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Speaker 1: Welcome to fear and greed. Business news you can use today.

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Speaker 1: A shock jump in inflation dashes hopes of a September

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Speaker 1: rate cut, Woolworths hammered by investors after it loses more

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Speaker 1: ground to colds, and business leaders line up to criticize

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Speaker 1: work from home as one party calls for a national law. Plus,

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Speaker 1: the housing market gears up for a supercharged spring season

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Speaker 1: and stress grows over AI upskilling. It is Thursday, the

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Speaker 1: twenty eighth of August twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning Natalie McDonald.

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Speaker 2: Good morning, Michael, Natalie.

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Speaker 1: The main story this morning. It has been labeled an

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Speaker 1: absolute shocker as Australia's inflation surged to two point eight

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Speaker 1: percent in July. That is the highest annual rate since

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Speaker 1: this time last year, and fueled by rising housing costs,

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Speaker 1: increased cost of alcohol and significantly the end of state

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Speaker 1: energy rebates, which which is something we knew was coming.

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Speaker 2: The monthly CPI indicator rose to two point eight percent

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Speaker 2: for July. That's, according to data from the ABS released yesterday,

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Speaker 2: far higher than the roughly two point three percent that

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Speaker 2: had been expected. Now as far as those key contributors.

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Speaker 2: That was a three point six percent increase in housing,

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Speaker 2: a six and a half percent rise in alcohol and tobacco, and,

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Speaker 2: as we discussed, a thirteen percent spike in energy costs.

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Speaker 2: The trimmed mean, which is the Reserve Bank's preferred measure,

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Speaker 2: rose to two point seven percent, while CPI excluding volatile

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Speaker 2: items and holiday travel climbed to three point two percent.

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Speaker 1: All right, but really what we all want to know

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Speaker 1: is what it actually means for interest rates because the spark,

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Speaker 1: it seems, has dented expectations of back to back interest

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Speaker 1: rate cuts following the Reserve banks twenty five bases point

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Speaker 1: reduction to three point six percent earlier this month. What

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Speaker 1: are the economists? What are the analysts saying?

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Speaker 2: Market observers note that while another cut is still possible

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Speaker 2: by November, expectations for as timber reduction have diminished. Economists

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Speaker 2: are stressing that one monthly reading doesn't determine policy, and

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Speaker 2: in fact, Treasurer gem Charmer is also attempting to hose

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Speaker 2: down concerns by flagging that the jump was partly driven

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Speaker 2: by volatile one off factors, urging caution in interpreting monthly figures.

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Speaker 2: But yesterday's report highlights those ongoing challenges when it comes

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Speaker 2: to controlling inflation amid rising housing and living costs.

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Speaker 1: Okay, moving on now from inflation mentioned the debate over

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Speaker 1: work from home, which just seems to be gaining momentum right.

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Speaker 1: CSL chair and Brian mcnamie has blamed Victoria's entrenched work

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Speaker 1: from home culture for research and development failures that the

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Speaker 1: biotech giants Melbourne Labs, saying there is and this is

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Speaker 1: a quote, something fundamentally wrong with operations in the state.

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Speaker 2: Now. Just to refresh where CSL is at, they're cutting

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Speaker 2: three thousand jobs globally after setbacks and clinical trials, though

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Speaker 2: Melbourne remains one of six he hubs for the company.

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Speaker 2: Mcname's remarks add to what is growing criticism really of

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Speaker 2: Victoria's business climate, with re CEO Peter Wilson calling it

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Speaker 2: the toughest state to operate in and investor John Wiley

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Speaker 2: warning Premier just into Allan's plan to legislate a right

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Speaker 2: to work from home, which she argues would benefit families

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Speaker 2: and the economy, risks deterring investment. This all is The

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Speaker 2: COLDS chief warned that instance of staff being threatened in

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Speaker 2: its doores in Victoria are actually increasing.

