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Speaker 1: Welcome to the weekend edition of the Fast Five Business

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Speaker 1: News by Fear and Greed. A'm Michael Thompson and Hello

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Speaker 1: Sean Ailmer.

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Speaker 2: Hello Michael Sewan.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. But on the weekend

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Speaker 1: we still keep it to five minutes, of course, but

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Speaker 1: we're going to pick out our biggest business story of

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Speaker 1: the week, the most remarkable, a mystery category that we

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Speaker 1: change every week, and then our favorite business related story.

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Speaker 1: So let's jump straight into the biggest of the week.

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Speaker 1: What do you reckon?

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Speaker 2: It was well for mine, it's what's happened in the economy.

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Speaker 2: The Reserve Bank is clearly worried about inflation. We found

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Speaker 2: that out after the Central Bank Board met on Tuesday.

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Speaker 2: The inflation outlook has deteriorated. Banks now on a decidedly

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Speaker 2: tightening bias. Then we've got labor force data. Local economy

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Speaker 2: shed more than twenty one thousand jobs, mostly men, mostly

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Speaker 2: full time employment. Other partial indicators. I've got to say

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Speaker 2: my favorite household spending roads last month according to Commonwealth

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Speaker 2: Bank Cards data, in part thanks to tours by Oasis

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Speaker 2: Metallic in ACDC, the ashes cricket tests and Perth and

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Speaker 2: the release of Wicked for Good. This economy very difficult

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Speaker 2: to read. Michael seems to be picking up in the

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Speaker 2: Reserve Bank is worried about inflation, but a primary cause

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Speaker 2: of higher prices it's higher wages. Yet we're shedding jobs.

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Speaker 2: Being a central bank governor ain't all it's cracked up

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Speaker 2: to me.

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Speaker 1: Yeah, okay. The biggest story for me as the fact

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Speaker 1: that we don't often get to speak about an Australian

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Speaker 1: world first. But this week was one of those weeks

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Speaker 1: where we had. On Wednesday, the government's ban on under

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Speaker 1: sixteen year olds accessing social media kick in. Designed to

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Speaker 1: give young people a bit of space, a bit of

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Speaker 1: protection from online bullying and the exploitation that takes place

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Speaker 1: by the algorithms on those platforms. It is going to

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Speaker 1: save lives. It's not perfect. There were reports immediately of

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Speaker 1: fifteen year olds being verified with the age gating software

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Speaker 1: on Snapchat, others getting through with fake birthdays. Teens have

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Speaker 1: been rushing to the unrestricted platforms other kind of lesser

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Speaker 1: known social media platforms like Lemonade, but the government and

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Speaker 1: E Safety Commission have said that they will adjust the

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Speaker 1: ban as needed and add more platforms to it as required.

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Speaker 1: The rest of the world is watching a bunch of

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Speaker 1: other countries actively talking about following Australia's lead here. I

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Speaker 1: think the government has done a good thing and it

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Speaker 1: happened with bipartisan support. This is a big story this week, Sean.

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Speaker 2: Sure, Can I tell you what my most remarkable story is. Yes,

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Speaker 2: parliamentary expenses Hi. The travel expenses scandal for one of

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Speaker 2: a better word, seems to be hitting all sides of politics.

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Speaker 2: From are from Arnica Wells, the Communications Minister, to Trade

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Speaker 2: Minister Don Farrell, Opposition Member Bridget mackenzie, Green, Senate At

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Speaker 2: Sarah Hanson Young, many other many other ministers and MPs.

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Speaker 2: Anything but easy. The PM got a bit ditchy late

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Speaker 2: in the week saying the rules on parliamentary and travel

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Speaker 2: and tit titlements are well established. The government hasn't changed anything.

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Speaker 2: Do you things remarkable about this? I think it's remarkable

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Speaker 2: we're having the debate. No one seems to have broken

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Speaker 2: any rules. I applaud our political leaders for doing what

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Speaker 2: they do. I'm happy for the family members to go

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Speaker 2: along to things. I reckon they benefit from having them around.

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Speaker 2: But we are having the debate. So the second thing

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Speaker 2: that's remarkable is that the alp in Albanize. You don't

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Speaker 2: understand just how awful it looks. Sure, nothing is illegal,

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Speaker 2: but does it pass the pub test? Absolutely not.

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Speaker 1: Yeah, probably not. The other remarkable one, and this is

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Speaker 1: one out of the States, is as a massive battle

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Speaker 1: over the future of Hollywood. The start of the week,

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Speaker 1: we're talking about Netflix making a deal to buy Warner

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Speaker 1: Brothers for the equivalent of about one hundred and eight

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Speaker 1: billion Aussie dollars. Then Paramount Skydance just came hurtling in

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Speaker 1: with a hostile takeover bid for Warner Brothers, which values

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Speaker 1: the company at around one hundred and sixty three billion dollars.

