1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Friday, the fourteenth of June twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,560 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,560 --> 00:00:11,560 Speaker 1: Whill we give you the top five business stories you 4 00:00:11,640 --> 00:00:14,280 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,320 --> 00:00:15,800 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,960 --> 00:00:17,640 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,760 --> 00:00:20,720 Speaker 1: Five stories, five minutes. Let's go. Story number one. The 8 00:00:20,840 --> 00:00:24,119 Speaker 1: unemployment rate has fallen to four percent after a near 9 00:00:24,200 --> 00:00:27,800 Speaker 1: forty thousand jump in jobs last month, which is a 10 00:00:27,880 --> 00:00:29,840 Speaker 1: slightly stronger result than expected. 11 00:00:30,320 --> 00:00:32,120 Speaker 2: It won't do much for those calling for an interest 12 00:00:32,200 --> 00:00:34,320 Speaker 2: rate cut because the figures showed that the labor market 13 00:00:34,360 --> 00:00:36,320 Speaker 2: is still too strong for the Reserve Bank to be 14 00:00:36,479 --> 00:00:39,200 Speaker 2: confident that inflation is on the way back to its 15 00:00:39,200 --> 00:00:42,640 Speaker 2: target band. The labor market is a lagging indicator. It 16 00:00:42,680 --> 00:00:45,720 Speaker 2: tells us what has happened. What we do know is 17 00:00:45,720 --> 00:00:48,160 Speaker 2: that the economy was very weak in the March quarter. 18 00:00:48,320 --> 00:00:51,879 Speaker 2: It remains weak yet the employment market remained strong. But 19 00:00:51,920 --> 00:00:54,760 Speaker 2: if we can undrum their high interest rates have slayed 20 00:00:54,760 --> 00:00:57,560 Speaker 2: the economy, eventually it will hurt the labor market. The 21 00:00:57,560 --> 00:01:00,200 Speaker 2: Australian Bureau statistics that there are now almost six hundred 22 00:01:00,240 --> 00:01:03,080 Speaker 2: and sixty thousand unemployed people. That's about one hundred and 23 00:01:03,120 --> 00:01:06,280 Speaker 2: ten thousand fewer than in March twenty twenty, just before 24 00:01:06,280 --> 00:01:09,600 Speaker 2: the pandemic. Michael so sean, the labor market is in 25 00:01:09,640 --> 00:01:12,279 Speaker 2: good shape, isn't it. Yes, it is, and it's proven 26 00:01:12,319 --> 00:01:14,800 Speaker 2: more resilient than most we're expecting. But conditions are not 27 00:01:14,880 --> 00:01:17,080 Speaker 2: quite as strong as they were in late twenty twenty two. 28 00:01:17,319 --> 00:01:19,800 Speaker 2: Annual job's growth is running about two and a half percent, 29 00:01:19,840 --> 00:01:22,120 Speaker 2: below the three percent per random rate in late twenty 30 00:01:22,120 --> 00:01:25,319 Speaker 2: twenty three. According to AMP, job's growth is running about 31 00:01:25,319 --> 00:01:28,320 Speaker 2: twenty four thousand per month. That's over the last six 32 00:01:28,360 --> 00:01:31,600 Speaker 2: months or so. New entrance into the labor force are 33 00:01:31,840 --> 00:01:34,680 Speaker 2: elevated at the moment because of higher migration. That's why 34 00:01:34,720 --> 00:01:37,680 Speaker 2: we're getting some of that job's growth. The ABS also 35 00:01:37,760 --> 00:01:40,479 Speaker 2: gave an update on Australia's population for the December twenty 36 00:01:40,520 --> 00:01:45,840 Speaker 2: twenty three quarter. Incredibly last year, officially, Australia's tatle population 37 00:01:45,959 --> 00:01:49,320 Speaker 2: raised by six hundred and fifty one thousand people, amazing 38 00:01:49,480 --> 00:01:50,320 Speaker 2: mostly immigration. 