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Speaker 1: Today on Fear and Greed. Prime Minister Anthony Albanezi and

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Speaker 1: Opposition leader Peter Dutton move into campaign mode ahead of

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Speaker 1: a federal poll tip to be as soon as April,

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Speaker 1: Australia's superannuation funds under pressure over helping people after they retire,

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Speaker 1: and how New York is solving its traffic snarls. Welcome

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Speaker 1: to Fear and Greed, daily business news for people who

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Speaker 1: make their own decisions. It is Monday, the twenty seventh

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Speaker 1: of January twenty twenty five. I'm Michael Thompson and good

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Speaker 1: morning Sean Aylmer.

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Speaker 2: Good morning Michael.

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Speaker 1: Sean with the country on holiday. Today's there's a bit

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Speaker 1: of a briefer show. We'll be back to normal tomorrow

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Speaker 1: with normal length. We've still got interviews and things today.

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Speaker 1: You've still got the week ahead with the Kook. Today

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Speaker 1: it's relatively normal, just a little bit shorter. The main story,

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Speaker 1: the main story though, today, Sean. Federal politicians are certainly

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Speaker 1: in campaign mode. If there's any doubt about it, just

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Speaker 1: just get rid of that doubt. They are in campaign mode,

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Speaker 1: with both the Prime Anthony Albanesi and the Leader of

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Speaker 1: the Opposition, Peter Dutton, using every single opportunity to sell

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Speaker 1: their wares.

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Speaker 2: And they need to because the polls show a very

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Speaker 2: close race. The election is due before the middle of May,

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Speaker 2: a little bit of talk around it being on twelve April.

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Speaker 2: Certainly the decks being cleared in Canberra for a poll

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Speaker 2: some point in the next few months. Both leaders of

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Speaker 2: the respective parties used Australia Day to push their agenda.

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Speaker 2: We can expect much more of that in the next

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Speaker 2: three months. A then, Anthony Aberanese gave a major speech

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Speaker 2: on Friday at the National Press Club. He then answered questions.

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Speaker 2: He criticized Peter Dutton for not doing that now the

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Speaker 2: National Press Club normally the Prime Minister and the Opposition

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Speaker 2: leader turn up once or twice a year, do a

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Speaker 2: big set piece and then ask then answer all the

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Speaker 2: journalist's question. That's what Anthony Aberese did. Peter Dutton's not

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Speaker 2: going to do it. The PM expanded on a number

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Speaker 2: of subjects, including, of course, Donald Trump. When asked about

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Speaker 2: the US president's decision to again exit the Paris Climate Agreement,

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Speaker 2: mister Albernizis said Australia won't follow the decision in the

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Speaker 2: US provides an opportunity for Australia, mister Alberanzi said, and

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Speaker 2: could burst job prospects in the transition to renewable energy industries.

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Speaker 2: He agreed to holding election debates before the next poll,

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Speaker 2: and he said there'll be no referendums if Labor is

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Speaker 2: re elected. He defended the party's record on anti Semitism.

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Speaker 2: He said the government has made the right decisions in

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Speaker 2: response to the October seven hamas terra of tacks on Israel,

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Speaker 2: including calling out hate crimes and anti semitism at home,

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Speaker 2: and Mister Alberanzi said he believes the worst of the

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Speaker 2: international economic challenges are behind Australia, but he recognizes things

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Speaker 2: are still hard for average families around the country. Of course,

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Speaker 2: this week we get CPI Consumer Price Index figures for

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Speaker 2: the December quarter, and whether or not we get interest

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Speaker 2: rate cuts which would make things easier for families around

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Speaker 2: the country, we'll probably get a pretty good insight into

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Speaker 2: that this week.

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Speaker 1: Are you looking forward to the election campaign? Sean, Yeah,

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Speaker 1: I know you're a bit of a political kind of junkie.

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Speaker 1: Do you like election campaigns? To me, it kind of

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Speaker 1: feels as though it's kind of just more of the

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Speaker 1: same that we have had now for the last twelve months.

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Speaker 1: It feels as though there's been such a long build

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Speaker 1: up to this campaign and we're not of an in

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Speaker 1: it yet, but we're kind of are, aren't we.

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Speaker 2: Yeah. I mean I don't overly enjoy campaigns. It's as

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Speaker 2: a journalist just based to follow everything. I find it

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Speaker 2: really hard. So much is going on, and when they're

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Speaker 2: making announcements, you don't know whether it's a re announcement

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Speaker 2: or a new announcement or this sort of thing. It

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Speaker 2: gets very tricky.

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Speaker 1: And call promises and non call promises.

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Speaker 2: Remember that those ones?

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Speaker 1: Yeah, good fun local markets. How do they finish up

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Speaker 1: on Friday?

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Speaker 2: Yes? And PA six two hundred or is almost half

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Speaker 2: a percent closed at eighty four hundred and nine points.

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Speaker 2: Was up just over a week. Sorry, I'll say that again.

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Speaker 2: Michael was just over one percent for the week on Friday.

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Speaker 2: The retailers did best. Premiere Investments, which of course got

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Speaker 2: approval last week to sell most of its brands to Mayer.

