: It will now be replaced with a higher inflation index 242 00:13:14,120 --> 00:13:17,160 Speaker 2: threshold of ten million dollars and a clearer definition of 243 00:13:17,240 --> 00:13:20,200 Speaker 2: realized games. So Division two ninety six have become one 244 00:13:20,240 --> 00:13:24,679 Speaker 2: of the most criticized policy ideas in years, uniting accountants, advisors, 245 00:13:24,679 --> 00:13:28,280 Speaker 2: superannuation funds, and much of the tax paying population in 246 00:13:28,360 --> 00:13:32,520 Speaker 2: opposition for its complexity and confusion, and this week's backflip 247 00:13:32,960 --> 00:13:37,559 Speaker 2: restored from some confidence and reminded everyone that in superannuation, 248 00:13:38,400 --> 00:13:42,520 Speaker 2: as with all policy setting, certainty is key and keeping 249 00:13:42,559 --> 00:13:46,599 Speaker 2: the devil out of the details defines trust. This was 250 00:13:46,640 --> 00:13:49,760 Speaker 2: a super backflip that took too long, but at last, 251 00:13:50,120 --> 00:13:52,920 Speaker 2: with a nod from the PM, we finally got there. 252 00:13:53,080 --> 00:13:55,840 Speaker 1: Remarkable wasn't so much a nod from the PM as 253 00:13:55,880 --> 00:14:04,320 Speaker 1: a shove r. It's like fix this gym. Natalie Okay, 254 00:14:05,000 --> 00:14:06,160 Speaker 1: have we got you mixed? 255 00:14:06,920 --> 00:14:09,080 Speaker 3: No, it really hurts me to say, but Michael's got 256 00:14:09,080 --> 00:14:10,080 Speaker 3: this one. 257 00:14:10,480 --> 00:14:13,680 Speaker 1: Why does it hurt you to admit that I won? 258 00:14:14,400 --> 00:14:15,920 Speaker 3: Because you're so annoying? 259 00:14:21,280 --> 00:14:24,400 Speaker 4: For true we will play a role here that's yours. No, 260 00:14:24,560 --> 00:14:28,920 Speaker 4: I completely so Adam. Your story choice completely fed into 261 00:14:29,040 --> 00:14:32,960 Speaker 4: what's the flow through impact for Australians. Obviously it's superannuation. 262 00:14:33,800 --> 00:14:36,360 Speaker 4: But I think and this does play into as we discussed. 263 00:14:36,360 --> 00:14:40,200 Speaker 4: I've been at south By, Southwest Sydney all week. Last 264 00:14:40,280 --> 00:14:43,520 Speaker 4: night I was at an air Tree slash Link Tree, 265 00:14:43,720 --> 00:14:49,240 Speaker 4: slash Me and Duke event and I just saw what 266 00:14:49,480 --> 00:14:51,320 Speaker 4: was being done in that space. 267 00:14:51,640 --> 00:14:53,920 Speaker 3: I didn't entirely understand all of. 268 00:14:53,880 --> 00:15:00,480 Speaker 4: It, but there are there are some vibe exactly like 269 00:15:00,720 --> 00:15:03,240 Speaker 4: there are there are some incredible minds, there is some 270 00:15:03,320 --> 00:15:06,080 Speaker 4: incredible work being done. There is a lot of funds 271 00:15:06,080 --> 00:15:11,320 Speaker 4: being raised. It's the decision is smart. Yeah, McCrory are 272 00:15:11,360 --> 00:15:14,760 Speaker 4: really really playing an excellent game here. So Michael gets 273 00:15:14,760 --> 00:15:15,160 Speaker 4: this one. 274 00:15:16,480 --> 00:15:19,640 Speaker 1: That is a very very wise decision. 275 00:15:19,720 --> 00:15:23,280 Speaker 4: One all, don't be, don't be smug about it, don't be. 276 00:15:24,320 --> 00:15:27,960 Speaker 1: But that was Look, I can't stop it, I can't 277 00:15:27,960 --> 00:15:28,280 Speaker 1: help it. 278 00:15:28,520 --> 00:15:30,920 Speaker 2: It's it is resting state. 