1 00:00:06,240 --> 00:00:09,399 Speaker 1: The spring selling season kicks off as the political fight 2 00:00:09,600 --> 00:00:13,520 Speaker 1: over the Reserve Bank escalates, new recommendations to make it 3 00:00:13,560 --> 00:00:17,599 Speaker 1: easier for part time workers and the revolution happening in 4 00:00:17,640 --> 00:00:20,560 Speaker 1: the world of bananas. Welcome to Fear and Greed. Daily 5 00:00:20,600 --> 00:00:22,759 Speaker 1: business news for people who make their own decisions. It 6 00:00:22,840 --> 00:00:25,800 Speaker 1: is Monday, the ninth of September twenty twenty four. I'm 7 00:00:25,840 --> 00:00:28,640 Speaker 1: Michael Thompson and welcome back, Sean aylmer Haho. 8 00:00:28,680 --> 00:00:30,160 Speaker 2: Michael, great to be back in the studio. 9 00:00:30,640 --> 00:00:33,640 Speaker 1: I'm glad you had a nice little break sunning yourself. 10 00:00:33,640 --> 00:00:36,279 Speaker 1: You are looking particularly tanned, which for me. 11 00:00:36,320 --> 00:00:38,599 Speaker 2: Is saying something roufair skinned. 12 00:00:38,520 --> 00:00:41,120 Speaker 1: And it shall fade by Wednesday. Now the main story 13 00:00:41,240 --> 00:00:43,960 Speaker 1: this morning, Sean, Great to have you back. The spring 14 00:00:44,080 --> 00:00:46,760 Speaker 1: selling season kicked off over the weekend, with more than 15 00:00:46,760 --> 00:00:50,080 Speaker 1: two thousand homes going under the hammer and the preliminary 16 00:00:50,080 --> 00:00:52,600 Speaker 1: clearance rate picking up to nearly seventy two percent. 17 00:00:53,080 --> 00:00:55,400 Speaker 2: It's make or break time for many homeowners and real 18 00:00:55,480 --> 00:00:58,240 Speaker 2: estate agents, and this spring selling season is being watched 19 00:00:58,400 --> 00:01:01,279 Speaker 2: very closely to see if some Australians really will need 20 00:01:01,320 --> 00:01:03,760 Speaker 2: to sell their homes. As Reserve Bank Governor Michelle Bullock 21 00:01:03,800 --> 00:01:07,680 Speaker 2: put it last week, so far, so good, very early. Obviously, 22 00:01:07,920 --> 00:01:10,160 Speaker 2: two thousand and sixty five homes went to waction, of 23 00:01:10,160 --> 00:01:12,600 Speaker 2: which nine hundred and thirty two were in Melbourne, where 24 00:01:12,640 --> 00:01:15,080 Speaker 2: the preliminary clearance rate came in at seventy one point 25 00:01:15,160 --> 00:01:18,119 Speaker 2: one percent. Sydney hosted seven hundred and seventy four octions. 26 00:01:18,160 --> 00:01:20,440 Speaker 2: According to core Logic, it's clearance strate was seventy three 27 00:01:20,440 --> 00:01:22,959 Speaker 2: point two percent. Looking at some of the smaller capitals, 28 00:01:23,000 --> 00:01:25,360 Speaker 2: Adelaide came in at eighty percent, Brisbane sixty two point 29 00:01:25,440 --> 00:01:29,200 Speaker 2: one percent, Camber sixty five point five percent. The overall 30 00:01:29,240 --> 00:01:32,600 Speaker 2: clearance rate is above the ten year average, so the 31 00:01:32,640 --> 00:01:36,520 Speaker 2: market is still okay, particularly in the smaller cities. They're 32 00:01:36,520 --> 00:01:39,680 Speaker 2: probably not booming, of course. Last week Michelle Bullock warned 33 00:01:39,680 --> 00:01:42,120 Speaker 2: that some Australians will have to sell their homes to 34 00:01:42,120 --> 00:01:45,319 Speaker 2: cope with higher inflation and interest rates, and businesses might 35 00:01:45,360 --> 00:01:49,240 Speaker 2: have to restructure their operations and lay off staff to survive, 36 00:01:49,680 --> 00:01:52,360 Speaker 2: which was pretty controversial, particularly given three or four years 37 00:01:52,400 --> 00:01:54,040 Speaker 2: ago the Reserve Bank said there wouldn't be any rate 38 00:01:54,120 --> 00:01:55,800 Speaker 2: hikes for a couple of years. 39 00:01:56,120 --> 00:01:59,280 Speaker 1: Yeah. Indeed, now the Reserve Bank has become something of 40 00:01:59,280 --> 00:02:02,160 Speaker 1: a political force football in recent weeks, and that focus 41 00:02:02,240 --> 00:02:04,680 Speaker 1: is going to intensify in coming weeks as more homes 42 00:02:04,720 --> 00:02:07,400 Speaker 1: do go up for sale. Now a couple of former 43 00:02:07,560 --> 00:02:10,120 Speaker 1: federal treasurers have weighed into the debate. 44 00:02:10,400 --> 00:02:13,240 Speaker 2: Ah, it's a story that keeps giving, Michael, would you agree. 45 00:02:13,000 --> 00:02:15,440 Speaker 1: Oh, it absolutely is. Every day there has been something 46 00:02:15,480 --> 00:02:17,440 Speaker 1: new on this because there are so many political angles, 47 00:02:18,000 --> 00:02:19,000 Speaker 1: economic angles. 48 00:02:19,040 --> 00:02:21,600 Speaker 2: It's just got everything, sure it does. Yesterday, Jim Chalmers, 49 00:02:21,600 --> 00:02:24,480 Speaker 2: the Treasurer, said government spending is a key reason there 50 00:02:24,560 --> 00:02:28,240 Speaker 2: hasn't been a recession. He was defending criticism of government spending. 