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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the thirtieth September twenty twenty four. I'm Sean Elmer.

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Speaker 1: Every afternoon, we've got the fire stories that happened today

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Speaker 1: that you need to know about. Astratum one, the SMPA

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Speaker 1: six two hundred hit a new record today of eight thousand,

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Speaker 1: two one hundred and eighty five point two points, finishing

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Speaker 1: the day point seven percent higher at eighty two hundred

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Speaker 1: and seventy points. For the September quarter of the index

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Speaker 1: is up six and a half percent. That's a pretty

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Speaker 1: good three months. Materials and energy stocks led the way

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Speaker 1: today as the price of iron ore continues to rise

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Speaker 1: and oil also bounced by HP was up two and

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Speaker 1: a half percent. Forest QW Metals Group jumped three percent

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Speaker 1: and Rio Tinto finished up two percent. Woodside and Santos

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Speaker 1: both rose three percent. The big banks were mixed, while

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Speaker 1: Telstra was the worst for the large caps, finishing down

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Speaker 1: one percent. Casino Group Star Entertainment was the best performer.

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Speaker 1: It rose nineteen percent after its forty three percent drop

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Speaker 1: on Friday. And there might be industrial action at Quantas

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Speaker 1: by the engineers, but that hasn't hurt the national carrier

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Speaker 1: share price. It's trading newer record level. In corporate new years,

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Speaker 1: Linetown Resources jumped after completing its first shipment of spot

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Speaker 1: amine concentrate to China and starting spot sales from its

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Speaker 1: Kathleen Valley project in Western Australia. New Zealand. Cinlat Milk

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Speaker 1: also arose despite posting a massive NIT loss for fiscal

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Speaker 1: twenty twenty four, and dental group Pacific Smiles slipped slightly

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Speaker 1: after its board rejected to take over bid from Genesis

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Speaker 1: Sorry Number two. The federal government's coffers are looking better

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Speaker 1: after a cut in spending helped boost last financial years surplus,

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Speaker 1: though another one this financial year is very unlikely. Federal

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Speaker 1: Treasurer Jim Chalmers today said the final budget position for

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Speaker 1: the twenty twenty three to twenty four financial year was

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Speaker 1: a surplus of six billion dollars that came from duece

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Speaker 1: spending rather than higher taxing. This financial years, Death said

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Speaker 1: its forecast to come in at twenty eight billion dollars,

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Speaker 1: down from the initial estimate of forty seven dollars. Dr

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Speaker 1: Chalmers said the one hundred and seventy two billion dollar

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Speaker 1: turnaround in two years was the biggest nominal improvement in

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Speaker 1: the budget in a parliamentary term. Ever, he said debt

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Speaker 1: had been reduced by about one hundred and fifty billion dollars,

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Speaker 1: which means something like eighty billion dollars less in interest

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Speaker 1: payments on that debt. Personal income tax topped three hundred

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Speaker 1: and thirty one billion dollars last financial year, though fifty

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Speaker 1: two percent of the federal government's total tax take due

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Speaker 1: to strong employment growth and bracket creep. That's a record

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Speaker 1: level of contribution from personal income tax to total revenue

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Speaker 1: Strata MASTROI. Prime Minister Anthony Albernizi has warned that Australians

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Speaker 1: do not want radical ideologies in the country. He said

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Speaker 1: the government continues to call for a de escalation of

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Speaker 1: the conflict in the Middle East. He was speaking ahead

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Speaker 1: of a Cabinet meeting and following pro Palestine protests over

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Speaker 1: the weekend in both Sydney and Melbourne. The protests were

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Speaker 1: allegedly gate crashed by pro HESBLA protesters waving flags of

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Speaker 1: the terrorist organization. Mister Traibanzi said what happened worrying and

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Speaker 1: Australia does not want people to bring radical ideologies and

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Speaker 1: conflict here. Foreign Affairs Minister Penny One condemned any support

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Speaker 1: for terrorist organizations such as HESBLA. She said it threatens

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Speaker 1: national security and fuels fear and division in communities. Opposition

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Speaker 1: leader Peter Dutton called for the Hesblah flag waivers to

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Speaker 1: be arrested immediately straight um before. Productivity levels have fallen,

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Speaker 1: with labor productivity returning to the week trend in the

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Speaker 1: years before the COVID nineteen pandemic, I mean a surge

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Speaker 1: of workers entering the care economy. Labor productivity fell by

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Speaker 1: zero point eight percent across the Dune quarter, according to

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Speaker 1: the latest quarterly report from the Productivity Commission. In the

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Speaker 1: year to June twenty twenty four, productivity rose by a

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Speaker 1: modest zero point five percent. According to the quarterly Productivity Bulletin,

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Speaker 1: Deputy chair Professor Alex Robson said it marks a return

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Speaker 1: to weak productivity growth. That's bad news because productivity is

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Speaker 1: the way of alleviating inflation, he said, to show his

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Speaker 1: productivity deadlock has persisted through two very different economic environments,

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Speaker 1: one pre COVID one post COVID. It suggests policymakers need

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Speaker 1: to pay closer attention to the deepest structural issues at

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Speaker 1: play and story number five. Israel has launched a wave

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Speaker 1: of air strikes against Houti rebels in Yemen, dramatically widening

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Speaker 1: its offensive against Iranian backed militants. It came two days

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Speaker 1: after assassinating Hesbala leader has An Israela in Lebanon. The

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Speaker 1: Israeli Defense Forces said the attack against the Huities involved

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Speaker 1: dozens of warplanes and targeted power plants, ports, and other infrastructure.

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Speaker 1: Israel also launched dozens of fresh strikes in Lebanon and

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Speaker 1: vowed to keep up its offensive against Hesblah. According to

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Speaker 1: The Financial Times, over the past two weeks, Israel's offensive

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Speaker 1: has killed more than one thousand people across Lebanon. That's

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Speaker 1: according to the Lebanese Health Ministry. The Hurties have launched

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Speaker 1: missiles and drains at israel merchant shipping and US naval

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Speaker 1: vessels in the Red Sea ever since October seventh. That's

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Speaker 1: the day the attack by Palestinian militant group Hamas, a

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Speaker 1: fellow member of the Iran lead Axis of Resistance. That's

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Speaker 1: it for the afternoon report for Monday, the thirtieth September

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Speaker 1: twenty twenty four. Don't forget to follow on the podcast,

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Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok,

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Speaker 1: and Facebook. Join Adam Lang and I Tomorrow I'm morning

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Speaker 1: for the Fast Five by Fear and Greed, the top

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Speaker 1: five business stories you need to know in just five minutes.

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Speaker 1: I'm sure I, Alma, enjoy your eadning