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Speaker 1: Okay, so it is a broadly tough environment for a

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Speaker 1: lot of businesses. But in terms of the push to

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Speaker 1: legislate work from home in Victoria, right from the moment

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Speaker 1: when that was announced a couple of weeks ago, we

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Speaker 1: have heard a very strong response from business leaders. We

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Speaker 1: spoke to the founder of Luxury Escapes, Adam Schwab here

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Speaker 1: on Fear and Greed, and he described it in no

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Speaker 1: uncertain terms as one of the craziest ideas he's ever

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Speaker 1: actually heard. Leave it up to business, he said, to

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Speaker 1: make these decisions for themselves. While the Albanesi government hasn't

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Speaker 1: openly criticized that move by Victoria, the federal government has

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Speaker 1: rejected a Greens push to legislate a national right to

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Speaker 1: work from home two days a week. So this is

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Speaker 1: jumping from the state level to the federal level, but

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Speaker 1: it may be stopping there.

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Speaker 2: Yeah, it looks like it, as if just pushing for

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Speaker 2: it in one state wasn't enough. The argument that the

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Speaker 2: Greens have put forward is that the change would help

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Speaker 2: address gender inequality, left workforce participation, and boost productivity. But

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Speaker 2: business groups and the Productivity Commission strongly opposed blanket work

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Speaker 2: from home laws, saying flexibility should be negotiated at the

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Speaker 2: enterprise level. Treasure Jin Chalmers said that productivity gains from

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Speaker 2: work from home were quote contestable, but has still defended

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Speaker 2: Victoria's right to act.

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Speaker 1: Okay, We've got a lot that we still need to cover.

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Speaker 1: We've got a lot of corporate results that have come

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Speaker 1: out in the last twenty four hours from Woolly's, Domino's, Pizza's,

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Speaker 1: some great stories there to discuss. Take a quick break

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news. Natalie Woolworth's chief executive Amanda Bardwell has refused

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Speaker 1: to be drawn on speculation that the group is ready

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Speaker 1: to spin off struggling Big W after Australia's biggest supermarket

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Speaker 1: chain reported very significant seventeen percent plunge in full year profits.

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Speaker 2: Strikes, supply chain issues and Big W's continued losses weighed

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Speaker 2: heavily on Wilworth as it continues to lose ground to

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Speaker 2: supermarket rival Coals after what has been years of market dominance.

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Speaker 1: And especially noticeable when we had Coals as results the

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Speaker 1: previous day then Wooli's and they are chalk and cheese.

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Speaker 2: Yeah, it's a pretty stark contrast profit margins strength, as

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Speaker 2: will Worse absorbed rising supplier costs rather than passing them

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Speaker 2: on to customers, which may actually be news to customers

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Speaker 2: who were increasingly choosing cheaper brands. Tobacco sales fell thirty percent,

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Speaker 2: and own band and growth lagged behind colls now onto

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Speaker 2: Big W and this is really the problem child in

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Speaker 2: this equation. Big W recorded a thirty five million dollar loss,

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Speaker 2: prompting Wilworth to move the chain to a separate technology platform,

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Speaker 2: fueling speculation of a possible spin off. Bottle didn't answer

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Speaker 2: this question directly, instead noting that Big W's performance was

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Speaker 2: quote very disappointing. A shares falling fifteen percent to twenty

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Speaker 2: eight dollars fifty one.

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Speaker 1: That dropped thirty percent in tobacco sales is interesting. I

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Speaker 1: wonder if that is linked to the rise in illicit

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Speaker 1: tobacco as well, because we've seen a few companies talking

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Speaker 1: about the fact that this black market tobacco is starting

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Speaker 1: to affect the bottom line. Viva Energy, which owns a

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Speaker 1: lot of convenience stores, has talked about it. A number

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Speaker 1: of others as well. Maybe Willis has been hit by

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Speaker 1: that as well. Domino's Pizza is going to scrap discounts

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Speaker 1: and vouchers in favor of really a bunning style, everyday

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Speaker 1: low prices model. The chain is really trying hard to

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Speaker 1: reverse sliding sales that led to its first annual loss

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Speaker 1: in two day decades. Now that Jack Cowen has got

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Speaker 1: in there, got his hands on things, he is not

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Speaker 1: wasting any time changing things up.

