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Speaker 1: Retail sales per capita have fallen to the lowest level

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Speaker 1: in two years. The government floats the idea of a

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Speaker 1: lower corporate tax rate, and convenience stores are winning over

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Speaker 1: customers from the big supermarkets. Welcome to Fear and Greed

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Wednesday, the twenty ninth of May twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Sean. Today is, of course a very exciting day. It

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Speaker 1: is Wednesday, which means there is a newsletter out today,

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Speaker 1: a Fear and Greed newsletter. It's not too late, is

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Speaker 1: it to sign up?

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Speaker 2: No, it's not. If you get your name in. If

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Speaker 2: you sign up before about ten am or so, I

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Speaker 2: think you'll get today's newsletters. So please go and do it.

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Speaker 2: Fearangreed dot com dot am.

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Speaker 1: It's easy. It is that straightforward. Just Fearangreed dot com

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Speaker 1: dot A. You put your email addressing, and about ten

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Speaker 1: thirty eleven o'clock somewhere around there you will get Sean's

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Speaker 1: thoughts on a whole bunch of top He get the

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Speaker 1: news on this podcast in the in the.

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Speaker 2: Newsletters, letter get the views.

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Speaker 1: It is Alma Unleashed.

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Speaker 2: Do not miss it.

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Speaker 1: Also something else not to miss your interview after the

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Speaker 1: show today with Todd Whore, head of Public Markets at

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Speaker 1: LGT Crestone.

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Speaker 2: Yes, this is one of those interviews. Mostly when I

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Speaker 2: do an interview, I have an idea of what the

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Speaker 2: response is going to be to most of my questions.

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Speaker 2: Not this one. This is one of those interviews that

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Speaker 2: made me realize how little I knew about what I

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Speaker 2: was talking about, which is good because there's nothing like

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Speaker 2: going into an interview and learning a lot from it.

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Speaker 2: And that's exactly what it was like with Todd. We

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Speaker 2: talk all about the different companies in Australia that are

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Speaker 2: looking to push overseas, the ones that do well and

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Speaker 2: the ones that don't. So I think lend Lease BHP.

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Speaker 2: Then we have a bunch of the medical companies that

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Speaker 2: we talk about. We talk a bunch of the tech

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Speaker 2: companies as well, why the banks haven't been able to

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Speaker 2: do it. It is a great chat. He knows his

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Speaker 2: stuff and he knows Todd knows exactly why companies are

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Speaker 2: successful overseas, and we go into all that. It's really

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Speaker 2: really interesting.

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Speaker 1: It is an absolute ripper, and it is well worth

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Speaker 1: a listen after the show it is. I reckon it's

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Speaker 1: up there as one of the best interviews so far

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Speaker 1: this year. Sean.

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Speaker 2: That's big. Big is that because we're talking about something

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Speaker 2: I knew nothing of it. I thought I knew a

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Speaker 2: lot about the subject until Todd started talking and I

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Speaker 2: suddenly thought, yeah, maybe I'm a little bit lacking in knowledge.

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Speaker 2: Here go Todd.

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Speaker 1: No, I just love the fact that so many companies

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Speaker 1: and he really illustrated the points I learned an awful

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Speaker 1: lot as clearly you did too. Anyway, on with the show, Sean.

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Speaker 1: The main story this morning, retail sales have fallen to

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Speaker 1: their lowest level in two years when measured on a

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Speaker 1: per capita basis, highlighting just how tough it is for

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Speaker 1: households and many businesses obviously struggling with high interest rates

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Speaker 1: and cost of living pressures.

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Speaker 2: Ritael turnover raise zero point one percent in April, following

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Speaker 2: a zero point four percent fall in March. For the

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Speaker 2: year's sales were up just one point three percent. But

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Speaker 2: if you include the impact more people in the country

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Speaker 2: due to net immigration, we've had plenty of that, then

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Speaker 2: per capita sales went backwards. The ABS said, consumers reducing

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Speaker 2: discretionary spending and the biggest falls came in clothing, footwear

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Speaker 2: and personal accessories. The Bureau said, looking across the last

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Speaker 2: couple of months, there is weak underlying spending in most

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Speaker 2: parts of the retail industry. The story that has emerged

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Speaker 2: in recent months is that younger Australians are coming back

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Speaker 2: sharply while older Australians are still spending. That in large

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Speaker 2: part reflects the cost of housing. Higher housing costs, think rents,

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Speaker 2: mortgages are hitting younger Australians much harder. It is in

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Speaker 2: a surprise. Higher interest rates are supposed to slow spending,

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Speaker 2: and the Reserve Bank has notated that it's the household

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Speaker 2: sector that is suffering most. But that's cold comfort for

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Speaker 2: people out there trying to pay rent or insurance bills,

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Speaker 2: any of those sorts of things. The X factor about

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Speaker 2: the economy, of course, is the stage three tax carts

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Speaker 2: from one July. What will people do with the extra money?

