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Speaker 1: It's Thursday, the fourth of September twenty twenty five. Welcome

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

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

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

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Speaker 1: and Good Morning Natalie McDonald. Good Morning Michael, Natalie. Five

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Speaker 1: massive stories to race through in five minutes, so let's

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Speaker 1: go story number one. The ASX had its worst day

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Speaker 1: since April yesterday, dropping one point eight percent, with bond

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Speaker 1: yields rising and the latest data from the ABS showing

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Speaker 1: Australia's economy is stronger than expected. GDP actually rose zero

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Speaker 1: point six percent in the June quarter one point eight

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Speaker 1: percent over the year, surprising quite a few economists.

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Speaker 2: That recovery is being driven by households splashing out on travel,

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Speaker 2: hospitality big ticket items. But while yesterday's figures would have

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Speaker 2: reflected earlier rate cuts and lower interest rates would certainly

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Speaker 2: be helping to lift consumer spending, they're not the main

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Speaker 2: reason for that stronger rebounding consumption in the June quarter,

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Speaker 2: which rose by solid point nine percent. AMP DEPUS Chief

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Speaker 2: Economists points out that Easter and Anzac Day fell so

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Speaker 2: close this year end of financial year sales, as well

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Speaker 2: as the release of the new Nintendo Switch, which is

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Speaker 2: actually cropped up in a few different data releases. Consumers

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Speaker 2: are spending more by running down their savings, as Ossie's enjoy.

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Speaker 2: Post rate cut spending, the household saving ratio fell from

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Speaker 2: five point two to four point two percent, and your

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Speaker 2: growth is now at its strongest pace in nearly two

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Speaker 2: years now.

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Speaker 1: This is great news obviously for the economy, not so

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Speaker 1: great perhaps for borrowers who are still clinging to rather

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Speaker 1: slim hopes of a September right cut.

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Speaker 2: The Reserve Bank is now expected to hold rates at

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Speaker 2: its September meeting, with markets pricing in a lower chance

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Speaker 2: of further cuts later this year. Analysts say another cut

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Speaker 2: may come in November, but the RBA is likely to

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Speaker 2: be cautious given at rising household spending and falling savings.

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Speaker 2: AMP anticipates another twenty five basis point rate reduction at

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Speaker 2: the November meeting, followed by further reductions in February and

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Speaker 2: May of next year, and.

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Speaker 1: Of course mentioned the local markets. The SMPA SX two

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Speaker 1: hundred fell one point eight percent yesterday. That is its

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Speaker 1: biggest one day dropped since April wiped fifty seven billion

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Speaker 1: dollars off the ASX. Really it is bond yields, rising

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Speaker 1: a lot of global pressure there and then climbing as

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Speaker 1: well after that. GDP datas surprised everyone yesterday. Onto story

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Speaker 1: number two. Now, the federal government is considering a shift

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Speaker 1: to four year terms and also increasing the number of

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Speaker 1: electorates as part of a major overhaul of the electoral system.

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Speaker 1: After each election, a committee reviews everything that's taken place

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Speaker 1: in this time. The government has put forward reportedly those

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Speaker 1: two issues as key considerations.

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Speaker 2: Fixing the date for the current three year term so

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Speaker 2: that we always know when an election is coming could

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Speaker 2: be done with legislation, but extending the term to be

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Speaker 2: four years would require a referendum, something that has been

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Speaker 2: tried only once before by Bob Hawk in the eighties

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Speaker 2: and was defeated. But nine newspapers report that the government

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Speaker 2: is considering putting the reform forward again, perhaps buoyed by

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Speaker 2: the massive majority at one at the election. And as

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Speaker 2: for increasing the number of electorates from one hundred and fifty,

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Speaker 2: that can be done with legislation as well. In this case,

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Speaker 2: the argument is that each Lower House politician is representing

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Speaker 2: an average of one hundred and seventy seven thousand people

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Speaker 2: at Federation. It's just fifty thousand all right.

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Speaker 1: On to story number three, the boss of National Australian

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Speaker 1: Bank is warning about productivity and his focus is very

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Speaker 1: much on AI.

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Speaker 2: NAB CEO Andrew Irvine warned that Australia's productivity has stalled

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Speaker 2: and complacency is putting future generations at risk. Speaking to

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Speaker 2: four hundred business leaders, Irvine said AI is the game

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Speaker 2: changer and ignoring it it's not an option, saying that

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Speaker 2: people using AI will take the jobs of those who

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Speaker 2: don't and that for businesses, failing to adopt new technology

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Speaker 2: is like Kodak or Blockbusters, a relevance in waiting.

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Speaker 1: Story number four, The Tax Office is warning Australians not

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Speaker 1: to treat this superinnuation like a pe bank, after withdrawals

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Speaker 1: top one billion dollars last financial year. New figures show

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Speaker 1: applications for compassionate release of SUPER have surged more than

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Speaker 1: seventy five percent since before the pandemic.

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Speaker 2: Nearly sixty nine thousand people applied in twenty three twenty four,

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Speaker 2: with most seeking help for medical or dental costs. About

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Speaker 2: fifty thousand applications were approved, but the ATO says too

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Speaker 2: many people think super is free money. Essentially, officials say

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Speaker 2: early access should only ever be a last resort. Pulling

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Speaker 2: out twenty thousand dollars at age thirty could actually leave

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Speaker 2: you ninety three thousand dollars worth off in retirement. The

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Speaker 2: ATOS also cracking down dodgy operators, health practitioners inflating medical

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Speaker 2: reports or companies charging big fees to file applications. The

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Speaker 2: Super Members Council wants stronger action, warning of a wave

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Speaker 2: of ads luring people to raid their retirement savings for

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Speaker 2: non essential treatments.

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Speaker 1: All right, last one story Number five. Power bills biting

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Speaker 1: hard and more Australians are simply not paying them. Financial

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Speaker 1: counselors say two and a half million PE people are

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Speaker 1: under severe stress, but a growing number are being told

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Speaker 1: to stop using credit cards to cover bills and instead

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Speaker 1: notify the companies that they can't pay.

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Speaker 2: And in the past power would be cut off, but

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Speaker 2: now companies are keeping the lights on and quietly absorbing

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Speaker 2: the costs. The Australian reports that shortfall doesn't just vanish,

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Speaker 2: though it's being passed on. The latest inflation read shows

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Speaker 2: electricity prices up thirteen percent, with some of that hike

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Speaker 2: thought to be covering unpaid bills. Unless sworn this is unsustainable.

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Speaker 2: If word spreads that debts aren't pursued, even more households

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Speaker 2: may stop paying. Add in sawing transmission costs from big

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Speaker 2: renewable projects, and experts say higher prices are baked in

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Speaker 2: the bottom line here. Paying customers could end up putting

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Speaker 2: the bill for millions who can't or perhaps won't pay.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes. Thank you very much, Natalie, Thank you, Michael.

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Speaker 1: It is Thursday, the fourth of September 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, ram x, TikTok, and Facebook. Michael Thompson,

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

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Speaker 1: M