1 00:00:06,120 --> 00:00:09,160 Michael Thompson: Today on Fear and Greed. Donald Trump and his administration 2 00:00:09,360 --> 00:00:12,880 Michael Thompson: start backing down on tariffs, cost cutting and threats against 3 00:00:13,080 --> 00:00:16,400 Michael Thompson: senior bureaucrats, the rise and rise of the Commonwealth Bank 4 00:00:16,680 --> 00:00:20,119 Michael Thompson: and the International Monetary Fund cuts its forecast for Australian 5 00:00:20,200 --> 00:00:24,000 Michael Thompson: and global economic growth. Plus Opposition leader Peter Dutton outlines 6 00:00:24,079 --> 00:00:26,880 Michael Thompson: a twenty one billion dollar boost to defense if the 7 00:00:26,920 --> 00:00:30,320 Michael Thompson: Coalition is elected, and Elon Musk says it's time to 8 00:00:30,360 --> 00:00:32,600 Michael Thompson: go back to his day job. Welcome to Fear and Greed, 9 00:00:32,680 --> 00:00:35,080 Michael Thompson: Daily business news for people who make their own decisions. 10 00:00:35,120 --> 00:00:38,440 Michael Thompson: It is Thursday, the twenty fourth of April twenty twenty five. 11 00:00:38,760 --> 00:00:41,000 Michael Thompson: I'm Michael Thompson and good morning Sean Ailmer. 12 00:00:41,120 --> 00:00:42,640 Sean Aylmer: Good morning Michael. 13 00:00:42,880 --> 00:00:46,400 Michael Thompson: Sean Fear and Greed Newsletter. I've got to mention I've 14 00:00:46,400 --> 00:00:48,839 Michael Thompson: made it a bit of a habit of this, starting 15 00:00:48,880 --> 00:00:51,879 Michael Thompson: the show with the daily newsletter, and I hope it's 16 00:00:51,880 --> 00:00:55,279 Michael Thompson: actually becoming a habit for readers as well. It's very 17 00:00:55,280 --> 00:00:57,840 Michael Thompson: convenient knowing that the news is in your inbox by 18 00:00:57,880 --> 00:01:00,320 Michael Thompson: six o'clock every morning, a quick hit of every everything 19 00:01:00,320 --> 00:01:02,720 Michael Thompson: you need to know. Are you enjoying putting it together? 20 00:01:02,840 --> 00:01:05,039 Sean Aylmer: Sure? You only need to glance at It'll take you 21 00:01:05,200 --> 00:01:07,319 Sean Aylmer: thirty seconds to read. If that's all you want to 22 00:01:07,440 --> 00:01:09,640 Sean Aylmer: spend your time on, do it on the way to 23 00:01:09,720 --> 00:01:12,480 Sean Aylmer: work so you can land at your desk knowing exactly 24 00:01:12,520 --> 00:01:13,160 Sean Aylmer: what's going on. 25 00:01:13,240 --> 00:01:15,759 Michael Thompson: Yeah, if you haven't signed up already, it is available 26 00:01:15,760 --> 00:01:18,920 Michael Thompson: at the website fearangreed dot com dot au. Pop your 27 00:01:18,920 --> 00:01:20,600 Michael Thompson: email address in and away you go. Or put a 28 00:01:20,600 --> 00:01:23,720 Michael Thompson: link in today's show notes as well. And it really 29 00:01:23,760 --> 00:01:26,319 Michael Thompson: is as simple as that. End It's free. Sean on 30 00:01:26,400 --> 00:01:28,720 Michael Thompson: with the show. The main story this morning, Donald Trump 31 00:01:28,800 --> 00:01:33,240 Michael Thompson: and his administration is backing down on onerous tariffs against China, 32 00:01:34,080 --> 00:01:39,000 Michael Thompson: softened language on the Federal Reserve. Chair and chief cost 33 00:01:39,000 --> 00:01:42,080 Michael Thompson: cutter Elon Musk will spend more time working at his 34 00:01:42,120 --> 00:01:45,040 Michael Thompson: struggling Tesla company unless in the White House. It's been 35 00:01:45,120 --> 00:01:47,080 Michael Thompson: a massive twenty four hours, sure has. 36 00:01:46,959 --> 00:01:50,200 Sean Aylmer: It sent markets sharply higher, with equities leading the way, 37 00:01:50,320 --> 00:01:54,040 Sean Aylmer: followed by the US dollar energy prices. The casualty was gold, 38 00:01:54,200 --> 00:01:57,120 Sean Aylmer: considered a safe haven asset, which came off its record 39 00:01:57,200 --> 00:02:00,000 Sean Aylmer: levels plenty. In the story, Michael, let's start with President 40 00:02:00,040 --> 00:02:03,840 Sean Aylmer: than Trump saying he will substantially lower He's unprecedented one 41 00:02:03,880 --> 00:02:07,000 Sean Aylmer: hundred and forty five percent tariffs on Chinese goods and 42 00:02:07,360 --> 00:02:12,359 Sean Aylmer: quote won't play hardball end quote no caps, effectively