51 00:02:28,520 --> 00:02:30,440 Speaker 2: He said the opposition wants the economy to go into 52 00:02:30,440 --> 00:02:34,240 Speaker 2: recession for political purposes. That came after former Labor Treasurer 53 00:02:34,280 --> 00:02:37,560 Speaker 2: Wayne Swan accused the Reserve Bank of punching itself in 54 00:02:37,600 --> 00:02:42,000 Speaker 2: the face and putting economic dogma over rational economic decision making. 55 00:02:42,080 --> 00:02:45,040 Speaker 2: That triggered a response from former Coalition Treasurer Peat Costello, 56 00:02:45,320 --> 00:02:47,240 Speaker 2: who dared the alber and Easy government to change the 57 00:02:47,240 --> 00:02:52,200 Speaker 2: Reserve Bank's inflation target otherwise stop sniping. Dr Chalmers yesterday 58 00:02:52,280 --> 00:02:55,440 Speaker 2: ruled out changes to the inflation target, saying he absolutely 59 00:02:55,480 --> 00:02:58,680 Speaker 2: endorsed it, while also talking up the Reserve Bank's dual 60 00:02:58,760 --> 00:03:01,520 Speaker 2: mandate of targeting all employment. It's a bit of a 61 00:03:01,560 --> 00:03:04,200 Speaker 2: chicken and an egg syndrome here. The government spending has 62 00:03:04,280 --> 00:03:06,040 Speaker 2: kept the economy out of recession. I think we'd all 63 00:03:06,080 --> 00:03:09,040 Speaker 2: agree on that, it's also pushed up inflation. At the 64 00:03:09,080 --> 00:03:11,560 Speaker 2: center of it all is the Reserve Bank. Yesterday, doctor 65 00:03:11,639 --> 00:03:14,320 Speaker 2: Chalmers said he and Governor Michelle Bullock were aligned in 66 00:03:14,360 --> 00:03:19,640 Speaker 2: their fight against inflation. Hmm, I'm not so sure about 67 00:03:19,639 --> 00:03:20,360 Speaker 2: that one, Michael. 68 00:03:21,120 --> 00:03:24,359 Speaker 1: Where does this end up, Sean? Because the Reserve Bank 69 00:03:24,400 --> 00:03:28,120 Speaker 1: is supposed to be kind of completely a political isn't it. 70 00:03:28,240 --> 00:03:29,920 Speaker 1: And it's not a good look, is it for it 71 00:03:29,960 --> 00:03:32,320 Speaker 1: to be kind of caught up in a political storm. 72 00:03:32,840 --> 00:03:35,600 Speaker 2: Yeah, I mean it's a political storm, not a Reserve 73 00:03:35,640 --> 00:03:38,280 Speaker 2: Bank storm. So Michelle Bullock has been very frank, she's 74 00:03:38,360 --> 00:03:42,360 Speaker 2: very she speaks her mind. Michelle Bullock always has done 75 00:03:42,400 --> 00:03:45,520 Speaker 2: for many, many years. And she just said said it 76 00:03:45,560 --> 00:03:46,400 Speaker 2: as she saw it. 77 00:03:46,720 --> 00:03:46,880 Speaker 1: Now. 78 00:03:46,880 --> 00:03:49,560 Speaker 2: It was Jim Chalmers who had to go a week ago, 79 00:03:49,680 --> 00:03:53,560 Speaker 2: and Wayne Swan had to go. Peter Castillo, who actually 80 00:03:53,720 --> 00:03:56,320 Speaker 2: established the charter of independence for the Reserve Bank. He 81 00:03:56,360 --> 00:03:57,760 Speaker 2: didn't really have to go to the Reserve Bank. He 82 00:03:57,840 --> 00:04:00,240 Speaker 2: just said he made political by saying, well, if you 83 00:04:00,240 --> 00:04:02,800 Speaker 2: don't like the two to three percent tiger band, change it. 84 00:04:02,960 --> 00:04:05,520 Speaker 2: We'll get the Reserve Bank to change it, and then 85 00:04:05,560 --> 00:04:08,480 Speaker 2: off we go. I don't think the bank itself has 86 00:04:08,520 --> 00:04:11,400 Speaker 2: done much, but it's just because we have well, we 87 00:04:11,480 --> 00:04:13,280 Speaker 2: have growth slow down it we've seen we still have 88 00:04:13,320 --> 00:04:16,560 Speaker 2: inflation too high, we have the spring selling season kicking off. 89 00:04:16,760 --> 00:04:18,479 Speaker 2: All this is going on at a time when interest 90 00:04:18,520 --> 00:04:21,880 Speaker 2: rates are relatively high compared to the last fifteen years 91 00:04:22,000 --> 00:04:25,119 Speaker 2: or so, not relatively high compared to the last forty years. 92 00:04:25,440 --> 00:04:27,960 Speaker 2: You put all that into it and an election some 93 00:04:28,040 --> 00:04:31,320 Speaker 2: point before May next year, you just get the Reserve 94 00:04:31,360 --> 00:04:32,600 Speaker 2: Bank becoming a punching bag. 95 00:04:32,839 --> 00:04:34,599 Speaker 1: It's kind of inevitable, really, isn't it. 96 00:04:34,680 --> 00:04:36,520 Speaker 2: Yeah? I think so. Thanks for to say that. 97 00:04:37,160 --> 00:04:40,120 Speaker 1: Now, local markets, how did things finish up on Friday? 