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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The big banks claim they are looking after small businesses

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Speaker 1: and competition in the sector is hotter than ever. The

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Speaker 1: local share market falls to a new near six month low,

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Speaker 1: and scientists provide upgraded warnings about ultra processed foods plus

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Speaker 1: wages growth stabilizers. But that doesn't mean we can expect rapecuts.

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Speaker 1: And Donald Trump calls a female reporter piggy. It is Thursday,

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Speaker 1: the twentieth of November twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer. Good morning, Michael, Sean. The

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Speaker 1: main story this morning. The big banks have defended their

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Speaker 1: support for small and medium sized businesses with A and

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Speaker 1: Z boss Nu no Matos, saying competition in the sector

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Speaker 1: is strong, adding that mortgages are far less profitable than

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Speaker 1: they were fifteen years ago.

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Speaker 2: Mattos got his turn at the House of Representatives Economics

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Speaker 2: Committee meeting yesterday and pushed back on critics, saying the

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Speaker 2: banks are focused on big lenders but not small lenders.

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Speaker 2: While capital standards insisted on by the regulators sometimes make

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Speaker 2: lending to small business tough, the sector is the hottest

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Speaker 2: part of the market. According to Matos, He said two

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Speaker 2: things might help the process of small and mediumized businesses

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Speaker 2: getting financed. One a standard definition of what a small

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Speaker 2: business is in all regulation. That would reduce a lot

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Speaker 2: of confusion. And two, tax information on small businesses to

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Speaker 2: be made available to the banks when consents granted. That

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Speaker 2: would make it a lot easier to approve loans. He

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Speaker 2: said banks were about sixty percent less profitable today than

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Speaker 2: ten years ago. That's in reference to the mortgages and

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Speaker 2: the fact that that market has been so hot now.

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Speaker 2: He wasn't talking in dollar terms, of course, he was

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Speaker 2: talking in terms of return on equity. But he's point

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Speaker 2: there being that people are now chasing the small business

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Speaker 2: sector because there are bigger margins in that and that

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Speaker 2: means competition is hot, and that's a good thing for

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Speaker 2: small businesses.

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Speaker 1: Cue Curious, isn't there that there's no standard definition of

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Speaker 1: small business? And that feels like a no brainer really.

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Speaker 2: Yes, particularly when it comes to governments, so state and

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Speaker 2: federal regulations, because if there was a standard small business definition,

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Speaker 2: that would make life a lot easier.

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Speaker 1: Well, are you saying that there are inconsistencies between different

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Speaker 1: levels of government.

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Speaker 2: Surely not surely.

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Speaker 1: Not, definitely not now. Nuno Matos's counterpart at National Australia Bank,

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Speaker 1: Andrew Irvine, agreed that APRA's conservative risk settings restrict levels

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Speaker 1: of business lending.

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Speaker 2: Yes, but like Mathos, Irvine added, it's not a bad thing.

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Speaker 2: Loan losses in Australia are lower than other jurisdictions. Irvine

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Speaker 2: said that small business could be knocked around by government

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Speaker 2: policy just as much so. He cited a case where

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Speaker 2: a small food business had to spend sixty thousand dollars

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Speaker 2: in a new printer because their government regulation changed the

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Speaker 2: required font size on their products. Irvine said he what

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Speaker 2: would help all business was a focus on sourcing cheaper

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Speaker 2: energy for homes as well as businesses. That means focusing

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Speaker 2: more on getting renewable projects approved, though he also backs

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Speaker 2: gas in the medium term. He also added that building

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Speaker 2: more houses is absolutely essential. Housing construction is being held

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Speaker 2: back by too few tradees with building skills being allowed

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Speaker 2: into the country. That's according to Andrew Irvine.

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Speaker 1: All right, I'm curious because over the past two days

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Speaker 1: now we've had the bosses of the big four banks

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Speaker 1: appearing before the committee. They run four of the five

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Speaker 1: biggest companies in the country, so we get a tremendous

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Speaker 1: insight into a whole lot of stuff. If you were

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Speaker 1: to summarize what we've learned, could you do it in

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Speaker 1: forty seconds? Probably not. No.

