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

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Speaker 1: The federal government tackles rising unease over immigration, consumer confidence

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Speaker 1: jumps and nesle fires its chief executive. Over all workplace

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Speaker 1: romance plus two thirds of Australians say they'd prioritize work

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Speaker 1: life balance over higher pay, and Elon Musk extends his

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Speaker 1: lead as the world's richest person. It is Wednesday, the

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Speaker 1: third of September twenty twenty five. Are Michael Thompson and

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Speaker 1: Good Morning, Natalie McDonald.

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Speaker 2: Good morning, Michael.

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Speaker 1: Something for everybody this morning, Natalie. The main story today.

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Speaker 1: One hundred and eighty five thousand permanent visas will be

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Speaker 1: made available to migrants in this financial year. That is

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Speaker 1: a figure that's unchanged from last year, with the government

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Speaker 1: forced to clarify the number yesterday as it deals with

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Speaker 1: rising voter unease over migration.

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Speaker 2: Skilled workers will make up the bulk, while family visa

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Speaker 2: stay around fifty thousand, leaving a backlog of nearly one

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Speaker 2: hundred thousand spouses and children who are waiting to come

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Speaker 2: and join someone who's already in the country. Homer Fairs

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Speaker 2: Minister Tony Burke says the numbers follow state consultations and

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Speaker 2: continue to prioritize skills. Labor has held permanent migration steady

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Speaker 2: throughout its term, despite political debate and of course those

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Speaker 2: public protests. Experts warn family visa backlogs are growing, and

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Speaker 2: reforms and needed to prevent frustration for couples and families

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Speaker 2: who are waiting years to be reunited. But when we

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Speaker 2: talk about net overseas migration, that's the balance of arrivals

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Speaker 2: and departures. The most recent confirmed figure is about three

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Speaker 2: hundred and forty one thousand, which includes foreign students and

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Speaker 2: temporary workers, and that number is close to pre pandemic levels,

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Speaker 2: but it's expected to fall to around two hundred and

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Speaker 2: fifty five thousand this year.

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Speaker 1: Now, the government was really forced to come out with

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Speaker 1: these numbers yesterday to clarify what they were doing because

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Speaker 1: there has been this rising an ease. On the weekend

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Speaker 1: we saw anti immigration protests across capital cities, regional areas

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Speaker 1: to right around the country. Really, Prime Minister Anthony Alberinezi

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Speaker 1: addressed the Labor Caucus yesterday where he warned against demonizing

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Speaker 1: everybody who took part in those protests, and he emphasized

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Speaker 1: the importance of differentiating between people who had legitimate concerns

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Speaker 1: these things about employment and housing and things like that,

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Speaker 1: those concerns around migration levels, and the extremists who also

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Speaker 1: took part in the rallies.

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Speaker 2: He was quoted as saying not everyone there was associated

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Speaker 2: with the neo Nazis. He then went on to tell

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Speaker 2: Caucus we have to make sure we give people space

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Speaker 2: to move away and to not push them further down

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Speaker 2: that rabbit hole. A lot of these fears are being

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Speaker 2: reinforced online and we have challenges with polarization. In a

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Speaker 2: TV interview, Health Minister Mark Butler acknowledged there is real

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Speaker 2: tension between recognizing that there are real pressures on our

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Speaker 2: housing system and other parts of the economy while also

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Speaker 2: recognizing we're really struggling to get the work as we

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Speaker 2: need to deliver the hospital services, the age care services

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Speaker 2: and build the houses that we need. The housing market,

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Speaker 2: of course, is one of the real pressure points here

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Speaker 2: as prices rise and supply fails to keep up with demand.

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Speaker 2: And on that point, Master Builders Australia says the nation

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Speaker 2: needs expedited visa pathways for foreign trade workers, similar to

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Speaker 2: what exists in Canada, the UK and New Zealand after

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Speaker 2: separate data release last week highlighted a shortfall in tradees.