98 00:04:40,240 --> 00:04:42,359 Speaker 2: Well, a rally in bank stocks help the AX close 99 00:04:42,480 --> 00:04:45,320 Speaker 2: higher on Friday, up nearly half percent to just over 100 00:04:45,360 --> 00:04:47,440 Speaker 2: eight thousand points. All big four banks we're up around 101 00:04:47,440 --> 00:04:49,520 Speaker 2: one and a half percent, dragging on the benchmark. With 102 00:04:49,560 --> 00:04:51,760 Speaker 2: the mining stocks with iron or futures heading back towards 103 00:04:51,760 --> 00:04:54,680 Speaker 2: the ninety US dollars a ton HP closed down more 104 00:04:54,680 --> 00:04:57,240 Speaker 2: than one percent on Friday. Futures training suggests the local 105 00:04:57,279 --> 00:05:00,480 Speaker 2: market is set to open much lower after a bad 106 00:05:00,520 --> 00:05:03,160 Speaker 2: weekend on Wall Street for all of last week. Basically, 107 00:05:03,200 --> 00:05:06,719 Speaker 2: the financials and property stocks kept things going akay, while 108 00:05:06,720 --> 00:05:08,960 Speaker 2: the energy stocks lost a lot of ground last week. 109 00:05:09,160 --> 00:05:12,320 Speaker 1: Now thanks to blue Chip Communication, the experts helping financial 110 00:05:12,360 --> 00:05:16,159 Speaker 1: services companies market communicate and grove is it blue Chipcommunication, 111 00:05:16,240 --> 00:05:19,520 Speaker 1: dot com dot AU You mentioned Wall Street there, Sean, 112 00:05:19,560 --> 00:05:20,279 Speaker 1: what did happen? 113 00:05:20,760 --> 00:05:22,920 Speaker 2: Really was a bit of a wipeout week last week, 114 00:05:22,960 --> 00:05:27,200 Speaker 2: particularly with those magnificent seven tech stocks not looking so 115 00:05:27,240 --> 00:05:31,240 Speaker 2: magnificent over the weekend. Tesla dropped eight percent in video 116 00:05:31,279 --> 00:05:34,240 Speaker 2: and Alphabet film more than four percent. Amazon and Meta 117 00:05:34,360 --> 00:05:36,640 Speaker 2: were both off more than three percent. Now. Part of 118 00:05:36,640 --> 00:05:40,200 Speaker 2: the reason for the tech specific pessimism over the weekend 119 00:05:40,200 --> 00:05:43,680 Speaker 2: at least reflected disappointing sales outlook for one Broadcom, one 120 00:05:43,720 --> 00:05:45,760 Speaker 2: of the big tech companies in the US. The S 121 00:05:45,800 --> 00:05:48,400 Speaker 2: and P five hundred had its biggest weekly dropped last 122 00:05:48,400 --> 00:05:51,719 Speaker 2: week since March twenty twenty three, down four point two percent. 123 00:05:52,000 --> 00:05:55,479 Speaker 2: The tech heavy Nasdaq IT registered its biggest weekly dropped 124 00:05:55,560 --> 00:05:58,640 Speaker 2: since January twenty twenty two. That was all masted six 125 00:05:58,680 --> 00:06:02,920 Speaker 2: percent the selling. We've gained momentum after August jobs data 126 00:06:03,040 --> 00:06:05,760 Speaker 2: out on Friday night, US time was slightly weaker than expected, 127 00:06:06,160 --> 00:06:08,920 Speaker 2: and after two Federal Reserve officials separately said the time 128 00:06:09,080 --> 00:06:12,080 Speaker 2: had arrived for rate cuts, renewing concerns that the Fed 129 00:06:12,080 --> 00:06:15,040 Speaker 2: has kept rates too high for too long. Away from 130 00:06:15,080 --> 00:06:17,560 Speaker 2: Wall Street, Brank Cruise trading around seventy one US dollars 131 00:06:17,560 --> 00:06:20,800 Speaker 2: a barrel, continuing it's light, it's last point since the 132 00:06:20,960 --> 00:06:24,280 Speaker 2: end of December. Fears about waiting demand from the Chinese 133 00:06:24,279 --> 00:06:29,039 Speaker 2: and US manufacturing sectors pretty much overshadowing O Pick Plus's 134 00:06:29,520 --> 00:06:33,159 Speaker 2: postponement of plans to increase production. That's why we're seeing 135 00:06:33,240 --> 00:06:35,279 Speaker 2: pressure on prices. A lot of peas and all that. 136 00:06:35,320 --> 00:06:36,480 Speaker 2: Michael is going to move on. 137 00:06:36,480 --> 00:06:39,320 Speaker 1: There really wasn't. Oh, we're really testing you on your. 138 00:06:39,200 --> 00:06:43,080 Speaker 2: First picked a pick of pickles. Gold's trading just under 139 00:06:43,120 --> 00:06:45,880 Speaker 2: twenty five hundred US dollars an ounce. It's been around 140 00:06:46,040 --> 00:06:48,120 Speaker 2: that sort of record higher level for about a month now, 141 00:06:48,360 --> 00:06:51,440 Speaker 2: and the AUSI dollars buying just under sixty seven US sense. 142 00:06:51,839 --> 00:06:54,480 Speaker 1: Now, Sean, you mentioned quite a bit about Wall Street there, 143 00:06:54,480 --> 00:06:57,640 Speaker 1: and you mentioned in video as well. Immediately after the show. 144 00:06:57,680 --> 00:07:00,679 Speaker 1: We have an interview coming up with Josh Gilbert E Toro, 145 00:07:01,400 --> 00:07:05,039 Speaker 1: and he it takes a fairly close look actually at 146 00:07:05,080 --> 00:07:07,920 Speaker 1: Wall Street and some of the winners and losers from 147 00:07:07,960 --> 00:07:11,080 Speaker 1: earning season, and then a really in depth look at 148 00:07:11,200 --> 00:07:14,360 Speaker 1: what happened with Nvidia last week, because of course that 149 00:07:14,520 --> 00:07:17,520 Speaker 1: was the biggest ever one day drop in market value 150 00:07:17,720 --> 00:07:20,520 Speaker 1: two hundred and seventy nine billion US dollars in a 151 00:07:20,560 --> 00:07:22,920 Speaker 1: single session. It was really quite extraordinary. So he talked 152 00:07:22,920 --> 00:07:25,560 Speaker 1: all about what that means, what the outlook is in 153 00:07:25,600 --> 00:07:28,840 Speaker 1: his opinion for and Video. But then also we crammed 154 00:07:28,880 --> 00:07:31,200 Speaker 1: a lot into one kind of one interview. He then 155 00:07:31,240 --> 00:07:33,240 Speaker 1: brings it back home and looks at some of the 156 00:07:33,240 --> 00:07:37,560 Speaker 1: local companies in the AI space as well, and potentially 157 00:07:37,600 --> 00:07:40,440 Speaker 1: some ideas for investors there. So a great one for 158 00:07:40,840 --> 00:07:43,800 Speaker 1: an overview of Wall Street, an overview of earnings, an 159 00:07:43,800 --> 00:07:46,800 Speaker 1: overview of AI, and then also some stuff for investors. 