279 00:15:31,200 --> 00:15:35,200 Speaker 1: Yeah, yeah, I've got resting smug face and face. 280 00:15:39,400 --> 00:15:41,320 Speaker 2: Well that's a very funny license though. 281 00:15:41,960 --> 00:15:44,320 Speaker 1: Okay, let's take a very quick break when we come back. 282 00:15:44,400 --> 00:15:46,880 Speaker 1: We have got a mystery category. And I really like 283 00:15:46,960 --> 00:15:50,680 Speaker 1: this mystery category because it gives us great latitude. We 284 00:15:50,720 --> 00:15:53,320 Speaker 1: can talk about anything. Take a quick break. We'll be 285 00:15:53,360 --> 00:16:03,240 Speaker 1: back in a moment, Adam. We have it's one all 286 00:16:03,360 --> 00:16:05,280 Speaker 1: just as a reminder of the score, so anything could 287 00:16:05,320 --> 00:16:09,240 Speaker 1: happen between now and the end of this episode. We 288 00:16:09,360 --> 00:16:12,400 Speaker 1: now have our mystery category, and our mystery category changes 289 00:16:12,440 --> 00:16:16,280 Speaker 1: every week so that our judge can't over prepare for it. 290 00:16:16,840 --> 00:16:19,480 Speaker 1: And so what we have done this week is we've 291 00:16:19,480 --> 00:16:22,040 Speaker 1: looked at the array of stories. There's been a lot 292 00:16:22,080 --> 00:16:25,440 Speaker 1: that has taken place in the last seven days, and 293 00:16:25,520 --> 00:16:28,280 Speaker 1: we have decided that the mystery category this week is 294 00:16:29,160 --> 00:16:33,000 Speaker 1: crisis for CEOs and how they are handling it and 295 00:16:33,000 --> 00:16:35,800 Speaker 1: what happens next. So it's quite I really like this. 296 00:16:35,960 --> 00:16:36,800 Speaker 3: I really like this. 297 00:16:36,960 --> 00:16:38,200 Speaker 1: Yes, good, isn't it? 298 00:16:38,240 --> 00:16:39,640 Speaker 3: This is this is my thing. 299 00:16:39,680 --> 00:16:43,680 Speaker 4: It's thought leadership, it's people marrig supporting workplaces of the future. 300 00:16:43,720 --> 00:16:46,160 Speaker 3: We love this. Get to it. 301 00:16:46,840 --> 00:16:50,600 Speaker 1: Oh, dear Adam, you better go first on this one 302 00:16:50,600 --> 00:16:52,440 Speaker 1: while I quickly reshape my entry. 303 00:16:52,520 --> 00:16:58,160 Speaker 2: All Right, crises, Arguably you know you need one, Arguably 304 00:16:58,200 --> 00:17:01,120 Speaker 2: you don't. So if you don't have one, create one. 305 00:17:01,160 --> 00:17:03,720 Speaker 2: Five months into the job, A and Z boss Nuno 306 00:17:03,800 --> 00:17:07,080 Speaker 2: Matos is already reshaping the bank and building his reputation. 307 00:17:07,240 --> 00:17:10,920 Speaker 2: This week, an Z paused the remaining eight hundred million 308 00:17:10,960 --> 00:17:13,600 Speaker 2: dollars of its one point three billion dollar share buy back, 309 00:17:14,160 --> 00:17:18,600 Speaker 2: redirecting that capital towards transformation and efficiency. So this new 310 00:17:18,640 --> 00:17:22,679 Speaker 2: plan includes around three thousand, five hundred job cuts and 311 00:17:22,720 --> 00:17:25,680 Speaker 2: removing contractors as part of an eight hundred million dollar 312 00:17:25,960 --> 00:17:30,400 Speaker 2: pre tax cost saving. Matos is also shifting strategy by 313 00:17:30,440 --> 00:17:34,080 Speaker 2: reducing reliance on mortgage brokers, building more in house lending. 