recognizing 43 00:02:12,400 --> 00:02:15,799 Sean Aylmer: the damage that the tariffs are doing. Earlier, US Treasure 44 00:02:15,840 --> 00:02:19,720 Sean Aylmer: Tree Secretary Scott Bessant told investment bankers that negotiations with 45 00:02:19,840 --> 00:02:22,640 Sean Aylmer: China would be a slog, but neither side considered the 46 00:02:22,680 --> 00:02:26,480 Sean Aylmer: status quo sustainable. Then Donald Trump back down from threats 47 00:02:26,520 --> 00:02:29,600 Sean Aylmer: to sack J. Powell, the highly regarded head of the 48 00:02:29,639 --> 00:02:32,600 Sean Aylmer: Federal Reserve. Powell has said that Trump's tariffs were likely 49 00:02:32,680 --> 00:02:36,280 Sean Aylmer: to lead to higher inflation and lower economic growth. Trump responded, 50 00:02:36,320 --> 00:02:39,680 Sean Aylmer: calling him a loser. But now Trump's changed his mind. 51 00:02:39,680 --> 00:02:43,320 Sean Aylmer: He's got no intention of sacking J. Powell. Finally, Tesla's 52 00:02:43,320 --> 00:02:46,000 Sean Aylmer: revenue and earnings tumbled in the March quarter, needing comes 53 00:02:46,000 --> 00:02:48,520 Sean Aylmer: down seventy one percent. More on that Later, the company 54 00:02:48,560 --> 00:02:52,919 Sean Aylmer: blamed tariffs. Ironically, Elon Musk said he needed to spend 55 00:02:52,960 --> 00:02:55,760 Sean Aylmer: more time at the ev company now and less time 56 00:02:55,840 --> 00:02:59,720 Sean Aylmer: in Washington. As you said, quite a remarkable was about 57 00:02:59,720 --> 00:03:01,000 Sean Aylmer: twelve all hours in total. 58 00:03:02,480 --> 00:03:05,600 Michael Thompson: The language on China is very different to what we've seen. 59 00:03:05,840 --> 00:03:10,720 Michael Thompson: Donald Trump is a very insistent, perhaps stubborn individual. It 60 00:03:10,800 --> 00:03:13,880 Michael Thompson: seems something has clearly changed here. Is this the beginning 61 00:03:13,880 --> 00:03:17,080 Michael Thompson: of a more perhaps rational approach from the White House. 62 00:03:18,880 --> 00:03:22,000 Sean Aylmer: It's a funny question, is it? Who knows? But wouldn't 63 00:03:22,040 --> 00:03:24,720 Sean Aylmer: it be nice if that was a calase? Clearly Trump 64 00:03:24,800 --> 00:03:28,320 Sean Aylmer: and friends have received the message from financial markets big 65 00:03:28,360 --> 00:03:32,000 Sean Aylmer: Tariff's stuff up economies. That was reiterated by the International 66 00:03:32,000 --> 00:03:35,600 Sean Aylmer: Monetary Fund releasing its latest forecast for the global economy, 67 00:03:35,880 --> 00:03:37,760 Sean Aylmer: saying the pace of growth would drop the two point 68 00:03:37,760 --> 00:03:40,520 Sean Aylmer: eight percent this year from its previous forecast to three 69 00:03:40,560 --> 00:03:43,680 Sean Aylmer: point three percent. What was really interesting within that the 70 00:03:43,800 --> 00:03:45,520 Sean Aylmer: US They said to go from two point seven to 71 00:03:45,520 --> 00:03:48,800 Sean Aylmer: one point eight percent. That's a much much larger fall 72 00:03:49,040 --> 00:03:52,320 Sean Aylmer: than what would happen in China, for example. In other words, 73 00:03:52,320 --> 00:03:54,840 Sean Aylmer: the IMF is saying the biggest loser from Tariff's is 74 00:03:54,840 --> 00:03:58,600 Sean Aylmer: the US, not anyone else. Now, Dion Tariff's in particular, 75 00:03:58,840 --> 00:04:02,520 Sean Aylmer: is exactly what market's one Wall Street yesterday morning surged, 76 00:04:02,600 --> 00:04:04,800 Sean Aylmer: as did the local share market. By the closed, the 77 00:04:04,960 --> 00:04:07,360 Sean Aylmer: SMPA six two hundred was up one point three percent 78 00:04:07,760 --> 00:04:10,760 Sean Aylmer: to just under eight thousand points. Energy stocks did world 79 00:04:10,800 --> 00:04:14,240 Sean Aylmer: tech stocks did well. Only gold stocks tumbled. Gold hit 80 00:04:14,280 --> 00:04:16,760 Sean Aylmer: a record high yesterday of three thousand five hundred dollars 81 00:04:16,800 --> 00:04:21,400 Sean Aylmer: an ounce. Before this happened, it then fell back. Oil 82 00:04:21,760 --> 00:04:24,240 Sean Aylmer: it's extended, it's gained down. The fear is that it's 83 00:04:24,240 --> 00:04:28,000 Sean Aylmer: slaid out of the global economy, will keep oil prices low. Well, 84 00:04:28,040 --> 00:04:30,880 Sean