160 00:07:46,680 --> 00:07:47,840 Speaker 1: It's really got everything. 161 00:07:47,880 --> 00:07:50,560 Speaker 2: Sean, Yeah, look, I look forward to hearing it that 162 00:07:50,600 --> 00:07:52,680 Speaker 2: in video. In Vidia drop is amazing. I mean it's 163 00:07:52,680 --> 00:07:55,040 Speaker 2: worth two point five trillion US now, which is obviously 164 00:07:55,000 --> 00:07:57,880 Speaker 2: a huge amount, but that's not that far off a 165 00:07:57,920 --> 00:08:01,360 Speaker 2: trillion less than Apple. Apple that three point four trillion 166 00:08:01,720 --> 00:08:04,480 Speaker 2: in video is two point five not that long ago, 167 00:08:04,520 --> 00:08:07,120 Speaker 2: in video was the biggest company on Wall Street. So 168 00:08:07,160 --> 00:08:08,120 Speaker 2: it's quite amazing. 169 00:08:09,000 --> 00:08:12,080 Speaker 1: It's a big move in not a big period of time. 170 00:08:12,280 --> 00:08:15,080 Speaker 2: Yeah. Yeah, that's a technical way of describing it. 171 00:08:16,080 --> 00:08:19,800 Speaker 1: Goodness meh, Sean, really, I'm busting out my finest for 172 00:08:19,920 --> 00:08:22,720 Speaker 1: you today. Let's take a quick break. We'll be back 173 00:08:22,720 --> 00:08:25,200 Speaker 1: in a moment with the rest of the day's business news. 174 00:08:32,000 --> 00:08:34,760 Speaker 1: SHAW in Australia has one of the highest shares of 175 00:08:34,840 --> 00:08:38,360 Speaker 1: part time employment across OECD countries, but the share of 176 00:08:38,400 --> 00:08:41,800 Speaker 1: women engaging in shorter working hours has been falling for 177 00:08:41,880 --> 00:08:44,559 Speaker 1: ten years and particularly since the pandemic. 178 00:08:45,000 --> 00:08:47,200 Speaker 2: That's right around thirty percent of women and men that 179 00:08:47,280 --> 00:08:50,680 Speaker 2: choose part time work, but they face a part time 180 00:08:50,760 --> 00:08:54,559 Speaker 2: promotion cliff, with promotion rates half the level of their 181 00:08:54,559 --> 00:08:57,920 Speaker 2: full time counterparts. It just looks like if you work 182 00:08:58,080 --> 00:09:00,760 Speaker 2: part time, you are going to bed against when it 183 00:09:00,760 --> 00:09:03,360 Speaker 2: comes to that promotion. That's according to a Workplace Gender 184 00:09:03,400 --> 00:09:06,760 Speaker 2: Equality Agency report undertaken by the Bank West Curtain Economic 185 00:09:06,840 --> 00:09:10,200 Speaker 2: centerp part time employment is higher in female dominated sectors 186 00:09:10,320 --> 00:09:14,800 Speaker 2: and in larger organizations. The part time total remuneration gender 187 00:09:14,800 --> 00:09:18,199 Speaker 2: gap sits at two point seven percent in favor of women. 188 00:09:18,720 --> 00:09:21,560 Speaker 2: This compares to a total remuneration gender pay gap for 189 00:09:21,600 --> 00:09:24,360 Speaker 2: full time workers that has declined from twenty four point 190 00:09:24,400 --> 00:09:27,520 Speaker 2: eight percent to eighteen point three percent over the past decade. That, 191 00:09:27,600 --> 00:09:30,400 Speaker 2: of course, is in favor of men. The most rapid 192 00:09:30,559 --> 00:09:33,040 Speaker 2: increases in full time work over the past three years 193 00:09:33,040 --> 00:09:36,080 Speaker 2: have taken place among women aged between thirty five and 194 00:09:36,200 --> 00:09:38,920 Speaker 2: fifty five. The report recommends that part time work and 195 00:09:38,960 --> 00:09:43,040 Speaker 2: other flexible work arrangements be normalized and work practices be 196 00:09:43,200 --> 00:09:46,839 Speaker 2: redesigned to allow a broader range of work options. I'm 197 00:09:46,880 --> 00:09:49,040 Speaker 2: sure we will get a response from the government on 198 00:09:49,080 --> 00:09:52,559 Speaker 2: this one some point this week because it is a very, 199 00:09:52,640 --> 00:09:55,040 Speaker 2: very big issue for many people in the workforce. 200 00:09:55,400 --> 00:09:58,400 Speaker 1: Yeah. Indeed, now speaking of the government, Labor has confirmed 201 00:09:59,000 --> 00:10:03,080 Speaker 1: multiple questions will be included on sexual orientation and gender 202 00:10:03,320 --> 00:10:05,040 Speaker 1: in the twenty twenty sixth census. 