314 00:17:34,720 --> 00:17:39,280 Speaker 2: His ambition is to lift an Z to international banking benchmarks, 315 00:17:39,720 --> 00:17:43,919 Speaker 2: matching Commonwealth Bank cost benchmarks and improving the return on 316 00:17:43,960 --> 00:17:47,200 Speaker 2: tangible equity to twelve percent by twenty twenty eight. In 317 00:17:47,240 --> 00:17:50,040 Speaker 2: a short time. Just five months of being here, Nuno 318 00:17:50,080 --> 00:17:53,160 Speaker 2: Matos has built a reputation for bold moves and action. 319 00:17:53,680 --> 00:17:57,040 Speaker 2: Nuno Geddon is already the nickname in the lead. As 320 00:17:57,080 --> 00:18:00,280 Speaker 2: Matt Wilson, banking analyst at Jarden Australia told You're in 321 00:18:00,320 --> 00:18:03,280 Speaker 2: greed Q and A this week in that interview Investors 322 00:18:03,320 --> 00:18:06,280 Speaker 2: Guide to Ossie Banks. The test will be delivering higher 323 00:18:06,320 --> 00:18:10,959 Speaker 2: profit profitability without cutting corners. It may not have been 324 00:18:11,000 --> 00:18:13,960 Speaker 2: a financial crisis on the doorstep of ANZ, but Nuno 325 00:18:14,000 --> 00:18:17,880 Speaker 2: Mattos has brought his very own compelling reason for change. 326 00:18:18,119 --> 00:18:21,720 Speaker 2: Compete at an international level, be bold and go hard, 327 00:18:22,119 --> 00:18:25,520 Speaker 2: Nuno Geddon and investors seem to like it with the 328 00:18:25,560 --> 00:18:27,360 Speaker 2: am Z share price heading up. 329 00:18:27,960 --> 00:18:31,640 Speaker 1: Michael, that is a good one, That is a great one. 330 00:18:31,960 --> 00:18:37,919 Speaker 1: But Natalie Quantus CEO Vanessa Hudson's job got a whole 331 00:18:38,320 --> 00:18:43,159 Speaker 1: lot harder this week. Quantus. The context is important here 332 00:18:43,200 --> 00:18:46,920 Speaker 1: because Quantus is already one of Australia's most distrusted brands, 333 00:18:46,920 --> 00:18:49,800 Speaker 1: which is just extraordinary, right. You think that it should 334 00:18:49,800 --> 00:18:51,960 Speaker 1: be up there because it's our national carrier, the Flying 335 00:18:52,040 --> 00:18:54,479 Speaker 1: Kangaroo has been around forever and it's something that is 336 00:18:55,400 --> 00:18:58,040 Speaker 1: typically a great source of international pride for US. But 337 00:18:58,200 --> 00:19:01,679 Speaker 1: here at home, consumers do not trusted, and now the 338 00:19:01,720 --> 00:19:06,359 Speaker 1: personal data of five point seven million customers is floating 339 00:19:06,440 --> 00:19:10,119 Speaker 1: around on the dark web. The hack goes back to 340 00:19:10,240 --> 00:19:15,160 Speaker 1: July when the cyber criminal group, the exotically named Scattered 341 00:19:15,240 --> 00:19:19,200 Speaker 1: Lapsus Hunters, with the second s being a dollar sign. 342 00:19:19,520 --> 00:19:21,680 Speaker 1: Can you imagine having to put that into your passport 343 00:19:21,720 --> 00:19:23,600 Speaker 1: form or something, just like having to spell it out 344 00:19:23,600 --> 00:19:27,160 Speaker 1: every time we're trying to register. They tricked a Quantus 345 00:19:27,200 --> 00:19:31,640 Speaker 1: call center into giving them access. They demanded a ransom, 346 00:19:31,800 --> 00:19:37,560 Speaker 1: Quantus refuse and now names emails, addresses, birth dates, frequent 347 00:19:37,560 --> 00:19:40,639 Speaker 1: fire numbers. They are out there for anyone to see 348 00:19:40,840 --> 00:19:42,520 Speaker 1: as long as you've got access to the dark web. 349 00:19:42,840 --> 00:19:45,480 Speaker 1: No financial details were stolen. That is important, but it's 350 00:19:45,480 --> 00:19:48,400 Speaker 1: also not really the point here because after so many challenges, 351 00:19:48,400 --> 00:19:52,520 Speaker 1: we had the ariable c inquiry into Quantus selling tickets 352 00:19:52,560 --> 00:19:56,320 Speaker 1: on ghost flights, we had the illegal sacking of workers 353 00:19:56,400 --> 00:19:58,600 Speaker 1: during COVID and a whole lot of other issues. This 354 00:19:58,760 --> 00:20:03,200 Speaker 1: is yet another blow to Quantas's reputation. It's not really 355 00:20:03,280 --> 00:20:06,960 Speaker 1: about cybersecurity anymore. This is about restoring faith in a 356 00:20:07,000 --> 00:20:10,960 Speaker 1: brand that Australians no longer believe in. It's a reminder 357 00:20:11,000 --> 00:20:14,000 Speaker 1: to every other company in Australia that cyber attacks can 358 00:20:14,040 --> 00:20:17,399 Speaker 1: take all forms. That this wasn't a ransomware attackrity. This 359 00:20:17,480 --> 00:20:19,920 Speaker 1: was actually someone calling up and managing to get their 360 00:20:19,960 --> 00:20:23,479 Speaker 1: way talk their way essentially into this. And so it's 361 00:20:23,480 --> 00:20:25,400 Speaker 1: a reminder that doesn't matter how big you are, how 362 00:20:25,440 --> 00:20:27,520 Speaker 1: many kind of good systems you've got in place, or 363 00:20:27,560 --> 00:20:30,000 Speaker 1: how small you are, that it can happen to anybody. 364 00:20:30,040 --> 00:20:33,239 Speaker 1: It can affect any business, and that trust can be 365 00:20:33,320 --> 00:20:37,199 Speaker 1: shattered so so quickly. The big challenge now is for 366 00:20:37,320 --> 00:20:41,560 Speaker 1: Vanessa Hudson to continue kind of restoring that trust, rebuilding 367 00:20:41,600 --> 00:20:44,080 Speaker 1: something that has been broken again and again and again. 368 00:20:44,119 --> 00:20:46,280 Speaker 1: It feels like there's kind of one step forward, two 369 00:20:46,440 --> 00:20:49,080 Speaker 1: maybe three, perhaps even four steps backwards each time. And 370 00:20:49,160 --> 00:20:51,679 Speaker 1: I really do feel for anyone in a leadership position 371 00:20:51,720 --> 00:20:54,520 Speaker 1: in business at the moment, there you go. 372 00:20:55,760 --> 00:20:58,159 Speaker 3: That was so good both of you. 373 00:20:58,640 --> 00:21:01,840 Speaker 4: But I am I am, I'm. 374 00:21:01,080 --> 00:21:03,200 Speaker 3: Not actually entirely sure. I sat here. 375 00:21:03,200 --> 00:21:04,760 Speaker 4: I don't know which way I'm going at the moment. 376 00:21:04,920 --> 00:21:08,240 Speaker 4: But where I feel at the moment is Vanessa Hudson. 377 00:21:08,440 --> 00:21:11,240 Speaker 3: Absolutely. I think the thing You're completely right. 378 00:21:11,280 --> 00:21:13,959 Speaker 4: As far as the Australian public is concerned, the Quantus 379 00:21:14,000 --> 00:21:16,840 Speaker 4: brand trust is super super damaged. 380 00:21:16,840 --> 00:21:19,080 Speaker 3: Michael stopped pulling that face. I can see you. 381 00:21:20,480 --> 00:21:22,760 Speaker 1: It feels like I'm about to lose this. So I'm 382 00:21:22,760 --> 00:21:23,480 Speaker 1: just bracing. 383 00:21:23,400 --> 00:21:26,000 Speaker 3: I'm not sure. I'm still not sure I'm actually wishing 384 00:21:26,040 --> 00:21:26,320 Speaker 3: it up. 385 00:21:29,000 --> 00:21:32,920 Speaker 4: But I also think to point to Vanessa Hudson's particularly, 386 00:21:33,720 --> 00:21:35,480 Speaker 4: a lot of the issues that she has actually been 387 00:21:35,480 --> 00:21:38,359 Speaker 4: having to deal with during her tenure are historic. She's inherent, 388 00:21:38,480 --> 00:21:41,239 Speaker 4: We're inherited. Yes, yeah, a lot of them are inherent. Well, 389 00:21:41,240 --> 00:21:46,240 Speaker 4: she was there, good point, well made, Adam, appreciate it. 390 00:21:46,280 --> 00:21:50,680 Speaker 4: So to come to your story A and Zed is fascinating. 