Aylmer: the news out of the White House helped oil prices 85 00:04:30,880 --> 00:04:33,440 Sean Aylmer: gain and bitcoin surged. It's back up to ninety three 86 00:04:33,480 --> 00:04:34,680 Sean Aylmer: thousand US dollars a unit. 87 00:04:34,960 --> 00:04:38,120 Michael Thompson: This is extraordinary. Just before we leave the share market, though, 88 00:04:38,279 --> 00:04:40,520 Michael Thompson: I want to talk to you about Commonwealth Bank. It 89 00:04:40,600 --> 00:04:43,400 Michael Thompson: is gaining plenty of interest at the moment. It was 90 00:04:43,440 --> 00:04:47,640 Michael Thompson: off two point two percent yesterday, but it surged four 91 00:04:47,640 --> 00:04:53,239 Michael Thompson: percent on Tuesday, after the holiday weekend, to a new 92 00:04:53,520 --> 00:04:55,720 Michael Thompson: record high. The thing is, though the other banks were 93 00:04:55,720 --> 00:04:56,600 Michael Thompson: all just treading water. 94 00:04:57,760 --> 00:05:02,320 Sean Aylmer: This is remarkable. So the Combank, Australia's biggest bank, Stralia's 95 00:05:02,320 --> 00:05:05,680 Sean Aylmer: biggest company, worth about two hundred and eighty billion dollars. 96 00:05:06,360 --> 00:05:09,040 Sean Aylmer: It's not far off being one hundred billion dollars larger 97 00:05:09,080 --> 00:05:14,279 Sean Aylmer: than BHP. Incredibly, it's failure at two hundred and eighty 98 00:05:14,320 --> 00:05:18,200 Sean Aylmer: billion isn't far off the combined value of Westpac, National, 99 00:05:18,200 --> 00:05:21,279 Sean Aylmer: Australia Bank and A and Z all together. So they 100 00:05:21,320 --> 00:05:24,200 Sean Aylmer: put those three together there worth three hundred billion dollars. 101 00:05:24,240 --> 00:05:26,800 Sean Aylmer: Commonwealth Bank on its own is two hundred and eighty 102 00:05:26,839 --> 00:05:31,440 Sean Aylmer: billion dollars. Phenomenal performance. Plenty of debate while common why 103 00:05:31,839 --> 00:05:34,880 Sean Aylmer: the Common Bank keeps running. It's considered the safest stock 104 00:05:34,920 --> 00:05:37,360 Sean Aylmer: in the local market. That helps in the Trump world 105 00:05:37,640 --> 00:05:40,320 Sean Aylmer: overseas buyers, including from the US and looking for places 106 00:05:40,320 --> 00:05:43,520 Sean Aylmer: to put their money. Australia is a kind of good economy, 107 00:05:43,520 --> 00:05:48,240 Sean Aylmer: but we don't have big stocks outside the banks and 108 00:05:48,480 --> 00:05:49,919 Sean Aylmer: the miners. And so if you're going to go for 109 00:05:49,960 --> 00:05:51,479 Sean Aylmer: banks and miners, you go for the biggest and common 110 00:05:51,480 --> 00:05:54,200 Sean Aylmer: Wealth banks benefiting their bottom line. Commonpth Banks is now 111 00:05:54,240 --> 00:05:57,400 Sean Aylmer: the most expensive bank on the market by a long way. 112 00:05:57,440 --> 00:06:01,279 Sean Aylmer: And I'm not just talking locally, pretty much international and 113 00:06:01,760 --> 00:06:03,480 Sean Aylmer: there just seems no sign of let up. 114 00:06:03,640 --> 00:06:06,840 Michael Thompson: Phenomenal story, it really is. Seldon got a lot more 115 00:06:06,839 --> 00:06:09,320 Michael Thompson: still to cover, but I wanted to mention today's interview 116 00:06:09,360 --> 00:06:12,120 Michael Thompson: that's coming up after the show. You are speaking today 117 00:06:12,720 --> 00:06:17,760 Michael Thompson: with Merrik Watts, who is probably best known as a comedian, 118 00:06:17,880 --> 00:06:21,320 Michael Thompson: as a radio host and as the winner of Sas Australia. 119 00:06:21,400 --> 00:06:24,280 Sean Aylmer: He's also a wine connoisseur, like a wine judge. He's 120 00:06:24,320 --> 00:06:27,719 Sean Aylmer: also got a brand new sports drink out. He's quite 121 00:06:27,720 --> 00:06:30,720 Sean Aylmer: an incredible person, Merrick. Now you know him better than 122 00:06:30,760 --> 00:06:39,360 Sean Aylmer: I do, and he very very clearly, very smart, extremely 123 00:06:39,480 --> 00:06:43,200 Sean Aylmer: energetic and great focus. And so we actually just talked 124 00:06:43,200 --> 00:06:46,320 Sean Aylmer: about it's almost like his life story, how he started 125 00:06:46,360 --> 00:06:49,680 Sean Aylmer: as a comedian, went into radio, how he won the 126 00:06:49,839 --> 00:06:53,400 Sean Aylmer: SAS thing