203 00:10:05,360 --> 00:10:07,880 Speaker 2: Treasure Jim Chalmers said the census will include a new 204 00:10:07,920 --> 00:10:11,400 Speaker 2: section on sexual orientation and gender, although the questions would 205 00:10:11,440 --> 00:10:14,439 Speaker 2: be determined by the Australian Bureau Statistics at a later date. 206 00:10:14,600 --> 00:10:18,000 Speaker 2: It's part of the government's efforts to quell the LGBTQ 207 00:10:18,120 --> 00:10:22,000 Speaker 2: community's anger over its original exclusion from the count. Doctor 208 00:10:22,080 --> 00:10:24,720 Speaker 2: Chalmers said the government had changed its mind after listening 209 00:10:24,720 --> 00:10:27,880 Speaker 2: to the community. Only people aged sixteen years and over 210 00:10:27,920 --> 00:10:31,120 Speaker 2: will be our sexual orientation and gender questions, and the 211 00:10:31,200 --> 00:10:34,800 Speaker 2: new topic will also exclude questions about variations in people's 212 00:10:34,840 --> 00:10:35,920 Speaker 2: sex characteristics. 213 00:10:36,800 --> 00:10:40,439 Speaker 1: The tech industry has given the thumbs up to the 214 00:10:40,480 --> 00:10:43,800 Speaker 1: development of guardrails for the safe and responsible development of 215 00:10:43,880 --> 00:10:45,559 Speaker 1: artificial intelligence in Australia. 216 00:10:46,160 --> 00:10:48,559 Speaker 2: The Tech Council of Australia is a typical response from 217 00:10:48,559 --> 00:10:51,240 Speaker 2: the industry. It said the guidelines were a crucial step 218 00:10:51,280 --> 00:10:55,600 Speaker 2: in building an appropriately balanced regulatory strategy for AI governance 219 00:10:55,679 --> 00:10:59,280 Speaker 2: to support conference and responsible adoption in the new technology, 220 00:10:59,400 --> 00:11:03,120 Speaker 2: according to Smart Company, late last week, Science and Industry 221 00:11:03,200 --> 00:11:07,360 Speaker 2: Minister Ed Husick released voluntary AI safety standards that include 222 00:11:07,360 --> 00:11:11,320 Speaker 2: measures such as labeling and watermarking AI generated content. It's 223 00:11:11,360 --> 00:11:14,600 Speaker 2: in response to concerns about the misuse of biometric data, 224 00:11:14,960 --> 00:11:19,680 Speaker 2: social scoring and criminal expectation of AI. Minister Husick emphasized 225 00:11:19,720 --> 00:11:22,960 Speaker 2: that while these are voluntary now, the government is exploring 226 00:11:23,040 --> 00:11:27,079 Speaker 2: legislation to mandate these safeguards in higher risk areas like healthcare. 227 00:11:27,160 --> 00:11:28,640 Speaker 2: Law enforcement and recruitment. 228 00:11:30,520 --> 00:11:32,080 Speaker 1: Sure, I don't know what to make of this next 229 00:11:32,160 --> 00:11:35,320 Speaker 1: story mentioned to the top of the show. This one've 230 00:11:35,320 --> 00:11:39,920 Speaker 1: got to mention, but the Cavendish banana may never be 231 00:11:40,120 --> 00:11:44,040 Speaker 1: the same. With the first genetically modified fruit grown in 232 00:11:44,080 --> 00:11:46,760 Speaker 1: Australia officially ripe for picking. 233 00:11:47,360 --> 00:11:52,240 Speaker 2: Over the weekend, two very brave biotechnologists, we're due to 234 00:11:52,240 --> 00:11:55,240 Speaker 2: fly to Darwin, drive the Kakadu Road to Humpty Doo 235 00:11:55,679 --> 00:11:59,960 Speaker 2: and taste the first genetically modified banana grown in Australia. 236 00:12:00,080 --> 00:12:03,119 Speaker 1: Are it sounds like the origin story for a superhero? 237 00:12:03,400 --> 00:12:05,200 Speaker 2: Yeah, yes, it could be. It could be. 238 00:12:05,800 --> 00:12:08,520 Speaker 1: Do you remember the TV show Banana Man? Probably you 239 00:12:08,600 --> 00:12:12,640 Speaker 1: probably don't. It is very similar and every time he 240 00:12:12,800 --> 00:12:14,560 Speaker 1: ate a banana he turned into kind of this, this 241 00:12:14,679 --> 00:12:17,480 Speaker 1: hulking kind of character. Anyway, very much time, mate. We 242 00:12:17,679 --> 00:12:19,679 Speaker 1: could actually be seeing it happen in real life, right 243 00:12:19,760 --> 00:12:20,199 Speaker 1: we could. So. 244 00:12:20,559 --> 00:12:22,480 Speaker 2: Do you know how many bananas are eaten in Australia 245 00:12:22,520 --> 00:12:22,920 Speaker 2: every day? 246 00:12:23,720 --> 00:12:26,520 Speaker 1: Oh, hundreds of thousands would be my guess. 247 00:12:26,800 --> 00:12:27,760 Speaker 2: Five million? 248 00:12:28,559 --> 00:12:31,080 Speaker 1: You're kidding. Nope, that's a whole bunch. 249 00:12:31,360 --> 00:12:34,080 Speaker 2: That's a whole bunch. According to the Nustrition Australia, five 250 00:12:34,320 --> 00:12:41,160 Speaker 2: million every day now. The genetically modified banana qcav four 251 00:12:41,640 --> 00:12:44,560 Speaker 2: was granted final approval for human consumption in April, but 252 00:12:44,679 --> 00:12:47,079 Speaker 2: only now have any of the trees actually bore fruit. 