1 00:00:03,880 --> 00:00:07,280 Speaker 1: It's Tuesday, the second of July twenty twenty four. Welcome 2 00:00:07,280 --> 00:00:09,920 Speaker 1: to the Fast five Business News by Fearing Greed, where 3 00:00:09,960 --> 00:00:11,800 Speaker 1: we give you the top five business stories you need 4 00:00:11,840 --> 00:00:14,280 Speaker 1: to know in just five minutes. Are Michael Thompson and 5 00:00:14,320 --> 00:00:15,640 Speaker 1: good Morning, Sean Aylmer. 6 00:00:15,880 --> 00:00:17,560 Speaker 2: Good morning Michael, Sean. 7 00:00:17,680 --> 00:00:20,640 Speaker 1: Five stories, five minutes. Let's get going. Story number one. 8 00:00:20,640 --> 00:00:22,759 Speaker 1: It's the end of course of the financial year, and 9 00:00:22,800 --> 00:00:26,080 Speaker 1: the share market in twenty twenty four had some extreme 10 00:00:26,120 --> 00:00:29,760 Speaker 1: winners and some extreme losers, including some household names. 11 00:00:30,160 --> 00:00:32,239 Speaker 2: Yes so, the best performing mid to large cap for 12 00:00:32,240 --> 00:00:36,800 Speaker 2: the last fiscal year was imaging software group pro Medicus. Essentially, 13 00:00:36,800 --> 00:00:40,040 Speaker 2: the group has software that brings radiology medical imaging into 14 00:00:40,080 --> 00:00:43,559 Speaker 2: the twenty first century. Its share price doubled last financial year. 15 00:00:43,600 --> 00:00:46,920 Speaker 2: The group's now worth fourteen billion dollars. Notable mentions in 16 00:00:46,960 --> 00:00:51,280 Speaker 2: that mid to large category include fund manager GQG Partners 17 00:00:51,520 --> 00:00:55,080 Speaker 2: and circuit board software group Aultium. Of the megacap's top 18 00:00:55,080 --> 00:00:57,240 Speaker 2: twenty companies, Goodman Group was the best of them, up 19 00:00:57,320 --> 00:01:00,120 Speaker 2: seventy four percent. At the other end, a bunch of 20 00:01:00,120 --> 00:01:06,000 Speaker 2: miners didn't do so well. Lithium stocks, particularly Linetown Resources, Igo, Arcadian, 21 00:01:06,080 --> 00:01:09,040 Speaker 2: Lithium tab Corp also did very poor very small company 22 00:01:09,040 --> 00:01:12,160 Speaker 2: now because it's share price fell thirty seven percent last year. 23 00:01:12,240 --> 00:01:14,880 Speaker 2: Of the megacaps, the worst was Woodside. If you look 24 00:01:14,920 --> 00:01:17,840 Speaker 2: at widely held stocks, those with plenty of retail shareholders, 25 00:01:18,000 --> 00:01:21,000 Speaker 2: Telstra and Woolies both performed poorly, down sixteen percent. Coals 26 00:01:21,080 --> 00:01:23,440 Speaker 2: was off eight percent, Quanus down five percent, While the 27 00:01:23,480 --> 00:01:25,680 Speaker 2: banks did well, led by National Australia Bank. 28 00:01:25,840 --> 00:01:28,199 Speaker 1: Yeah saw last financial year we seemed to be talking 29 00:01:28,200 --> 00:01:30,880 Speaker 1: about the banks doing well even though a lot of 30 00:01:30,880 --> 00:01:34,440 Speaker 1: analysts were saying that they were overpriced. What's that meant 31 00:01:34,640 --> 00:01:36,080 Speaker 1: for the market, Well, it. 32 00:01:36,240 --> 00:01:39,880 Speaker 2: Really means that investors have a new challenge in that 33 00:01:39,920 --> 00:01:42,800 Speaker 2: the ASX two hundred is now over reliant on the banks. 34 00:01:42,840 --> 00:01:45,280 Speaker 2: The Finance index, which is dominated by the Big Four, 35 00:01:45,319 --> 00:01:47,080 Speaker 2: accounts for thirty one and a half percent of the 36 00:01:47,120 --> 00:01:49,440 Speaker 2: ASEX two hundred. So if the banks have a bad 37 00:01:49,520 --> 00:01:51,920 Speaker 2: year coming up many think they will because of their 38 00:01:51,920 --> 00:01:56,160 Speaker 2: currently high valuations, then the market will struggle to perform 39 00:01:56,280 --> 00:01:58,960 Speaker 2: very well. Materials, which includes the Big three minus is 40 00:01:58,960 --> 00:02:02,440 Speaker 2: the next