on Channel ten I think it was, and 127 00:06:53,440 --> 00:06:55,680 Sean Aylmer: then what he's done since then, and then his new 128 00:06:55,800 --> 00:06:58,920 Sean Aylmer: sports drink. It's incredible story, Merrick. Wat's. 129 00:06:59,000 --> 00:07:02,560 Michael Thompson: Yeah, and this idea of almost having to distance himself 130 00:07:02,600 --> 00:07:06,640 Michael Thompson: from the comedian background in order to be almost taken 131 00:07:06,720 --> 00:07:09,920 Michael Thompson: seriously in a business sense. Yeah, it's a really interesting 132 00:07:09,960 --> 00:07:13,679 Michael Thompson: conversation is very very frank, very honest. So it's definitely 133 00:07:13,680 --> 00:07:15,960 Michael Thompson: worth a listener's coming up after the show. Sewan will 134 00:07:15,960 --> 00:07:17,120 Michael Thompson: be back in a moment with the rest of the 135 00:07:17,200 --> 00:07:27,440 Michael Thompson: day's business news. Sewan opposition leader Peter Dutton says he 136 00:07:27,520 --> 00:07:30,880 Michael Thompson: will fund a proposed twenty one billion dollar increase in 137 00:07:30,920 --> 00:07:35,400 Michael Thompson: defense spending through higher income taxes rather than spending cuts. 138 00:07:35,560 --> 00:07:38,000 Sean Aylmer: Ten days out and Dutton was in Perth to unveil 139 00:07:38,080 --> 00:07:40,440 Sean Aylmer: hiss Big Defense Policy, which would take spending in the 140 00:07:40,480 --> 00:07:42,960 Sean Aylmer: era from about two percent of GDP to two and 141 00:07:42,960 --> 00:07:44,760 Sean Aylmer: a half percent over five year is three percent in 142 00:07:44,880 --> 00:07:48,680 Sean Aylmer: decades time, a big increase in spending on defense. When 143 00:07:48,760 --> 00:07:52,000 Sean Aylmer: asked how he'd fund the promised promise, he said he 144 00:07:52,040 --> 00:07:56,760 Sean Aylmer: would repeal Labour's recently announced income tax cuts. Meanwhile, Shadow 145 00:07:56,800 --> 00:08:00,240 Sean Aylmer: Treasurer Angus Taylor says the instant asset right office more 146 00:08:00,280 --> 00:08:03,440 Sean Aylmer: business will be permanent under a coalition government. Treasure Jim 147 00:08:03,520 --> 00:08:06,680 Sean Aylmer: Chalmers has extended the twenty thousand dollars righte off, but 148 00:08:06,760 --> 00:08:09,440 Sean Aylmer: only for a year. And finally, Michael. More than half 149 00:08:09,480 --> 00:08:13,000 Sean Aylmer: a million Australian's carts their vote on Tuesday, like Day one, 150 00:08:13,720 --> 00:08:16,200 Sean Aylmer: phenomenal number on the first day of postal voting. It's 151 00:08:16,240 --> 00:08:19,240 Sean Aylmer: a record number, up seventy percent three years ago. Now 152 00:08:19,800 --> 00:08:22,640 Sean Aylmer: yesterday morning we're talking about this. We Jackie and I 153 00:08:22,720 --> 00:08:26,200 Sean Aylmer: went for our morning coffee and went past the local 154 00:08:26,240 --> 00:08:30,080 Sean Aylmer: polling birth and we live in Bradfields, the sort of 155 00:08:30,160 --> 00:08:32,800 Sean Aylmer: north shore upper north Shore of Sydney, and there are 156 00:08:32,800 --> 00:08:37,200 Sean Aylmer: two main contenders there who is an Independent and a 157 00:08:37,240 --> 00:08:40,880 Sean Aylmer: Liberal candidate. And what I loved about it is we 158 00:08:40,880 --> 00:08:42,960 Sean Aylmer: were passing there was an ALP board and we thought 159 00:08:43,360 --> 00:08:46,320 Sean Aylmer: I didn't rise as an LP candidate here the Lips 160 00:08:46,320 --> 00:08:49,000 Sean Aylmer: have held this seat since forty five. I think it 161 00:08:49,040 --> 00:08:53,240 Sean Aylmer: is what thereabouts Paul Fletcher is a retiring MP. But 162 00:08:53,280 --> 00:08:55,560 Sean Aylmer: I want to really there was this one guy dressed 163 00:08:55,559 --> 00:08:59,800 Sean Aylmer: in green and so there are lots of teals, lots of. 164 00:08:59,760 --> 00:09:01,720 Michael Thompson: Live and one brave soul and green. 165 00:09:01,920 --> 00:09:04,560 Sean Aylmer: One brave of soul and green. Who I realized after 166 00:09:04,600 --> 00:09:07,320 Sean Aylmer: we walked past, So Jackie, I think that was a candidate, 167 00:09:08,160 --> 00:09:10,280 Sean Aylmer: and we checked and that was actually the candidate. 