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Speaker 1: Australia is likely to miss renewable energy targets by twenty thirty,

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Speaker 1: but the news isn't all bad. Only about one third

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Speaker 1: of retirees have enough money to live comfortably, and an

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Speaker 1: independent measure of airline frequent flyer programs puts quantas in

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Speaker 1: the middle of the pack. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Monday, the sixteenth of September twenty twenty four.

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Speaker 1: Are Michael Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good Morning, Michael, Sean.

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Speaker 1: The main story this morning. Australia is likely to miss

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Speaker 1: renewable energy targets by twenty thirty, but is making ground

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Speaker 1: in transitioning the energy grid. Leading experts have said, just

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Speaker 1: as renewable energy as a share of total electricity production

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Speaker 1: hit a new record.

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Speaker 2: Yeah, so the news and the transition to renewables isn't great,

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Speaker 2: but it isn't a disaster either. Trans Chief executive Brett Redman,

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Speaker 2: a friend of our show, asked that renewable energy will

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Speaker 2: generate eighty two percent of Australia's power by twenty thirty one,

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Speaker 2: or twenty thirty two a year. Or two later then targeted.

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Speaker 2: He said recent delays to major projects probably means the

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Speaker 2: country will miss the twenty thirty target. That's according to

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Speaker 2: report in the Australian. UGL Managing director Doug Moss said

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Speaker 2: the targets would be extremely challenging, but meeting them would

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Speaker 2: be a boon for developers such as his company. Now.

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Speaker 2: UGL is a building contractor for major energy projects. It

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Speaker 2: includes the Snowy Hydro Curry Curry Gas facility. Mister Moss

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Speaker 2: said twenty thirty is a beachhead to aim for, but

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Speaker 2: the twenty fifty goals are achievable now. The federal government

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Speaker 2: has targeted eighty two percent renewables by twenty thirty, the

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Speaker 2: point that mister Redmond, mister Moss has made. We're not

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Speaker 2: going to get it there, but we're not a long

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Speaker 2: way behind.

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Speaker 1: So eighty two percent is the key number. That's the

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Speaker 1: focus here. Just how close then are we two actually

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Speaker 1: hitting that?

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Speaker 2: Well, some weeks we're much closer than others. The share

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Speaker 2: of electricity general by renewables reached an all time high

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Speaker 2: of seventy two point two percent in the half hour

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Speaker 2: leading up to midday last Monday, Say seventy two point

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Speaker 2: two versus eighty two percent now last Monday was marginally

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Speaker 2: better than the previous high set in October last year.

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Speaker 2: If we could sustain that level, we'd be on a

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Speaker 2: promising pathway, though experts in the media are saying that

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Speaker 2: we may struggle to rise much further over the next

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Speaker 2: couple of years until more coal power stations close. That's

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Speaker 2: because the coal generators whose supply are still vital to

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Speaker 2: keep the lights on when solar and win resources subside.

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Speaker 2: Those coal generators need to maintain minimum levels of operation

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Speaker 2: around the clock. They need to be putting power into

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Speaker 2: the grid. The next major coal station to close is

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Speaker 2: Origin Energies eight hundred and eighty megawatt, a arring generator

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Speaker 2: that's the country's biggest. Each shutdown was delayed by a

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Speaker 2: couple of years in May. It's due to close in

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Speaker 2: August twenty twenty seven. But if we just that ticking over,

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Speaker 2: because we need to, if we want it to work,

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Speaker 2: it's going to be hard to up the renewables share

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Speaker 2: of the total electricity supply. Solar pedals continue to provide

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Speaker 2: a large share of the supply of the renewable supply

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Speaker 2: at least rooftop solar provided about thirty nine percent between

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Speaker 2: eleven thirty am and midday last Monday, according to the

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Speaker 2: Australian Energy Market Operator. It's a much better outcome than

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Speaker 2: the June quarter, when both wind and solar generation was

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Speaker 2: much weaker. A big pub part of the problem there

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Speaker 2: is the short days of autumn and winter contribute to

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Speaker 2: less renewables generation, and it also triggered the resurgence in

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Speaker 2: colon gas power generation obviously to fill the gap. So

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Speaker 2: the June quarter is always a week quarter. However, last week,

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Speaker 2: Michael seventy two point two percent. Not bad.

