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

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Speaker 1: NBNCo will partner with US tech giant Amazon to offer

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Speaker 1: satellite broadband to regional Australia. There are signs emerging that

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Speaker 1: the cost of living crisis across the country is easy,

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Speaker 1: and Australia's most popular polleyes as judged by their social

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Speaker 1: media followings, are revealed. Plus, the local share market closes

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Speaker 1: at a record high and Elon Musk is awarded around

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Speaker 1: forty five billion dollars worth of Tesla shares to keep

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Speaker 1: him happy. It is Wednesday, the sixth of August twenty

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Speaker 1: twenty five. I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Sewan.

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Speaker 1: The main story this morning, NBNCo will partner with US

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Speaker 1: tech giant Amazon to offer satellite broadband to regional Australia,

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Speaker 1: phasing out its aging Skymuster satellites over the coming years.

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Speaker 2: Communications Minister Anika Well said the change will bring high

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Speaker 2: speed city quality broadband three hundred thousand rural and regional

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Speaker 2: premises from the middle of next year. She said the

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Speaker 2: agreement will deliver high speed broadband to regional, rural and

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Speaker 2: remote Australia via Low Earth Orbit LEO satellite technology. They said,

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Speaker 2: about six hundred kilometers above the Earth. The boost is

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Speaker 2: designed to help people working from home managing a regional business,

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Speaker 2: accessing telehealth, video conferencing, online learning, plenty more. Now, downline

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Speaker 2: speeds from the Amazon services are promised to be almost

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Speaker 2: twice as fast as Elon Musk's Starlink. That's four hundred

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Speaker 2: megabits per second compared to Starlink's two hundred and twenty

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Speaker 2: megabits per second. Amazon has about seventy eight satellites in

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Speaker 2: its Project Kuiper constellation, with plans to deploy more than

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Speaker 2: thirty two hundred.

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Speaker 1: Project Kuiper is a fantastic name, and it comes from

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Speaker 1: the Kuiper Belt Sean, which is a huge belt of

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Speaker 1: asteroids and things that are out past Neptune. Which, yeah,

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Speaker 1: it's really really cool. I'm very excited about this story

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Speaker 1: just because of the space elements of it. But this

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Speaker 1: is great news for the bush right. What are though,

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Speaker 1: I suppose the broader implications of the government owned NBN

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Speaker 1: supporting essentially a new service in Australia.

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Speaker 2: Competition now, I reckon competition to fear and greed is

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Speaker 2: like tariffs to Donald Trump, we love competition at fair

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Speaker 2: and greed because what it means better service, cheaper prices.

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Speaker 2: Now Elon must Starlink is a great service for the Bush,

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Speaker 2: so let's not put that down. It's been there. It's

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Speaker 2: pretty much the only service for parts of the Bush

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Speaker 2: and it has done a terrific job. The current system

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Speaker 2: for many other residents in the Bush that can't access

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Speaker 2: starlink's called Skymuster. It uses high orbiting satellites or higher

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Speaker 2: orbiting satellites than Project Kuyper and Stalink, resulting in higher

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Speaker 2: latency and slower speeds, which is frustrated Customers across rural

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Speaker 2: and region Australia for a long time say the service

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Speaker 2: is actually unusable. Besides that, I mean the big tel

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Speaker 2: case have signed up to satellite deals already with the

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Speaker 2: likes of Starling. Amazon entering the market with the NBN

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Speaker 2: creates another serious player. Notice there are risks because this

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Speaker 2: is a startup from Amazon, but I would imagine given

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Speaker 2: the oomph it has the technology it has, it should

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Speaker 2: do okay. Pricing is yet to be disclosed, but Amazon

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Speaker 2: tends to focus on affordability given that connectivity underpins its

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Speaker 2: entire business model. I mean, the more people can shop

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Speaker 2: online or stream music or video, the more money Amazon makes.

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Speaker 2: So generally they are not a high priced player, and

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Speaker 2: this is extremely good news. If you want competition in

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Speaker 2: this market.

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Speaker 1: Which I think we do we all do. If you

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Speaker 1: get a section on go to YouTube and search for

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Speaker 1: Project Kaiper and watch the first satellite was sent up

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Speaker 1: there a couple of months ago, and just the launch video.