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Speaker 1: Very different figures, but they're after different things. So Paramount

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Speaker 1: wants everything. They want kind of the movie studio, HBO

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Speaker 1: streaming service, all the content, but they also want the

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Speaker 1: streaming the cable channels like Cnnflix. Netflix is more focused

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Speaker 1: on the studio and the content. There is so much

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Speaker 1: in this it can potentially shape the entire future of

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Speaker 1: the industry. Political element as well, because there's a lot

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Speaker 1: of regulatory kind of hurdles that need to be passed

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Speaker 1: in order to get either one of these deals through.

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Speaker 1: It's just a massive story, this one, Sean sure is. Michael, Okay,

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Speaker 1: let's go for our mystery category. Let's call them own

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Speaker 1: goals perhaps for this week. What did you like on

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Speaker 1: this one?

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Speaker 2: Well, I liked Quittas making a song and dance about

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Speaker 2: the return of the tenth and final eight three eighty

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Speaker 2: to the skies after it had undergone one hundred thousand

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Speaker 2: hours of maintenance over two and a half years, having

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Speaker 2: previously set in the desert for three years. It took

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Speaker 2: off Alas after one of its first flights Sydney to

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Speaker 2: LA the plane was grounded flowing damage to the slat

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Speaker 2: on its left wing looked like a hole in the

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Speaker 2: wing they Quantas said. It landed safely, so basically used

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Speaker 2: to alter the surface of the wing during takeoff and landing,

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Speaker 2: allows planes to do that at lower speeds. Quantus then

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Speaker 2: confirmed that the plane also had an unrelated electrical system

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Speaker 2: malfunction on the thirteen hour flight to California. Song and

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Speaker 2: dance about the new well, the old plane coming back

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Speaker 2: in the service, and then that happened own goal.

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Speaker 1: Yeah, Look, my suggestion for this one is kind of

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Speaker 1: driven by self interest because next year we are planning

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Speaker 1: to take the kids to the US to go to Disneyland.

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Speaker 1: It's going to be fantastic. We're going to take them

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Speaker 1: to see the Grand Canyon as well. Unfortunately, this week

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Speaker 1: an announcement by the US says that they are going

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Speaker 1: to put one hundred and fifty dollars charge per person

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Speaker 1: for foreigners to visit national parks like Yosemite and Yellowstone

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Speaker 1: and the Grand Canyon as well. So it just became

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Speaker 1: a little bit more expensive to do that. And at

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Speaker 1: the same time there is a proposal in place for

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Speaker 1: major new est rules. This is the kind of visa

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Speaker 1: thing that you need to get to go to the US.

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Speaker 1: Whereas mobile only applications submitting biometrics things like face fingerprints,

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Speaker 1: DNA IRIS, extensive personal data including five years of social media,

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Speaker 1: phone and email history, applications will be slower and far

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Speaker 1: more detailed. It's just becoming very, very difficult to go

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Speaker 1: to the US and spend money there. I just I

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Speaker 1: find that a curious situation.

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Speaker 2: Sean, definitely curious. Can I tell you my favorite story?

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Speaker 2: I think we both agree on this one.

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Speaker 1: Where are united behind this one? Go for it?

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Speaker 2: The impact of weight loss drugs on the rest of

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Speaker 2: the economy. The use of weight loss drugs in US

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Speaker 2: adults has doubled over the past year to twelve percent,

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Speaker 2: according to Gallop What's It Meant? Obesi through as have

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Speaker 2: fallen ten percent. Reduction in spending across groceries, quick service restaurants,

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Speaker 2: and tobacco. Weight loss takers have reduced their spending on

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Speaker 2: dining out by nine percent. Sales for small sized clothing

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Speaker 2: for men and women are up, Formal wear sales are

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Speaker 2: up eighty percent, Sporting goods jump twenty four percent. Wearable

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Speaker 2: electronic sales have surged. There's been an improvement in body image,

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Speaker 2: likely to boost travel, and an entertainment it's entertainment spending.

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Speaker 2: It's really interesting just to see how these weight loss

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Speaker 2: drugs are impacting the rest of society.

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Speaker 1: Yeah, it is remarkable that one and is certainly our

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Speaker 1: favorite story of the week. There we go five minutes

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Speaker 1: and pretty much everything you need to know in the

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Speaker 1: world of business.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: Don't forget to hit follow on the podcast and head

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Speaker 1: to Fearandegree dot com dot au to sign up for

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Speaker 1: our free daily newsletter. I'm Michael Thompson and this is

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Speaker 1: the past five business news by fear and greed.