1 00:00:03,960 --> 00:00:07,040 Speaker 1: It's Friday, the thirteenth of February twenty twenty six. Welcome 2 00:00:07,080 --> 00:00:09,440 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,440 --> 00:00:11,200 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,440 Speaker 1: need to know in just five minutes. Oh Michael Thompson, 5 00:00:13,480 --> 00:00:14,800 Speaker 1: and good morning Sean Ailmer. 6 00:00:14,960 --> 00:00:16,520 Speaker 2: Good morning, Michael, Sean. 7 00:00:16,680 --> 00:00:19,840 Speaker 1: Five stories, five minutes. Let's roll storry number one. The 8 00:00:19,880 --> 00:00:23,119 Speaker 1: Federal Liberal Party will gather in Canberra this morning to 9 00:00:23,200 --> 00:00:25,239 Speaker 1: vote on who is going to be the leader of 10 00:00:25,320 --> 00:00:29,480 Speaker 1: the party and challenger Angus Taylor's favored to emerge victorious. 11 00:00:29,800 --> 00:00:32,520 Speaker 2: Yes, Taylor resigned on Wednesday night from the front bench. 12 00:00:32,600 --> 00:00:36,960 Speaker 2: A bunch of his supporters resigned on mass yesterday. One 13 00:00:36,960 --> 00:00:39,400 Speaker 2: of those James Patterson, perhaps the only name many of 14 00:00:39,479 --> 00:00:43,479 Speaker 2: us know. Senator Jane Hume will challenge Ted O'Brien for 15 00:00:43,520 --> 00:00:45,800 Speaker 2: the deputy leadership. There'll be a bunch of people doing that. 16 00:00:45,880 --> 00:00:48,720 Speaker 2: Tim Wilson will do that, probably, Zoey McKenzie, Dan Tea 17 00:00:48,760 --> 00:00:52,040 Speaker 2: and Melissa McIntosh. Think about the deputy. If you're the 18 00:00:52,120 --> 00:00:54,960 Speaker 2: leader and you're facing Anthony Aberezian and the ALP, you 19 00:00:55,000 --> 00:00:57,120 Speaker 2: can do yourself some damage. Given how far in front 20 00:00:57,160 --> 00:00:58,960 Speaker 2: they are at the moment, so being deputy kind of 21 00:00:58,960 --> 00:01:02,000 Speaker 2: sets you up for the next time round. James Patterson. 22 00:01:02,240 --> 00:01:04,839 Speaker 2: The afore mentioned that James Patterson said the Liberal Party 23 00:01:04,880 --> 00:01:07,280 Speaker 2: has to change or risk risk not existing. 24 00:01:08,120 --> 00:01:09,960 Speaker 1: Is a vote going to be close, Sean? Or is 25 00:01:09,959 --> 00:01:13,600 Speaker 1: it better actually that it's not close kind of decisive? Yes, 26 00:01:13,640 --> 00:01:15,840 Speaker 1: it's probably better it's not close. It was close with 27 00:01:15,920 --> 00:01:18,000 Speaker 1: Angus Taylor and Susan Lee last time round, and Susan 28 00:01:18,080 --> 00:01:21,399 Speaker 1: Lee has not had a shot really at running the 29 00:01:21,600 --> 00:01:23,000 Speaker 1: party as a result of that. 30 00:01:23,680 --> 00:01:26,679 Speaker 2: So a clear cut winner would be best. Angus Taylor 31 00:01:26,720 --> 00:01:29,480 Speaker 2: is certainly in line. I mean this time yesterday, I 32 00:01:29,520 --> 00:01:32,200 Speaker 2: think people weren't sure bye last night everyone was pretty 33 00:01:32,240 --> 00:01:34,960 Speaker 2: confident Angus Taylor would get it. We know that when 34 00:01:35,000 --> 00:01:38,720 Speaker 2: there's this unity, think rud Gillard, think Abbott Turnbull, it 35 00:01:38,800 --> 00:01:42,600 Speaker 2: isn't good for electoral hopes. So Liberal Party needs a 36 00:01:42,640 --> 00:01:45,000 Speaker 2: clear cut winner and politics is brutal. 37 00:01:45,720 --> 00:01:48,440 Speaker 1: It certainly is okay. Story number two A and Z. 38 00:01:48,960 --> 00:01:52,960 Speaker 1: Sean released a quarterly profit yesterday of one point nine 39 00:01:52,920 --> 00:01:56,240 Speaker 1: to four billion dollars, highlighted by cost cutting. In that sense, 40 00:01:56,280 --> 00:01:59,600 Speaker 1: its share price up more than eight percent yesterday. 41 00:02:00,040 --> 00:02:02,360 Speaker 2: Often do you get a big bank the best performer 42 00:02:02,400 --> 00:02:04,920 Speaker 2: of the ASEX two hundred. Well we got that yesterday. 