39 00:01:51,080 --> 00:01:53,520 Speaker 1: Sean on to story number two. Now and the federal 40 00:01:53,560 --> 00:01:56,960 Speaker 1: government has launched an urgent review into the twenty two 41 00:01:57,080 --> 00:02:01,240 Speaker 1: billion dollar private hospital system as it faces intense financial 42 00:02:01,240 --> 00:02:05,120 Speaker 1: stress driven by rising labor and input costs and constrained revenue. 43 00:02:05,240 --> 00:02:08,919 Speaker 2: Private hospital players including Ramsey Healthcare, health Scope and Saint 44 00:02:08,960 --> 00:02:11,160 Speaker 2: John of God, will be required to hand over detailed 45 00:02:11,200 --> 00:02:13,560 Speaker 2: revenue and profit margin information under the guise of a 46 00:02:13,600 --> 00:02:16,519 Speaker 2: financial health check being run by the Department of Health. 47 00:02:16,600 --> 00:02:19,359 Speaker 2: According to media reports, the review has been tasked with 48 00:02:19,400 --> 00:02:23,520 Speaker 2: assessing profitability, including break even points for viability and investability, 49 00:02:23,760 --> 00:02:28,280 Speaker 2: and identifying market challenges. It comes after eighteen private hospital 50 00:02:28,280 --> 00:02:31,959 Speaker 2: facilities closed or had their declarations revoked since last year. 51 00:02:32,320 --> 00:02:35,200 Speaker 2: Closures in maternity services and delays of mental health care 52 00:02:35,240 --> 00:02:39,240 Speaker 2: are limiting the takeup of private health cover According to experts, 53 00:02:39,360 --> 00:02:41,919 Speaker 2: While revenue is constrained, more care is being pushed into 54 00:02:42,000 --> 00:02:45,800 Speaker 2: cheaper home settings, a real crisis for the private health sector. 55 00:02:46,120 --> 00:02:49,320 Speaker 1: As during number three, Quantas will buy the remaining forty 56 00:02:49,400 --> 00:02:53,360 Speaker 1: nine percent of Byron Bayborn online travel business Tripidel for 57 00:02:53,400 --> 00:02:56,119 Speaker 1: two hundred and eleven million dollars and adds. 58 00:02:55,880 --> 00:02:59,240 Speaker 2: To Quanta's loyalties exposure to the thirteen billion dollar online 59 00:02:59,280 --> 00:03:01,919 Speaker 2: holiday pack Kage's market. The airlines of the deal would 60 00:03:01,919 --> 00:03:06,000 Speaker 2: combine Quantus and Jetstars networks with the growing curated tour 61 00:03:06,120 --> 00:03:09,360 Speaker 2: market and will also create a more tailored and integrated 62 00:03:09,400 --> 00:03:13,320 Speaker 2: experience for Quantus frequent fly points. According to The Australian, 63 00:03:13,600 --> 00:03:16,720 Speaker 2: it really does show Quantus a strategy pushing into this 64 00:03:16,800 --> 00:03:19,639 Speaker 2: leisure market. Quantus are quite a majority stake in triberdeal 65 00:03:19,680 --> 00:03:21,880 Speaker 2: back in twenty twenty two. Now no owns all of it. 66 00:03:22,480 --> 00:03:24,960 Speaker 1: Story number four This is an interesting one. The planned 67 00:03:25,000 --> 00:03:28,840 Speaker 1: merger of Chemist Warehouse and Sigma Healthcare to create a 68 00:03:28,880 --> 00:03:31,600 Speaker 1: near nine billion dollar company has hit a little bit 69 00:03:31,600 --> 00:03:34,760 Speaker 1: of a hurdle because the Competition watchdog says that the 70 00:03:34,760 --> 00:03:37,119 Speaker 1: deal raises a few competition concerns. 