largest index twenty twenty one percent. It's much 41 00:02:02,520 --> 00:02:05,480 Speaker 2: more diverse that index can still do okay even if 42 00:02:05,520 --> 00:02:08,120 Speaker 2: I on all prices fall, and while the tech sector 43 00:02:08,160 --> 00:02:11,440 Speaker 2: was the best performing sector last financial year, actually had 44 00:02:11,440 --> 00:02:13,400 Speaker 2: only accounts for about three percent of the ASEX two 45 00:02:13,520 --> 00:02:16,080 Speaker 2: hundred point air is your fortunes are going to be 46 00:02:16,200 --> 00:02:18,160 Speaker 2: very much tied to big four banks if you're a 47 00:02:18,160 --> 00:02:18,960 Speaker 2: passive investor. 48 00:02:19,280 --> 00:02:22,119 Speaker 1: Sean story number two. Looking at a different angle now 49 00:02:22,280 --> 00:02:24,800 Speaker 1: of the new financial year, A lot of taxpayers and 50 00:02:24,960 --> 00:02:27,720 Speaker 1: minimum wage journals happy for the jump in what appears 51 00:02:27,760 --> 00:02:31,359 Speaker 1: in their bank accounts, but international students aren't so happy 52 00:02:31,400 --> 00:02:32,440 Speaker 1: with a big change. 53 00:02:32,639 --> 00:02:36,320 Speaker 2: One big budget initiative is to increase student visa application fees, 54 00:02:36,320 --> 00:02:38,919 Speaker 2: which are non refundable. The fee jumped from seven hundred 55 00:02:38,960 --> 00:02:42,040 Speaker 2: and ten dollars to sixteen hundred dollars. The number of 56 00:02:42,040 --> 00:02:45,560 Speaker 2: international students surged post lockdowns and was a big part 57 00:02:45,639 --> 00:02:48,720 Speaker 2: of the migration boom in Australia. Since then, the numbers 58 00:02:48,760 --> 00:02:51,120 Speaker 2: have come off, though so far in the year to 59 00:02:51,160 --> 00:02:53,480 Speaker 2: the end of May, there were three hundred and thirty 60 00:02:53,520 --> 00:02:57,320 Speaker 2: thousand student visas approved, something of a honeypot for governments 61 00:02:57,360 --> 00:03:00,680 Speaker 2: looking for money. The federal government has said cap foreign 62 00:03:00,720 --> 00:03:04,119 Speaker 2: student intakes, but in the meantime they're upping those visa prices. 63 00:03:04,960 --> 00:03:08,000 Speaker 1: Story number three. The new Governor General, Sam Mouston was 64 00:03:08,040 --> 00:03:11,480 Speaker 1: sworn in yesterday. She is the twenty eighth Governor General 65 00:03:11,720 --> 00:03:13,440 Speaker 1: and the second woman to take the role. 66 00:03:13,919 --> 00:03:16,720 Speaker 2: After the ceremony in the Federal Senate, ms Moston said 67 00:03:16,840 --> 00:03:19,519 Speaker 2: she often reflected on a speech by Indigenous leader Noel 68 00:03:19,560 --> 00:03:21,760 Speaker 2: Pearson in which he talks of a three part portrait 69 00:03:21,800 --> 00:03:26,360 Speaker 2: of Australia sixty five thousand years of Indigenous culture, British institutions, 70 00:03:26,800 --> 00:03:30,120 Speaker 2: and its multicultural present and future. She said Australia is 71 00:03:30,160 --> 00:03:33,760 Speaker 2: the country with extraordinary advantages of geography and resources and 72 00:03:33,800 --> 00:03:37,040 Speaker 2: the oldest continuing culture in the world. She added that 73 00:03:37,040 --> 00:03:39,280 Speaker 2: since World War II, Australia's welcomed seven and a half 74 00:03:39,320 --> 00:03:43,080 Speaker 2: million migrants, almost a million of those refugees. Contemporary challenges, 75 00:03:43,120 --> 00:03:48,400 Speaker 2: according to ms Moston, include violence against women, growing economic inequality, 76 00:03:48,480 --> 00:03:51,120 Speaker 2: the lingering impacts of the COVID pandemic, and, as she 77 00:03:51,200 --> 00:03:53,320 Speaker 2: put it, the pernicious impact of social media. 