391 00:21:50,840 --> 00:21:52,920 Speaker 3: You know, when we look at the. 392 00:21:52,920 --> 00:21:57,000 Speaker 4: Layoffs that have already taken place, the staff survey that 393 00:21:57,119 --> 00:21:59,280 Speaker 4: also said, you know, morale's not great. We're not doing 394 00:21:59,359 --> 00:22:01,520 Speaker 4: We're not doing here when it comes to the fact 395 00:22:01,520 --> 00:22:04,439 Speaker 4: that people found out via an it email that they 396 00:22:04,440 --> 00:22:07,600 Speaker 4: were losing their jobs, and it also to me to 397 00:22:07,640 --> 00:22:11,040 Speaker 4: come back to like just a human being at heart. Yes, 398 00:22:11,440 --> 00:22:13,919 Speaker 4: share markets and investors love this, but that's an entire 399 00:22:13,960 --> 00:22:18,600 Speaker 4: disconnect from what is actually happening internally at these organizations 400 00:22:18,600 --> 00:22:20,159 Speaker 4: and what it actually means for the people that are 401 00:22:20,200 --> 00:22:26,159 Speaker 4: showing up at nine am for their role. Yeah and 402 00:22:26,520 --> 00:22:27,960 Speaker 4: gets it, Adam, You've got it. 403 00:22:28,720 --> 00:22:29,560 Speaker 2: That was a wrestle. 404 00:22:30,520 --> 00:22:32,960 Speaker 4: God. This is this is going to keep this is 405 00:22:33,000 --> 00:22:34,880 Speaker 4: going to keep me up at night. I honestly wasn't 406 00:22:34,880 --> 00:22:36,800 Speaker 4: sure what was going to come out until it came out. 407 00:22:37,400 --> 00:22:39,399 Speaker 1: Ah, you have to go with your gut on that 408 00:22:39,520 --> 00:22:42,719 Speaker 1: kind of thing. You just you just do. You just 409 00:22:42,840 --> 00:22:48,399 Speaker 1: use the force like a child. It's a boy, it's ale. 410 00:22:50,119 --> 00:22:50,680 Speaker 3: I got quite. 411 00:22:51,720 --> 00:22:52,320 Speaker 1: I was kind of that. 412 00:22:52,840 --> 00:22:54,480 Speaker 3: You two are kind of like children. 413 00:22:54,680 --> 00:22:55,560 Speaker 4: So like that. 414 00:22:56,080 --> 00:22:59,000 Speaker 3: The parallel, the parallel works, it does, it does. 415 00:22:59,320 --> 00:23:06,040 Speaker 1: Let's go with the final story, Adam, you go first, 416 00:23:06,440 --> 00:23:09,000 Speaker 1: this one. This is the favorite story of the week. 417 00:23:09,080 --> 00:23:11,480 Speaker 1: If you could look across the week and pick just 418 00:23:11,800 --> 00:23:16,720 Speaker 1: out of everything fun and exciting and fun and fun 419 00:23:16,800 --> 00:23:19,399 Speaker 1: that happened this week, pick what you the most first, 420 00:23:19,400 --> 00:23:20,880 Speaker 1: favorite fun story from the week. 421 00:23:21,440 --> 00:23:25,600 Speaker 2: Yep, so got it fun. I detected that and this 422 00:23:25,680 --> 00:23:29,920 Speaker 2: is my kind of fun. While Donald Trump regularly berates 423 00:23:30,080 --> 00:23:33,800 Speaker 2: US Federal Chair Jerown Powell in Washington over lowering interest 424 00:23:33,880 --> 00:23:35,720 Speaker 2: rates this week. 425 00:23:35,600 --> 00:23:38,040 Speaker 3: And do you want another go like, do you another tray? 426 00:23:38,200 --> 00:23:38,680 Speaker 1: No? No? 427 00:23:38,680 --> 00:23:42,280 Speaker 2: Oh god no, I am so convicted in this story. 