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Speaker 1: Yeah, a big story, and it is becoming a very

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Speaker 1: political one, very very quickly, as we saw on the

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Speaker 1: weekend with those protests moving away from politics. Let's turn

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Speaker 1: to markets now, how did things go yesterday?

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Speaker 2: Well, it was a third straight day of falls, the

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Speaker 2: local boars moving below eighty nine hundred for the first

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Speaker 2: time in almost weeks of eventually settling at that level.

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Speaker 2: Gold hit a record high of three thy five hundred

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Speaker 2: and eight US dollars an ounce, Silver climbing to its

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Speaker 2: highest since twenty eleven, once again benefiting the likes of

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Speaker 2: Romilius Resources up two point seven percent, Perseus Mining up

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Speaker 2: two point two and Neumont byo point six percent. Financials

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Speaker 2: were the strongest sector gan across the Big four, but

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Speaker 2: weight coming from the lakes of West farm As, Wolworst,

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Speaker 2: Bendio Bank and Santos which all went ex dividend and

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Speaker 2: a quick mention for CSL, it logged its eighth consecutive

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Speaker 2: session of losses. That's taking the stock back to twenty

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Speaker 2: nineteen levels.

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Speaker 1: Gold, the gold price that is extraordinary and as you say,

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Speaker 1: it hit three thousand five hundred and eight US dollars

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Speaker 1: an ounce. It did then drop back below the three thousand,

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Speaker 1: five hundred mark, but the fact that it is still

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Speaker 1: just climbing and setting these records. After the show got

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Speaker 1: an episode of Fear and Greed Q and A where

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Speaker 1: you are speaking with Evan Lucas, who is an economic futurist.

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Speaker 1: He's the host of Money News on nine Radio, and

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Speaker 1: he basically explains why in twenty twenty five we are

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Speaker 1: still going to gold as the safe haven asset when

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Speaker 1: there's so many other assets out there, why gold still

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Speaker 1: has that value for investors and those forces that are

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Speaker 1: pushing that price higher. And it is not just Donald

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Speaker 1: Trump and what he's been posting on truth Social there

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Speaker 1: are other things at place here. It is a great

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Speaker 1: chat now, Natalie, because it is Wednesday, it is time

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Speaker 1: for business by Numbers. The top three numbers to know

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Speaker 1: for the week brought to you by zero that's zero

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Speaker 1: dot com slash au three numbers. The first one is

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Speaker 1: the one I just mentioned, three five hundred US dollars.

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Speaker 1: That is the milestone that gold did pass. The price

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Speaker 1: of gold passed that yesterday. The second number is the

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Speaker 1: other one that we've just been talking about in some detail.

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Speaker 1: One hundred and eighty five thousand. That is the number

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Speaker 1: of permanent visas that will be available in twenty twenty five,

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Speaker 1: twenty six. The third number. You may do this one

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Speaker 1: if you like, because we haven't actually got to it yet.

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Speaker 2: We haven't got to this story still to come. Consider

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Speaker 2: this a little teaser. Four hundred and fifteen billion dollars

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Speaker 2: that is elon Masks net.

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Speaker 1: Worth and that has actually grown. It is just extraordinary

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Speaker 1: the wealth that is in that story. It's coming up

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Speaker 1: a bit later on. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Natalie. Consumer

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Speaker 1: confidence has picked up a little this week. We are

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Speaker 1: getting happier, it seems, are more optimistic. The A and

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Speaker 1: Z Roy Morgan Index jumped two points to eighty eight.

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Speaker 1: That's nearly five points stronger than the same time last year.

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Speaker 2: And the big driver here is that Australians are feeling

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Speaker 2: more positive about buying those big ticket items. More than

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Speaker 2: one in four say that now is a good time

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Speaker 2: to splash out on major household purchases. That's the best

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Speaker 2: result in a month, but it's not all smooth sailing only.

