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

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Speaker 1: US politicians put pressure on the Albanese government over plans

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Speaker 1: to recognize Palestinian statehood. The boss of Optus explains what

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Speaker 1: happened last week during the triple zero outage that caused

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Speaker 1: at least three deaths and the spring selling season saws plus,

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Speaker 1: has the government found a buyer for Rex Airlines and

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Speaker 1: Australia's population hits twenty seven point five million. It is Monday,

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Speaker 1: the twenty second of September twenty twenty five. I'm Michael

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

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Speaker 1: The main story this morning. Prime Minister Anthony Aberanezi is

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Speaker 1: in New York for the United Nations General Assembly. He's

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Speaker 1: expected to announce Australia's recognition of the Palestinian state, but

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Speaker 1: there's already a lot of pressure from US politicians to

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Speaker 1: not make the announcement.

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Speaker 2: A letter co signed by twenty five Republican members of

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Speaker 2: Congress accused Australia and the countries of legitimizing a Palestinian

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Speaker 2: terror state and threatening repercussions I quote it. It says,

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Speaker 2: proceeding with recognition will put your country at odds with

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Speaker 2: long standing US policy and interests, and may invite punitive measures.

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Speaker 2: In response, the letter was addressed to Albanisi, as well

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Speaker 2: as French President Manuel Macron, Canadian Prime Minister Mark Carney,

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Speaker 2: and British Prime Minister Sir Keys Starmer. Copies were sent

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Speaker 2: to US President Donald Trump and Secretary of State Marco Rubio.

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Speaker 2: According to the Financial Review, Trump had tried to derail

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Speaker 2: the recognition process by denying a US visa to Palestinian

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Speaker 2: Authority President mahmood A Bus and about eighty officials, before

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Speaker 2: Australia voted in the year end over the weekend with

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Speaker 2: others to allow a Bus to address the special summit

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Speaker 2: by video link. The Republican letter accuses Australia, France, Canada

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Speaker 2: and Britain of setting a dangerous precedent that violence, not diplomacy,

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Speaker 2: is the most expedient means for terrorist groups like AMAS

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Speaker 2: to achieve their place claims. It adds that it is

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Speaker 2: a reckless policy that undermines prospects for peace and will

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Speaker 2: inflame anti Semitism in their countries.

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Speaker 1: Now Sean Palestinian recognition is going to be a significant

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Speaker 1: issue obviously in the journal assembly, but for many Australians

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Speaker 1: the question really seems to be is Albanezy going to

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Speaker 1: meet Trump while he's in the US.

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Speaker 2: Yes, I mean there's no guarantee yet. The best indication

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Speaker 2: that they will meet actually came from Trump last week

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Speaker 2: when he was berating that ABC journalist John Lynes and said,

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Speaker 2: your leader is coming over to see me very soon.

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Speaker 2: I'm going to tell him about you. You said a

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Speaker 2: very bad tone. That's what we're basing it all on

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Speaker 2: METI's reporting that it is possible the two will have

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Speaker 2: an informal catch up on Wednesday morning Australian Time. Albanizi

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Speaker 2: himself yesterday played down the prospects of meeting Trump, saying

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Speaker 2: there would be several opportunities in coming months to do so.

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Speaker 2: If they do meet, defense spending will be an issue. Obviously,

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Speaker 2: Trump wants Australia and other countries to spend three and

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Speaker 2: a half percent of GDP on defense. Then there's the

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Speaker 2: massive Orchest deal, which is being reviewed by the Trump administration.

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Speaker 2: Last week, it got a bit of a boost when

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Speaker 2: King Charles the Third emphasized it's important in a speech

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Speaker 2: in front of Donald Trump. My you Anthony Albanezi. When

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Speaker 2: it comes to foreign policy, Michael, he's on a bit

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Speaker 2: of a losing streak at the moment. Last week he

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Speaker 2: didn't did not sign deals with Papua and New Guinea

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Speaker 2: and Venawatu. Basically the shadow of China sort of hung

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Speaker 2: over those deals. What made it even worse was that

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Speaker 2: as Albanesi flew out of Papua New Guinea, the country's

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Speaker 2: defense minister was flying to Beijing, So that was a

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Speaker 2: bad look. Albanesi is hoping for a foreign policy win

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Speaker 2: this week by at least meeting Trump.

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Speaker 1: All right, we are in for a big few days

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Speaker 1: in politics, I would say. The other big story at

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Speaker 1: the moment sean pressure is rising on Optus to be

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Speaker 1: penalized as investigations are promised into an outage linked to

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Speaker 1: at least three deaths. Optist boss Stephen Rue has apologized

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Speaker 1: to the community for the company his Triple zero failure

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Speaker 1: and said early investigations show that established processes were not followed.