253 00:12:47,200 --> 00:12:49,520 Speaker 2: According to a report in the Guardian, one of the 254 00:12:49,520 --> 00:12:53,400 Speaker 2: Bier techs that took that road to Humpty Doom said, 255 00:12:53,440 --> 00:12:56,920 Speaker 2: the bananas look the same, feel the same, peel the same, 256 00:12:57,160 --> 00:12:59,640 Speaker 2: smell the same, and he's ninety nine point nine to 257 00:12:59,720 --> 00:13:02,720 Speaker 2: nine sure they're going to taste exactly the same. But 258 00:13:02,960 --> 00:13:06,120 Speaker 2: until he got regial tree approval and they grew some, 259 00:13:06,720 --> 00:13:08,520 Speaker 2: he couldn't eat any of them, so it can't be 260 00:13:08,640 --> 00:13:10,400 Speaker 2: one hundred percent sure. He's just not a nine point 261 00:13:10,440 --> 00:13:13,240 Speaker 2: nine to nine percent sure. Now. Cavendish Banana's account for 262 00:13:13,240 --> 00:13:16,280 Speaker 2: about ninety seven percent of all sales of bananas in Australia. 263 00:13:16,559 --> 00:13:21,240 Speaker 2: Commercial bananas are sterile, meaning they're propagated by cutting steams 264 00:13:21,280 --> 00:13:24,240 Speaker 2: from a parent plant. So that means, Michael, if you 265 00:13:24,240 --> 00:13:28,559 Speaker 2: follow that logic, every single Cavendish banana ever grown is 266 00:13:28,600 --> 00:13:31,400 Speaker 2: a clone of a single seed produced as a naturally 267 00:13:31,400 --> 00:13:34,560 Speaker 2: occurring hybrid, probably more than a thousand years ago. Scientist 268 00:13:34,600 --> 00:13:39,440 Speaker 2: reckon credible story, but the lack of genetic diversity makes 269 00:13:39,800 --> 00:13:44,280 Speaker 2: the Cavendish bananas vulnerable to bacterial disease, hence the need 270 00:13:44,360 --> 00:13:46,200 Speaker 2: for a slight genetic modification. 271 00:13:47,200 --> 00:13:50,520 Speaker 1: Does it surprise you at all, John, that we have 272 00:13:50,679 --> 00:13:55,400 Speaker 1: so many varieties of apples, for instance, Ago Granny Smith 273 00:13:55,480 --> 00:13:58,319 Speaker 1: and your Red Delicious, your Golden Delicious, your Fuji, your 274 00:13:58,320 --> 00:14:03,280 Speaker 1: Pink Ladies, your Jazz. Yeah, exactly, and we only have really, 275 00:14:03,320 --> 00:14:07,200 Speaker 1: you've only got your Cavendish or your Lady fingers. Very 276 00:14:07,240 --> 00:14:07,800 Speaker 1: good point. 277 00:14:08,760 --> 00:14:10,960 Speaker 2: What amazes me is at ninety seven cent of Cavendish 278 00:14:11,000 --> 00:14:13,199 Speaker 2: and so presumably the bulk of the other three percent 279 00:14:13,240 --> 00:14:15,480 Speaker 2: of lady fingers. But you are I have never thought 280 00:14:15,520 --> 00:14:18,400 Speaker 2: of that. Yeah, well, now do you know what it is? No? No, no, no, 281 00:14:18,520 --> 00:14:24,200 Speaker 2: because they're sterile. So I'm absolutely talking out the proverbial 282 00:14:24,240 --> 00:14:25,760 Speaker 2: at the moment because I don't know I'm making it up, 283 00:14:25,760 --> 00:14:29,120 Speaker 2: but I'm presuming apples are not sterile. Therefore you can 284 00:14:29,200 --> 00:14:31,440 Speaker 2: create new varieties. But when you have a sterile plant 285 00:14:31,480 --> 00:14:34,280 Speaker 2: like a banana, you can't making it up. 286 00:14:34,400 --> 00:14:39,000 Speaker 1: Yes, it sounded so good, though, dud I genuinely believed 287 00:14:39,080 --> 00:14:41,880 Speaker 1: everything you just said. You have got so much credibility 288 00:14:41,920 --> 00:14:44,120 Speaker 1: that even when you're making up stuff about bananas, I 289 00:14:44,200 --> 00:14:44,840 Speaker 1: still believe you. 290 00:14:45,160 --> 00:14:46,640 Speaker 2: Yeah, well, I mean I was halfway through and I 291 00:14:46,720 --> 00:14:48,640 Speaker 2: just actually, someone who knows what they're talking about is 292 00:14:48,640 --> 00:14:50,920 Speaker 2: going to write in and say, no, you idiot, That's 293 00:14:50,960 --> 00:14:53,440 Speaker 2: not how it work. However, until that happens, that is 294 00:14:53,440 --> 00:14:53,960 Speaker 2: the story. 295 00:14:54,280 --> 00:14:56,400 Speaker 1: We are sticking with this. This is the official Fear 296 00:14:56,440 --> 00:14:59,280 Speaker 1: and Green line. I like it. We're better get onto 297 00:14:59,280 --> 00:15:04,240 Speaker 1: international news. Apple's iPhone sixteen we're launched tonight. I'm very 298 00:15:04,240 --> 00:15:07,560 Speaker 1: excited about this for the next generation chip, promising to 299 00:15:07,600 --> 00:15:11,119 Speaker 1: bring more generative artificial intelligence features to its smartphones. 300 00:15:11,440 --> 00:15:15,400 Speaker 2: Apple we use SoftBank owned ARMS. That's ARM ARMS, the 301 00:15:15,440 --> 00:15:18,240 Speaker 2: newest V nine chip design its smartphones. According to The 302 00:15:18,280 --> 00:15:22,239 Speaker 2: Financial Times, Apple's adoption of V nine for the iPhone, 303 00:15:22,680 --> 00:15:25,640 Speaker 2: which is about half of Apple's tittal revenues, represents a 304 00:15:25,640 --> 00:15:28,880 Speaker 2: massive boost for ARM. Obviously, it has entered into a 305 00:15:28,920 --> 00:15:32,200 Speaker 2: multi year licensing agreement with Apple. The V nine chip 306 00:15:32,280 --> 00:15:36,360 Speaker 2: is considered among the most evanced available. Apple's already using it, 307 00:15:36,480 --> 00:15:38,960 Speaker 2: or at least the V nine architecture for its newest 308 00:15:39,040 --> 00:15:42,800 Speaker 2: line of MFO MacBook products. It announced that back in May. 309 00:15:43,000 --> 00:15:45,280 Speaker 2: It said the M four brought a giant leap in 310 00:15:45,360 --> 00:15:48,720 Speaker 2: performance for the next generation of its PCs. Now it's 311 00:15:48,760 --> 00:15:51,680 Speaker 2: looking at putting it into its phones. We'll find out tonight. 