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Speaker 2: It jumped more than six percent. West Farmers raised more

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Speaker 2: than three percent. After Goldman Sachs the investment bank upgraded

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Speaker 2: its prospects. Harvey Norman rose around two and a half percent.

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Speaker 2: The energy stocks were among the worst performers. Woodside dropped

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Speaker 2: about two percent. It was a lackluster day ahead of

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Speaker 2: long weekend. Really, the banks were mixed, the big miners

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Speaker 2: were flat to positive, and Telstra was down touch.

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Speaker 1: Before we leave markets, Sean, there is a fair bit

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Speaker 1: of blowback on the Dollar Trump and Dollar Millennia meme

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Speaker 1: coins from within the crypto industry.

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Speaker 2: Yes, it's interesting. So they were launched ten days ago

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Speaker 2: or so, just ahead of Donald Trump taking office. The

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Speaker 2: coins have absolutely no economic purpose at all. Their value

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Speaker 2: is totally based on the popularity of the individuals and

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Speaker 2: the Internet met Now, at one point last week, Dollar

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Speaker 2: Trump its market value was well over eight billion dollars.

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Speaker 2: Dollar Millania it was about one point four billion dollars

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Speaker 2: at peak. I think that's according to coin market Cap.

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Speaker 2: The problem, according to crypto executives, is that all this

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Speaker 2: froth and bubble basically undermines the credibility of the industry.

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Speaker 2: And you know, we saw over the weekend, or started

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Speaker 2: on Friday, then over the week and the value of

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Speaker 2: Dollar Millennia and Dollar Trump just fell through the floor.

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Speaker 2: So theyre worth a lot less than they were in

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Speaker 2: the middle of last week. But you know, like this

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Speaker 2: industry has been trying to build up its credibility and

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Speaker 2: suddenly we get these two meme coins people buying them.

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Speaker 2: People would have lost billion, well billions of dollars will

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Speaker 2: have been lost in these coins. Someone bought them when

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Speaker 2: they're worth a lot of money and not now, and

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Speaker 2: that's really upset the industry. There's also the sort of

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Speaker 2: conflict of interest issue that Donald Trump could benefit from

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Speaker 2: the sale of the tokens as well too.

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Speaker 1: That too, But it's a really good point that really

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Speaker 1: it is a credibility problem here, isn't it. And after

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Speaker 1: an industry that has done so much to build its

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Speaker 1: reputation and particularly was buoyed so much by a lot

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Speaker 1: of the kind of the institutional investors coming on board

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Speaker 1: and the big moves, particularly this time last year out

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Speaker 1: of the US with the Bitcoin spot ets. Remember that

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Speaker 1: that kind of gave the industry huge credibility that's kind

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Speaker 1: of challenged a bit now before we go to the break,

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Speaker 1: we've got an interview coming up after the show. A

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Speaker 1: quick mention of that one. Amy Lomas, the chief economist

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Speaker 1: at PwC Australia.

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Speaker 2: PEWC has released its twenty eighth annual Global CEO Survey

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Speaker 2: four tho seven hundred CEOs across one hundred and nine countries,

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Speaker 2: about one hundred and sixteen Australian CEOs in that talk

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Speaker 2: about all things around economic growth, artificial intelligence, a fantastic

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Speaker 2: way of tapping into what CEO's got.

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Speaker 1: GLOBEI you're thinking, yeah, it's a good conversation. It's coming

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Speaker 1: up after the show. Stick around for that one. Stick

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Speaker 1: around as well. We've got more to come. We'll be

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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. Sean Penny Wong is under pressure over her

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Speaker 1: role as Foreign Minister, with Opposition leader Peter Dutton saying

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Speaker 1: she has quote trashed Australia's relationship with Israel.

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Speaker 2: He came as a petition called for Senator Wong not

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Speaker 2: to lead Australia's delegation at this week's event in Poland

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Speaker 2: commemorating Deliberation of Auschwitz, which has gained about ten thousand

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Speaker 2: signatures in three days. Meanwhile, late last week, one of

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Speaker 2: Australia's most prominent Jewish figures, West phil founder Frank Lowey,

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Speaker 2: called on the federal government to lead by example and

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Speaker 2: fulfill its duty and obligation to stamp out anti Semitism,

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Speaker 2: which is staining Australia's identity as a fair country. According

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Speaker 2: to mister.

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Speaker 1: Lowey, Australia's pensions industry has been widely celebrated for building

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Speaker 1: a four point one trillion dollar nest egg for the

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Speaker 1: country's workers. It's been less successful, though, sean in helping

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Speaker 1: those savers actually manage their cash once they retire.

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Speaker 2: Real problem the superannuation system is lagging behind many other

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Speaker 2: wealthy countries because it isn't providing enough guidance on how

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Speaker 2: to spend money in retirement. According to a Graaton Institute report,

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Speaker 2: that is causing people to be anxious. There's going to

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Speaker 2: be two and a half million retirees over the next decade.