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Speaker 2: The banks have taken a relatively hard line in some things.

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Speaker 2: They over passed a couple of days. They're not shying

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Speaker 2: away from lending to gas uses, for example. They all

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Speaker 2: agree that energy is a major challenge for Australia. While

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Speaker 2: they acknowledge APRA's introduced some tough standards around lending, they

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Speaker 2: insist there is money available for small business and of

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Speaker 2: course they're calling for a more level playing field in

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Speaker 2: the payment sector so they can take on the tech giants.

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Speaker 2: On the economy, I reckon that all the CEOs Commonwealth Bank, Westpac,

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Speaker 2: National Australia Bank am Z, we're all pretty confident that

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Speaker 2: things are going in the right direction. Some think there'll

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Speaker 2: be rate cuts next year. Westpac believes that, but the

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Speaker 2: bosses of Commonwealth Bank and National Australia Bank disagree and

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Speaker 2: reckon the rate cut cycle is over. That's more than

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Speaker 2: forty seconds. In four seconds, the banks have plenty of gripes, Michael,

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Speaker 2: but generally things going pretty well.

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Speaker 1: Shows how really no one knows exactly what's going to

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Speaker 1: happen with rates. When you even have the CEOs of

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Speaker 1: the banks with all of the data that their economics

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Speaker 1: teams have at their disposal, and they still disagree on

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Speaker 1: what the outlook is, it shows that really at this

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Speaker 1: point we just.

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Speaker 2: Don't know exactly right exactly right now.

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Speaker 1: Sean, I think we were lucky that the local market

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Speaker 1: had the mining stocks yesterday. Because we had the share

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Speaker 1: prices of the gold diggers and the big resource and

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Speaker 1: energy companies rising, much of the rest of the market fell.

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Speaker 1: It pushed the SMPA six two hundred to a near

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Speaker 1: six month low, down a quarter of a percent to

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Speaker 1: eighty four hundred and forty eight points.

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Speaker 2: Materials were by far the stronger sector. Gold prices lifted,

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Speaker 2: so to do the share prices of companies like Northern Star,

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Speaker 2: Evolution Mining, Neumont Forest, few metals, rear tinto bedge p

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Speaker 2: were all high. Crude or prices rose. That's as markets

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Speaker 2: based for deeper disruptions to Russian supply, with Europe and

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Speaker 2: the US moving to further restrict Moscow's ability to fund

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Speaker 2: its year in Ukraine. That was good years for Woodside,

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Speaker 2: Santos and Beach Energy. Some of the tech stocks even

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Speaker 2: reversed recent declines, whilst Global and Zero were both higher.

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Speaker 2: But the big banks fell. When the big banks fall, well,

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Speaker 2: it's hard for the market to do anything else but

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Speaker 2: fall ain Zed was off two percent, West Pakin, Commonwealth

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Speaker 2: Bank more than one percent, National Australia Bank about three

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Speaker 2: quarters of a percent, and as quickly Sewan.

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Speaker 1: US markets are waiting on Nvidia results, which are due

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Speaker 1: in a few hours this morning.

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Speaker 2: Yes, I can't remember when one company's earnings have been

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Speaker 2: so focused on It really is the litmus test for AI.

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Speaker 2: Will tell you, of course, what happens in the afternoon edition.

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Speaker 1: I suspect we shall. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean wages

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Speaker 1: growth is contained notwithstanding a tight labor market, but still

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Speaker 1: remains a cause of inflationary pressure in the economy. The

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Speaker 1: wage price index ray zero point eight percent in the

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Speaker 1: September quarter three point five percent for the full year,

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Speaker 1: unchanged from three months earlier, pretty much in line with

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Speaker 1: Reserve Bank forecasts. Last quarter's rise reflected healthcare and social

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Speaker 1: assistance industry wages growth It included the three and a

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Speaker 1: half percent rise in the minimum wage by Fair Work Commission,

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Speaker 1: which was actually a bit lower than last year. Public

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Speaker 1: Sector wages ticked up, growing just under four percent in

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Speaker 1: annual terms, mainly driven by state government pay rises. Private

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Speaker 1: sector wages were a bit over three percent.