428 00:23:43,119 --> 00:23:47,399 Speaker 2: It's me on a plate. This week, Reserve Bank Governor 429 00:23:47,480 --> 00:23:50,480 Speaker 2: Michelle Bullock was just down the road in Washington reminding 430 00:23:50,520 --> 00:23:54,040 Speaker 2: everyone while central bank leaders can be an insightful and 431 00:23:54,240 --> 00:23:58,359 Speaker 2: powerful apolitical asset and a NA mirror forum in the 432 00:23:58,440 --> 00:24:01,160 Speaker 2: US Capitol. Michelle Bullocks had astray this should be delivering 433 00:24:01,320 --> 00:24:05,119 Speaker 2: stronger fiscal results. While the economy is performing relatively well. 434 00:24:05,400 --> 00:24:08,479 Speaker 2: Unemployment remains at low four and a half percent, corporate 435 00:24:08,480 --> 00:24:12,320 Speaker 2: and royalty tax revenues are near record highs. We should 436 00:24:12,359 --> 00:24:15,760 Speaker 2: be doing better. Her message was echoed back home in Sydney, 437 00:24:16,000 --> 00:24:18,800 Speaker 2: where the Reserve Bank Assistant Governors Sarah Hunter explained why 438 00:24:18,840 --> 00:24:22,800 Speaker 2: productivity growth matters so much. Hunter revealed that trend productivity 439 00:24:22,880 --> 00:24:26,080 Speaker 2: has slowed to around zero point seven percent a year, 440 00:24:26,160 --> 00:24:29,280 Speaker 2: down from one percent, and even that's low, and she 441 00:24:29,400 --> 00:24:33,040 Speaker 2: warned that weaker productivity will limit how far wages can 442 00:24:33,160 --> 00:24:37,520 Speaker 2: rise without reigniting inflation. So Bullock's message was clear. Governments 443 00:24:37,560 --> 00:24:40,280 Speaker 2: should make hay while the sun shines. Against the backdrop 444 00:24:40,320 --> 00:24:44,480 Speaker 2: of Washington, Michelle Bullock delivered a crisp message back home. Reform, 445 00:24:44,680 --> 00:24:49,439 Speaker 2: get productive, compete or perish on the international business playing field. 446 00:24:49,880 --> 00:24:50,600 Speaker 3: Well played. 447 00:24:50,720 --> 00:24:54,680 Speaker 2: RBA Governor's my favorite story of the week, International players 448 00:24:54,720 --> 00:24:55,480 Speaker 2: of the week. 449 00:24:55,840 --> 00:24:59,720 Speaker 1: Perish on the international business playing field. That is a 450 00:25:00,080 --> 00:25:03,040 Speaker 1: that is a nice little touch of melodrama there. 451 00:25:03,080 --> 00:25:07,159 Speaker 2: We wanted storytelling, right, That's Natalie's one of her criteria. 452 00:25:07,240 --> 00:25:11,160 Speaker 1: Well, you know what, I am just going stories fun, 453 00:25:11,720 --> 00:25:19,880 Speaker 1: for fun, for cultural impact, business and for business on business, 454 00:25:20,320 --> 00:25:23,160 Speaker 1: and also subjective bias as well. 455 00:25:24,320 --> 00:25:27,320 Speaker 3: Are you going to tell me something about satellite No? 456 00:25:27,320 --> 00:25:30,880 Speaker 1: No, not my not my subjective bias. You would note 457 00:25:30,880 --> 00:25:35,840 Speaker 1: that I did not do any space stories again. Okay, 458 00:25:36,119 --> 00:25:40,080 Speaker 1: you get excited about one satellite story and never let 459 00:25:40,119 --> 00:25:40,760 Speaker 1: you forget it. 460 00:25:41,400 --> 00:25:43,360 Speaker 3: We heard about it for weeks. 461 00:25:43,440 --> 00:25:46,719 Speaker 1: Because it's going to change tell the communications in Australia anyway. 