1 00:00:03,840 --> 00:00:07,120 Speaker 1: It's Monday, the tewond of September twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,520 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,440 Speaker 1: where we give you the top five business stories you 4 00:00:11,480 --> 00:00:13,880 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,920 --> 00:00:15,440 Speaker 1: and good morning, Adam Lange. 6 00:00:15,520 --> 00:00:17,240 Speaker 2: Good morning, Michael, Adam. 7 00:00:17,320 --> 00:00:20,160 Speaker 1: Five stories, five minutes. Let's go story number one. Home 8 00:00:20,239 --> 00:00:23,560 Speaker 1: values were up zero point five percent nationally last month, 9 00:00:23,960 --> 00:00:28,480 Speaker 1: but Melbourne's median dwelling price has fallen behind Perth and 10 00:00:28,600 --> 00:00:31,760 Speaker 1: Adelaide for the first time since core Logic's records began. 11 00:00:32,320 --> 00:00:35,240 Speaker 2: Yes, Michael, it's a fascinating market. At the moment. Brisbane 12 00:00:35,280 --> 00:00:38,880 Speaker 2: and Perth and Adelaide are experiencing solid price growth, led 13 00:00:38,920 --> 00:00:41,480 Speaker 2: by Perth, which was up by two percent for the month. 14 00:00:41,720 --> 00:00:44,120 Speaker 2: Sydney was up zero point three percent in August, but 15 00:00:44,240 --> 00:00:47,720 Speaker 2: Melbourne fell back zero point two percent, leaving its medium 16 00:00:47,800 --> 00:00:50,800 Speaker 2: dwelling price behind Perth for the first time since twenty 17 00:00:50,840 --> 00:00:53,880 Speaker 2: fifteen and behind Adelaide for the first time ever. 18 00:00:54,240 --> 00:00:58,000 Speaker 1: Adam, what's causing the fallback in prices in Melbourne. 19 00:00:58,160 --> 00:01:00,880 Speaker 2: Core Logic experts appointing to a few different reasons. One 20 00:01:00,880 --> 00:01:03,959 Speaker 2: of them is the relatively new investor taxes. But perhaps 21 00:01:04,160 --> 00:01:07,240 Speaker 2: the more significant factor is that Victoria has been driving 22 00:01:07,319 --> 00:01:10,400 Speaker 2: more new housing supply than pretty much any other state 23 00:01:10,480 --> 00:01:14,039 Speaker 2: for years. More supply means lower prices, and we're seeing 24 00:01:14,080 --> 00:01:16,640 Speaker 2: this in action. In many ways. This is good news 25 00:01:16,680 --> 00:01:19,200 Speaker 2: for those struggling to get onto the property ladder. The 26 00:01:19,280 --> 00:01:21,920 Speaker 2: latest data provided some good news for renters, with rental 27 00:01:21,959 --> 00:01:25,120 Speaker 2: prices remaining flat for the second consecutive month. This should 28 00:01:25,120 --> 00:01:27,679 Speaker 2: also help those struggling with affordability in the market. 29 00:01:28,319 --> 00:01:31,360 Speaker 1: Indeed, onto story number two now, Adam a very big 30 00:01:31,360 --> 00:01:34,959 Speaker 1: week for the economy. National accounts are due on Wednesday, 31 00:01:35,400 --> 00:01:38,920 Speaker 1: but as survey of economists by Bloomberg shows an overwhelming 32 00:01:39,000 --> 00:01:41,679 Speaker 1: view that the economy is currently in its worst growth 33 00:01:41,760 --> 00:01:46,600 Speaker 1: period since the nineteen nineties recession, excluding the COVID nineteen period. 34 00:01:47,000 --> 00:01:49,920 Speaker 2: Here Michael, This survey shows that economists on average think 35 00:01:50,000 --> 00:01:52,920 Speaker 2: real GDP grew by just zero point two percent in 36 00:01:52,960 --> 00:01:55,520 Speaker 2: the three months to June. That would put annual growth 37 00:01:55,520 --> 00:01:58,559 Speaker 2: at zero point nine percent, a slowing from one point 38 00:01:58,560 --> 00:02:01,000 Speaker 2: one percent in the previous quarter. It would also be 39 00:02:01,080 --> 00:02:05,400 Speaker 2: the sixth consecutive per capita decline where population growth outpaces 40 00:02:05,480 --> 00:02:09,040 Speaker 2: GDP growth. Underpinning a lot of this sluggishness is a 41 00:02:09,120 --> 00:02:11,600 Speaker 2: drop in household spending, with