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Speaker 2: Now public sector wages ab outpaced private sector wage growth

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Speaker 2: for three consecutive course lots and all that. What's it

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Speaker 2: mean for interest rates and inflation? That's what you really

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Speaker 2: want to know? Yeah, I mean, the lab market's doing

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Speaker 2: pretty much what the Reserve Bank thinks it will do,

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Speaker 2: and without a rise in productivity, it's hard to see

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Speaker 2: the Central Bank cutting interest rates anytime soon.

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Speaker 1: I love that now you asked the questions that I

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Speaker 1: was going to ask you. You know, it is now

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Speaker 1: so predictable that I'm going to ask you what does

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Speaker 1: it mean for interest rates? Sean Drone Shield, which is

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Speaker 1: we've talked a lot about Drone Shield. It is the

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Speaker 1: stock that went from seventy five cents to six dollars

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Speaker 1: sixty a share in the ten months to October has

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Speaker 1: nearly halved in the past month, including a near twenty

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Speaker 1: percent drop Yesterday. It finished at a dollar nine seven

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Speaker 1: a share. Yesterday's drop was because the boss of the

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Speaker 1: US operations quit rather abruptly.

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Speaker 2: Yes, so dron Shield, of course does exactly what its

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Speaker 2: name suggests. Defense mechanisms for drone attacks makes sense. It

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Speaker 2: should be a pretty good business given the geopolitical climate

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Speaker 2: of twenty twenty five. Everyone thought it was. But then

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Speaker 2: the company misannounced a new contract. It got sold off

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Speaker 2: a little bit. Then its chair and ceo offloaded a

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Speaker 2: bunch of stock. The CEO sold down about fifty million

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Speaker 2: dollars worth of stock. Now the US boss has gone

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Speaker 2: effective immediately. Investors do not like these sorts of stories

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Speaker 2: and bang it it's been hammered.

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Speaker 1: Do they have a cumulative effect? Kind of like one

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Speaker 1: of these or maybe two would be okay and there'd

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Speaker 1: be a bit of a dip, But when you just

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Speaker 1: get one after the other, after the other after the other,

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Speaker 1: it starts to get a bit of kind of negative

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Speaker 1: hype around it.

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Speaker 2: Yes, And when you have the CEO in the chair

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Speaker 2: selling I think combined about sixty sixty five million dollars

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Speaker 2: worth of shares, you think one of the these guys

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Speaker 2: know that we donate, and you think maybe this time

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Speaker 2: to get out.

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Speaker 1: Yeah, Yeah, that's why it's always good to get some

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Speaker 1: professional advice before making investment decisions. Indeed, now the federal

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Speaker 1: government is considering forcing super funds to contribute to the

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Speaker 1: compensation scheme of Last Resort that could compensate consumers for

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Speaker 1: poor financial advice.

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Speaker 2: This comes in the wake of the failure of Shield

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Speaker 2: and First Guardian, which private credit funds which many DIY investors,

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Speaker 2: like DIY super Investors, had invested in. The two year

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Speaker 2: old compensation scheme of Last Resort has raised three hundred

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Speaker 2: and forty five million dollars from financial advisors, banks, a lenders, insurers,

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Speaker 2: stock and mortgage brokers. The ideas they compensate financial consumers

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Speaker 2: who lose money as a result of bad financial advice

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Speaker 2: or fraud, so should super funds also contribute to that. Now,

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Speaker 2: the Union movement, very big player in the four point

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Speaker 2: three trillion dollar super sector, reject the idea totally, saying

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Speaker 2: working people shouldn't be paying a mandatory level when regulators

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Speaker 2: haven't done their job.