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Speaker 2: So I watched firewall update at twelve thirty am on

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Speaker 2: Thursday first and Thursday morning blocked hundreds of calls to

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Speaker 2: Triple zero zero from South Australia, Western Australia and the

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Speaker 2: Northern Territory. A sixty eight year old woman died in

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Speaker 2: Adelaide during the fault, along with a seventy four year

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Speaker 2: old man and a forty nine year old in Perth.

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Speaker 2: Now South Australian police yesterday said preliminary investigations into the

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Speaker 2: death of an eight week old boy north of Adelaide

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Speaker 2: on Thursday suggests that the outage is unlikely to have

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Speaker 2: contributed to his death. At least two other TRIPLEO calls

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Speaker 2: from New South Wales failed to get through to an operator.

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Speaker 2: Optus was unaware of the outage until being notified by

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Speaker 2: a customer at about one point thirty pm, so that's

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Speaker 2: twelve thirty am through to one thirty pm, thirteen hours.

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Speaker 2: That's according to Optic's chief executive Stephen Rue yesterday. He

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Speaker 2: said call center workers who received plans from Optus customers

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Speaker 2: on Thursday morning didn't escalate the issue up the chain

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Speaker 2: to senior staff. That was the problem. So once optists

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Speaker 2: realize that there was an outage, the emergency line was

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Speaker 2: restored the update was canceled. Of course, it is the

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Speaker 2: second failure in less than two years. An outage failure

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Speaker 2: that's resulted in op just customers not being able to

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Speaker 2: contact Triple O. Last time round, it was fined twelve

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Speaker 2: million dollars for that outage. It was a nationwide outage.

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Speaker 2: I'm not sure that it had quite the dire consequences

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Speaker 2: that this one did. So what do you say about this, Michael?

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Speaker 2: It it just should never happen.

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Speaker 1: Yeah, I don't know what you can say, really. I

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Speaker 1: think there was Optus has had a pretty terrible run

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Speaker 1: in recent years, and there was some hope that maybe

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Speaker 1: it was back on track now, and tragically it does

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Speaker 1: appear that that's not the case. Okay, let's have a

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Speaker 1: look at local markets. What can we expect today from

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Speaker 1: the local bors when it opened?

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Speaker 2: Fusures for the S and PASX two hundred index suggests

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Speaker 2: a pretty good start to the week for the local bars.

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Speaker 2: It's expected to rise about zero point three percent on opening.

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Speaker 2: That follows a rally on Wall Street where tech stocks

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Speaker 2: lead the market to get another record high. That's in

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Speaker 2: the back of hopes for more interest rate cuts in

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Speaker 2: the world's largest economy. The local market closed up slightly

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Speaker 2: on Friday, that was down about one percent for the week.

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Speaker 2: It's actually had three weeks in a row of negative

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Speaker 2: returns the ASX two hundred. Much of the focus in

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Speaker 2: coming weeks will be on interest rates in Australia, with

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Speaker 2: most of the economic news over the past fortnite suggesting

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Speaker 2: there will be a rate cut when the Reserve Bank

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Speaker 2: Board next meets in early November. Inflation figures for August

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Speaker 2: due for release on Wednesday that will way into the debate,

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Speaker 2: and just before we leave markets back to Wall Street,

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Speaker 2: the four major indices, the S and P five hundred, NA,

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Speaker 2: TAK one hundred, DAL Jones and small cap Russell two

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Speaker 2: thousand index all closed at record highs late last week

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Speaker 2: for the first time since November twenty twenty one. Wall

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Speaker 2: Street is on a teamh.

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Speaker 1: Certainly is okay. We'll be back in a moment with

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

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Speaker 2: Sean.

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Speaker 1: The spring selling season is hot, with preliminary clearance rates

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Speaker 1: over the past week hitting a four year high, with

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Speaker 1: Melbourne leading the way.

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Speaker 2: There are almost twenty seven hundred auctions held over the

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Speaker 2: past week, up about eleven percent on a week ago.

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Speaker 2: The preliminary clearance rate michael seventy seven point nine percent

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Speaker 2: across combined capital cities last time we had that was

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Speaker 2: October twenty twenty one, when there was a boom going

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Speaker 2: on in the market. It looks pretty hot to me.