168 00:09:12,800 --> 00:09:17,800 Michael Thompson: Slightly lonely, perhaps very lonely, Sean the most. This is 169 00:09:17,840 --> 00:09:20,800 Michael Thompson: some interesting research that's come out of core Logic. The 170 00:09:20,800 --> 00:09:25,160 Michael Thompson: most unaffordable electorates to buy a home are mostly in Sydney, 171 00:09:25,200 --> 00:09:29,840 Michael Thompson: perhaps unsurprisingly, while Regional Queensland provides the electorates with the 172 00:09:29,880 --> 00:09:30,920 Michael Thompson: most affordable homes. 173 00:09:30,960 --> 00:09:33,560 Sean Aylmer: It's interesting because housing is a key issue in this campaign. 174 00:09:33,720 --> 00:09:36,240 Sean Aylmer: Care Logics Crunch the Numbers comes up and has come 175 00:09:36,280 --> 00:09:40,520 Sean Aylmer: up with electorates where homes are most affordable and unaffordable. 176 00:09:41,240 --> 00:09:43,640 Sean Aylmer: It does it in a number of ways, but one 177 00:09:43,640 --> 00:09:45,959 Sean Aylmer: of them is the ratio of dwelling values to income. 178 00:09:46,000 --> 00:09:48,560 Sean Aylmer: Now that ratio hit a record high of eight, meaning 179 00:09:48,640 --> 00:09:53,560 Sean Aylmer: a household on a median income will be spending eight 180 00:09:53,679 --> 00:09:58,800 Sean Aylmer: times their annual gross income to purchase a median value dwelling. 181 00:09:58,840 --> 00:10:00,920 Sean Aylmer: So let's drop the word me from that. We're just 182 00:10:00,920 --> 00:10:03,840 Sean Aylmer: saying the middle here. So in terms of income, you'll 183 00:10:03,840 --> 00:10:07,680 Sean Aylmer: be spending eight times what you earn before attacks every 184 00:10:07,720 --> 00:10:12,560 Sean Aylmer: year to buy a dwelling in your electorate. The measure 185 00:10:12,600 --> 00:10:14,920 Sean Aylmer: show that shows at four of the top five and 186 00:10:14,960 --> 00:10:19,080 Sean Aylmer: twelve of the top twenty most unaffordable electrics during Sydney. 187 00:10:19,640 --> 00:10:23,520 Sean Aylmer: Regional Queensland comprises six of the twenty most affordable electorates, 188 00:10:23,840 --> 00:10:27,839 Sean Aylmer: followed by somewhat surprisingly I thought Melbourne which has four 189 00:10:27,920 --> 00:10:30,800 Sean Aylmer: of them, and then three in regional New South Wales. 190 00:10:32,480 --> 00:10:36,000 Michael Thompson: You mentioned the IMF earlier Sean and growth forecast. The 191 00:10:36,040 --> 00:10:38,559 Michael Thompson: IMF has also cut its growth forecast with the Australian 192 00:10:38,559 --> 00:10:41,560 Michael Thompson: economy by half a percentage point, which is a big 193 00:10:41,640 --> 00:10:44,480 Michael Thompson: chunk in economics land. That's a technical team. 194 00:10:44,520 --> 00:10:46,720 Sean Aylmer: Can we get a bit more serious about this, Michael. 195 00:10:46,760 --> 00:10:49,680 Michael Thompson: It's a sizable amount. It's a big chunk, sean big chunk. 196 00:10:49,760 --> 00:10:51,800 Michael Thompson: It is a big chunk. Half a percentage point is 197 00:10:51,800 --> 00:10:55,199 Michael Thompson: a big chunk. And they are blaming a global slowdown 198 00:10:55,320 --> 00:10:56,679 Michael Thompson: from Donald Trump's trade war. 199 00:10:56,800 --> 00:11:00,199 Sean Aylmer: The IMF warned of rising risks to financial stability, to 200 00:11:00,200 --> 00:11:02,640 Sean Aylmer: the concentration of the global equity market in US stocks. 201 00:11:02,679 --> 00:11:04,920 Sean Aylmer: Now Wall Street actually accounts more than half of the 202 00:11:05,000 --> 00:11:07,960 Sean Aylmer: global share market. About ten years ago it was thirty percent. 203 00:11:07,960 --> 00:11:10,200 Sean Aylmer: But the Magnificent seven have done so well. Think of 204 00:11:10,240 --> 00:11:11,839 Sean Aylmer: all our super funds got plenty of money in the 205 00:11:11,920 --> 00:11:15,720 Sean Aylmer: US stock market. The IMFs World Economic Outlook Report forecast 206 00:11:15,800 --> 00:11:19,200 Sean Aylmer: Australia's economy to grow at one point six percent this year, 207 00:11:19,400 --> 00:11:22,320 Sean Aylmer: down from two point one percent, which is forecasts at 208 00:11:22,320 --> 00:11:24,319 Sean Aylmer: the beginning of this year. If that's the case, it 209 00:11:24,320 --> 00:11:27,480 Sean Aylmer: would actually extend the economy's weakest period of growth apart 210 00:11:27,520 --> 00:11:33,200 Sean Aylmer: from the COVID pandemic, back to about the nineteen nineties recession. 