the cost of living and 42 00:02:11,680 --> 00:02:16,120 Speaker 2: higher interest rates to rain in inflation having a major impact. However, 43 00:02:16,200 --> 00:02:19,960 Speaker 2: low residential construction and business investment levels are also an 44 00:02:20,000 --> 00:02:23,320 Speaker 2: ongoing challenge. It might sound grim, but this is pretty 45 00:02:23,360 --> 00:02:25,760 Speaker 2: much what the Reserve Bank of Australia had been expecting 46 00:02:26,040 --> 00:02:28,600 Speaker 2: and their viewers that the economy will pick up quickly 47 00:02:28,639 --> 00:02:31,400 Speaker 2: from here. Treasurer at Jim Chalmers told the media late 48 00:02:31,480 --> 00:02:34,320 Speaker 2: yesterday that it would be no surprise if the economy 49 00:02:34,400 --> 00:02:36,960 Speaker 2: was soft in the June quarter amid high interest rates 50 00:02:36,960 --> 00:02:38,400 Speaker 2: and global volatility. 51 00:02:38,720 --> 00:02:42,079 Speaker 1: Storing number three new asset data shows that almost half 52 00:02:42,200 --> 00:02:46,320 Speaker 1: of millennials are not knowledgeable about maximizing their super and 53 00:02:46,400 --> 00:02:50,160 Speaker 1: are less engaged than older generations. It's possible that some 54 00:02:50,320 --> 00:02:54,320 Speaker 1: better smartphone apps for superannuation might be on the cards 55 00:02:54,800 --> 00:02:57,400 Speaker 1: as the regulator encourages the super funds just to do 56 00:02:57,480 --> 00:02:59,920 Speaker 1: better with engaging younger Australians. 57 00:03:00,200 --> 00:03:03,040 Speaker 2: Yes, Michael. The new research came from ASEX Money Smart 58 00:03:03,080 --> 00:03:06,639 Speaker 2: as part of a Superannuation round table featuring Commissioner Simone 59 00:03:06,720 --> 00:03:10,760 Speaker 2: Constant and a series of financial journalists, advisors and academics, 60 00:03:11,040 --> 00:03:14,320 Speaker 2: and it seems that Acik was surprised that millennials, and 61 00:03:14,360 --> 00:03:17,000 Speaker 2: they're the first generation to grow up with compulsory super 62 00:03:17,480 --> 00:03:20,240 Speaker 2: aren't tapped in enough. One of the ways the regulator 63 00:03:20,320 --> 00:03:22,640 Speaker 2: is trying to close this gap is by launching a 64 00:03:22,680 --> 00:03:26,680 Speaker 2: new consumer awareness campaign geared towards younger people, encouraging them 65 00:03:26,840 --> 00:03:30,760 Speaker 2: to think more about their superannuation and extra contributions. And 66 00:03:30,800 --> 00:03:34,120 Speaker 2: simone Constant pointed out where other financial apps off a 67 00:03:34,200 --> 00:03:38,000 Speaker 2: minute by minute access, this type of clarity isn't available 68 00:03:38,000 --> 00:03:40,720 Speaker 2: for superfund members and that is a big nudge to 69 00:03:40,760 --> 00:03:43,160 Speaker 2: the super funds to think about ways they might catch up. 70 00:03:43,480 --> 00:03:46,920 Speaker 1: As story number four, the high end art market ADAM 71 00:03:46,920 --> 00:03:50,280 Speaker 1: has been suffering a sharp downturn globally, which has seen 72 00:03:50,360 --> 00:03:53,880 Speaker 1: top collectors and sellers cautious about listing and buying goods. 73 00:03:54,160 --> 00:03:57,440 Speaker 1: The bad sentiments has now hit famous auction house Southby's, 74 00:03:57,480 --> 00:03:59,920 Speaker 1: which reported an eighty eight percent fall in its call 75 00:04:00,200 --> 00:04:03,000 Speaker 1: earnings to eighteen point one million dollars in its first 76 00:04:03,000 --> 00:04:05,920 Speaker 1: half results. It also reported a twenty five percent drop 77 00:04:05,920 --> 00:04:06,840 Speaker 1: in auction sales. 78 00:04:07,120 --> 00:04:09,240 Speaker 2: Yeah, Michael, it's interesting to see where this cost of 79 00:04:09,280 --> 00:04:12,680 Speaker 2: living crisis is hitting our economy. Among the factors weighing 80 00:04:12,680 --> 00:04:14,960 Speaker 2: it down is a drop in spending on high end 81 00:04:14,960 --> 00:04:18,200 Speaker 2: goods from China, where the economy is under significant pressure 82 00:04:18,360 --> 00:04:22,080 Speaker 2: and the property market is softening. Southurby's revenues fell twenty 83 00:04:22,120 --> 00:04:24,760 Speaker 2: two percent to five hundred and fifty eight point five million. 