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Speaker 1: It's Wednesday, the fourth of June 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. I'm Michael Thompson

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Speaker 1: and good morning Sean Ale. Good morning Michael, Sean. Five

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Speaker 1: stories in five minutes.

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Speaker 2: Let's go.

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Speaker 1: Story number one. The Fair Work Commission has granted a

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Speaker 1: three point five percent increase in minimum and related award wages,

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Speaker 1: which directly and indirectly affects millions of workers.

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Speaker 2: Three and a half cent increase will kick in on

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Speaker 2: one July and affect the more than one hundred and

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Speaker 2: twenty modern awards which employees are paid under. The decision

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Speaker 2: directly impacts around twenty one percent of all employees, but

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Speaker 2: it sets a benchmark for millions of other employees. Those

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Speaker 2: directly impacted are predominantly part time workers, mostly female, About

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Speaker 2: half are casual employees, and a disproportionate amount of low

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Speaker 2: paid or work for small businesses. Industries most affected include

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Speaker 2: accommodation and food services, healthcare, retail, administrative support services. The

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Speaker 2: AICTU had asked for four and a half percent rise.

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Speaker 2: Industry groups were pushing for two and a half percent.

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Speaker 2: The outcome three and a half percent, smack bang in

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Speaker 2: the middle. Given inflation is sitting at two point four percent.

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Speaker 2: Workers will receive a real increase in wages. That's good news.

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Speaker 2: Means they can afford to buy more goods and services

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Speaker 2: with their take home pay. It is thirty two dollars

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Speaker 2: a week more. It is one of the largest above

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Speaker 2: inflation increases ever awarded. It'll lift the national minimum wage

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Speaker 2: to nine hundred and forty eight dollars a week.

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Speaker 1: You mentioned inflation there, sean. What are the economic implications

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Speaker 1: of this decision.

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Speaker 2: Well, economists generally think the decision shouldn't precipitate a wage

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Speaker 2: price spiral where higher pay triggers inflation. That's the good news.

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Speaker 2: It's actually a smaller increase in the last couple of years,

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Speaker 2: but that reflects inflation of the last couple of years.

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Speaker 2: While the decision directly affects twenty one percent of the

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Speaker 2: workforce because most of them are low paid, the wages

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Speaker 2: paid to them constitute just eleven percent of the national wages.

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Speaker 2: Bild all in all, probably won't make a big difference

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Speaker 2: to inflation, which means it won't make a big difference

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Speaker 2: to interest rate deliberations.

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Speaker 1: Okay. Story number two, The Reserve Bank is worried about

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Speaker 1: the on again, off again Donald Trump tariffs, saying it

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Speaker 1: could prompt consumers to rain in spending and force businesses

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Speaker 1: to shelve hiring an investment plans observe.

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Speaker 2: Bank of Australia chief economist Sarah Hunter said it is

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Speaker 2: possible an escalation in the trade war or a deterioration

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Speaker 2: in the global economy could spark a fresh sell off

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Speaker 2: in financial markets. She warns that households and businesses are

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Speaker 2: likely to become more cautious as a result of Trump's

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Speaker 2: tariff threats. Meanwhile, the Reserve Bank's board meeting minutes of

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Speaker 2: two weeks ago have been released. The RBA considered a

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Speaker 2: half a percentage point rate cut last month. The midfears

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Speaker 2: around those tariffs. If tariff's are raised, then more rate

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Speaker 2: cuts are likely. The minute say.

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Speaker 1: Story number three one from Politics shown there's still one

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Speaker 1: seat undecided from the federal election, which was a month ago.

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Speaker 1: Now it is Bradfield in Northern Sydney. Very very tight,

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Speaker 1: incredibly tight.

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Speaker 2: Independent nicolat Bowl is currently twenty seven votes ahead of

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Speaker 2: Liberal Giselle Capterian. As of the close of business on Monday,

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Speaker 2: the Australian Electoral Commission was eighty five percent of the

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Speaker 2: way through the recount. Meanwhile, the decision by Derinda Cox

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Speaker 2: to defect from the Federal Greens to Labor shouldn't affect

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Speaker 2: negotiations between the two parties on legislation, including the three

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Speaker 2: million dollars superannuation tax. According to Anthony ALBERIZI, I have

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Speaker 2: to wait and see on that one, okay.

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Speaker 1: Story number four. There's been a major AI conference on

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Speaker 1: with many CEOs talking about the prospect of changes to

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Speaker 1: major organizations on the back of the technology.

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Speaker 2: The financial reviews hosting the conference. Some of the highlights

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Speaker 2: for me sun Corpse Group chief information Officer Adam Bennett

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Speaker 2: said AI tools help the Brisbane based insure process thousands

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Speaker 2: of claims around seven thousand after Cyclone Alfred wiped out

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Speaker 2: power for thousands of customers across the southeast corner of Queensland.

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Speaker 2: Comwealth Bank boss Matt Commons said the battle for AI

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Speaker 2: talent is very hot now. Recently, the head of CBA's

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Speaker 2: AI business was pached by Westpac. Telstra boss Vicky Brady

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Speaker 2: was fairly Frank. She says she expects that Telco's workforce

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Speaker 2: will be smaller thanks to the impact of AI, but

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Speaker 2: she didn't define how many jobs will go.

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Speaker 1: Okay. Last one, story number five and possibly my favorite

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Speaker 1: story of the week, Sean is all about bees. Millions

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Speaker 1: of them escaped from an overturned truck in the US

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Speaker 1: state of Washington over the weekend, sparking warnings from authorities

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Speaker 1: for the public to avoid the swarm.

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Speaker 2: Emergency officials were helped by several master bee keepers There's

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Speaker 2: a job after the truck, which had been hauling about

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Speaker 2: thirty two thousand kilos of active honey bee hives, flipped

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Speaker 2: over on a road near the Canadian border. The goal,

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Speaker 2: of course, to save as many bees as possible. The

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Speaker 2: county Sheriff's office initially said two hundred and fifty million

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Speaker 2: bees were loose. Turns out it was about fourteen million bees,

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Speaker 2: still a lot. The plan was to allow the bees

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Speaker 2: to rehive and find their queen bee. That should take

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Speaker 2: up to two days, according to the BBC. While some

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Speaker 2: beekeepers aim only to produce honey, many others rent the

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Speaker 2: highest of farmers who need the insects to pollinate their crops.

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Speaker 2: That's where these bees were going before this unfortunate accident.

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

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

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Speaker 1: It is Wednesday, the fourth of June twenty twenty five.

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Speaker 1: Remember to hit follow on the podcast. And if five

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Speaker 1: minutes isn't enough, you're going to find our longer daily

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Speaker 1: show called Fear and Greed wherever you listen to podcasts.

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Speaker 1: I'm Michael Thompson and that was the fast five business

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Speaker 1: news by Fear and Greed. Have a great day.