211 00:11:33,960 --> 00:11:36,040 Michael Thompson: Oh wow, that is significant. 212 00:11:36,120 --> 00:11:37,760 Sean Aylmer: It is. It's a very significant. 213 00:11:37,760 --> 00:11:42,280 Michael Thompson: It's a big chunk. Sean Santos's flagship five point eight 214 00:11:42,360 --> 00:11:45,320 Michael Thompson: billion dollar Barossa gas project in the t RC has 215 00:11:45,360 --> 00:11:50,199 Michael Thompson: been granted its last major regulatory approval, clearing the way 216 00:11:50,480 --> 00:11:53,439 Michael Thompson: now for the offshore field to finally begin full production 217 00:11:53,559 --> 00:11:54,160 Michael Thompson: within months. 218 00:11:54,320 --> 00:11:56,600 Sean Aylmer: It's taken many years. The Barossa project has been a 219 00:11:56,640 --> 00:11:59,840 Sean Aylmer: target for environmental groups because of its high carbon footprint. 220 00:12:00,000 --> 00:12:02,880 Sean Aylmer: According to the finn Review. Now the environmental defenders obvious 221 00:12:02,920 --> 00:12:06,840 Sean Aylmer: launched a controversial and ultimately unsuccessful court action to have 222 00:12:06,960 --> 00:12:10,240 Sean Aylmer: regulatory approvals for the development ruled void. The Offshore and 223 00:12:10,400 --> 00:12:13,520 Sean Aylmer: Oil and Gas Regulator has now approved a key permit 224 00:12:13,880 --> 00:12:16,800 Sean Aylmer: allowing Santos to attach its processing vessel and pipeline to 225 00:12:16,800 --> 00:12:19,719 Sean Aylmer: the gas field, which is the final kind of milestone 226 00:12:19,720 --> 00:12:23,679 Sean Aylmer: for the project. The project itself is fascinating. Six sub 227 00:12:23,720 --> 00:12:26,400 Sean Aylmer: sea wells located in a field two hundred and eighty 228 00:12:26,400 --> 00:12:29,800 Sean Aylmer: five kilometers northwest of Darwin that's in the middle of nowhere, 229 00:12:30,600 --> 00:12:33,800 Sean Aylmer: expected to produce gas for twenty five years, that then 230 00:12:34,120 --> 00:12:38,320 Sean Aylmer: transport the gas through a pipeline to the Darwin LNG project, 231 00:12:38,360 --> 00:12:42,120 Sean Aylmer: while the condensate will be exported via tanker. This incredible 232 00:12:42,400 --> 00:12:44,480 Sean Aylmer: capital expenditure in what they do. 233 00:12:45,240 --> 00:12:48,320 Michael Thompson: The logistics, Yeah, well, I could have chosen an easier 234 00:12:48,320 --> 00:12:51,680 Michael Thompson: word to say, just the logistics in the interest of 235 00:12:51,720 --> 00:12:54,080 Michael Thompson: moving things along us and quickly, Sean, how about a 236 00:12:54,240 --> 00:12:57,400 Michael Thompson: wrap of some of the corporate stories that might not 237 00:12:57,640 --> 00:13:00,839 Michael Thompson: deserve necessarily a minute on their own, but certainly deserve 238 00:13:00,880 --> 00:13:01,600 Michael Thompson: a mention at. 239 00:13:01,520 --> 00:13:03,600 Sean Aylmer: Least, ah like briefs in newspaper land. 240 00:13:04,240 --> 00:13:07,080 Michael Thompson: Yes, brief did you know that when I was studying 241 00:13:07,160 --> 00:13:10,440 Michael Thompson: journalism at at Charles Sturt UNI. I went back up 242 00:13:10,480 --> 00:13:12,240 Michael Thompson: home to the north coast of New South Wales and 243 00:13:12,240 --> 00:13:16,200 Michael Thompson: did an internship at the Northern Star. Great there's more based, 244 00:13:16,360 --> 00:13:19,360 Michael Thompson: Yeah yeah, great newspaper. Anyway, so I was asked to 245 00:13:21,120 --> 00:13:24,800 Michael Thompson: write some briefs and I had not heard that term before, 246 00:13:24,920 --> 00:13:27,000 Michael Thompson: and so there I turned in kind of my three 247 00:13:27,080 --> 00:13:29,480 Michael Thompson: or four paragraphs or something that no, no, no, no, no, no, 248 00:13:29,920 --> 00:13:31,240 Michael Thompson: we want twenty five words. 249 00:13:31,280 --> 00:13:32,120 Sean Aylmer: Brief is a sentence. 