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Speaker 1: That's not too bad. This is a big story. And

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Speaker 1: I know it's only Monday, but I'm going to put

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Speaker 1: in a special request. Yeah, I may sure. On Wednesday

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Speaker 1: we release the weekly, the free weekly newsletter, the Fear

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Speaker 1: and Greed Newsletter. And if if the podcast is about

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Speaker 1: the news, the newsletter is kind of your views. It

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Speaker 1: kind of delves into your opinions and kind of a

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Speaker 1: little bit more background and context. Can I put in

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Speaker 1: a special request that you might cover this topic in

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Speaker 1: one of your stories there, because I would love to

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Speaker 1: know what you think about this progress and about how

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Speaker 1: we're tracking.

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Speaker 2: Right, I will do. I do have quite a firm

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Speaker 2: view on this.

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Speaker 1: Excellent and if you want to hear what that firm

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Speaker 1: view is. If you'd like to see Sean's really your

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Speaker 1: your innermost, your deepest, darkest thoughts, no, no, no, no, most enticing,

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Speaker 1: head along to Fearangreed dot com dot au and pop

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Speaker 1: your email address in sign up for the newsletter and

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Speaker 1: you will receive it when it comes out mid morning

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Speaker 1: on Wednesday. Definitely something to look forward to. Let's take

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Speaker 1: a look at local markets, now, Sean, how did things

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Speaker 1: finish up on Friday?

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Speaker 2: Yes, and pa s X two hundred closed up zero

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Speaker 2: point three percent to eighty one hundred points, taking the

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Speaker 2: weekly gain to just table one percent. It actually peaked

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Speaker 2: on Friday at eight one hundred and forty three point

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Speaker 2: six points. That's just five points off the all time

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Speaker 2: record set in August. Gold miners with the standout sector.

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Speaker 2: Hope of more fiscal stimulus and China boosted the big

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Speaker 2: miners for as few Medals Group for example, jumped to

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Speaker 2: five percent. Oil prices were also higher, helping both Woodside

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Speaker 2: and Santos some of the lithium companies. They came off

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Speaker 2: they had jumped earlier in the week. Last week, the

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Speaker 2: big banks were also lower. On Friday, Corporate news around

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Speaker 2: Singapore based Ola Magri lifted its bid for Nemoy Cotton

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Speaker 2: to seventy five cents to share from seventy cents share.

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Speaker 2: That is about twelve percent more than the competing bid

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Speaker 2: of sixty seven cents a share by the Louis Dreyfus company.

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Speaker 2: Ole Am Magri said it's in discussion with the Australian

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Speaker 2: competition regulators. It's confident of a positive outcome. Some of

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Speaker 2: the big shareholders in Nemoy Cotton came out on Friday

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Speaker 2: and tended to agree, so that looks like they're getting

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Speaker 2: close to a deal there and tole Raid Group, Atlas

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Speaker 2: Arteria will proceed with a compensation claim against the French state. Now,

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Speaker 2: this came after the French Constitutional Council ruled it a

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Speaker 2: new tax on companies with long distance transport infrastructure like

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Speaker 2: Atlas is compliant with the constitution. Problem is the new

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Speaker 2: tax at least that will hit Atlas's earnings and it

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Speaker 2: wants conversations, so it's basically suing the French state.

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Speaker 1: Now after the show Sean, you have an interview coming

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Speaker 1: up today with Andrew Perros, the co portfolio manager of

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Speaker 1: the Osville Microcap and Small Cap Funds.