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Speaker 1: Okay, Now, quick wrap of some corporate news sean some

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Speaker 1: briefs as brief call it. Webjet sarch seventeen percent yesterday

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Speaker 1: after Hello World logged a ninety cent a share takeover bid.

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Speaker 1: Having quietly built a sizable stake in the online travel

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Speaker 1: agency over the past half year.

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Speaker 2: Or so, New Farm jumped as analysts of the group's

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Speaker 2: twenty twenty six profit guidance pointed to strong earnings growth.

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Speaker 1: TPG Telecom fell as it raised three hundred million dollars

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Speaker 1: through the issue of new shares to institutional investors, but

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Speaker 1: it cut the size of the round after the death

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Speaker 1: of a Sydney customer who was unable to reach triple

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Speaker 1: zero due to an outdated Samsung phone. We spoke about

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Speaker 1: that one yesterday.

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Speaker 2: In KMD Brands, the owner of cap Mandu, ripcoll and

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Speaker 2: o Boz rose five percent as first quarter GRIP sales

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Speaker 2: grew eight percent year on year for the period from

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Speaker 2: August to October.

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Speaker 1: You'd be a big fan of Obos, wouldn't you, Sean.

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Speaker 2: I never know had pronounce a work. I don't know it, boss.

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Speaker 2: I don't even know the shoes right, Yes, okay, choes,

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Speaker 2: they're great walking shoes. Ooh, boss, there we go.

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Speaker 1: Well, at least you knew what they what they are

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Speaker 1: and how they work.

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Speaker 2: They're good, They're very tough.

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Speaker 1: Okay, all right, there we go. Nice little endorsement, not

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Speaker 1: an advertiser. Turning to International News Now, Shawn Paramount sky

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Speaker 1: Dance as working with a consortium of Middle East and

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Speaker 1: sovereign wealth funds on a seventy one billion US dollar

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Speaker 1: offer for Warner Brothers.

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Speaker 2: Discovery Variety is reporting that Paramount is working with Saudi

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Speaker 2: a Arabia's Public Investment Fund, the Qatar Investment Authority, and

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Speaker 2: the Abu Dhabi Investment Authority to get the deal across

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Speaker 2: the line. Each of these sovereign funds would contribute seven

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Speaker 2: billion dollars, and Paramount Skydance would lay out about fifty

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Speaker 2: billion US dollars. The board of Warner Brothers has previously

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Speaker 2: rejected multiple offers from Paramount, but this latest bid is

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Speaker 2: about twenty percent higher. According to Bloomberg, Warner Brothers has

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Speaker 2: put itself up for sale, said a deadline for bids

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Speaker 2: is tonight US time. Paramount looks like it's going to

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Speaker 2: make that bid, but also Netflix and Comcast are expected

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Speaker 2: to make an offer for the film. In streaming parts

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Speaker 2: of the business that at this point, Paramount might be

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Speaker 2: the only group that wants the whole.

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Speaker 1: Lot, okay, rather than having to split it up exactly okay, Now,

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Speaker 1: the White House Sean I mentioned this at the top

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Speaker 1: of the show. The White House has defended President Donald

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Speaker 1: Trump for basically shushing a female reporter and calling her piggy.

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Speaker 2: In an interaction on board Air Force one to merro

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Speaker 2: Lago in Florida. Trump was being asked why he was

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Speaker 2: urging Republicans not to release the Epstein files. This was

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Speaker 2: the head of his backflip a few days over that issue.

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Speaker 2: Now Bloomberg White House reporter Catherine Lucy began asking a

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Speaker 2: question about why Trump opposed releasing the files if, as

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Speaker 2: he claimed, there was nothing incriminating about him and the documents.

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Speaker 2: Trump then pointed a finger at her and said, quite

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Speaker 2: quite piggy. Amazing. According to the White House, the statement

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Speaker 2: it put out quote not backing down at all, this

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Speaker 2: reporter behaved in an inappropriate and unprofessional way towards her

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Speaker 2: colleagues of the plane. If you're going to give it,

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Speaker 2: you have to be able to take it. It's not

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Speaker 2: clear what part of Lizzy's conduct was viewed as inappropriate

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Speaker 2: or unprofessional. But I'll tell you what to say to

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Speaker 2: someone quite quite piggy, that's unprofessional.