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Speaker 2: Certainly people are hurting at the moment. Interest rates are

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Speaker 2: working and that's why it's very unlikely that the Reserve

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Speaker 2: Bank will lift rates again.

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Speaker 1: Shaw and we talk plenty about how hard it is

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Speaker 1: for households. We talk about how hard it is really

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Speaker 1: for consumers, but this is hurting business as well, sure is.

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Speaker 2: We've had a run of consumer facing brands downgrade their

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Speaker 2: earnings outlook over the past fortnite. Yesterday with the turn

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Speaker 2: of car dealer Peter Warren Automotive, that group, which operates

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Speaker 2: in eighty locations and cells makes including Toyota, Masda, Volswagen

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Speaker 2: and Mercedes, said customer demand for new vehicles is fooling sharply.

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Speaker 2: Other companies to downgrade recently or warn of lower value

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Speaker 2: consumer purchases include Babcorp, which owns Autobarn, Burston and Midas,

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Speaker 2: Baby Bunting and deva Group which owns Dan Murphy's Cohl's,

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Speaker 2: West Farmers, which of course owns Bunnings, JB Hi Fi

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Speaker 2: Super Retail did at Temple and Webster. In fact, over

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Speaker 2: the past week, the consumer discretionary sub index of the

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Speaker 2: ASX two hundred, which captures many of these retailers, is

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Speaker 2: the worst performing of the eleventh sub indices. So households

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Speaker 2: are hurting, but so too are businesses, and many retail businesses.

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Speaker 1: So that's over the last week. How about yesterday, how

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Speaker 1: did local markets perform. Yesterday, the S and.

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Speaker 2: P ASX two hundred closed down and zero point three

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Speaker 2: percent to seven thousand, seven hundred and sixty seven points,

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Speaker 2: with industrials and utilities leading the market. Lower consumer staple

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Speaker 2: stocks outperformed given Wall Street was closed the previous night,

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Speaker 2: there was no lead in Training was pretty quiet, Michael.

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Speaker 2: The banks were mixed. The big miners were flat. West Farmers,

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Speaker 2: Goodman Group in Telstra all lost around half percent, Macquarie

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Speaker 2: was off around one percent, Transervan one point six percent.

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Speaker 2: High metals prices helped some of the miners or the

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Speaker 2: big diversified miners. South thirty two for example, outperformed. The

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Speaker 2: gold stocks, including Northern Star under Gray Mining did it

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Speaker 2: pretty well. In corporate news, medical software Darling Promedicus anounced

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Speaker 2: five new contract wins in the US that meant its

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Speaker 2: share price jumped one percent. Southern Cross Media said it's

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Speaker 2: considering an Australian Community Media proposal that Southern Cross by

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Speaker 2: Australian Community media assets, including a portfolio of fourteen of

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Speaker 2: its daily print and digital news publications, key regional metro titles,

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Speaker 2: and its agricultural division. It says that talks are preliminary

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Speaker 2: with no certainty of a deal. What I like about

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Speaker 2: this one is normally you have a bidder bidding for assets.

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Speaker 2: In this case, it's the asset owner coming and saying,

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Speaker 2: why don't you bid for us? A little bit reverse?

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Speaker 2: There shares a uranium minor. Boss Energy fell eleven percent

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Speaker 2: following chief executive Duncan the crabe, selling stock worth twenty

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Speaker 2: one million dollars. It was the worst performer among the

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Speaker 2: top two hundred yesterday. In Westpac, Olned mortgage broking franchise

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Speaker 2: RAMS Financial is under investigation and could face penalties related

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Speaker 2: to home loans written over a four year period in

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Speaker 2: which franchisees might have flouted credit rules, including around responsible lending.

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Speaker 1: All right, what about international markets?

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Speaker 2: Well, Michael, I've got to tell you a little story here.