312 00:15:52,120 --> 00:15:54,920 Speaker 2: Apple's in the process of recasting itself as an AI 313 00:15:54,960 --> 00:15:57,240 Speaker 2: focused company, announcing a number of features in June that 314 00:15:57,280 --> 00:16:01,760 Speaker 2: it collectively calls Apple Intelligence, like the Smartest series customer 315 00:16:01,840 --> 00:16:05,600 Speaker 2: Moji generation, and photo editing capabilities using his own in 316 00:16:05,640 --> 00:16:09,840 Speaker 2: house AI models. It's also in partnership with open ais 317 00:16:09,920 --> 00:16:13,120 Speaker 2: Chat GP team. The increased computer demands that come from 318 00:16:13,200 --> 00:16:17,320 Speaker 2: running AI models on a mobile device basically means you 319 00:16:17,440 --> 00:16:20,760 Speaker 2: need the latest chip technology, and that's where the V 320 00:16:20,840 --> 00:16:21,480 Speaker 2: nine comes in. 321 00:16:22,040 --> 00:16:26,280 Speaker 1: Elon Musk's America pack is firing up its digital ad 322 00:16:26,280 --> 00:16:29,200 Speaker 1: campaign and support of Donald Trump's presidential bid. The messages 323 00:16:29,240 --> 00:16:32,240 Speaker 1: so far Sean have been targeted at swing state voters. 324 00:16:32,800 --> 00:16:34,520 Speaker 1: You've got to say they've been very blunt. 325 00:16:35,040 --> 00:16:38,160 Speaker 2: Yes, mask promised to spend tens of million dollars campaigning 326 00:16:38,240 --> 00:16:41,520 Speaker 2: for the Republicans or more specifically for Donald Trump. That started. 327 00:16:41,640 --> 00:16:45,400 Speaker 2: An add on Google's YouTube, shown more than three million times, 328 00:16:45,440 --> 00:16:48,040 Speaker 2: says if you sick this election out, Karmla and the 329 00:16:48,040 --> 00:16:50,760 Speaker 2: crazies will win. You'll be stuck with high costs and 330 00:16:50,800 --> 00:16:54,680 Speaker 2: more illegals invading our country end quote. That's according to 331 00:16:54,720 --> 00:16:58,360 Speaker 2: Financial Times, it paints Trump by contrast as and I 332 00:16:58,440 --> 00:17:04,199 Speaker 2: quote American bad ass. Al is American badass with a 333 00:17:04,280 --> 00:17:07,120 Speaker 2: video of the former president after the July assassination attempt, 334 00:17:07,520 --> 00:17:10,560 Speaker 2: and ad on Facebook says and I quate, we must stop. 335 00:17:11,240 --> 00:17:14,159 Speaker 2: That's stop in capitals for Donald Trump, isn't it? We 336 00:17:14,240 --> 00:17:16,919 Speaker 2: must stop carmelot while we can, and other years as 337 00:17:16,920 --> 00:17:20,680 Speaker 2: a Russian accent, and says meet Comrade Karmala, ready to 338 00:17:20,720 --> 00:17:24,680 Speaker 2: bring a Soviet Union to Michigan. There's no sort of 339 00:17:24,680 --> 00:17:26,440 Speaker 2: truth in advertising around this, is it. 340 00:17:26,880 --> 00:17:30,280 Speaker 1: There's not of any any civility like this. A lot 341 00:17:30,280 --> 00:17:34,040 Speaker 1: of the carmela and the crazies will win. Okay, all right? 342 00:17:34,080 --> 00:17:35,160 Speaker 1: What does name calling here? 343 00:17:35,200 --> 00:17:38,040 Speaker 2: Aren't we? It's pretty outrageous now, Sean. 344 00:17:38,080 --> 00:17:43,040 Speaker 1: This one to finish up on UK streaming platform. I 345 00:17:43,080 --> 00:17:46,280 Speaker 1: didn't realize it was actually UK based, but the streaming 346 00:17:46,280 --> 00:17:48,919 Speaker 1: platform only fans. To be fair, I don't know a 347 00:17:48,920 --> 00:17:52,040 Speaker 1: lot about it, which feels like I'm protesting too much. 348 00:17:52,960 --> 00:17:56,760 Speaker 1: I'm protesting too much, but I genuinely don't. It's primarily 349 00:17:56,840 --> 00:18:01,800 Speaker 1: used by by sex workers, by sports by celebrities paid 350 00:18:01,960 --> 00:18:06,240 Speaker 1: six point six billion dollars to content creators last year 351 00:18:06,720 --> 00:18:08,879 Speaker 1: and more than six hundred and thirty million dollars to 352 00:18:08,960 --> 00:18:12,600 Speaker 1: its owner, Ukrainian American entrepreneur Leonard Radvinsky. 