250 00:13:32,120 --> 00:13:34,640 Michael Thompson: They're like, oh, okay, all right, got to be succinct, 251 00:13:34,679 --> 00:13:37,400 Michael Thompson: which is not really one of my strengths. No, I 252 00:13:37,520 --> 00:13:38,679 Michael Thompson: liked a beaver bose. 253 00:13:38,600 --> 00:13:42,080 Sean Aylmer: Yes, right, go on brief. A corporate briefs Urani Minor, 254 00:13:42,120 --> 00:13:45,360 Sean Aylmer: Paladin and Energy was the ASX two hundreds best before 255 00:13:45,400 --> 00:13:49,160 Sean Aylmer: me yesterday, jumping twenty five percent after lifting and lifting 256 00:13:49,160 --> 00:13:52,360 Sean Aylmer: other uranium stocks after It's langer Heinrich Mine noted a 257 00:13:52,400 --> 00:13:56,920 Sean Aylmer: record quarterly output result. Telix Pharmaceuticals rose twelve percent higher 258 00:13:56,960 --> 00:13:59,800 Sean Aylmer: revenues driven by strong sales of its imaging agent for 259 00:13:59,840 --> 00:14:04,559 Sean Aylmer: men with prostate cancer. Retailer Setire fell twenty two percent 260 00:14:05,000 --> 00:14:08,240 Sean Aylmer: after reporting week demand out of the US and West 261 00:14:08,240 --> 00:14:12,080 Sean Aylmer: Australian gold miner Capricorn Metal sank eleven percent after it 262 00:14:12,160 --> 00:14:14,760 Sean Aylmer: stood down its chief executive who has been charged with 263 00:14:14,880 --> 00:14:19,560 Sean Aylmer: aggravated assault. Or do you very unfearing greed that last one? 264 00:14:19,640 --> 00:14:21,280 Michael Thompson: Yeah? Indeed. And I also enjoy the fact that I 265 00:14:21,440 --> 00:14:24,160 Michael Thompson: took longer to tell your story than it took me 266 00:14:24,280 --> 00:14:28,120 Michael Thompson: to go through four separate stories as your briefs. I 267 00:14:28,120 --> 00:14:30,840 Michael Thompson: don't want to think about your briefs, Sean. Turning to 268 00:14:30,920 --> 00:14:34,400 Michael Thompson: international news now, Elon Musk will dedicate. 269 00:14:34,080 --> 00:14:36,840 Sean Aylmer: You are a child I am at times right. 270 00:14:37,400 --> 00:14:40,880 Michael Thompson: Elon Musk will dedicate more time to Tesla after a 271 00:14:41,160 --> 00:14:44,520 Michael Thompson: very poor March quarter for the world's most valuable ev maker. 272 00:14:44,760 --> 00:14:46,480 Sean Aylmer: Yes, we mentioned this at the top of the show. 273 00:14:46,960 --> 00:14:49,400 Sean Aylmer: From next month, Musk will spend less time in the 274 00:14:49,400 --> 00:14:52,520 Sean Aylmer: White House more on his business. Quarterly income was down 275 00:14:52,560 --> 00:14:55,880 Sean Aylmer: seventy one percent, much worse than an analysts forecast. Tesla 276 00:14:55,960 --> 00:14:59,600 Sean Aylmer: revenue was down nine percent. Musk says he'll devote far 277 00:14:59,680 --> 00:15:03,040 Sean Aylmer: more my time to Tesla, adding that his stint leading 278 00:15:03,080 --> 00:15:08,280 Sean Aylmer: the Department of Government Efficiency will be I quote largely complete. 279 00:15:08,760 --> 00:15:11,440 Sean Aylmer: Wonder Tessa. The share price is down more than fifty 280 00:15:11,440 --> 00:15:14,200 Sean Aylmer: percent since late last year, although jumped five percent yesterday 281 00:15:14,200 --> 00:15:16,480 Sean Aylmer: on the News that Musk will spend more time in 282 00:15:16,480 --> 00:15:19,200 Sean Aylmer: the office. Somewhat ironic because Elon Musk was the you know, 283 00:15:19,360 --> 00:15:22,920 Sean Aylmer: the one of the people who very early on said 284 00:15:22,920 --> 00:15:26,120 Sean Aylmer: anyone must be back in the office. Yeah, and he 285 00:15:26,160 --> 00:15:26,760 Sean Aylmer: hasn't been there. 286 00:15:26,800 --> 00:15:30,160 Michael Thompson: He certainly hasn't, so Sean. You know how evs don't 287 00:15:30,240 --> 00:15:32,120 Michael Thompson: use a lot of fuel. You know what else doesn't 288 00:15:32,200 --> 00:15:33,120 Michael Thompson: use a lot of fuel? 289 00:15:33,680 --> 00:15:34,120 Sean Aylmer: A bike? 290 00:15:34,920 --> 00:15:38,400 Michael Thompson: And do you know what you're doing next month? I'm 291 00:15:38,440 --> 00:15:40,240 Michael Thompson: going to remind you of this because I need to 292 00:15:40,240 --> 00:15:42,440 Michael Thompson: give a couple of people to mention. Here you and 293 00:15:42,720 --> 00:15:45,280 Michael Thompson: our fear and grieve colleague Adam Lang are going to 294 00:15:45,320 --> 00:15:47,720 Michael Thompson: be writing so three hundred and eighty kilometers. 