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Speaker 2: In fact, less than a quarter of people think they're

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Speaker 2: better off financially than a year ago. Well nearly half

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Speaker 2: say that they're actually worse off.

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Speaker 1: Of course, I suppose interest rate cuts having an effect

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Speaker 1: at last, but still there are a lot of pressures

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Speaker 1: on household budgets at the same time. Right, there are

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Speaker 1: signs of that consumer pickup. We see this in company results. Yes, sir,

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Speaker 1: we had KFC operator Colin's Foods saying that ossies are

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Speaker 1: spending more. Okay, same store sales up two point three

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Speaker 1: percent since April. That's a fairly significant increase.

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Speaker 2: It's prompted by cheaper chicken and falling interest rates. As

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Speaker 2: you mentioned, they're giving wallets a bit of breathing room

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Speaker 2: and it's showing on the tills. Even with tough competition

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Speaker 2: from the likes of McDonald's Gismey Gomez, KFC's brand is

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Speaker 2: holding pretty strong. And let's say it's another sign that

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Speaker 2: Australian shoppers are back in spending mode. So supporting that

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Speaker 2: consumer confidence read that we've had come through. Colin's food

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Speaker 2: is closing its loss making Taco Bell outlets to focus

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Speaker 2: on its co operations in Australia and its other success

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Speaker 2: market Germany.

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Speaker 1: Let's talk about wine. I don't think you and I

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Speaker 1: have talked about wine on this show. Are you offering no?

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Speaker 1: Not at this hour of the morning. Australia's wine industry

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Speaker 1: has last hundreds of growers since China's tariff's devastated exports.

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Speaker 1: According to a new Wine Australia report, we knew it

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Speaker 1: was doing damage at the time, and now we know

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Speaker 1: just how much damage.

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Speaker 2: So grower numbers fell thirteen percent from six two hundred

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Speaker 2: and fifty one in twenty eighteen to about five and

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Speaker 2: a half thousand last year, though vineyard area remains stable

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Speaker 2: due to consolidation. Independent MP Sarah Game will table legislation

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Speaker 2: this week requiring wineries to release minimum indicative great prices

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Speaker 2: by the end of September. That is months earlier than

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Speaker 2: the current December arrangement and that gives growers more certainty

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Speaker 2: and time to plan. The move has been backed by

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Speaker 2: industry groups who say earlier pricing could prevent growers from

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Speaker 2: investing in crops that won't cover production costs. Despite its struggles,

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Speaker 2: though the wine sector still contributes fifty one point three

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Speaker 2: billion dollars annually to the economy and supports more than

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Speaker 2: two hundred thousand jobs. Last year, there were seven point

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Speaker 2: five million visits to wineries from both domestic and international travelers.

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Speaker 1: From wine to botox. Australia's booming cosmetic injectables industry is

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Speaker 1: facing a shakeup. Tough new rules now in place.

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Speaker 2: Anyone offering treatments like botox fillers threadlifts Michael junail a threadlift.

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Speaker 1: Have no idea what a threadlift is? Do you know?

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Speaker 2: Well, we'll talk. We'll talk about it after. We'll now

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Speaker 2: need more training, including emergency response book skills and a

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Speaker 2: deeper knowledge of facial anatomy. Nurses must clock at least

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Speaker 2: a year of general practice before moving into cosmetics, while

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Speaker 2: enrolled nurses need extra experience in areas like dermatology or plastics.

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Speaker 2: The crackdown, though, and this is where it gets really interesting,

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Speaker 2: is also hitting advertising. So no more of those heavily

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Speaker 2: edited before and after photos, no influencer height without disclaimers,

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Speaker 2: and clinics must clearly spell out the risks. Health regulators

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Speaker 2: say it's about protecting patients who may underestimate the dangers

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Speaker 2: of procedures which are often seen as as simple beauty fixes.

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Speaker 1: A threadlift involves getting basically stitches to help lift the

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Speaker 1: skin up. Yeah that sounds horrific.