353 00:18:13,400 --> 00:18:15,800 Speaker 2: So Only Fans is a really interesting model. Just put 354 00:18:15,840 --> 00:18:19,280 Speaker 2: aside whether you appreciate the content or not. What it 355 00:18:19,320 --> 00:18:24,240 Speaker 2: does do is pay the content creators direct as opposed 356 00:18:24,280 --> 00:18:29,080 Speaker 2: to having a middle person or a studio that takes 357 00:18:29,080 --> 00:18:32,239 Speaker 2: a big chunk of it. Only Fans takes about a 358 00:18:32,320 --> 00:18:35,399 Speaker 2: fifth of the payment made on its platform, so the 359 00:18:35,560 --> 00:18:39,200 Speaker 2: other eighty percent basically goes to the stars of the show. 360 00:18:39,600 --> 00:18:42,879 Speaker 2: It's become an increasingly popular way for online creators to 361 00:18:42,920 --> 00:18:46,400 Speaker 2: offer video content directly to consumers. Obviously, the sex industry 362 00:18:46,440 --> 00:18:48,840 Speaker 2: is very heavily involved in that one. The number of 363 00:18:48,920 --> 00:18:52,520 Speaker 2: creator accounts grew to four point one million creator accounts 364 00:18:52,520 --> 00:18:55,920 Speaker 2: four point one million, while the total number of fan 365 00:18:56,080 --> 00:19:00,960 Speaker 2: accounts is now more than three hundred million. That's at 366 00:19:01,000 --> 00:19:03,000 Speaker 2: the end of last year, both an increase of almost 367 00:19:03,040 --> 00:19:06,600 Speaker 2: a third on the previous year. Many of those who 368 00:19:06,680 --> 00:19:09,240 Speaker 2: use the platform sex workers, Although the company says there's 369 00:19:09,240 --> 00:19:11,359 Speaker 2: a wide range of content and offer from sports and 370 00:19:11,480 --> 00:19:15,080 Speaker 2: music to yoga and wellness. Same directly at individual fans. 371 00:19:15,160 --> 00:19:19,040 Speaker 2: These fans can pay additional tips or extra for on 372 00:19:19,080 --> 00:19:22,639 Speaker 2: demand paid content and private messaging in addition to the 373 00:19:22,720 --> 00:19:26,600 Speaker 2: subscription fees. Whatever you think about the morality of it, 374 00:19:26,680 --> 00:19:29,080 Speaker 2: let's just park that, whether you like or dislike or whatever, 375 00:19:29,640 --> 00:19:34,840 Speaker 2: it has been an incredibly successful platform, particularly to get 376 00:19:35,080 --> 00:19:37,480 Speaker 2: money into the hands of the content providers. 377 00:19:38,359 --> 00:19:41,160 Speaker 1: So the sport and music and yoga and wellness and everything. 378 00:19:41,359 --> 00:19:44,760 Speaker 1: Are you seeing an opportunity here for business news as well? 379 00:19:46,880 --> 00:19:50,040 Speaker 1: And instead of Fear and Greed business news, Fear and 380 00:19:50,080 --> 00:19:51,560 Speaker 1: Greed business nudes. 381 00:19:54,320 --> 00:19:56,320 Speaker 2: I actually regular name Fear and Greed to do pretty 382 00:19:56,320 --> 00:19:58,480 Speaker 2: well on only only fans. 383 00:19:59,040 --> 00:20:01,159 Speaker 1: Anyway, we will invest together this. We'll put this to 384 00:20:01,240 --> 00:20:03,400 Speaker 1: Adam Lange our business post. 385 00:20:03,440 --> 00:20:04,720 Speaker 2: He will he will blush. 386 00:20:04,880 --> 00:20:08,160 Speaker 1: Yes, yeah, Well, I look forward to our operations meeting 387 00:20:08,200 --> 00:20:11,000 Speaker 1: when we will discuss this in detail. Up next is 388 00:20:11,040 --> 00:20:15,280 Speaker 1: the Fear and Greed Daily Interview with Josh Gilbert today 389 00:20:15,320 --> 00:20:16,160 Speaker 1: from E Toro. 390 00:20:16,520 --> 00:20:18,760 Speaker 2: All about Nvidio and what's going on with those tech 391 00:20:18,800 --> 00:20:21,359 Speaker 2: stocks over there in the US. Also what it means 392 00:20:21,359 --> 00:20:22,480 Speaker 2: for the local techtoks. 393 00:20:22,720 --> 00:20:25,520 Speaker 1: Yeah, indeed, it is a great chat, particularly for investors. 394 00:20:25,560 --> 00:20:27,240 Speaker 1: It is up next in the Fear and Greed playlist 395 00:20:27,240 --> 00:20:29,440 Speaker 1: on your podcast platform or at Fearangreed dot com dot 396 00:20:29,440 --> 00:20:32,359 Speaker 1: A you and of course Sean. Before that, we have 397 00:20:32,440 --> 00:20:36,840 Speaker 1: Fear and Greed The week ahead with Cherrelle Murphy from me, why. 398 00:20:36,320 --> 00:20:40,639 Speaker 2: Not exactly a well prime week. We have the consumer 399 00:20:40,840 --> 00:20:43,400 Speaker 2: sentiment figures from Westpac Melbourne Institute. We have the National 400 00:20:43,400 --> 00:20:47,040 Speaker 2: Australian Bank Business Conditions and sentiment. We also have a 401 00:20:47,080 --> 00:20:49,760 Speaker 2: few second tier abs stuff I think the chief economists 402 00:20:49,760 --> 00:20:51,800 Speaker 2: of the reserve banks. She's talking as well. It's a 403 00:20:51,920 --> 00:20:53,080 Speaker 2: bits and pieces this week. 404 00:20:53,280 --> 00:20:55,439 Speaker 1: Yeah, still worth a listen. It is up next and 405 00:20:55,480 --> 00:20:58,000 Speaker 1: then after that Josh Gilbert. So plenty of good listening 406 00:20:58,000 --> 00:21:00,280 Speaker 1: for your Monday. Thank you very much, Sean. 407 00:21:00,359 --> 00:21:01,040 Speaker 2: Thank you, Michael. 408 00:21:01,200 --> 00:21:03,600 Speaker 1: It is Monday, the ninth of September twenty twenty four. 409 00:21:03,880 --> 00:21:05,919 Speaker 1: Make sure you're following the podcast and please join us 410 00:21:05,960 --> 00:21:09,440 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 411 00:21:09,480 --> 00:21:13,760 Speaker 1: Thompson And that was Piera and Greed. Have a great day.