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Speaker 2: Mostly Australians have done a great job saving for retirement,

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Speaker 2: but mostly we don't know how to spend it once

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Speaker 2: we've finished work. The report says. The super system is

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Speaker 2: in effect becoming a bigger and bigger inheritance scheme. About you, Michael,

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Speaker 2: I'm not going to leave my kids anything. Well, I

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Speaker 2: hope not. I really get the point. I mean. In

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Speaker 2: July this year we go to what twelve percent compulsory

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Speaker 2: super and so we're going to have a lot of

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Speaker 2: money when we're tire. And the Gratton Institute recommends retires

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Speaker 2: be encouraged to use a portion of their pension that

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Speaker 2: savings to buy a government annuity, a financial product basically

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Speaker 2: that guarantees income for life. But even if you I mean,

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Speaker 2: you can do that and spend all your money on

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Speaker 2: an annuity, maybe that's what you want to do. But

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Speaker 2: even if the recommendations from financial advisors is that part

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Speaker 2: of your funds goes to an annuity and the other

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Speaker 2: path goes to investments, it's just it's really hard to

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Speaker 2: know when you're going to die and so how much

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Speaker 2: to spend. Now, some Australian funds are beginning to offer

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Speaker 2: some of these products, but we've got a long way

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Speaker 2: to go. According to the Gratton Institute, this.

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Speaker 1: Is going to be a really good test to see

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Speaker 1: which of your children listen to fear and greed, as

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Speaker 1: to which one confront you over breakfast this morning, going.

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Speaker 2: On on a public holiday.

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Speaker 1: Okay, you're all right, you can say whatever you want,

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Speaker 1: knowing that they are not going to hear you. Rio

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Speaker 1: Tinto Sean has warned the first quarter iron ore shipments

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Speaker 1: from WA's Pilbur region will be lower than expected after

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Speaker 1: a cyclone dropped a month's rain in twenty four hours

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Speaker 1: and flooded its port infrastructure. What's the name of this

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Speaker 1: cyclone again, I've I've forgotten.

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Speaker 2: Tropical cyclone, Sean, my favorite. A railcar dumper that offloads

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Speaker 2: iron ore from trains to port operations has been put

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Speaker 2: out of action for a month after the cyclone inundated

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Speaker 2: Kratha with two hundred and seventy four mills of rain

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Speaker 2: on one day earlier last week. Min has warned that

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Speaker 2: the closure will affect its first quarter iron or output.

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Speaker 2: Mind you, it's still going to shift, you know, about

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Speaker 2: three hundred and thirty million tons for the full year,

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Speaker 2: but they're a bit of delay in those shipments.

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Speaker 1: Turning to international news now, Sean, I love this story.

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Speaker 1: This is really interesting. New York, like many cities around

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Speaker 1: the world, has enormous traffic snarls, but a new congestion

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Speaker 1: toll seems to be working, with cars appearing to move

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Speaker 1: faster around Manhattan.

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Speaker 2: So they're moving faster along Manhattan's bridges and tunnels. Since

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Speaker 2: the city implemented its long debated congestion pricing plan on

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Speaker 2: five January. According to report in the Financial Times, morning

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Speaker 2: rush hour speed from New Jersey through the Holand Tunnel,

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Speaker 2: a main route under the Hudson River, into Manhattan, has

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Speaker 2: almost doubled to twenty eight miles an hour. That's, you know,

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Speaker 2: lay forties. That's not bad for peak hour. It's confared

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Speaker 2: to a year earlier. Evening speed over the Manhattan Bridge

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Speaker 2: to Brooklyn has increased from thirteen miles an hour to

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Speaker 2: twenty three miles an hour. Not bad. Motors to charge

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Speaker 2: four dollars fifty to fourteen dollars forty to enter the

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Speaker 2: congestion zone. A car's nine dollars, so it's not cheap,

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Speaker 2: so you've got to think about it if you're taking

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Speaker 2: your car onto Manhattan. New York joins London, Milan, Singapore,

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Speaker 2: and Stockholm in a small club of big cities with

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Speaker 2: congestion pricing. Traffic in London, which introduced its program in

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Speaker 2: two thousand and three, was one of the early ones,

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Speaker 2: dropped by fourteen percent in its own in the first year.

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Speaker 2: Cities of experience drops some more than twenty percent, so

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Speaker 2: the financial incentive seems to be working.

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Speaker 1: Sean coming up next is Fear and Greed The week Ahead,

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Speaker 1: featuring our resident economist Stephen coulculis definitely worth a listen

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Speaker 1: today because one of the main things that he is

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Speaker 1: talking about, obviously is the inflation data coming out on

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Speaker 1: Wednesday and his prediction as to what that will mean

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Speaker 1: for interest rates and what the Reserve Bank will be

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Speaker 1: wanting to see from this data in order to actually

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Speaker 1: get a rate cut, perhaps as early as February and

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Speaker 1: after that Amy Lomas, the chief economist at PwC, as

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Speaker 1: we mentioned earlier, So plenty of good listening for your

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Speaker 1: public holiday coming up in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dood

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Speaker 1: are you, thank you, Sean, Thank you.

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Speaker 2: Michael.

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Speaker 1: It is Monday, the twenty seventh of January 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. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.