295 00:15:47,440 --> 00:15:49,760 Sean Aylmer: Three hundred and eighty klumbus. In fact, we've got Jackie, 296 00:15:49,960 --> 00:15:52,880 Sean Aylmer: he's my partner, and the Royal far West in the 297 00:15:52,920 --> 00:15:57,800 Sean Aylmer: studio with us today, indeed, and she has been encouraging 298 00:15:57,840 --> 00:16:02,160 Sean Aylmer: me to train. And I thought I had been training. 299 00:16:03,760 --> 00:16:06,680 Sean Aylmer: I ride with Adam, and Adam is super fit. If 300 00:16:06,720 --> 00:16:10,120 Sean Aylmer: you don't know, and anyone that knows Adam, he's painfully fit. Oh, 301 00:16:10,520 --> 00:16:12,600 Sean Aylmer: I just thought, well, surely he can't ride as well 302 00:16:12,720 --> 00:16:13,320 Sean Aylmer: well he can. 303 00:16:13,440 --> 00:16:15,560 Michael Thompson: Of course he can't. He can do anything that man. 304 00:16:15,800 --> 00:16:18,720 Sean Aylmer: Anyway, we've had some fantastic contributions from people. 305 00:16:18,600 --> 00:16:21,000 Michael Thompson: Absolutely and so of course, I mean this is for 306 00:16:21,280 --> 00:16:23,440 Michael Thompson: Royal Far West. It is the Ride for Country Kids, 307 00:16:23,560 --> 00:16:25,280 Michael Thompson: and you were doing three hundred and eighty k's through 308 00:16:25,360 --> 00:16:27,560 Michael Thompson: kind of out back New South Wales to raise money 309 00:16:27,560 --> 00:16:30,280 Michael Thompson: for kids that need support to give them the best 310 00:16:30,320 --> 00:16:33,320 Michael Thompson: start in life. That's exactly right, and we have been 311 00:16:33,400 --> 00:16:37,360 Michael Thompson: putting the call out recently to get some support behind 312 00:16:37,360 --> 00:16:40,480 Michael Thompson: this campaign and the response has been phenomenal, So thank you, 313 00:16:40,520 --> 00:16:42,120 Michael Thompson: and we want to give a whole bunch of people 314 00:16:42,120 --> 00:16:43,960 Michael Thompson: I mentioned. Won't do it all today, We'll do it 315 00:16:44,000 --> 00:16:48,160 Michael Thompson: over the next few weeks. But Roger Montgomery, Montgomery Investment Management, 316 00:16:48,720 --> 00:16:54,920 Michael Thompson: very generous donation, Les Austin fantastic donation. Matthew Kidman Centennial 317 00:16:54,920 --> 00:17:01,200 Michael Thompson: Asset Management, some amazing contributions coming through. Is very much appreciated. 318 00:17:01,240 --> 00:17:02,920 Michael Thompson: And we'll put a link in today's show notes as well, 319 00:17:02,920 --> 00:17:05,200 Michael Thompson: and there's a link every day in the newsletter as well. 320 00:17:05,240 --> 00:17:07,200 Sean Aylmer: Right peakn't give away. 321 00:17:07,080 --> 00:17:09,880 Michael Thompson: Indeed indeed all right. Coming up next is the Fear 322 00:17:09,920 --> 00:17:13,080 Michael Thompson: and Greed Daily Interview. Merk Watts is your guest today. 323 00:17:13,119 --> 00:17:16,280 Michael Thompson: A fantastic chat well worth a listen at Fearangreed dot 324 00:17:16,320 --> 00:17:18,360 Michael Thompson: com today you sign up for that newsletter. You can 325 00:17:18,520 --> 00:17:20,520 Michael Thompson: hear all of our podcasts on the website there too. 326 00:17:20,560 --> 00:17:21,600 Michael Thompson: Thank you Sean. 327 00:17:21,640 --> 00:17:24,200 Sean Aylmer: Before we go Michael quick mention AUTHO twelve o'clock today, 328 00:17:24,200 --> 00:17:26,360 Sean Aylmer: don't forget Ask Fear and Greed one of my favorite 329 00:17:26,400 --> 00:17:27,520 Sean Aylmer: Ask Fear and greeds we've had. 330 00:17:27,720 --> 00:17:31,399 Michael Thompson: Is it really Okay? It's a good it's a good topic. 331 00:17:31,520 --> 00:17:33,640 Michael Thompson: It's a good it's about silver and gold and goals 332 00:17:33,800 --> 00:17:37,560 Michael Thompson: like a Pirates too. So okay, I went to Pirates, 333 00:17:37,600 --> 00:17:38,639 Michael Thompson: you went. 334 00:17:38,520 --> 00:17:39,000 Sean Aylmer: To you too. 335 00:17:40,119 --> 00:17:43,040 Michael Thompson: It is Thursday, the twenty fourth of April twenty twenty five. 336 00:17:43,080 --> 00:17:45,000 Michael Thompson: Make sure you're following the podcast and please join us 337 00:17:45,040 --> 00:17:48,520 Michael Thompson: online on LinkedIn, Instagram, x TikTok and Facebook. Oh Michael Thompson, 338 00:17:48,560 --> 00:17:50,960 Michael Thompson: And that was Fear and Greed. Have a great day.