71 00:03:37,400 --> 00:03:40,480 Speaker 2: The Australian Competition and Consumer Commission has identified a range 72 00:03:40,480 --> 00:03:43,600 Speaker 2: of concerns, including at the retail and wholesale levels. It 73 00:03:43,680 --> 00:03:47,320 Speaker 2: says the largest retailer, chemist Warehouse, is merging with a 74 00:03:47,400 --> 00:03:51,040 Speaker 2: key wholesaler. Now it's a wholesaler to thousands of independent 75 00:03:51,080 --> 00:03:55,120 Speaker 2: pharmacies that compete with chemist Warehouse. Sigma said the ahable 76 00:03:55,160 --> 00:03:58,400 Speaker 2: C statement isn't unexpected for a transaction of this size. 77 00:03:58,560 --> 00:04:00,800 Speaker 2: It argues that a merger would not let and competition. 78 00:04:01,160 --> 00:04:03,120 Speaker 2: The deal was announced late last year and a final 79 00:04:03,160 --> 00:04:06,880 Speaker 2: decision from the watchdog is due in early September. Investors 80 00:04:06,920 --> 00:04:09,600 Speaker 2: weren't so fast on yesterday's news. Sigmas share price fell 81 00:04:09,680 --> 00:04:10,200 Speaker 2: four percent. 82 00:04:10,520 --> 00:04:13,280 Speaker 1: All right, last one story number five. The world faces 83 00:04:13,320 --> 00:04:17,600 Speaker 1: a staggering surplus of oil equating to millions of barrels 84 00:04:17,600 --> 00:04:20,039 Speaker 1: a day by the end of the decade, as oil 85 00:04:20,080 --> 00:04:24,479 Speaker 1: companies increased production, undermining the ability of OPEC plus to 86 00:04:24,520 --> 00:04:28,279 Speaker 1: manage crude prices. The International Energy Agency has warned. 87 00:04:28,240 --> 00:04:31,440 Speaker 2: While demand is forecast to peak before twenty thirty, continued 88 00:04:31,480 --> 00:04:34,400 Speaker 2: investment by all producers, led by the US, would by 89 00:04:34,440 --> 00:04:37,200 Speaker 2: then result in more than eight million barrels a day 90 00:04:37,240 --> 00:04:41,600 Speaker 2: of spare capacity. According to the International Energy Agency, the 91 00:04:41,640 --> 00:04:44,640 Speaker 2: massive cushion of extra oil could up end the efforts 92 00:04:44,640 --> 00:04:47,240 Speaker 2: of OPEC plus to manage the market and usher in 93 00:04:47,320 --> 00:04:51,080 Speaker 2: an era of lower prices. The agency says a combination 94 00:04:51,120 --> 00:04:54,599 Speaker 2: of slowing demand and rising supply could have substantial implications 95 00:04:54,600 --> 00:04:57,360 Speaker 2: for oil companies. The Paris based a body founded in 96 00:04:57,400 --> 00:04:59,800 Speaker 2: the aftermath of the nineteen seventies that arab oil embargos, 97 00:04:59,800 --> 00:05:02,600 Speaker 2: to a advice on energy security last year, said that 98 00:05:02,640 --> 00:05:04,520 Speaker 2: the world was at the beginning of the end of 99 00:05:04,560 --> 00:05:07,640 Speaker 2: the fossil fuel era. It has said demand for oil 100 00:05:07,640 --> 00:05:09,400 Speaker 2: and natural gas and coal will all start to fall 101 00:05:09,440 --> 00:05:11,919 Speaker 2: before the end of the decade amid the mass rollout 102 00:05:11,960 --> 00:05:14,279 Speaker 2: of renewable energy and electric vehicles. 103 00:05:14,480 --> 00:05:16,679 Speaker 1: All right, there we go, the top five business stories 104 00:05:16,720 --> 00:05:19,240 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 105 00:05:19,320 --> 00:05:22,239 Speaker 1: is Friday, the fourteenth of June twenty twenty four. Remember 106 00:05:22,279 --> 00:05:24,839 Speaker 1: to hit follow on the podcast and if five minutes 107 00:05:24,880 --> 00:05:27,240 Speaker 1: isn't enough, you can find our longer daily show called 108 00:05:27,279 --> 00:05:30,839 Speaker 1: Fear and Greed wherever you listen to podcasts. Michael Thompson 109 00:05:30,880 --> 00:05:32,800 Speaker 1: and that was the fast five business news by Fear 110 00:05:32,800 --> 00:05:36,560 Speaker 1: and Greed. Have a great day.