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Speaker 2: At the moment. Melbourne held almost half of all auctions

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Speaker 2: across the country. It's clear and straight. Came in at

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Speaker 2: seventy eight point six percent. That's its highest rate for

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Speaker 2: four years. Sydney was just under seventy eight percent, Adelaide

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Speaker 2: was about eighty six percent, Brisbane at sixty six percent.

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Speaker 2: It just seems that all this debate about interest rate

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Speaker 2: cuts in Australia has really supercharged the local housing market.

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Speaker 1: Sean, We've been talking about Regional Express REX the airline

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Speaker 1: for a long time. Ever since it well collapsed, hasn't

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Speaker 1: found a buyer.

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Speaker 2: Nicely put, maybe maybe The Financial Reviews reporting that Nasdaq

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Speaker 2: listed aircraft operator airt Aiart has put together an offer

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Speaker 2: that might get across the line. The deal, of course,

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Speaker 2: needs to be approved by the government, including the Prime Minister,

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Speaker 2: who just those who remember he was Transport Minister Anthony

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Speaker 2: Albanezi so it knows a little bit about this sort

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Speaker 2: of stuff. The fin is reporting that the deal might

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Speaker 2: be announced as soon as today. Airtea is an air

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Speaker 2: operator currently running cargo flights, including for FedEx in the

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Speaker 2: United States. It also provides commercial aircraft trading and leasing,

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Speaker 2: sells jet engine parts, airframes, avionics and logistics to the

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Speaker 2: aviation industry. Not sure how much commercial flying it does.

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Speaker 2: And I would imagine that the government would want Regional

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Speaker 2: Express to remain as a commercial AIRCRAF have to wait

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Speaker 2: and see on this one.

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Speaker 1: Yeah, you'd imagine. So you think it's been a lot

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Speaker 1: of uncertainty because that's July of last year that it

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Speaker 1: went into administration. That is that is quite some time

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Speaker 1: and at least it has been kind of propped up

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Speaker 1: to continue operating and connecting regional areas. But need some

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Speaker 1: certainty for the future. And I think you're right, it

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Speaker 1: will need to maintain the passenger services as well. Now

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Speaker 1: seawan one for the I was going to say one

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Speaker 1: for the nerds, but that's not right because I find

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Speaker 1: this interesting and here's the point there we go, Oh okay,

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Speaker 1: Australia's population has hit twenty seven point five million people.

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Speaker 1: That is four hundred and twenty three thousand more than

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Speaker 1: a year ago. It's been a big.

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Speaker 2: Year, it has. I find this quite interesting too. The

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Speaker 2: ABS stats, which measure the population as at every March

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Speaker 2: shows there was a natural increase of one hundred and

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Speaker 2: seven thousand that's births minus deaths, while immigration added three

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Speaker 2: hundred and sixteen thousand. I give you one guess the

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Speaker 2: fastest growing state, Michael. You've got one in six chance.

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Speaker 1: Victoria. Hmmm, did you hear the panic in my voices?

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Speaker 1: Then it's either Wa or Queensland.

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Speaker 2: Yeah, well it's w a Okay, so that was good

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Speaker 2: number one two point three percent. Victoria and Queensland are next,

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Speaker 2: good Okay. Slowest growth, Tim Burrows won't be happy.

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Speaker 1: Oh Tasmania, he lives.

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Speaker 2: Yeah, okay, slowest growth in the last twelve months. According

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Speaker 2: to the World Domita, Australia is the fifty fifth that

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Speaker 2: I mean, what a great name. It the fifty fifth

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Speaker 2: largest country in terms of populations, the most populous country,

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Speaker 2: slightly bigger than North Korea but smaller than Niger in Africa.

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Speaker 2: Kind of puts a bit of perspective around how much

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Speaker 2: we think of what we think about Australia, doesn't it.

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Speaker 1: Yeah, it also sounds like you just made up According

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Speaker 1: to the World omits, I'm just like, oh, I need

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Speaker 1: something to attribute this to I know World Ometer.

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Speaker 2: Lom India's most populous country one point four six billion,

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Speaker 2: then China, then the US, then Indonesia and then Pakistan.

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Speaker 2: I just didn't I knew Indonesia was a hugely populous country.

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Speaker 2: I didn't knowize it's most the fourth most populous country

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Speaker 2: in the world. Surely there's opportunity for us here in

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Speaker 2: Australia there, Michael, you.

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Speaker 1: Would think so. I mean, the World Ometer says that's

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Speaker 1: a world dometer. I question your credibility here showing the

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Speaker 1: World Ometer. Turning to international news and still on the

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Speaker 1: topic of immigration, Donald Trump is adding a one hundred

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Speaker 1: thousand dollars fee to applications for H one B visas

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Speaker 1: in a major overhaul of the visa system for highly

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Speaker 1: skilled foreign workers. That is a lot of money.