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Speaker 2: Yeah, we're loving the openness that's coming through. So the

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Speaker 2: exec check. Jack Cowan, who did come in after the

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Speaker 2: CEO left the role, pretty swiftly said that customers have

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Speaker 2: become confused by constant deals only buying a heavy discounts.

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Speaker 2: Great quote, you don't know what the hell you're going

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Speaker 2: to get, also saying that one of the problems is

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Speaker 2: that people getting clarity about what is a good deal.

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Speaker 2: It's fifty percent off what The group posted a three

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Speaker 2: point seven million dollar loss after one hundred and twenty

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Speaker 2: one million dollars in restructuring costs and three hundred and

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Speaker 2: twelve store closures. Those were mostly in Japan, chares falling

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Speaker 2: twenty two percent to fifteen dollars and ten All.

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Speaker 1: Right, those are some big falls. How did the numbers

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Speaker 1: stack up? At the end of trade yesterday, the air SX.

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Speaker 2: Two hundred rows just shy of twenty five points zero

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Speaker 2: point three percent to eighty nine hundred and sixty as

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Speaker 2: investors jested what was a mega day of company earnings

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Speaker 2: and that hotter than expected CPI report. Materials led gains,

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Speaker 2: with lithium surging on supply disruption forecasts, offset by weakness

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Speaker 2: in the consumer staples which was weighed down, of course,

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Speaker 2: perhaps unsurprisingly by Walworths.

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Speaker 1: On earnings.

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Speaker 2: Tap Corp shares surged twenty four percent on a turnaround

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Speaker 2: in its financial fortunes, bouncing back from that one point

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Speaker 2: four billion dollar loss last year to a thirty six

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Speaker 2: point six million dollar profit in its first full year

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Speaker 2: under a new leadership. But speaking of leadership, turmoil in

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Speaker 2: this space and scandals surrounding founder Richard White overshadowed Wise

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Speaker 2: Tech Globals results, shares falling nearly twelve percent to one

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Speaker 2: hundred and two dollars after it missed analyst expectations on

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Speaker 2: revenue and profit growth. Shares in nine jumping nearly eight

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Speaker 2: percent after nine streaming service Stan and now sold Domain

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Speaker 2: Health pushed the entertainment Giants log Group revenue of close

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Speaker 2: to two point seven billion dollars. The Olympics in fact

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Speaker 2: offering a big revenue and subscription driver.

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Speaker 1: Yeah, of course it wouln't, especially that sale of domain.

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Speaker 1: Certainly good news for investors there with the special dividend.

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Speaker 1: On the topic of Nine, though, it's worth a closer

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Speaker 1: look at this next story because Nine's net profit fell

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Speaker 1: ten percent I think on the prior year to one

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Speaker 1: hundred and ninety four million dollars or thereabouts. Nine And

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Speaker 1: we've talked about this on the podcast before. Nine and

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Speaker 1: the other traditional media are under a whole lot of

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Speaker 1: pressure and have been in recent years, and it's coming

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Speaker 1: from digital advertising. The digital giants coming in from overseas.

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Speaker 1: You've got Google, you've got Facebook, and they are really

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Speaker 1: dominating in the advertising space. There is data out today

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Speaker 1: that shows just how significant that is. Australia's internet advertising

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Speaker 1: market grew ten point six percent year on year to

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Speaker 1: seventeen point two billion dollars in FI twenty five, boosted

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Speaker 1: as you mentioned by the summer Olympics and federal election spend.

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Speaker 1: But a lot of that money is going to the internet.

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Speaker 1: This is according to IAB, Australia.