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Speaker 1: I mean, of course it's well produced, it's got kind

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Speaker 1: of cinematic corses and everything, but it is it is

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Speaker 1: really quite something. It was pretty exciting to see it

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Speaker 1: happening and coming to the bush.

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Speaker 2: Now.

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Speaker 1: The local share market sean close today record high yesterday,

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Speaker 1: rising one point two percent to eighty seven hundred and

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Speaker 1: seventy points. It was the biggest one day gain in

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Speaker 1: two weeks.

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Speaker 2: Yes, a very strong day for cyclical stocks. They're the

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Speaker 2: ones that tend to do well when people think interest

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Speaker 2: rates are going to four. Now there is a lot

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Speaker 2: of optimism that we're going to get a rate cut

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Speaker 2: here in Australia in the next week or so, and

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Speaker 2: also growing optimism that they'll be rate cut in the US.

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Speaker 2: Tech and consumer related stocks did well wise to Global

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Speaker 2: Life three sixty West Farmers JB High Fight. Those sorts

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Speaker 2: of companies, the big banks all jumped around one and

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Speaker 2: a half percent the price of goals higher. That helped

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Speaker 2: stocks like gold stocks like Newmont and Northern Star. Just

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Speaker 2: a sense after kind of trading sideways for a while,

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Speaker 2: a real sense of optimism over the past twenty four

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Speaker 2: hours in the AC and.

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Speaker 1: The big moves in the market came in the rare

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Speaker 1: earth sector amid suggestions that Australia could follow the US

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Speaker 1: and create a floor price for rare earths to counter

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Speaker 1: China's dominance.

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Speaker 2: This is really interesting from an investor viewpoint, but also

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Speaker 2: geopolitical viewpoint. Resources Minister Madaline King open the door to

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Speaker 2: the idea, saying mechanisms that set a floor price for

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Speaker 2: rare earths are under quote active consideration as part of

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Speaker 2: the Critical Minimal Strategic Reserve. Not long ago, the US

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Speaker 2: Department of Defense took a fifteen percent stake in the

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Speaker 2: group called MP Materials, which is actually backed by Gina Reinhart.

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Speaker 2: That's an aside. It's the biggest rare earth producer in

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Speaker 2: the US. The US government also committed to a minimum

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Speaker 2: price for rairers from that company over the next decade.

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Speaker 2: The idea is that maybe a Australian government is thinking

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Speaker 2: about something similar. That helped line Us and the Look

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Speaker 2: are the big two rare earth companies on our burs A.

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Speaker 2: Look was up nine percent yesterday, line US up five percent.

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Speaker 1: You mentioned before, Sean, about the optimism about a rate

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Speaker 1: cut in the US. Wall Street seems to be firming

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Speaker 1: on the idea of an interest rate cut in the

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Speaker 1: world's biggest economy.

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Speaker 2: Absolutely. Wall Street surged yesterday. In fact, it was the

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Speaker 2: biggest rally since May, the biggest one session rally since May,

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Speaker 2: as traders responded to those week job figures released over

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Speaker 2: the weekend. Markets Now, I think there's a ninety five

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Speaker 2: percent chance of a rate cut in September. Quite remarkable

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Speaker 2: how equities have rebounded so sharply from their April lows,

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Speaker 2: driven by growing investor optimism that corporate America can absorb

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Speaker 2: the impact of the recent wave of tariffs and the

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Speaker 2: US economy will be able to avoid a recession. Certainly

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Speaker 2: not a sure thing. Certainly not a sure thing, but

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Speaker 2: still hope is there, Sean.

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Speaker 1: It is Wednesday, which is favorite data. It is a

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Speaker 1: terrific day in the week. And it is also because

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Speaker 1: we have Business by Numbers, which is the top three

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Speaker 1: numbers to know for the week, brought to you by

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Speaker 1: zero zero dot com slash AU. Three hundred thousand is

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Speaker 1: the first number.

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Speaker 2: We've already spoken about. It the number of rural and

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Speaker 2: regional premises to directly benefit from the deal between NBN

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Speaker 2: and Amazon. Of course, I think there'll be many, many,

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Speaker 2: many more than that to ultimately benefit from the dealm Yeah.

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Speaker 1: The second number is eight thousand, seven hundred and seventy

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Speaker 1: We only mentioned this one what ninety seconds ago.

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Speaker 2: Yes, we need the word points behind it because that

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Speaker 2: gives it away. It's the ax all time high closing yesterday.