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Speaker 2: Well this is why they need extra training.

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Speaker 1: Okay, all right, Well I support this because that really matters.

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Speaker 1: I suspect two thirds of Australians Natalie say they would

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Speaker 1: prioritize work life balance over higher pay but rising living

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Speaker 1: costs of forcing Australians to rethink the trade off between

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Speaker 1: money and lifestyle. This is a new report from SIKH.

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Speaker 2: Only a third of workers are feeling financially secure, and

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Speaker 2: while sixty five percent of workers wouldn't take a pay

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Speaker 2: cup for more work life balance, they would be willing

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Speaker 2: to give up some flexibility for a pay rise, including

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Speaker 2: taking on a greater workload or more hours.

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Speaker 1: I hang on that essentially means they'd be willing to

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Speaker 1: do more work for more pay, right, because that to

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Speaker 1: me feels almost logical.

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Speaker 2: And how are you are saving up for their own threadlift?

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Speaker 1: These things are pricey apparently so.

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Speaker 2: But amid ongoing tensions around work from home, and we

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Speaker 2: have been talking about it pretty much NonStop the last

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Speaker 2: couple of weeks, almost one in four of those who

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Speaker 2: can work from home wouldn't return to the office full

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Speaker 2: time even if more money was offered, and that's Gen

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Speaker 2: X and baby boomers actually most against that return. It

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Speaker 2: comes as separate research from Hatch Show's career development has

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Speaker 2: overtaken salaries the top priority for GenZ and millennials. So

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Speaker 2: what I'm getting from this is actually that no one

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Speaker 2: knows what they want. They would just like to continue

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Speaker 2: being paid. Please love that.

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Speaker 1: That's the take home message.

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Speaker 2: That's my analysis, Okay.

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Speaker 1: I like that now. Sydney's CBD has emerged as Australia's

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Speaker 1: scam capital, topping Westpac's list of postcodes with the highest

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Speaker 1: scam reports in the past year.

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Speaker 2: So it's perhaps no surprise that densely populated areas would

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Speaker 2: drive higher numbers of scams. Scam rates are actually proportionally

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Speaker 2: highest in Wa and Queensland. Westpac says that scammers are

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Speaker 2: increasingly targeting businesses through invoice and email compromise schemes, alongside

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Speaker 2: fake investments in personation, romance and online shopping scams. Overall

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Speaker 2: losses have fallen in the past year, but the personal

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Speaker 2: and financial toll remains fairly severe. The bank has shared

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Speaker 2: some tips to help protect yourself, such as don't click

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Speaker 2: on links or open attachments within emails, texts, or social

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Speaker 2: media messages from people you don't know. Don't send money

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Speaker 2: or gift cards to someone that you have never met

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Speaker 2: in person.

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Speaker 1: It is getting so convincing, though, is It is like

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Speaker 1: you think, oh, I'd never do that, I would never

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Speaker 1: click on a link. But honestly, they are so deceptive.

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Speaker 1: There have been a few lately where I've actually had

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Speaker 1: to triple check them, going, I don't think this is real.

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Speaker 2: I've ignored stuff from my bank thinking it was a

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Speaker 2: scam and it wasn't. But you do. You have more

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Speaker 2: and more people who are respected professionals in their field,

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Speaker 2: who you would think should know better, and they get

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Speaker 2: caught out.

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Speaker 1: Yeah. Unfortunately, we are seeing a lot of the banks

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Speaker 1: are actually now using or starting to use AI in

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Speaker 1: basically detecting scams and preventing scams, and so hopefully the

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Speaker 1: banks can keep ahead of the scammers who are probably

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Speaker 1: also doing the same thing at the other side. Right,

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Speaker 1: So turning to international news, now, how about this one?

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Speaker 1: Global food giant Nesle has sacked its chief executive after

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Speaker 1: he failed to disclose a romantic relationship with a subordinate

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Speaker 1: in a clear breach of the company's code of conduct.