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Speaker 1: Oh my dear. I was sorry I should be more

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Speaker 1: upbeat about this, but it does sound like I'm about

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Speaker 1: to cop a lesson from you.

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Speaker 2: Well, it's kind of I suppose I sort of knew

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Speaker 2: about this, but it was wasn't until like last twenty

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Speaker 2: four hours, so I kind of got my head across them.

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Speaker 2: It's kind of hard to believe that in twenty twenty

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Speaker 2: four but every trade on the New York Stock Exchange

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Speaker 2: settles or finalizers in two days time. It's sort of

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Speaker 2: like the following day, so basically forty eight hours time.

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Speaker 2: So even they, you know, we can transfer money between

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Speaker 2: mobiles instantly, the stock exchange takes two days. Is that

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Speaker 2: quite remarkable?

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Speaker 1: In twenty twenty four, it was very very old school.

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Speaker 1: We have such a digital kind of world. Now, surely

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Speaker 1: that can be sped up a little bit. Well, what

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Speaker 1: can you do about this show?

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Speaker 2: Yes, from last night. In fact, it changed to twenty

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Speaker 2: four hours, or what's known in the industry as T

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Speaker 2: plus one now. It used to be T plus one

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Speaker 2: until the nineteen twenties. Then the volume of trading surge,

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Speaker 2: that's really when sheer markets took off in the US,

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Speaker 2: far too many paper based transactions became T plus five

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Speaker 2: five days. Then, well that was nineteen twenty that's fair enough,

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Speaker 2: like it took a while to do. Yeah, but it

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Speaker 2: went from.

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Speaker 1: T plus one to T plus five. I guess the

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Speaker 1: volume that's a big jump up.

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Speaker 2: Yeah, I think so. Then the Black Monday crash in

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Speaker 2: nine and eighty seven, people realize that it needs to

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Speaker 2: be faster than five days, so it became T plus

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Speaker 2: three than T plus two in twenty seventeen. Finally, the

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Speaker 2: New York Stock Exchanges entered the modern era last night

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Speaker 2: with same day trading. Not instantaneous, mind you, but same day.

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Speaker 2: Now in Australia we operate on a T plus two basis.

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Speaker 2: It is pretty archaic, don't you reckon?

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Speaker 1: Well, surely we will look back on this and say

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Speaker 1: a decade or two decades time when things will be

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Speaker 1: instantaneous and go. Can you believe that back in twenty

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Speaker 1: twenty four we're celebrating the shift to kind of.

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Speaker 2: Twenty four hours. Yeah, I know, it's quite Yeah. Anyway,

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Speaker 2: I just found that quite fascinating. Terms. The numbers oil

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Speaker 2: and gold were both a bit higher over the past

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Speaker 2: twenty four hours. Ossidollar is trading around sixty six point

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Speaker 2: seven uers.

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Speaker 1: Since I love the fact that you busted out a

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Speaker 1: very random.

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Speaker 2: Piece of trivia, that is great. Yeah, it is African.

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Speaker 2: You could use that as a trivia master at the

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Speaker 2: next pub quiz you're overseeing.

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Speaker 1: I was actually thinking that I'll just here doing research,

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Speaker 1: just multitasking as we go. I'm going to put all

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Speaker 1: of my attention though, on the rest of this podcast

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Speaker 1: and none on pub Trivia. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Shawn

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Speaker 1: Industry Minister Ed Husick has called for a lower corporate

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Speaker 1: tax rate, either by cutting it or through using other

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Speaker 1: incentives such as an investment allowance.

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Speaker 2: It is significant that a labor minister is advocating change,

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Speaker 2: given that in opposition, the party has generally fought against

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Speaker 2: lower taxes for companies. In twenty eighteen, the term Or

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Speaker 2: government tried to cut the corporate tax rate to twenty

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Speaker 2: five percent for all companies, not just small businesses, but

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Speaker 2: it failed. The current tax rate forfe uge businesses is

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Speaker 2: thirty percent. Mister Hughesack said given wages arising again, it

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Speaker 2: would be politically easier to do today, that is, cut

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Speaker 2: the tax rate than it would have been pre pandemic.

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Speaker 2: He said businesses need to be able to invest in

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Speaker 2: free up capital, and a lower tax rate could do that.