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Speaker 1: Finally, one that we haven't mentioned in detail yet forty

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Speaker 1: five billion dollars.

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Speaker 2: That is the value of shares given to Elon Musk

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Speaker 2: as part of a new pay deal to try and

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Speaker 2: keep him happy. More on that in a moment.

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Speaker 1: Yeah, that's a cracker of a story that one, all right,

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Speaker 1: plenty still to come. Sean will take a quick break

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Speaker 1: and be back in a moment with the rest of

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Speaker 1: the day's business news. Sewan household spending rows half a

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Speaker 1: percent in June and steadily picking up across the economy,

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Speaker 1: with people spending more on goods like cars and electronics,

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Speaker 1: but less on services.

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Speaker 2: The AB's household spending surveys, replacing the retail sales survey,

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Speaker 2: much more comprehensive, provides a better snapshot of what's going

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Speaker 2: on among with consumers. While the cost of living crisis

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Speaker 2: isn't over, unaffordable housing is making sure of that one.

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Speaker 2: For many people, things are definitely looking better. The household

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Speaker 2: survey shows that spending in six of the nine categories

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Speaker 2: rose last month, led by furnishings and household equipment, clothing

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Speaker 2: and footwear. The one that went backwards most alcoholic beverages

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Speaker 2: and tobacco. The data, which covers about two thirds of

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Speaker 2: total consumption, suggests household spending will contribute about a quarter

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Speaker 2: of a percentage point to GDP growth for that quarter.

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Speaker 2: That's pretty good outcome. Household spending is now nearly five

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Speaker 2: percent higher than last year, which just suggests that there

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Speaker 2: is an easing, not an ending, but an easing in

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Speaker 2: the cost of living.

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Speaker 1: Christ Japanese company Mitsubishi Heavy Industries has been chosen to

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Speaker 1: deliver ten billion dollars worth of warships for the Australian

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Speaker 1: Navy by twenty thirty.

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Speaker 2: Mitsubishi Heavy Industries, let's call it MHI. It's easier for

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Speaker 2: us all it's already manufacturing the frigates, the first expected

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Speaker 2: to be in the water next year. Not for US

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Speaker 2: it's actually manufactured. Mhi's manufactured about twelve for others thus far.

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Speaker 2: Defense Mister Richard Miles said the decision to pick the

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Speaker 2: Japanese company is a capability based decision and the deal

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Speaker 2: will improve by latter relations between the two countries. It

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Speaker 2: is the biggest defense bending announcement by this government since August.

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Speaker 1: When you say capability based decisions, has it been capability

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Speaker 1: of the actual ships or the capability of the company

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Speaker 1: to manufacture them because they're already doing it.

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Speaker 2: I read it as the latter, the capability to actually do.

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Speaker 1: It, because otherwise, by to have this, to have them

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Speaker 1: in the water by twenty thirty and already next year,

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Speaker 1: these have to be well under way already, right yeap totally. Now,

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Speaker 1: while we're talking about ships, Ostil, the country's only listed

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Speaker 1: ship builder, has been designated a strategic asset, making it

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Speaker 1: more difficult for an overseas buyer to bid for the group.

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Speaker 2: Ostill has billions of dollars worth of Defense Department contracts,

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Speaker 2: and it will establish a new subsidiary or call that

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Speaker 2: Hostel Defense Australia. The government will get what they're calling

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Speaker 2: a sovereign share, say that if a takeover bid for

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Speaker 2: Hostel has made, the federal government will get the option

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Speaker 2: of acquiring the subsidiary and its shipyard in Perth. South

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Speaker 2: Korean conglomerate Henoi has previously proposed a takeover a Hostel.

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Speaker 2: It actually holds about nine point nine percent, wants to

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Speaker 2: go to a nineteen point nine percent, but the government

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Speaker 2: is basically shoring up its position in that company.

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Speaker 1: This is interesting shore Is this actually something that would

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Speaker 1: be kind of initiated by the company itself or by

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Speaker 1: the government seeing that they may need to do this Otherwise,

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Speaker 1: does kind of Hostel want this?