43 00:02:05,120 --> 00:02:08,800 Speaker 2: Commonwealth Bank it surged along with ain Z. Yesterday National 44 00:02:08,800 --> 00:02:10,880 Speaker 2: Australian Bank and Westpac both did pretty well. The yan 45 00:02:10,960 --> 00:02:14,079 Speaker 2: zed story. Its cost cutting is really really good. Good. 46 00:02:14,120 --> 00:02:16,400 Speaker 2: About sixty percent of the thirty five hundred people it's 47 00:02:16,440 --> 00:02:19,560 Speaker 2: getting rid of this financial year have already left the building. 48 00:02:19,919 --> 00:02:23,200 Speaker 2: That's what the investors liked. Its return on equity is good, 49 00:02:23,280 --> 00:02:25,840 Speaker 2: its profit margins are good. A real win for am 50 00:02:25,919 --> 00:02:26,600 Speaker 2: Z yesterday. 51 00:02:27,000 --> 00:02:29,760 Speaker 1: Sorry. Number three Reserve Bank Governor Michelle Bullock was in 52 00:02:29,760 --> 00:02:32,360 Speaker 1: front of Senate Estimates yesterday. She's been out and about 53 00:02:32,400 --> 00:02:35,680 Speaker 1: a lot lately, and in this latest appearance she agreed 54 00:02:35,680 --> 00:02:38,519 Speaker 1: that the slow down in productivity in Australia was partly 55 00:02:38,560 --> 00:02:41,120 Speaker 1: a reflection of the growth in the public sector, but 56 00:02:41,160 --> 00:02:42,240 Speaker 1: it wasn't the main game. 57 00:02:43,160 --> 00:02:46,399 Speaker 2: Yeah. So we're seeing lots of growth in aged care, healthcare, 58 00:02:46,440 --> 00:02:50,160 Speaker 2: that type of thing, and they are low productivity sectors 59 00:02:50,400 --> 00:02:53,080 Speaker 2: and people are saying, well, that's the reason. Well Bullock, 60 00:02:53,200 --> 00:02:55,359 Speaker 2: who has been like a bull at a gate, I've 61 00:02:55,360 --> 00:02:57,280 Speaker 2: been one to say that Michael Bullock a bullet the 62 00:02:57,280 --> 00:03:01,080 Speaker 2: gate on productivity. She reckons up to business to do 63 00:03:01,160 --> 00:03:05,040 Speaker 2: something that is causing inflationary pressures. Something else that's causing 64 00:03:05,080 --> 00:03:07,960 Speaker 2: inflationary pressures, according to Sarah Hunter, the chief economist, who 65 00:03:07,960 --> 00:03:10,000 Speaker 2: were speaking in Perth last night, is the fact that 66 00:03:10,040 --> 00:03:12,480 Speaker 2: the unemployment rate has fallen so low, so the Reserve 67 00:03:12,520 --> 00:03:15,520 Speaker 2: Bank cut rates allowed the unemployment rate to get at 68 00:03:15,520 --> 00:03:20,200 Speaker 2: that point. Hunter last night said, actually that's causing inflationary pressures. 69 00:03:20,480 --> 00:03:23,720 Speaker 2: That ain't so good now. Michelle Bullock back to the gardener. 70 00:03:23,760 --> 00:03:25,840 Speaker 2: She said, the land market's doing really well, but the 71 00:03:25,919 --> 00:03:29,760 Speaker 2: economy definitely is not in perfect health. She also pushed 72 00:03:29,800 --> 00:03:33,000 Speaker 2: back at a few suggestions like the Reserve Bank was 73 00:03:33,040 --> 00:03:36,000 Speaker 2: gas litting the Australian economy. She didn't like that suggestion. 74 00:03:36,280 --> 00:03:38,520 Speaker 2: She also didn't like the idea that the Head of 75 00:03:38,600 --> 00:03:41,440 Speaker 2: Treasury shouldn't be on the Reserve Bank board because she 76 00:03:41,640 --> 00:03:43,640 Speaker 2: may not be independent, which she said was wrong. 77 00:03:44,000 --> 00:03:47,840 Speaker 1: Okay, Story number four. The NBN reported a three hundred 78 00:03:47,840 --> 00:03:50,440 Speaker 1: and thirty five million dollar loss last half year, which 79 00:03:50,480 --> 00:03:53,120 Speaker 1: is better than the year before. But I find this amazing. 80 00:03:53,240 --> 00:03:56,760 Speaker 1: One in three customers are now on plans with speeds 81 00:03:56,760 --> 00:03:59,960 Speaker 1: of at least five hundred megabits per second. That is quick. 