462 00:25:48,119 --> 00:25:50,200 Speaker 3: No, it's nice objective bias. Let's do it. 463 00:25:50,400 --> 00:25:55,399 Speaker 1: Taylor Swift, she's done it again. She just done it again, 464 00:25:55,720 --> 00:26:01,920 Speaker 1: shattering records, rewriting music history. There is a difference to 465 00:26:01,960 --> 00:26:03,840 Speaker 1: this one. So her new album, The Life of a 466 00:26:03,880 --> 00:26:09,040 Speaker 1: show Girl moved an extraordinary four million units in its 467 00:26:09,240 --> 00:26:15,680 Speaker 1: first week, smashing Adele's decade old record. But here's the 468 00:26:16,080 --> 00:26:18,520 Speaker 1: real headline. I think in this the thing that makes 469 00:26:18,520 --> 00:26:23,840 Speaker 1: this such an interesting business quirk. Okay, one point three 470 00:26:24,240 --> 00:26:30,840 Speaker 1: three four million of those were vinyl LPs. Just consider that, 471 00:26:31,080 --> 00:26:35,399 Speaker 1: right that in twenty twenty five, one person sold one 472 00:26:35,640 --> 00:26:42,040 Speaker 1: point three million vinyl records in just one week. Right. So, 473 00:26:42,240 --> 00:26:46,200 Speaker 1: NPR in the US put the numbers together in uh, 474 00:26:46,440 --> 00:26:49,320 Speaker 1: remember that one point three million one week. So the 475 00:26:49,440 --> 00:26:54,320 Speaker 1: artist Bad Bunny sold just fifty one thousand vinyls this year. 476 00:26:54,480 --> 00:26:59,640 Speaker 1: Morgan Wolland sold ninety thousand Sabrina Carpenter right, big success 477 00:26:59,720 --> 00:27:01,879 Speaker 1: in the States, but she's sold one hundred and ninety 478 00:27:01,880 --> 00:27:06,600 Speaker 1: seven thousand vinyls. Taylor has outsold all of them combined 479 00:27:07,200 --> 00:27:11,959 Speaker 1: seven times over in just one week. She broke the 480 00:27:12,000 --> 00:27:15,359 Speaker 1: previous record for first week vinyl sales in the modern era, 481 00:27:16,040 --> 00:27:19,480 Speaker 1: set last year by of course, Taylor Swift. This is 482 00:27:19,520 --> 00:27:23,359 Speaker 1: her fifteenth number one album. She now trails only the Beatles. 483 00:27:23,680 --> 00:27:25,960 Speaker 1: The songs from the record have rapped up six hundred 484 00:27:26,000 --> 00:27:29,119 Speaker 1: and eighty one million streams in just one week. But 485 00:27:29,280 --> 00:27:33,199 Speaker 1: that vinyl stat it is incredible. And Adam, I know 486 00:27:33,280 --> 00:27:35,280 Speaker 1: that this appeals to you because you are a vinyl 487 00:27:35,320 --> 00:27:38,639 Speaker 1: collector as well, Like this is just it is one 488 00:27:38,640 --> 00:27:41,360 Speaker 1: of those stories that crosses over from business into popular 489 00:27:41,400 --> 00:27:44,480 Speaker 1: culture and then back and it's just it's great. It 490 00:27:44,560 --> 00:27:48,480 Speaker 1: is a favorite story, a universal favorite story, right Natalie. 491 00:27:49,000 --> 00:27:52,200 Speaker 4: So I have a couple of points to make care Adam, 492 00:27:52,240 --> 00:27:55,600 Speaker 4: with regards to your story. Upsolutely Australia Australia should just 493 00:27:55,640 --> 00:27:58,399 Speaker 4: be doing better when it comes to sort of like 494 00:27:58,440 --> 00:27:59,639 Speaker 4: the global economic stage. 