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Speaker 2: And in the May fourteen budget, treasure Jim Chalms opted

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Speaker 2: for production tax credits for critical minerals and hydrogen, as

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Speaker 2: well as an extension of the instant asset right off

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Speaker 2: scheme for small businesses, rather than broader corporate tax relief.

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Speaker 2: As you can imagine. Yesterday the Opposition jumped on it,

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Speaker 2: talking about a split within the government over tax policy.

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Speaker 2: I don't think that, but it's very interesting that Labor's

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Speaker 2: talking about it.

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Speaker 1: Yeah, certainly is now. Federal Parliament is back in session

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Speaker 1: this week, with question time being dominated by the issue

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Speaker 1: of non citizen criminals who have had their visas restored.

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Speaker 2: Immigration Minister Andrew Giles says he will urgently consider overturning

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Speaker 2: a number of recent Administrative Appeals Tribunal decisions which allow

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Speaker 2: visa holders to stay in Australia despite committing serious crimes.

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Speaker 2: Opposition Leader Peter Dutton asked mister Giles about a case

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Speaker 2: of a New Zealand citizen who is allowed to stay

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Speaker 2: in Australia despite raping his stepdaughter. Mister Giles said he

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Speaker 2: had canceled the man's visa and it remained canceled by

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Speaker 2: the Department of Home Affairs before the Tribunal ruled otherwise.

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Speaker 1: Now.

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Speaker 2: Much of the criticism from the Opposition comes from the

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Speaker 2: tribunal's interpretation of Ministerial Direction ninety nine, which says significant

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Speaker 2: waiting must be given to a person's ties to Australia,

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Speaker 2: say for instance, a New Zealander who has lived most

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Speaker 2: of their life in Australia might be allowed to stay

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Speaker 2: under that direction. Mister Giles says Direction ninety nine does

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Speaker 2: not decrease the importance of protecting the community from crime.

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Speaker 2: Also Michael. Yesterday, the Federal government announced the new Expert

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Speaker 2: Group to conduct a rapid review into the prevention of

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Speaker 2: violence against women Shawn.

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Speaker 1: A couple of high profile companies are in the middle

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Speaker 1: of sexual harassment scandals, with both Nine Entertainment and Country

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Speaker 1: Owd Group fighting some pretty shocking allegations.

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Speaker 2: In the Nine case, former news director Darren Wick allegedly

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Speaker 2: sexually harassed a number of women at Nine. He stepped

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Speaker 2: down from the role in March this year, but, according

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Speaker 2: to medi reports, received a one million dollar plus payout

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Speaker 2: when he left. Nine newspapers yesterday reported that the publicity

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Speaker 2: chief of Stan, a nine subsidiary, left the business weeks

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Speaker 2: after an investigation into allegations of his workplace behavior. The

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Speaker 2: allegation is that its inappropriate workplace conduct. A Country Road Group,

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Speaker 2: two highly placed executors have left in the global bosses

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Speaker 2: flying to Australia to address staff to announce an external

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Speaker 2: investigation into the handling of complaints at the retailer's Melbourne headquarters.

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Speaker 2: According to The Australian, staff have complained of feeling unsafe.

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Speaker 1: Commonwealth Bank Chief Executive Matt Common says artificial intelligence will

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Speaker 1: reshape the workforce over the medium and longer term, but

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Speaker 1: he's downplayed its benefits for the lender in the short term.

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Speaker 2: Mister Common, speaking at an AFR conference, point to two

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Speaker 2: compar coparisons of artificial intelligence with advances made during the

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Speaker 2: agricultural and industrial revolutions. While there will be reshaping of

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Speaker 2: businesses over the medium and long terms, it isn't clear

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Speaker 2: exactly now what skills are needed to help with that change.

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Speaker 2: He said. It's important to distinguish between the hype which

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Speaker 2: we're hearing about today in pragmatism around the future, saying

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Speaker 2: you don't jump from a horse and buggy to a tesla.

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Speaker 2: Very true, mister Common said Comwellth Bank was using generative

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Speaker 2: AI to improve the customer experience, adding that it is

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Speaker 2: being used in an insistent capacity, but that overall the

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Speaker 2: uses are relatively small in the grand scheme of things.

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Speaker 1: Sean, how are this one? I think you'll like this one.

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Speaker 1: More people are using local petrol stations or convenience stores

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Speaker 1: to stock up on fresh food, snacks and groceries, eating

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Speaker 1: into the supermarket sector.