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Speaker 2: Search and video advertising dominating Australia's online advertising market. Search

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Speaker 2: advertising remains the largest segment at forty four percent. That's

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Speaker 2: reaching a record high in f y twenty five. Meanwhile,

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Speaker 2: video advertising drove growth, rising twenty one point nine percent

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Speaker 2: five billion dollars now representing twenty nine percent of total spend.

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Speaker 2: That's with election spending the primary driver of growth, and

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Speaker 2: consumer goods and finance actually the top video ad spenders.

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Speaker 1: Now, Spring could deliver one of these strongest property seasons

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Speaker 1: in years, and we're only a couple of days away

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Speaker 1: now from the start of spring, which is very exciting.

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Speaker 1: The hope is that it'll be basically turbocharge the market

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Speaker 1: because you've got the recent interest rate cuts, got growing

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Speaker 1: buyer confidence and greater spending power then too, conditions.

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Speaker 2: Are aligning for what domain have called a supercharged selling

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Speaker 2: season and one of the most significant rebounds in years.

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Speaker 2: So historically houses actually sell for a two point six

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Speaker 2: percent premium in spring compared to winter. I'm not surprised.

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Speaker 2: Why would you want to leave your house, let alone

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Speaker 2: like go into someone else's anyway, A momentum is already building.

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Speaker 2: As you say, just days away from spring, July clearance

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Speaker 2: rates hit their highest level in a decade, led by

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Speaker 2: Sydney and Melbourne, both surpassing last Springs results Nationally. Meanwhile,

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Speaker 2: house prices have risen nine point two percent between January

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Speaker 2: and July. That's the third fastest pace for this period

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Speaker 2: in the last decade.

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Speaker 1: Yeah, it should be a big, big, big spring sailing season.

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Speaker 1: I loved your comment in the middle of that though,

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Speaker 1: that you wouldn't want to leave your house in the

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Speaker 1: middle of winter. Basically is that what you're getting at.

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Speaker 2: Look, we could do a lot about how homes in

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Speaker 2: Australia just are not geared for winter. There's this thing

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Speaker 2: called insulation that property here does not have. And then

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Speaker 2: you say that, and then all anyone's comes out with is, yeah,

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Speaker 2: but winter's only six weeks of the year. It's not

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Speaker 2: it's longer and it's still damn cold. We just need

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Speaker 2: to get this like raw kind of background music going.

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Speaker 1: Now one more before we get to international news Netalie.

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Speaker 1: Nearly half of Australian professionals say learning AI feels like

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Speaker 1: a second job and there's mounting pressure on us all

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Speaker 1: really to get to grips with this new technology, and

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Speaker 1: that's leaving a lot of people feeling embarrassed and anxious

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Speaker 1: about their skills. This is research that's come out of LinkedIn.

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Speaker 2: And it's hard enough when you've got your nine to

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Speaker 2: five job, let alone feeling like AI is going to

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Speaker 2: become another job that you need to take on in

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Speaker 2: order to well remain employeed ultimately. But more than a

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Speaker 2: third of professionals feel overwhelmed by how quickly they're being

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Speaker 2: expected to master AI, and twenty eight percent have admitted

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Speaker 2: that they're embarrassed by how little they do know. The

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Speaker 2: research found that younger professionals are feeling the mental toll

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Speaker 2: of upskilling the most. Gen Z millennials are nearly twice

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Speaker 2: as likely as older workers to exaggerate their AI skills

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Speaker 2: at work, which I feel that in itself needs a conversation,

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Speaker 2: but in a plus one for the humans, Yeah, the humans.

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Speaker 2: Ninety one percent of executives believe that human judgment remains

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Speaker 2: essential to business.

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Speaker 1: That's encouraging.

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Speaker 2: Ninety one percent, so an overwhelming amount most executives believe

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Speaker 2: human judgment remains essential to business. But I thought the

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Speaker 2: other thing that was also nice that came out of

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Speaker 2: this data was that professionals are still turning to their

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Speaker 2: colleagues and mentors and leaning into their networks when it

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Speaker 2: comes to making important decisions like asking for a pay

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Speaker 2: rise or swapping industries. It does. It shows that importance.