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Speaker 2: So we start with a question why have micro and

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Speaker 2: small caps underperformed large caps and will they continue to

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Speaker 2: do so? And we jumped into it from there. So

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Speaker 2: it's a great chat with Andrew about what's happening in

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Speaker 2: that mid cap small cap and the market kind of

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Speaker 2: from about number fifty to about number three hundred on

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Speaker 2: the ax, if you think of it that way. And

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Speaker 2: he also names a few companies that he particularly likes

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Speaker 2: at the moment.

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Speaker 1: Yeah, of course we're not an investing podcast, and you

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Speaker 1: should seek professional advice before making investment decisions, but it's

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Speaker 1: always fascinating to hear the research that goes into that.

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Speaker 1: It's coming up after the show. Now to blue chip communication,

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Speaker 1: the experts helping financial services companies market communicate and grows

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Speaker 1: a blue chip communication dot com dot AU. What's happening

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Speaker 1: in international markets?

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Speaker 2: Wall Street's done that pretty well over the past week,

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Speaker 2: jumping by around four percent and it's training close to

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Speaker 2: record highs bit like the Aussie market, Eurozone and Japanese

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Speaker 2: shares also rose last week, while the Chinese market fell.

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Speaker 2: It's a very big week coming up in the US,

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Speaker 2: with recent economic data reinforcing the view that the Federal

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Speaker 2: Reserve will cut interest rates this week. The debate now

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Speaker 2: seems to be whether it will be twenty five basis

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Speaker 2: points or fifty basis points. Last week, the European Central

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Speaker 2: Bank cut the benchmark rate for a second time. The

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Speaker 2: Canadian central banks also started cutting rates. The Bank of

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Speaker 2: Japan meets this week. It's unlikely to shift on rates.

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Speaker 2: The Reserve Bank will cut this week. No, no, no,

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Speaker 2: that's just joke, Michael. You know everyone else is cunning.

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Speaker 2: We're not.

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Speaker 1: It does start to feel like we are the odd

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Speaker 1: ones out right now.

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Speaker 2: It does, It does, It does. We will get there eventually.

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Speaker 2: Oil steady trading around seventy two US dollars a barrel,

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Speaker 2: Goals trading just under twenty five. I have eighty US

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Speaker 2: dollars announced. That's close to a record level. Bitcoin is

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Speaker 2: back above sixty thousand US dollars a unit, and the

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Speaker 2: Aussie dollar is buying just over sixty seven US cents.

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Speaker 1: All right, plenty to cover. We'll be back in a moment.

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Speaker 1: With the rest of the day's business news sewn. The

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Speaker 1: Federal Coalition is now pushing to not change the Reserve

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Speaker 1: Bank Board, saying it no longer needs to be considered.

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Speaker 2: It's all a bit confusing given an independent inquiry set

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Speaker 2: up by the coalition government recommended the Central Bank Board

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Speaker 2: be split into an interst rate setting body and a

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Speaker 2: governance body. The Liberal Party supported the split, though we

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Speaker 2: couldn't agree with Federal treasure Jim Chalmers about who would

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Speaker 2: sit on the interstrate Setting Committee. Yesterday, Opposition financed spasperson

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Speaker 2: Jane Hume said the people currently on the Reserve Bank

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Speaker 2: Board should continue to do Montree policy, which sounds like

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Speaker 2: the Opposition doesn't want any change now. Any splitting of

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Speaker 2: the board requires legislative change and between the government and

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Speaker 2: the Greens at the moment seems some way off. So

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Speaker 2: if the Coalition is now saying we don't want any change,

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Speaker 2: it could you know, after all the hu ha, the

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Speaker 2: brew haha. That's a better word, after all the brew haha.

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Speaker 2: Maybe nothing happens.

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Speaker 1: How about this? This is extraordinary. Tesla and ex owner

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Speaker 1: Elon Musk has doubled down on criticism of the Albanese government,

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Speaker 1: calling it far left and fascist.