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Speaker 2: It's a lot of money, and the tech companies won't

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Speaker 2: be happy. Trump on Friday signed a proclamation intended to

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Speaker 2: curb the number of applicants for the work permits, which

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Speaker 2: are favored by US tech companies. According to the FT,

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Speaker 2: US Commerce Secretary Howard Lutnik said that no more will

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Speaker 2: with these big tech companies or other big companies train

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Speaker 2: foreign workers to fix the six figure application fee, which

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Speaker 2: Lutnik actually said would have to be paid every year,

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Speaker 2: marks a big departure for the government, which currently charges

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Speaker 2: two hundred and fifteen dollars to register for an H

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Speaker 2: one B visa lottery and an additional seven hundred and

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Speaker 2: eighty dollars for employers that sponsored visa applicants. Later, there

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Speaker 2: was a clarification from the White House saying it was

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Speaker 2: actually a one off fee. Alongside the H one B visa,

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Speaker 2: Trump side and executive order on Friday to create a

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Speaker 2: gold card visa scheme for individuals willing to pay one

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Speaker 2: million dollars to the US Treasury or companies willing to

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Speaker 2: spend two million dollars to sponsor an employee. That way,

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Speaker 2: if you spend that money, you can basically go and

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Speaker 2: work in the US. Now, our silicon value relies heavily

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Speaker 2: on these H one B visas to hire engineers, scientists,

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Speaker 2: coders from overseas. They're widely used by specialist industries including

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Speaker 2: accurdancy firms and healthcare companies. None of them are very

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Speaker 2: happy with Donald Trump at the moment.

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Speaker 1: Yeah, I can't imagine they would be one more from

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Speaker 1: the U s Seawan FedEx expects a one billion dollar

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Speaker 1: hit from trade volatility this year, highlighting the impact of

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Speaker 1: Donald Trump's tariffs and the loss of a key exemption

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Speaker 1: for low value goods, which we've been talking about before.

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Speaker 2: That's right, So, masch of the drop reflects lower volumes

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Speaker 2: from China to the US, and about three hundred million

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Speaker 2: dollars is due to the higher cost of clearing goods

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Speaker 2: through customs, hurting the companies that package is worth less

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Speaker 2: than eight hundred US dollars are no longer able to

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Speaker 2: enter the US duty free. FedEx typically seen as a

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Speaker 2: predictor of where the larger economy is headed because of

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Speaker 2: its connections to businesses across the consumer and industrial sectors.

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Speaker 2: As the all important holiday shop shopping and shipping season approaches,

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Speaker 2: the curious expectations are an indicator of how the economy

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Speaker 2: will finish out the year. And it isn't that good.

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Speaker 2: Having said that, the group's results pushed to share by

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Speaker 2: some more than five percent over the weekend.

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Speaker 1: Okay, Now, next is Fear and Greed Q and A.

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Speaker 1: It is the week ahead with our resident economist Stephen

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Speaker 1: Kucoulis looking really at the monthly inflation figures coming out

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Speaker 1: this week. Also the Governor of the Reserve Banker is

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Speaker 1: heading to Canberra. What we can expect to but to

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Speaker 1: see there. And I look back at last week's comment

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Speaker 1: by the Reserve Bank Chief economist about almost the Australian

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Speaker 1: economy being in that goldilocks zone. We kind of dig

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Speaker 1: into that one a little bit. It's coming up next

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Speaker 1: to the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearangreed dot com dot au, which is where

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Speaker 1: I sign up for our free daily newsletter. A quick

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Speaker 1: little shout out Sean if I can. I hosted a

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Speaker 1: trivia night on Friday night, and as one of the

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Speaker 1: questions I asked a question about podcasts and gave a

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Speaker 1: bonus point to anybody who signed up to listen to

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Speaker 1: Fear and Greed then and there on the on the

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Speaker 1: spot bonus points galore. So to anybody who did sign

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Speaker 1: up at this trivia night on Friday, welcome, good morning,

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Speaker 1: thank you for joining us, and well done on that

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Speaker 1: bonus point. Thanks very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Monday, the twenty second of September twenty twenty five.

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Speaker 1: Make sure you're following the podcast and join us online

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Speaker 1: on LinkedIn. Instagram, x TikTok and Facebook. I'm Michael Thompson,

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Speaker 1: and that was fear and greed. Have a great day.