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Speaker 1: Of community to human connection.

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Speaker 2: Human connection when you are making those big decisions in

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Speaker 2: your career.

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Speaker 1: Turning to international news, now, open ai has announced changes

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Speaker 1: to chat GPT, and it is interesting that we're going

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Speaker 1: from one AI story to another one. This one is

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Speaker 1: so serious. There has been a lawsuit in the US

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Speaker 1: that alleged the chatbot contributed to the suicide of a

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Speaker 1: sixteen year old boy in California.

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Speaker 2: So a bit of awhelming to those listening bec this

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Speaker 2: is a sad story. So the sixteen year old's parent

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Speaker 2: boy's parents claimed that AI became his closest confident. It

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Speaker 2: isolated him from his family, encouraging harmful thoughts and ultimately

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Speaker 2: helping him plan his death. In April, in response, open

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Speaker 2: ai said it will improve chatch ept's ability to recognize

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Speaker 2: signs of mental distress, maintain safeguards during long conversations, and

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Speaker 2: direct users to local crisis support. It's also planning new

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Speaker 2: parental controls and potential access to licensed professionals through the platform.

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Speaker 2: Open ai is saying that the recent tragedies prompted it

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Speaker 2: to share those safety improvements sooner than planned. But critics

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Speaker 2: are arguing that they've been much too slow to evolve,

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Speaker 2: and we're seeing these conversations crop up in a couple

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Speaker 2: of different spaces when it comes to not only conversations

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Speaker 2: around mental health and self harming, but also eating disorders

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Speaker 2: in young people as well.

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Speaker 1: Of course, of course help is always available. Lifeline Australia

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Speaker 1: thirteen eleven fourteen One Last One Natalie. More than eighty

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Speaker 1: years after it was stolen by the Nazis, a long

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Speaker 1: lost painting has been discovered in Argentina and this is

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Speaker 1: where it gets fascinating because of a real estate listing

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Speaker 1: it was spotted in the background.

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Speaker 2: So the painting in question is portrait of a lady.

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Speaker 2: It was by an Italian artist and once belonged to

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Speaker 2: Jacques Goudsticker, who was a Jewish art dealer in Amsterdam

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Speaker 2: whose collection was looted during World War II. Hundreds of

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Speaker 2: works were seized, and while some were recovered in the

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Speaker 2: early two thousands, many including this portrait, remained missing. The

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Speaker 2: painting surfaced when the daughter of a Nazi financial advisor

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Speaker 2: who fled to Argentina after the war, listed her home

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Speaker 2: for sale with photos showing the artwork above a sofa.

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Speaker 2: Experts have confirmed its authenticity as Goodsticker's descendants planned to

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Speaker 2: pursue legal action to reclaim the painting.

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Speaker 1: It's a fascinating one. Up next is Fear and Greed

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Speaker 1: Q and a our guest today Carl Durrance, who is

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Speaker 1: the managing director of Stripes, the payments platform. We are

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Speaker 1: proud to partner with Stripe for the Stripe Tour Sydney,

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Speaker 1: the Australian Legabe Global road show. It is happening on

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Speaker 1: the eleventh of September at ICC Sydney and it is

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Speaker 1: free to register. But today I'm talking to Carl about

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Speaker 1: stable coins. It is a one to one on stable coins.

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Speaker 1: I may end up being the future of payments. The

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Speaker 1: RBA is doing trials on stable coins or equivalents at

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Speaker 1: the moment and this is just a real eye opener

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Speaker 1: about where we are heading. It is coming up next

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Speaker 1: to the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearangreed dot com dot aue. Sign up for

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Speaker 1: our free daily newsletter as well.

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Speaker 2: Thank you Natalie, Thank you Michael.

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Speaker 1: It is Thursday, the twenty eighth of August twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok, and Facebook. Michael Thompson

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Speaker 1: and that was fear and greed. Have a great day.