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Speaker 1: Oh. Absolutely, I've watched that video, and I can't tell

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Speaker 1: what was inappropriate about the way that that question was

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Speaker 1: being asked. It's a media scrum. There's always questions being

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Speaker 1: kind of called out. But in the end, I think

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Speaker 1: it was probably just the nature of the question that

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Speaker 1: was objectionable.

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Speaker 2: To the nature of the answer too.

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Speaker 1: Indeed, I thought that was just appalling. Okay, one more Sean.

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Speaker 1: This is a bit of a worry. I'm paranoid at

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Speaker 1: the best of times. This story does not help. Scientists

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Speaker 1: are warning that the mass commercialization and global growth of

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Speaker 1: ultra processed foods is posing a threat to public health

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Speaker 1: and is contributing to the development of chronic diseases.

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Speaker 2: In a new Lanset series, a panel of forty three

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Speaker 2: global researchers reveal the impact of worsting diets and core

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Speaker 2: for stronger political policies to reduce dependence on ultra processed foods.

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Speaker 2: In essence, they claim that what people eat is fueled

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Speaker 2: by powerful global corporations that generate huge profits by prioritizing

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Speaker 2: ultra process products. That is preventing effect. That power from

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Speaker 2: those corporations is preventing effective public health policies and messages

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Speaker 2: to support healthy eating. Now UFPS ultra processed foods include

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Speaker 2: low nutrition convenience foods. They can include things like chips,

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Speaker 2: breakfast cereals, instant soups, desserts, some ready made meals, meal replacements,

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Speaker 2: even some flavored yogurt high in fats, sugar, and or salt.

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Speaker 2: So how do we know which one's to recognize in

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Speaker 2: terms of high upfs. Basically, if it comes in plastic, Okay,

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Speaker 2: you could be in trouble. If you list. If you

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Speaker 2: read the ingredients list and there's one, two or more

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Speaker 2: unrecognizable food or numbers products you probably wouldn't traditionally cook

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Speaker 2: or buy, well, you're probably in trouble.

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Speaker 1: Okay, all right, Like last year, I took bacon off

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Speaker 1: my list because I'm not supposed to eat that anymore,

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Speaker 1: and a bunch of other things. Now it's anything that

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Speaker 1: comes in plastic. I am getting very, very concerned about

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Speaker 1: the range. When you got young kids who are pretty

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Speaker 1: picky at the best of times. Gosh, this is getting

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Speaker 1: tough now, Sean, tis up Next is something a little

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Speaker 1: bit different today, Fear and greed A. You're speaking with

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Speaker 1: David Booth, who is the founder of one of the

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Speaker 1: world's first index funds. He founded dimensional fund Advisors and

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Speaker 1: in the early eighties, and I think they have about

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Speaker 1: one point four trillion Aussie dollars in assets under management.

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Speaker 1: There's a big, big, big But he's just released a

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Speaker 1: documentary about his life. It's called Tune Out the Noise

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Speaker 1: and you spoke to him from Austin.

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Speaker 2: Fascinating. It basically goes through he and his co founders,

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Speaker 2: I suppose life journeys to get where they are now.

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Speaker 2: Their argument and what they're selling is that index funds

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Speaker 2: is better than active fund investing. But he goes through why.

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Speaker 2: He even nominates why there's occasionally, you know, an outlier,

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Speaker 2: so we actually ask him about Warren Buffett, whether or

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Speaker 2: not Warren Buffett fits into his theory. It's a really

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Speaker 2: interesting chat.

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Speaker 1: It's a great one. It's coming up next in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fear Andgreed dot Com todatu, which is where you sign

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Speaker 1: up for the free daily newsletter. Thank you Sean, Thank

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Speaker 1: you Michael. It's Thursday, the twentieth of November 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, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that wasphere and greed have a great day.