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Speaker 2: That's according to a new report from the Australian Association

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Speaker 2: of Convenience Stores, Fast, convenient and fresh food sales arising,

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Speaker 2: although tobacco sales, which is item at seros, are dropping.

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Speaker 2: Australia's convenience stores, led by brands such as seven eleven

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Speaker 2: m Pole, BP Coals Express, recorded a three point one

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Speaker 2: percent rise in sales, including a twelve point six percent

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Speaker 2: jump in food and beverages last year, outstripping the big supermarkets.

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Speaker 2: The total number of convenience retail outlets grew by around

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Speaker 2: one and a half percent to seven three hundred and

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Speaker 2: fifty seven stores last year. Food is now a much

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Speaker 2: bigger seller than petrol at these organizations. Yeah, for twenty

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Speaker 2: twenty three, total food and beverage was about six billion,

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Speaker 2: non food sales such as fuel and tobacco was just

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Speaker 2: four point three billion. People are using it for food

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Speaker 2: more than petrol and they're gaining market share on the

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Speaker 2: big gross So.

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Speaker 1: Clearly we are talking about more than just buying the

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Speaker 1: like the two dollar coffee and a boost bar boat

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Speaker 1: Booster is really the only chocolate Barther people should be

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Speaker 1: buying a convenience stor Yeah.

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Speaker 2: So I don't want to I don't want to disagree

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Speaker 2: with you, but you are wrong. It's not all about

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Speaker 2: Burt mars Bar definitely Gaquitos. Yeah, you are kidding. You

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Speaker 2: can't buy chiqutos anywhere but convenience stores, I think nowadays.

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Speaker 1: Oh my god, I reckon. You just busted out the

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Speaker 1: most divisive of chocolates. I think we've just found the

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Speaker 1: only person in Australia who still buyshiquitos.

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Speaker 2: So I've got like, I'm not a big chocolate eater,

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Speaker 2: but I do eat like dark chocolate, and I really

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Speaker 2: like mint dark chocolates. KitKat have just recently come out

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Speaker 2: with a dark mint chocolate and that is certainly but

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Speaker 2: the only kind of white or light chocolate I suppose

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Speaker 2: that I really enjoy is a chiquito far And I

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Speaker 2: don't know whether it's a throwback from school or something

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Speaker 2: or other from many years ago, but if I'm not

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Speaker 2: eating dark chocolate a bit of a chiquita fan.

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Speaker 1: This is I've learned something about you today. I mean

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Speaker 1: I've learned many things about you doing this podcast. My

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Speaker 1: favorite thing is the fact that you don't like hot chips.

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Speaker 2: It's like just the.

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Speaker 1: Most UnAustralian thing I've ever heard. Anyway, that's not relevant.

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Speaker 1: I was just trying to include.

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Speaker 2: I don't think they've ever come across a junk food

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Speaker 2: that you don't like.

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Speaker 1: I'm just I'm the man of the people. I'll eat

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Speaker 1: anything anyway. Moving on, this isn't about me, Sean, It's

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Speaker 1: about you. Optus has upped its postpaid mobile phone plans

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Speaker 1: for new customers, with prices up to six percent higher.

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Speaker 2: The country's second largest telco wasn't expected to lift its

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Speaker 2: prices until new chief executive Stephen Rue started in November. However,

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Speaker 2: they did it yesterday. Vodafone increased its prices by about

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Speaker 2: nine percent in March. Analyst and now what you can

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Speaker 2: you see what Telsterra's response is. Remember last week at

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Speaker 2: an invested day, they changed the rules about how they're

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Speaker 2: going to price mobile plans. So people are expecting Telstra

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Speaker 2: to come on board and do something as well.

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Speaker 1: Turning to international news, now, Sean and Israeli Prime Minister

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Speaker 1: benjaminette Nia, who is about to continue the war against

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Speaker 1: humas Amid International condemnation of an air strike that killed

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Speaker 1: scores of Palestinians in Rafa over the weekend.

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Speaker 2: At least forty five people were killed, according to the

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Speaker 2: Hamas run Health Ministry, while hundreds more were treated for

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Speaker 2: severe burns, fractures and shrapnel wounds. Mister Netna who said

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Speaker 2: the strike was a tragic mishap, but according to the BBC,

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Speaker 2: he added that I don't intend to end the war

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Speaker 2: before every goal has been achieved. Mister Netanya, who said

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Speaker 2: it was vital that Israel took every precaution possible to

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Speaker 2: protect civilians and insisted that the Israel Defense forces were

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Speaker 2: using their best efforts not to harm those uninvolved in

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Speaker 2: the conflict. UN Secretary General Antoniogatari said the strike had

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Speaker 2: killed scores of innocent civilians who were only seeking shelter

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Speaker 2: from this deadly conflict. He added, there is no safe

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Speaker 2: place in Gaza. This horror must stop.