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Speaker 2: I don't know who instigated it, but it's unlikely that

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Speaker 2: Ostel wants it because it wants to be trading freely. However,

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Speaker 2: because all its contracts are with the Defense Department, not

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Speaker 2: all a big chunk of them are with the Defense Department. Obviously,

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Speaker 2: sovereign security is a really, really big issue, and so

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Speaker 2: the government kind of needs a little payoff here saying hey,

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Speaker 2: what if we're giving you all these contracts and your

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Speaker 2: soul to someone else. So it's almost like I suspect

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Speaker 2: it's just a function of the business model needs the

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Speaker 2: government support and the government needs security on using the company,

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Speaker 2: and this is what they've come up with.

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Speaker 1: Oh it's a really interesting story.

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Speaker 2: Now.

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Speaker 1: Prime Minister Anthony Alberanezi might have the biggest social media

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Speaker 1: following of all federal politicians. You'd expect that being the

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Speaker 1: Prime minister, right, but it's the Independence and the right

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Speaker 1: wing police that are pretty much winning the fight for

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Speaker 1: Australian social media dominance.

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Speaker 2: This is a cracking story put together by nine newspapers,

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Speaker 2: The Age and the Sydney Morning Herald. They've basically sat

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Speaker 2: down and tiled up the social media followings of all

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Speaker 2: two hundred and twenty six members of the Federal Parliament.

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Speaker 2: It's based on Facebook, ex Instagram in TikTok for the

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Speaker 2: Parliamentary Fortnite that ended at the July thirty one. It

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Speaker 2: shows basically the rise of the right, the power of

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Speaker 2: the Senate and the lackluster online performance of some of

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Speaker 2: our most senior politicians. If we dive into that federal

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Speaker 2: pollys have seventeen million followers across the four platforms. That's

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Speaker 2: an average of seventy four thousand per politician. By the way,

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Speaker 2: Donald Trump has one hundred and eight million followers on

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Speaker 2: X alone. Okay doesn't which he doesn't really given leg altogether, right,

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Speaker 2: But that's so every Australian federal parliamentarian is active on

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Speaker 2: at least one platform. Nine to nine and a half

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Speaker 2: percent of them. Nother one doesn't use Facebook and Instagram.

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Speaker 1: I don't know. I'm going to find out.

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Speaker 2: Yeah, so noine on nine point five percent of politicians

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Speaker 2: use Facebook and Instagram. That means that someone doesn't two

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Speaker 2: hundred and twenty six.

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Speaker 1: So it feel like a kind of a Bob Catter

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Speaker 1: kind of thing.

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Speaker 2: Maybe X comes next sixty eight percent years X and

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Speaker 2: then TikTok at forty five percent. If you look at numbers,

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Speaker 2: Albin easy two million, not surprising. Number two, Michael, I

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Speaker 2: know you know the answer, but give it to us anyway.

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Speaker 2: It is Pauline Hanson one nation. Incredible.

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Speaker 1: Yeah. The funny thing is I mentioned Bob Catter and

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Speaker 1: I should have realized he would be there. He's got

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Speaker 1: one hundred and thirty six thousand followers just on Facebook alone.

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Speaker 1: Kind of again, it is it is often these characters

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Speaker 1: like Pauline Hanson, like Bob Catter that do develop.

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Speaker 2: This quite Malcolm Roberts, Malcolm Roberts, he's got a huge

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Speaker 2: I mean he's number six I think on the list.

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Speaker 2: David Pocock, the Independent Senator from Canberra. Penny Wong as

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Speaker 2: a very big following. As to tenure, Plebisi says, and

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Speaker 2: Lee just seventy one thousand followers across station media. Okay,

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Speaker 2: she's only been in the job for a little while,

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Speaker 2: but I'll tell you what someone in her office needs

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Speaker 2: to get things going there.

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Speaker 1: I'm sure you can guarantee that now that that story

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Speaker 1: is out there, there will be a concerted effort, effort.

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Speaker 1: It will become a competition. Moving to international news now,

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Speaker 1: Sean Donald Trump has said he plans to substantially raise

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Speaker 1: tariffs on imports from India because of its purchases of

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Speaker 1: Russian oil, in a new escalation of tensions between Washington

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Speaker 1: and New Delhi.

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Speaker 2: The US president's warning comes after India failed to reach

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Speaker 2: an agreement with the White House to secure lower levees

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Speaker 2: on its exports to America last week. Unlike a bunch

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Speaker 2: of other players like the EU, Trump's also threatened to

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Speaker 2: crack down more aggressively on Russia's ability to finance its

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Speaker 2: war in Ukraine as he struggles to break a settlement

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Speaker 2: in the conflict. Now on truth social Trump wrote, I quote,

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Speaker 2: India is not only buying massive amounts of Russian oil.

