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Speaker 1: It's Wednesday, the fourth of February twenty twenty six. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed.

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Speaker 1: Will we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five big stories to race through in five minutes. Let's

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Speaker 1: get cracking with story number one. A pickup in inflation

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Speaker 1: over the past six months has opened the way for

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Speaker 1: several interest rate increases this year. Following on from yesterday's

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Speaker 1: zero point twenty five percentage point hike by the Reserve Bank.

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Speaker 2: The official cash rate rose yesterday afternoon for the first

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Speaker 2: time in two years, and the back of a pickup

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Speaker 2: in private demand. The Reserve Bank so the increase in

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Speaker 2: inflation was more broad based and persistent than first thought.

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Speaker 2: It's upgraded its inflation forecast to be materially higher. In

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Speaker 2: bank speak, that's bad news if you don't want higher

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Speaker 2: interest rates. The CPI is expected to rise above four

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Speaker 2: percent by the middle of this year. The underlying rate

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Speaker 2: all important three point seven percent. Governor Michelle Bullock said

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Speaker 2: the ball yesterday made a unanimous decision it was due

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Speaker 2: to the resurgence of inflation in the second half of

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Speaker 2: twenty twenty five. Basically, the supply side isn't keeping up.

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Speaker 2: She also said that the three rate cuts last year

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Speaker 2: did more than expected. They're still flowing through the economy.

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Speaker 2: Wasn't sure whether there be another rate hike, but said

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Speaker 2: it all depends on the data. Basically, for anyone without

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Speaker 2: six hundred thousand dollars mortgage, the rate hike adds about

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Speaker 2: one hundred dollars a month to your repayments.

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Speaker 1: The reaction Sean from the federal opposition was pretty fierce

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Speaker 1: in Parliament yesterday. Opposition leader Susan Lee called on Prime

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Speaker 1: Minister Anthony Albernezi to take responsibility for the rate hike

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Speaker 1: given he took responsibility for the three rate cuts last year.

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Speaker 2: Yeah, it's one of the few areas the opposition parties

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Speaker 2: believe they have some kudos. Albanezi said his government had

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Speaker 2: engaged in responsible economic management, had turned those massive budget

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Speaker 2: deficits from the Comer coalition around. The opposition focused on

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Speaker 2: economic commentary that argues government spending is adding to inflation.

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Speaker 2: They call it jim flation. I like that the Reserve

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Speaker 2: Bank didn't think the government was spending spending was inflationary.

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Speaker 2: When Michelle Bullet was asked about that, she basically avoided

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Speaker 2: the question.

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Speaker 1: Okay, all right. Onto story number two. Now, Seawan the

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Speaker 1: three National senators who broke shadow cabinet rules by voting

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Speaker 1: against the government's anti hate group laws would have to

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Speaker 1: spend six months off the front bench as a condition

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Speaker 1: of the coalition getting back together. Susan Lee is stipulated

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Speaker 1: that's right.

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Speaker 2: The Liberal leader Lee met with Nationals leader David little

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Speaker 2: Proud on Monday night. Yesterday, she outlined those preconditions. Another

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Speaker 2: one was that neither the Liberals nor the Nationals party

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Speaker 2: rooms would have the authority to overturn a decision or

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Speaker 2: taken by the shadow Cabinet. Nationals would also have to

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Speaker 2: reaffirm their commitment to shadow cabinet solidarity. Of course, this

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Speaker 2: all began a couple of weeks ago when three Nats

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Speaker 2: defied shadow Cabinet rules invaded against laws to ban hate groups,

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Speaker 2: which were part of the response to the Bondai massacre.

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Speaker 2: In a statement yesday, Little Proud said that Nats would

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Speaker 2: take time to consider the deal, although media reports suggest

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Speaker 2: they're not real fust on those conditions. Little Prad also

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Speaker 2: said altered previous comments about not being able to work

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Speaker 2: with Lee's Instead, he said he could well, he wouldn't

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Speaker 2: work with the liberal leaders unless the three sacked senators

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Speaker 2: were reinstated. It's a bit of a wriggle room.

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Speaker 1: There, yeah. Story number three Telstra and TPG telecomich owns

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Speaker 1: the votaphone and iiinapp brand, are losing customers to alternative

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Speaker 1: providers with a better service and cheaper prices. According to

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Speaker 1: research by JP.

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Speaker 2: Morgan Morgan Analysts estimate the TPG share of the national

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Speaker 2: broadband was about twenty three percent three years ago. Now

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Speaker 2: we know it's about fifteen percent now Telstra has got

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Speaker 2: thirty six point five percent, option at twelve point four percent.

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Speaker 2: That's according to the Triple C. Morgan did a survey

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Speaker 2: of five hundred and fifteen consumers. The challenger brands like

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Speaker 2: Ouzsie Broadband Superloop, they're the winners now we know Ozzie

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Speaker 2: Broadband has about eight point six percent of the market,

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Speaker 2: super Loop seven point one percent. Morgan said that those

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Speaker 2: guys are doing better than you know, the big ones

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Speaker 2: Telstra and TPG.

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Speaker 1: Story number four Elon Musk's space x has acquired Xai

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Speaker 1: for two hundred and fifty billion US dollars as the

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Speaker 1: world's richest man, combines his two largest private ventures to

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Speaker 1: pursue his ambition to win the AI race by of course,

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Speaker 1: developing data centers in space, because why not.

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Speaker 2: Of course, the deal values the company at one point

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Speaker 2: twenty five trillion US dollars. Pretty amazing. Looking for an

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Speaker 2: ipa later in the year now that would put the

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Speaker 2: new company as a ten top ten stock on Wall Street,

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Speaker 2: behind Tesla, but ahead of Berkshire, Hathaway. Xai and rivals

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Speaker 2: including open Ai and Meta spent two years rushing to

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Speaker 2: develop the costly data centers and chips needed to train

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Speaker 2: and power the aimodels. Musk this week said orbital data

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Speaker 2: centers would be essential to the future of the technology.

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Speaker 2: Bringing the two businesses together actually gets allows him the

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Speaker 2: cream of the crop in terms of developing these orbital

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Speaker 2: data centers. True science fiction.

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Speaker 1: Absolutely last one story number five. TikTok in the US

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Speaker 1: is now owned by American interests, but it's come under

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Speaker 1: fire Sean for its new privacy terms, which allegedly suppress

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Speaker 1: videos critical of Ice and Donald Trump and apparently preventing

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Speaker 1: some users from sending direct messages with the word Epstein

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Speaker 1: in them.

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Speaker 2: A bunch of US investors, including Oracles Larry Ellison, bought

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Speaker 2: the platform users that are already complaining though, according to

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Speaker 2: the newsletter Morning Brew, the new terms of service pop

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Speaker 2: up that only had an accept option included the collection

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Speaker 2: of personal data like immigration status and race. Now the

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Speaker 2: previous Chinese version I had that as well, but the

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Speaker 2: uproar is over the US version demanding that information. Your

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Speaker 2: users reported they were unable to upload videos condemning the

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Speaker 2: killing of Alex Pretty by an Ice agent in Minnesota,

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Speaker 2: but the biggest complaint was inability to use the word

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Speaker 2: epstein in a direct message.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Wednesday, the fourth of February twenty twenty six,

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Speaker 1: remembered hit follow on the podcast that's very important and

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Speaker 1: in five minutes isn't enough. You're going to find our

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Speaker 1: longer daily show called Fear and Creed wherever you listen

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Speaker 1: to podcasts. I'm Michael Thompson and that was a fast

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Speaker 1: five business news by Fear and Greed. Had a great

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Speaker 1: day