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Speaker 2: Yeah. So on Friday, he reposted a story on x

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Speaker 2: from Reuters about the federal government's push to find Internet

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Speaker 2: platforms five percent of their global revenue for failing to

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Speaker 2: prevent the spread of misinformation. He added one word to

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Speaker 2: that post, fascists. Then yesterday he retweeted a post to

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Speaker 2: his one hundred and ninety seven million followers that included

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Speaker 2: the Prime Minister's criticism of mister Musk. Mister Musk added,

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Speaker 2: far left fascists love censorship. Under the changes which Labor's proposing,

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Speaker 2: platform forms that failed to comply could be hit with

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Speaker 2: these five percent penalties, but that would be billions of dollars.

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Speaker 2: Mister Musk is a self proclaimed free speech absolutist that

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Speaker 2: increasingly has sparred with governments around the world. Self proclaimed

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Speaker 2: free speech absolutist when it suits you, I'd say.

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Speaker 1: There have been a few inconsistencies in the past, haven't

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Speaker 1: There have been a few moments, particularly, I remember there

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Speaker 1: was one in relation to people reporting where his private

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Speaker 1: plane was and things like that, and it was insisting

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Speaker 1: that there is information that should not be released. Okay,

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Speaker 1: all right, But anyway, he is great for a headline,

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Speaker 1: isn't he.

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Speaker 2: He is very good for a headline. Aline Musk. It's

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Speaker 2: getting a bit tiring though. I find like it's a

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Speaker 2: bit like Donald Trump. He's sort of just too much

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Speaker 2: of a good thing.

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Speaker 1: Yeah, yeah, it's just and also wonder kind of what

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Speaker 1: what say Anthony Albanezy and others in the government would

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Speaker 1: make of it, because it's probably not a bad thing

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Speaker 1: to be in a fight with someone like Elon Musk. No.

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Speaker 2: Well, actually last Friday when it happened, Bill Shorten and

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Speaker 2: Peter Dutton were both on one of the morning programs

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Speaker 2: and they basically laughed at Elon Musk. I mean there

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Speaker 2: was no disagreement between those two are actually I think

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Speaker 2: I think Bill Shorten said Elon Musk has more positions

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Speaker 2: in the Karma Sutra on this one, and then Peter

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Speaker 2: Dutton said something along the lines of Bill stopped talking

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Speaker 2: about the Karma Sutra, which is a fair call. But yes,

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Speaker 2: they're all sort of I think they're all laughing at him.

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Speaker 1: Really a rare moment of bipartisanship once again. Now, about

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Speaker 1: two thirds of Australian baby boomers leaving the workforce don't

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Speaker 1: have enough superannuation to retire comfortably, according to research from

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Speaker 1: the industry's Peak Body.

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Speaker 2: Slightly more than thirty percent of Australians are able to

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Speaker 2: afford a comfortable lifestyle in retirement, according to the Association

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Speaker 2: of Superannuation Funds of Australia. Currently the median pension account

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Speaker 2: balance for men aged sixty to sixty four is two

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Speaker 2: hundred and five one hundred and fifty four thousand for

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Speaker 2: women to be as. These numbers were done as at

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Speaker 2: Dune twenty twenty two, so they're a bit old, but

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Speaker 2: the gist of them is correct. The industry standard for

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Speaker 2: what's considered a comfortable retirement is six hundred and ninety

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Speaker 2: thousand for couples five hundred and ninety five thousand for singles.

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Speaker 2: According to report on Bloomberg, Australia's retirement savings pool is

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Speaker 2: closing in on four trillion dollars. About two point five

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Speaker 2: million Australians are expected to retire in the next decade.

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Speaker 2: ASPAS said that as the pension system matures and balances increase,

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Speaker 2: the portion of people retiring with enough money to fund

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Speaker 2: a comfortable lifestyle will rise to about fifty percent or

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Speaker 2: more by twenty fifty, which of course is good news. Now.