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Speaker 2: Lauren FREKXA spent four decades at NESLE and actually only

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Speaker 2: stepped into the top job last year. He will now

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Speaker 2: be replaced by a longtime insider, Philip Nevradil, who was

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Speaker 2: credited with an inclusive leadership style and a strong performance record.

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Speaker 2: This scandal echoes a pretty similar case at BP a

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Speaker 2: couple of years ago. Back in twenty twenty three, when

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Speaker 2: its CEO was forced out for failing to reveal relationships

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Speaker 2: with colleagues, we.

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Speaker 1: Mentioned Elon Musk, who teased us with Elon Musk before.

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Speaker 1: He has increased his lead now as the world's richest person,

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Speaker 1: topping Forbes's September twenty twenty five billionaire list with a

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Speaker 1: fortune of four hundred and fifteen billion US dollars.

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Speaker 2: Imagine how many threadlifts you could afford for that?

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Speaker 1: I reckon many loads, many many.

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Speaker 2: So nine out of ten of the richest people in

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Speaker 2: the world are Americans. The one non usit Saint Francis

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Speaker 2: bernardou CEO of Luxury Goods Group LVMH. All of the

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Speaker 2: top ten riches people as of the first of September

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Speaker 2: are men. Each of them are worth one hundred and

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Speaker 2: fifty billion dollars or more. Larry Ellison remains the world's

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Speaker 2: second wealthiest person for the third month in a row,

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Speaker 2: with some of the usual names like Mark Zuckerberg, Jeff Bezos,

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Speaker 2: and Warren Buffett. Also featuring one noticeable omission is Bill Gates,

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Speaker 2: who actually dropped out of the top ten richest in

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Speaker 2: October of last year following some new information about a

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Speaker 2: contraction in his fortune.

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Speaker 1: One last one, just a quick one. Serena Williams tennis player,

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Speaker 1: legendary tennis player, has become the latest celebrity to promote

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Speaker 1: weight loss drugs like a Zempek, which is sparking fresh

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Speaker 1: debate over diet culture.

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Speaker 2: The tennis legend has taken on a new role as

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Speaker 2: global ambassador for Row. It's a telehealth company that's best

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Speaker 2: known for its weight loss treatments, including the increasingly popular

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Speaker 2: GLP one injections. More intriguing still on this so Williams's husband,

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Speaker 2: who's the Reddick co founder, is an early investor in

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Speaker 2: Row and board member since twenty eighteen, So that has

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Speaker 2: sparked some commentary around whether or not there's actually a

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Speaker 2: conflict of interest here. Williams had said that she wanted

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Speaker 2: to be open about her use of zep bound to

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Speaker 2: reduce stigma. But the website campaign it shows images of

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Speaker 2: Williams posing with an injection file press to her armor

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Speaker 2: and copy that reads Serena's en row. Are you next,

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Speaker 2: drawing a lot of accusations that the rise of GLP

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Speaker 2: one drugs marketed by athletes and influencers is fueling diet

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Speaker 2: culture and fuel full flight and risks normalizing medication as

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Speaker 2: a bit of a quick fix.

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Speaker 1: Okay, Right up next is the Fear and Greed Q

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Speaker 1: and a interview today with Evan Lucas all about gold.

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Speaker 1: It is a great chat as coming up next in

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Speaker 1: the Fear and Grade playlist on your podcast platform or

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Speaker 1: at Fearandgreed dot com dot au, which is also where

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Speaker 1: you sign up for our free daily newsletter and you

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Speaker 1: get all the news you need to know in your

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Speaker 1: inbox by six am every weekday. Thank you Natalie, Thank

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Speaker 1: you Michael. It is Wednesday, the third of September twenty

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Speaker 1: twenty five. Make sure you're following the PODCAS and please

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Speaker 1: join us online on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 1: I'm Michael Thompson and that was fhear and greed, have

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Speaker 1: a great day,