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Speaker 1: It's Monday, the fifth of May twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes. Let's go with story number one.

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Speaker 1: In the end, Labor swamps the Coalition in Saturday's election

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Speaker 1: and currently have eighty six seats in the new Parliament,

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Speaker 1: compared to the coalition's forty nine independents, one Green, two others,

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Speaker 1: with twelve in doubt.

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Speaker 2: The ALP was confident victory and hopeful of an absolute majority.

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Speaker 2: By the end, they probably did enough to ensure at

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Speaker 2: least another term in government after this one. Such was

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Speaker 2: the victory congratulations to Prime Minister Anthony Albanezier, commiserations to

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Speaker 2: Opposition leader Peter Dunton, or at least former Opposition leader

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Speaker 2: Peter Dunn who of course lost his seat of Dixon.

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Speaker 2: Given the large number of independence and the relatively few

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Speaker 2: seats held by the Coalition, the ALP is suddenly the

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Speaker 2: natural party of government in the Senate. Counting continues, but

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Speaker 2: the Alp lives in neck and neck. Greens will hold

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Speaker 2: the balance of power and did not do so well

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Speaker 2: in the lower House, but they will gain in the

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Speaker 2: Upper House and the government won't have to work with

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Speaker 2: independence like David Pocock Jackie Lamby. As a result, Jackie Lamby,

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Speaker 2: interestingly enough, may not even win her contest.

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Speaker 1: So that's the result than Sean. What does it mean

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Speaker 1: for business? What does it mean for markets?

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Speaker 2: Well, that ends the uncertainty around policy settings, though in

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Speaker 2: truth there wasn't much difference between the two parties. On housing,

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Speaker 2: the first home buyer scheme five percent deposit, the help

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Speaker 2: to buy scheme will ramp up. There's a ten billion

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Speaker 2: dollar fund to build one hundred thousand homes for first

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Speaker 2: home buyers. That will take a while to kick in

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Speaker 2: Labour's already legislated small tax cuts. It will introduce a

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Speaker 2: standard one thousand dollar tax deduction. Electricity bill rebates will

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Speaker 2: continue unders them until December. Subsidies for batteries and evs

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Speaker 2: are also likely to continue. The budget deficit this fiscal

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Speaker 2: year expected to be about twenty eight billion dollars. Now

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Speaker 2: that's all over, Michael, we can all turn our attention

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Speaker 2: back to Donald Trump Yes.

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Speaker 1: Indeed. On the story number two, now Sean and retail

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Speaker 1: spending rose to zero point three percent in the March quarter,

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Speaker 1: lower than expected, highlighting the cost of living pressure that

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Speaker 1: people are feeling. Sales of food in silvermarkets and grocery stores,

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Speaker 1: alongside clothing sales, drove the rise. More discretionary spending takeaway

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Speaker 1: food department stores fell. Retail sales over the past year

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Speaker 1: are up just one point two percent. That's below the

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Speaker 1: population growth rate. In other words, retails going backwards.

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Speaker 2: Now. Retail sales account for about thirty percent of overall

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Speaker 2: growth in the economy. While most economists anticipated pick up

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Speaker 2: in spending in part thanks to lower interest rates later

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Speaker 2: in the year, the March quardal growth figure doesn't look

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Speaker 2: too good, another reason why the Reserve Bank will think

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Speaker 2: about cutting interest rates. On twenty May, story number three,

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Speaker 2: Australian wine exports jumped by more than forty percent in

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Speaker 2: the year to the end of March, as sales to

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Speaker 2: China surged following the ending of prohibitive tariffs from that country.

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Speaker 2: It was the first full year since the tariffs were dropped.

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Speaker 2: Sales to mainland China pushed beyond one billion dollars about

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Speaker 2: night six million liters. It's back to representing thirty nine

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Speaker 2: percent of total export value, but only fifteen percent of volume.

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Speaker 2: That just basically means they buy the good stuff. In total,

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Speaker 2: Australia export at two point six billion dollars worth of

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Speaker 2: wine thanks to the surge in demand from China, but

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Speaker 2: outside China exports actually fell in value and in volume

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Speaker 2: there were a drop it There was a drop in

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Speaker 2: sales to Hong Kong, not surprising given the pickup to China,

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Speaker 2: but there's also lower demand in the UK, US and Canada,

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Speaker 2: so that China figure war papers over some conserves for

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Speaker 2: the industry.

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Speaker 1: Story number four. Ninety four year old Warren Buffett, the

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Speaker 1: so called Oracle of Omaha, wants to step down from

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Speaker 1: running Berkshire Hathaway, the company that he took over in

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Speaker 1: nineteen sixty five and has been running very successfully ever since.

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Speaker 2: He surprised everyone because he's always said he wouldn't retire.

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Speaker 2: He took over the group when it was a textiles manufacturer.

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Speaker 2: He turned it into a conglomerate. Nowadays, it's got about

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Speaker 2: two hundred businesses that they bought when Warren Buffett thought

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Speaker 2: they were under value. He told investors at the sixtieth

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Speaker 2: annual shareholder meeting in Omaha, Nebraska over the weekend that

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Speaker 2: he wants greg Able to take over from him at

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Speaker 2: the end of the year. Now he certainly hasn't lost

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Speaker 2: at Berkshire Hathaway's share prices up twenty percent this year.

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Speaker 2: This SMP five hundred is four and three percent. Since

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Speaker 2: nineteen sixty five, Berkshire Hathaway ship chairs have returned twenty

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Speaker 2: percent annually compound, about double that of Wall Street. Incredible.

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Speaker 2: Really one A class share today is worth eight hundred

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Speaker 2: or almost eight hundred and ten thousand US dollars.

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Speaker 1: Last one story number five? How about this one? Shown

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Speaker 1: the US Defense Department a little red faced at the

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Speaker 1: moment after a parking accident on an aircraft carrier saw

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Speaker 1: a sixty million US dollar Fighter Jetta Boeing FA Super

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Speaker 1: Hornet just tumble into the sea.

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Speaker 2: It occurred on the USS Harry S. Truman on Monday.

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Speaker 2: Sailors were tollingly the plane at a place. Apparently they

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Speaker 2: went too far. The plane and the toe went overboard.

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Speaker 2: Crew Members in the plane end on the toe both

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Speaker 2: jumped before they left the carrier. The un stated way

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Speaker 2: that the Defense Department put it, I quote, the plane

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Speaker 2: was actively under toe in the hangarbay when the move

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Speaker 2: crew lost control of the aircraft. The aircraft and tow

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Speaker 2: tractor were lost overboard. A sixty million US dollar mistake.

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Speaker 1: Yeah, gone in an instant. All right, there we go,

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Speaker 1: the top five business stories in five minutes. Thank you

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Speaker 1: very much, Sean, Thank you, Michael. It is Monday, the

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Speaker 1: fifth of May twenty twenty five. Remember to hit follow

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Speaker 1: on the podcast, and if five minutes isn't enough, you

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Speaker 1: can find our longer daily show called Fear and Greed

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Speaker 1: wherever you listen to podcasts. I'm Michael Thompson and that

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Speaker 1: was the fast five business news by Fear and Greed.

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Speaker 1: Have a great day.