82 00:04:00,600 --> 00:04:04,240 Speaker 2: Yeah, so September. Last year, NBN introduced products that really 83 00:04:04,280 --> 00:04:06,760 Speaker 2: allowed you to get high speed Internet. So you just 84 00:04:06,800 --> 00:04:08,800 Speaker 2: said one in three. So let's say thirty thirty five 85 00:04:08,800 --> 00:04:11,720 Speaker 2: percent on five hundred megabits. Another forty percent of people 86 00:04:11,960 --> 00:04:14,640 Speaker 2: are one hundred megabits per second. Now one hundred plus 87 00:04:15,040 --> 00:04:18,880 Speaker 2: is basically very fast speed internet. So three quarters of 88 00:04:19,080 --> 00:04:21,640 Speaker 2: NBN users you and I both been one. Most people 89 00:04:21,680 --> 00:04:25,400 Speaker 2: would be seventy five percent and now on very fast internet. 90 00:04:25,760 --> 00:04:28,440 Speaker 2: The other thing I think is pretty amazing. More than 91 00:04:28,480 --> 00:04:33,359 Speaker 2: a million customers have upgraded from legacy Copper to fiber 92 00:04:33,400 --> 00:04:36,320 Speaker 2: optic in the last year, So three million people have 93 00:04:36,520 --> 00:04:40,880 Speaker 2: fiber optic to the home. That's very cool. The other 94 00:04:40,920 --> 00:04:43,360 Speaker 2: one for you, Michael, they also said the NBN said 95 00:04:43,520 --> 00:04:46,239 Speaker 2: it's still on track to start testing internet services powered 96 00:04:46,279 --> 00:04:50,880 Speaker 2: by Amazon's low Earth orbit satellites later in the year. 97 00:04:51,000 --> 00:04:54,039 Speaker 1: Oh, that's very cool. Last one sean sorry number five. 98 00:04:54,160 --> 00:04:58,240 Speaker 1: Spotify added a record thirty eight million new listeners during 99 00:04:58,279 --> 00:05:02,080 Speaker 1: the December quarter, take monthly active users to seven hundred 100 00:05:02,080 --> 00:05:03,080 Speaker 1: and fifty one million. 101 00:05:03,640 --> 00:05:08,040 Speaker 2: Yeah, two hundred and ninety million paid subscribers. One of 102 00:05:08,080 --> 00:05:12,279 Speaker 2: the most used features last quarter, Spotify wrapped you know 103 00:05:12,320 --> 00:05:14,080 Speaker 2: where they tell you what you listen to and tell 104 00:05:14,080 --> 00:05:16,080 Speaker 2: you that your music taste means you're about twenty years 105 00:05:16,080 --> 00:05:18,520 Speaker 2: older than you are. That one yep, familiar with that 106 00:05:18,800 --> 00:05:21,919 Speaker 2: Spotify records, it'll have eight million US is extra. This 107 00:05:22,080 --> 00:05:24,719 Speaker 2: quardates listed on the Stock exchange share Proace jumped fifteen 108 00:05:24,720 --> 00:05:26,640 Speaker 2: percent on that news of seven hundred and fifty one 109 00:05:26,839 --> 00:05:29,960 Speaker 2: million active users. Still some way behind the big three 110 00:05:30,320 --> 00:05:34,039 Speaker 2: in terms of active years is Facebook, Instagram, and WhatsApp 111 00:05:34,279 --> 00:05:36,960 Speaker 2: or with about three billion users, which is what one 112 00:05:37,400 --> 00:05:40,440 Speaker 2: in three lessen that one in three people in the 113 00:05:40,440 --> 00:05:41,680 Speaker 2: world's pretty phenomenal. 114 00:05:41,920 --> 00:05:44,320 Speaker 1: That is incredible. Just quickly, Sean, while we're on the 115 00:05:44,320 --> 00:05:48,120 Speaker 1: topic of Spotify, if you are listening to this podcast 116 00:05:48,200 --> 00:05:50,200 Speaker 1: on Spotify, there's a very good chance you're listening to 117 00:05:50,240 --> 00:05:53,559 Speaker 1: it through the your Daily Drive playlist, which is actually 118 00:05:53,640 --> 00:05:56,400 Speaker 1: disappearing soon in the next few weeks. So if you 119 00:05:56,440 --> 00:05:58,280 Speaker 1: want to keep listening to the Fast five, if you 120 00:05:58,320 --> 00:06:00,760 Speaker 1: want to keep getting any playlist every day, make sure 121 00:06:00,839 --> 00:06:03,400 Speaker 1: you hit follow on the podcast, do it right at 122 00:06:03,400 --> 00:06:06,080 Speaker 1: this very second so that you don't miss out. Thanks 123 00:06:06,120 --> 00:06:06,680 Speaker 1: very much, Sewan. 124 00:06:06,839 --> 00:06:09,120 Speaker 2: Thanks Michael, I'm Michael. 125 00:06:08,880 --> 00:06:10,880 Speaker 1: Thompson, and that was the Fast Fired business News by 126 00:06:10,880 --> 00:06:12,920 Speaker 1: fear and greed. Have a great day.