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Speaker 2: They are then for much of the aill purchased, selling

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Speaker 2: it on the open market for big profits. They presumably

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Speaker 2: being Russia. They in this instance India don't care how

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Speaker 2: many people in Ukraine are being killed by the Russian

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Speaker 2: war machine. Because of this, I will substantially raising the

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Speaker 2: tariff paid. He's mister, word b. I will be substantially

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Speaker 2: raising the tariff paid by India to the USA.

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Speaker 1: Finally, Sean, We've mentioned this, alluded to it several times now.

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Speaker 1: Tesla's board has awarded the has approved, rather the award

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Speaker 1: of ninety six million shares worth about thirty billion US

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Speaker 1: dollars to Elon Musk. This is part of a new

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Speaker 1: pay deal. After the billion our chief executive threatened to

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Speaker 1: leave the electric vehicle maker if he wasn't given more control.

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Speaker 2: How much is too much? How much do you need?

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Speaker 1: Well, clearly more than thirty billion US. I love that

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Speaker 1: there was a threat.

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Speaker 2: Well and a newsletter yesterday morning, Michael, we had Elon

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Speaker 2: Musk at four hundred billion US dollars. Now he's four

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Speaker 2: hundred and thirty billion US dollars.

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Speaker 1: That's probably nearly enough, don't you think, I.

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Speaker 2: Think so, Chesla said. The decision was recommended by a

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Speaker 2: special committee comprising just the chair Robin Denholm, Australian Robin

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Speaker 2: Dinholm and her fellow director Kathleen Wilson Thompson. It was

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Speaker 2: then approved by the board the company and I let

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Speaker 2: it a shareholders say, says retaining Elon is more important

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Speaker 2: than ever before. We are confident that this award incentivize

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Speaker 2: Elon to remain at Tesla, energizing and focusing him to

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Speaker 2: propel Tesla into its next era of growth. Tesla and

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Speaker 2: Musk have been fighting a shareholder lawsuit in Delaware for

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Speaker 2: seven years. O very previous fifty six billion newest dollar

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Speaker 2: pay award largest newest History, which Elon didn't get.

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

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Speaker 1: And today Sean, we are talking to Todd Whore, who

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Speaker 1: is LGT Crestones, head of public Markets, and we're asking

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Speaker 1: him the question is what's going on in financial markets?

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Speaker 1: The same as usual or is it different this time around?

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Speaker 1: So really this is a good one.

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Speaker 2: For investors, that's right. Is this just noise that you've

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Speaker 2: got to look through or is it different? His answer

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Speaker 2: took me totally by surprise. I did not think I

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Speaker 2: did because what it is, he talked about it, but

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Speaker 2: he also talked about the opportunities that comes from it.

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Speaker 2: So it's well worth a listen.

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Speaker 1: Yes, coming up next to the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearandgreed dot com dot

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Speaker 1: au and keep it hie on your playlist because at

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Speaker 1: midday today we are launching a brand new podcast. It

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Speaker 1: is an in depth interview sean where you are sitting

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Speaker 1: down with the CEO today of Westpac, Anthony Miller, and

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Speaker 1: it is a most insightful conversation.

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Speaker 2: Yes, So over the next two weeks we're going to

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Speaker 2: every Wednesday at twelve o'clock we're going to have half

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Speaker 2: hour this week, half hour next week. We talked to

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Speaker 2: Anthony today particularly about the bank and what's going on,

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Speaker 2: and then next week about some of the bigger issues

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Speaker 2: facing corporate Australia. It's beginning of our series of one

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Speaker 2: on one interviews with corporate leaders and important people in

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Speaker 2: the market.

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Speaker 1: Indeed, so keep an eye on that one. Thank you

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Speaker 1: very much, Sean, Thank you, Michael. It's Wednesday, the sixth

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Speaker 1: of August twenty twenty five. Make sure you're following the

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Speaker 1: podcast and please join us online on LinkedIn, Instagram, x

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Speaker 1: TikTok and Facebook. I'm Michael Thompson.

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Speaker 2: That was Fear and Greed.

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Speaker 1: Have a great day.