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Speaker 1: And finally shown. Thousands of residents were ordered to evacuate

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Speaker 1: from the path of a still active landslide in Papua

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Speaker 1: New Guinea yesterday after parts of a mountain collapsed, bearing

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Speaker 1: an initial estimate of more than two thousand people.

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Speaker 2: Relief teams in the Pacific Nation have been tricked cling

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Speaker 2: into the difficult to access Northern Anger region since Friday,

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Speaker 2: though officials said the odds of finding survivors are slim.

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Speaker 2: According to Reuter's, residents said they've been using shovels and

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Speaker 2: bare hands to search for survivors. A state of emergency

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Speaker 2: has been declared across a disaster's own and a neighboring

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Speaker 2: area entitled there is about Well, there's up to eight

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Speaker 2: thousand people in that region. Heavy equipment and aid has

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Speaker 2: been slow to arrive because of the remote location, treacherous terrain,

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Speaker 2: and tribal unrest in the air of forcing the military

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Speaker 2: to escort the convoys of relief teams.

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Speaker 1: Okay, now, up next is the Fear and Greed Daily Interview.

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Speaker 1: Your guest today is Todd Whore, a head of Public

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Speaker 1: Markets at LGT Crestone.

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Speaker 2: Yes, we do a stock take of the companies that

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Speaker 2: have expanded, the Australian companies that have expanded overseas, and

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Speaker 2: then Todd gives us his view about whether they've done

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Speaker 2: it well or not. It is a fascinating chat.

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Speaker 1: Yeah, it is a really good one. It is up

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Speaker 1: next in the Fear and Greed playlist, or you can

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Speaker 1: find it at Fearangreed dot com dot au, which is also,

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Speaker 1: of course where you can sign up for the Fear

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Speaker 1: and Greed newsletter, which come out in a few a

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Speaker 1: mere few hours time. Sean, it does. It's very exciting.

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Speaker 2: But you know what's out right now that you don't

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Speaker 2: have to wait for. You don't have to wait.

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Speaker 1: I know, I have a hunch. I know where you're

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Speaker 1: going with this. Would it be how do they afford that?

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Speaker 2: Sean? Ah? It is? What's how do they afford that? About? Today?

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Speaker 1: Michael Well, Sean, thank you for asking this week Canna

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Speaker 1: Campbell and I get it because obviously, how do they

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Speaker 1: afford that? To our sister podcast, where we talk all

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Speaker 1: about personal finance and making your money work harder for

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Speaker 1: you is we're talking about spending today and we are

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Speaker 1: talking about would you believe mindful spending?

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Speaker 2: Have you?

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Speaker 1: Are you a mindful spender? Sure? Or are you just

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Speaker 1: a bit of an impulse?

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Speaker 2: By absolutely not?

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Speaker 1: You just go you go into seven to eleven and

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Speaker 1: come out with eighteen shikitos.

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Speaker 2: I know I'm impulse. I'm impulse through and through.

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Speaker 1: Anyway, Today's a really interesting insight into mindful spending, and

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Speaker 1: basically it's all about trying to help kind of stick

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Speaker 1: to your budget and keep kind of expenses within a

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Speaker 1: manageable kind of range. And so we talk about a

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Speaker 1: few different strategies and tactics for that one, all under

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Speaker 1: the fairly kind of loosey goosey or kind of woo

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Speaker 1: woo kind of topic of mindful spending. But anyway, Sean,

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Speaker 1: it is still I would still class it as a musk.

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Speaker 1: Listen every episode of How Do They Afford That as

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Speaker 1: a must listen. Thank you, Sean, Thank you, Michael. It

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Speaker 1: is Wednesday, the twenty ninth of May twenty twenty four.

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Speaker 1: Make sure you following the podcast, Join us online on LinkedIn, Instagram, Facebook, TikTok,

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Speaker 1: and X. I'm Michael Thompson. And that was Fear and Greed.

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Speaker 1: Have a great day.