78 00:03:54,160 --> 00:03:57,240 Speaker 1: Storry number four, how about this? A fire at Anglo 79 00:03:57,240 --> 00:04:02,240 Speaker 1: American's biggest metallurgical coal project in Australia has halted production, 80 00:04:02,920 --> 00:04:05,440 Speaker 1: with the minor saying that it may actually take several 81 00:04:05,480 --> 00:04:07,760 Speaker 1: months for the blaze just to be extinguished. 82 00:04:08,200 --> 00:04:10,680 Speaker 2: A meetown explosion on Saturday caused a fire at the 83 00:04:10,720 --> 00:04:13,360 Speaker 2: Grovener Underground mind, which accounts for about thirty percent of 84 00:04:13,360 --> 00:04:16,360 Speaker 2: the company's annual production of cocing coal in Queensland. No 85 00:04:16,440 --> 00:04:19,160 Speaker 2: one was injured in the explosion. The company said. Specialist 86 00:04:19,160 --> 00:04:22,680 Speaker 2: teams were working to extinguish the underground fire, but will 87 00:04:22,720 --> 00:04:26,360 Speaker 2: take months. Anglo Americans had plenty on its plate, having 88 00:04:26,440 --> 00:04:29,880 Speaker 2: knocked back a seventy five billion dollar takeover from BHP 89 00:04:30,120 --> 00:04:34,360 Speaker 2: in May. Now a bunch of companies benefited from this. Yesterday, 90 00:04:34,880 --> 00:04:38,480 Speaker 2: Anglo Americans competitors in Queensland, groups like coronade A Global 91 00:04:38,520 --> 00:04:42,039 Speaker 2: Resources White Haven stand more. Their share prices surged on 92 00:04:42,120 --> 00:04:44,040 Speaker 2: the back of this underground fire. 93 00:04:44,440 --> 00:04:47,839 Speaker 1: Okay, last one story number five. Joe Biden is staying 94 00:04:47,920 --> 00:04:50,360 Speaker 1: in the race for president, even though the first major 95 00:04:50,400 --> 00:04:54,239 Speaker 1: poll since last week's debate shows a drop in support 96 00:04:54,320 --> 00:04:56,239 Speaker 1: for him, even among Democrat voters. 97 00:04:56,640 --> 00:04:59,400 Speaker 2: There are plenty of Democrat supporters who are openly talking 98 00:04:59,480 --> 00:05:01,960 Speaker 2: of him leave the race, but it doesn't look like happening. 99 00:05:02,160 --> 00:05:04,520 Speaker 2: The Biden family spent the weekend at Camp David, where 100 00:05:04,520 --> 00:05:06,440 Speaker 2: the extended group was due to have a photo shoot 101 00:05:06,440 --> 00:05:10,120 Speaker 2: with celebrity photographer Any Libowitz. The share of Americans is 102 00:05:10,200 --> 00:05:13,880 Speaker 2: say Jo Biden should seek re election dropped significantly according 103 00:05:13,880 --> 00:05:17,240 Speaker 2: to a new CBS poll, dropping ten percentage points among 104 00:05:17,320 --> 00:05:21,039 Speaker 2: registered Democrat voters to fifty four percent, nine percentage points 105 00:05:21,160 --> 00:05:24,320 Speaker 2: among all voters to just twenty eight percent, and seventy 106 00:05:24,320 --> 00:05:26,560 Speaker 2: two percent said mister Biden doesn't have the mental and 107 00:05:26,640 --> 00:05:29,279 Speaker 2: cognitive health to serve as president. 108 00:05:29,800 --> 00:05:32,000 Speaker 1: All right, there we go, the top five business stories 109 00:05:32,000 --> 00:05:32,640 Speaker 1: in five minutes. 110 00:05:32,680 --> 00:05:34,280 Speaker 2: Thank you Sean, Thank you Michael. 111 00:05:34,720 --> 00:05:37,760 Speaker 1: It's Tuesday, the second of July twenty twenty four. Remember 112 00:05:37,760 --> 00:05:40,280 Speaker 1: to hit follow on the podcast, and if five minutes 113 00:05:40,279 --> 00:05:42,720 Speaker 1: saysn't enough, you can find our longer daily show called 114 00:05:42,760 --> 00:05:46,080 Speaker 1: Fear and Greed wherever you listen to podcasts, or at 115 00:05:46,120 --> 00:05:49,400 Speaker 1: Fearandgreed dot com dot au, which is also where you 116 00:05:49,400 --> 00:05:52,240 Speaker 1: can sign up for our free weekly newsletter, which comes 117 00:05:52,240 --> 00:05:54,719 Speaker 1: out tomorrow. I'm Michael Thompson and that was the fast 118 00:05:54,720 --> 00:05:57,320 Speaker 1: five business news by Fear and Greed. Have a great day.