495 00:28:00,080 --> 00:28:02,160 Speaker 3: Someone pointed out to me this week, and I've just. 496 00:28:02,119 --> 00:28:06,280 Speaker 4: Done a fact check Australia's economic diversity were one hundred 497 00:28:06,280 --> 00:28:09,960 Speaker 4: and fifth out of one hundred and forty five countries. Wow. 498 00:28:10,040 --> 00:28:13,800 Speaker 3: That's that's that's literal numbers, productively not. 499 00:28:13,880 --> 00:28:16,439 Speaker 2: Fun being at the other end of the table. Lots 500 00:28:16,480 --> 00:28:16,960 Speaker 2: of no. 501 00:28:18,520 --> 00:28:18,720 Speaker 4: Home. 502 00:28:19,040 --> 00:28:22,760 Speaker 3: But then similarly, I will also just gently point out 503 00:28:22,800 --> 00:28:25,520 Speaker 3: that when I did a Taylor Swift story, I lost. 504 00:28:25,920 --> 00:28:27,240 Speaker 3: I did not win that round. 505 00:28:27,720 --> 00:28:29,879 Speaker 1: Yeah, we can, we can fix that now. That was 506 00:28:30,119 --> 00:28:32,399 Speaker 1: that was an egregious error by the judge at the 507 00:28:32,400 --> 00:28:33,479 Speaker 1: time it was. 508 00:28:33,680 --> 00:28:35,919 Speaker 3: It was the third. 509 00:28:36,160 --> 00:28:38,120 Speaker 4: The third point that I would also like to make 510 00:28:38,440 --> 00:28:40,680 Speaker 4: is you are currently on. 511 00:28:41,960 --> 00:28:43,320 Speaker 3: Two to Adam, one to Michael. 512 00:28:44,040 --> 00:28:46,800 Speaker 4: And last week I did a draw and I felt, 513 00:28:47,360 --> 00:28:49,560 Speaker 4: I went away think feeling like a kind of short 514 00:28:49,680 --> 00:28:52,840 Speaker 4: changed listeners for the for the win. 515 00:28:54,280 --> 00:28:57,400 Speaker 2: But how's this going to finish? 516 00:28:57,720 --> 00:28:59,800 Speaker 4: Michael gets this one, which means that it is a 517 00:29:00,160 --> 00:29:02,520 Speaker 4: raw again and I'm possibly the worst judge in fear 518 00:29:02,560 --> 00:29:03,840 Speaker 4: and greed history. 519 00:29:04,080 --> 00:29:04,800 Speaker 3: Deadlocked. 520 00:29:05,280 --> 00:29:08,320 Speaker 1: Okay, Adam, let's flip a coin, all right, heads, it's 521 00:29:08,360 --> 00:29:15,640 Speaker 1: you tails, it's me, Okay, swift, it's Tales. Congratulations to 522 00:29:15,720 --> 00:29:20,240 Speaker 1: me that that's a good result overall, Like considering I 523 00:29:20,280 --> 00:29:22,400 Speaker 1: thought I was, I thought, no way, I thought your 524 00:29:22,440 --> 00:29:25,320 Speaker 1: bias against me, Natalie is just so strong that I'm 525 00:29:25,360 --> 00:29:27,120 Speaker 1: definitely going to lose this. And the fact that we 526 00:29:27,160 --> 00:29:29,120 Speaker 1: came back and it was too old. I think there's 527 00:29:29,120 --> 00:29:31,720 Speaker 1: a it's a good result and in the end, the 528 00:29:31,760 --> 00:29:36,320 Speaker 1: winner today is Business News. That's the end. Listeners as 529 00:29:36,360 --> 00:29:40,040 Speaker 1: well of course that too. Thank you Natalie for your 530 00:29:40,120 --> 00:29:42,600 Speaker 1: judgment and for your time today and your your your 531 00:29:43,520 --> 00:29:46,280 Speaker 1: the care that you took in judging today. Thank you. 532 00:29:46,280 --> 00:29:48,360 Speaker 3: It's frighting the good vibes. 533 00:29:48,120 --> 00:29:51,560 Speaker 1: That I that I bring yep Adam, thank you for 534 00:29:51,600 --> 00:29:52,200 Speaker 1: your vibes. 535 00:29:53,240 --> 00:29:55,240 Speaker 2: Thank you Michael, and thank you Natalie. 536 00:29:55,680 --> 00:29:59,240 Speaker 1: Remember don't forget to follow the podcast head to Fear 537 00:29:59,240 --> 00:30:00,880 Speaker 1: and Greed dot com. Did I you as well to 538 00:30:00,920 --> 00:30:03,719 Speaker 1: sign up for our free daily newsletter, Oh Michael Thompson, 539 00:30:03,720 --> 00:30:05,680 Speaker 1: And that was Fear and Greed. Have a great weekend.