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Speaker 1: I mentioned this one at the top of the show shown.

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Speaker 1: The first independent analysis of more than sixty airline loyalty

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Speaker 1: programs has ranked Conscious frequent Fire twenty fourth and been

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Speaker 1: critical of the large number of points needed for redemptions,

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Speaker 1: poor customer service and high change fees.

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Speaker 2: Travel tech company point Me undertook the analysis. They have

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Speaker 2: several months allocated marks to each program across several criteria

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Speaker 2: including the ease of earning miles or points, redemption rates,

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Speaker 2: ease of booking and customer service quality. According to report

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Speaker 2: in The Australian, the reward program of Air France and

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Speaker 2: KLM known as Flying Blue. I don't know that's a

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Speaker 2: very good name for a frequent fly program anyway. Flying

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Speaker 2: Blue it was rated the best scheme, followed by Air

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Speaker 2: Canada Aeroplan United Mileage plus. Many Australians would be on

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Speaker 2: that one. British Airways Executive Club and Virgin Atlantic Flying Club.

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Speaker 2: Emirates Skywoods came in at eleventh. Singapore Airlines was seventeenth

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Speaker 2: with its Chris Flyer program and Qantas was twenty fourth.

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Speaker 2: Virgin Australia Velosity it finished thirty third, the same as

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Speaker 2: Air New Zealand's airpoints.

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Speaker 1: At Bunnings Aldi and Kmart how are this? They are

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Speaker 1: Australia's three most trusted brands, while Toyota, Bendigo Bank and

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Speaker 1: Nike are on the up.

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Speaker 2: That's the findings from the Roy Morgan survey released on Friday,

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Speaker 2: and the top three are unchanged over the June quarter.

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Speaker 2: Next in order Ah Toyota at four, than Apple, Ossie,

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Speaker 2: Post Maya, Big w Nrama and Samsung the most distrusted brands.

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Speaker 2: In order of bad to less bad, shall we say

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Speaker 2: optus quantas, Facebook, Coles and Woollies. Then comes Telstra News Corp,

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Speaker 2: ex TikTok and Tiamu. Roy Morgan chief executive Michelle Levine

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Speaker 2: said Bunnings is the only survivor from the top three

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Speaker 2: rankings of a year ago. Woollies and Coles are the

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Speaker 2: ones who have really fallen from grace, shifting over the

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Speaker 2: twelve months from among the most trusted to the most distrusted.

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Speaker 2: She said the high trust ratings for Aldie and independent

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Speaker 2: grocer IgA showed that the distrust for the two majors

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Speaker 2: is not an industry wide issue and it is specifically

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Speaker 2: for Wollies and Cols. She said their brands specifically have

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Speaker 2: become associated with price gouging. High profits in corporate greed.

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Speaker 1: The one I'm most intrigued by. The supermar story is

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Speaker 1: interesting there, but Australia Post. Don't you find that fascinating,

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Speaker 1: particularly kind of when there's been so many problems over

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Speaker 1: recent years about kind of slow delivery, what days things

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Speaker 1: are actually kind of being delivered, and then the ongoing

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Speaker 1: saga of somehow missing the Australia Post delivery person and

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Speaker 1: ending up with the sorry I missed you slip on

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Speaker 1: your doorstep even though you are home the entire time.

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Speaker 1: I'm impressed, I'm seriously impressed that Australia Post is as

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Speaker 1: high as it is.

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Speaker 2: You're probably right, but we have also discussed if you

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Speaker 2: ever go into an Aussie Post office now or a

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Speaker 2: retail outlet, it's just fantastic. Even when you're lining up

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Speaker 2: you're looking at things to buy. The retail outlets that

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Speaker 2: Aussie Post are great.

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Speaker 1: That's right. I mean, I cannot go into Australia Post

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Speaker 1: without coming out with a new air fryer. I don't know,

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Speaker 1: they just see me coming and they stack the air

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Speaker 1: fryers officer. I don't know why. Anyway, Well done, Aussie Posts.