84 00:04:25,080 --> 00:04:28,479 Speaker 2: Auction sales on luxury goods like art have been under pressure, 85 00:04:28,760 --> 00:04:32,000 Speaker 2: with rival auction house Christie's suffering a twenty two percent 86 00:04:32,080 --> 00:04:35,119 Speaker 2: drop over the first half. A London based data firm 87 00:04:35,320 --> 00:04:39,080 Speaker 2: art Tactic recently noted that evening sales at major houses 88 00:04:39,080 --> 00:04:42,039 Speaker 2: in Hong Kong such as Christi, Sutharby's and Phillips have 89 00:04:42,160 --> 00:04:45,920 Speaker 2: been down forty percent, and according to ArtWatch, there's now 90 00:04:45,960 --> 00:04:49,200 Speaker 2: been a decline in guarantees from auction houses and third parties, 91 00:04:49,440 --> 00:04:52,960 Speaker 2: prompting behind the scenes auctions. However, at the other end 92 00:04:52,960 --> 00:04:56,240 Speaker 2: of the market, the lower priced artwork, the buying activity 93 00:04:56,240 --> 00:05:00,160 Speaker 2: there for pieces below US one million dollars is still relatively. 94 00:05:00,000 --> 00:05:04,600 Speaker 1: You're finally Adam's story number five. Artificial intelligences, of course, 95 00:05:04,600 --> 00:05:07,680 Speaker 1: the proposed solution to lots of different challenges these days, 96 00:05:07,680 --> 00:05:11,120 Speaker 1: some of society's biggest challenges, really, But what about dating 97 00:05:11,720 --> 00:05:15,560 Speaker 1: A sway of the top dating apps are now tapping 98 00:05:15,640 --> 00:05:18,520 Speaker 1: into AI to help people up their romance game. 99 00:05:19,000 --> 00:05:22,520 Speaker 2: This is a curious one. Michael, Tinder, Hinge, Bumble, and 100 00:05:22,560 --> 00:05:25,440 Speaker 2: Grinder have all told The Financial Times that they are 101 00:05:25,480 --> 00:05:29,320 Speaker 2: currently building or testing AI as a quote unquote wingman, 102 00:05:29,640 --> 00:05:33,000 Speaker 2: a sort of buddy option for users. These AI bots 103 00:05:33,000 --> 00:05:36,680 Speaker 2: would help develop ice breakers and pick up lines, provide feedback, 104 00:05:36,880 --> 00:05:39,240 Speaker 2: and help with profile changes to help you reach a 105 00:05:39,279 --> 00:05:44,000 Speaker 2: possible partner, such as outsourcing profile photo selection to an AI. 106 00:05:44,480 --> 00:05:48,239 Speaker 2: They may even provide feedback on your flirting, which sounds 107 00:05:48,279 --> 00:05:51,120 Speaker 2: like it could be pretty brutal. It was particularly amusing 108 00:05:51,160 --> 00:05:55,400 Speaker 2: to hear one description from Grinder's chief product officer, aj Balance. 109 00:05:55,920 --> 00:05:59,359 Speaker 2: He said, you might find your AI wingman chatting with 110 00:05:59,400 --> 00:06:02,479 Speaker 2: someone else AI wingman to work things out. 111 00:06:03,040 --> 00:06:04,920 Speaker 1: Sounds very erotic, Adam. 112 00:06:05,160 --> 00:06:06,279 Speaker 2: Sounds very meta to me. 113 00:06:06,600 --> 00:06:09,040 Speaker 1: Yeah, it certainly does. All Right, there we go the 114 00:06:09,200 --> 00:06:11,040 Speaker 1: top five business stories in five minutes. 115 00:06:11,200 --> 00:06:12,760 Speaker 2: Thank you, Adam, Thank you Michael. 116 00:06:12,920 --> 00:06:15,880 Speaker 1: It's Monday, the twod of September twenty twenty four. Remember 117 00:06:16,000 --> 00:06:18,440 Speaker 1: hit follow on the podcast send in five minutes isn't enough. 118 00:06:18,440 --> 00:06:20,640 Speaker 1: You can find our longer daily show called Fear and 119 00:06:20,680 --> 00:06:24,000 Speaker 1: greed wherever you listen to podcasts. I'm Michael Thompson and 120 00:06:24,000 --> 00:06:26,320 Speaker 1: that was the past five Business news by fear and greed. 121 00:06:26,640 --> 00:06:29,560 Speaker 1: Have a great day.