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Speaker 1: That's a good result. Turning to International News Now, Sean

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Speaker 1: workers at aircraft manufacturer Boeing walked off the job over

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Speaker 1: the week and triggering more problems, yet more problems for

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Speaker 1: the Belie Good group.

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Speaker 2: The strike could go on for a while, according to

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Speaker 2: union leadership, as workers strive to get bigger wage increases

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Speaker 2: and an improved pension. More than thirty thousand members of

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Speaker 2: the International Association of Machinists and Aerospace Workers who produce

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Speaker 2: Boeing's top selling seventy three seven Max and other jets

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Speaker 2: in the Seattle and Portland plants, began a strike on

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Speaker 2: Friday US time. Boeing stock fell four percent and has

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Speaker 2: tumbled almost forty percent so far this week, cutting the

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Speaker 2: company's market value by about fifty eight billion US dollars.

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Speaker 2: A long strike is a real problem. It could further

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Speaker 2: damage Boeing's finances. Boeing already has about sixty billion dollars

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Speaker 2: in debt. A lengthy pause and plane production would also

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Speaker 2: weigh on the airlines that fly Boeing jets, including those locally,

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Speaker 2: because it's just difficult to get parts all right. Up.

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Speaker 1: Next is fear and greed. The Week Ahead, featuring our

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Speaker 1: resident economist Stephen could call us, who's back from holidays.

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Speaker 2: Back from holidays, very very cognizant of what's going on

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Speaker 2: in Europe. Well, he was off air anyway, We had

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Speaker 2: to stop him from saying too much about it on air.

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Speaker 2: Big week this week, we have got the labor force

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Speaker 2: numbers very important. Increasingly people are talking more. Well, I

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Speaker 2: suppose inflation is still the main conversation, but there's more

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Speaker 2: being spoken about what's happening in the labor market. So

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Speaker 2: he talked to Stephen all about that.

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Speaker 1: Yeah, indeed, it's always great to hear his opinions of

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Speaker 1: what's happened. It's amazing he has been in Europe for

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Speaker 1: three weeks, yet he has kept across everything that is

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Speaker 1: happening at home as well. Like he's just I don't know.

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Speaker 1: If I was going on holidays for that period, it

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Speaker 1: would just be unplug everything and he just just out.

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Speaker 1: But he is still across every single thing that has

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Speaker 1: happened in the economy.

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Speaker 2: Well, he said that. You know, in his downtime when

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Speaker 2: he's on holidays, he goes and listens to podcasts and

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Speaker 2: including ours, and that keeps him up to date with

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Speaker 2: what's going on. I could think of better things to

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Speaker 2: do Steven no disrespond.

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Speaker 1: I have never heard a podcast host actively discouraging people

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Speaker 1: from listening to their podcast. Anyway, there's the first for everything.

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Speaker 1: After Stephen could call us after the week Ahead. You

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Speaker 1: have an interview coming up, of course with Andrew Peros

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Speaker 1: from Osville, YEP.

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Speaker 2: All about the small and microcap sector, what's going on there,

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Speaker 2: how they're performing compared to the larch CAFs. And Andrew

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Speaker 2: gives us a couple of his favorites in that area.

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Speaker 1: Indeed, two must listen episodes coming up. They are up

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

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Speaker 1: platform or at Fearangreed dot com dot au, which is

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Speaker 1: where you sign up for the free weekly newsletter that

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Speaker 1: I mentioned earlier. Thank you very much, Sean.

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Speaker 2: Thank you Michael.

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Speaker 1: It is Monday, the sixteenth of September twenty twenty four.

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Speaker 1: Make sure you are following the podcast and please join

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Speaker 1: us online on LinkedIn, Instagram, x TikTok and Facebook. I'm

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Speaker 1: Michael Thompson. That was Fear and Greed. Have a great day.