1 00:00:06,440 --> 00:00:09,040 Speaker 1: This is the weekend edition of Fear and Greed. Daily 2 00:00:09,080 --> 00:00:11,440 Speaker 1: business news for people who make their own decisions. Are 3 00:00:11,480 --> 00:00:13,760 Speaker 1: Michael Thompson and Good Morning, Sean Aylmer. 4 00:00:14,000 --> 00:00:15,600 Speaker 2: Good morning Michael, Sean. 5 00:00:15,760 --> 00:00:18,560 Speaker 1: Our weekend show is very exciting. It's all about the 6 00:00:18,560 --> 00:00:20,799 Speaker 1: two of us each nominating what we think is the 7 00:00:20,800 --> 00:00:24,000 Speaker 1: biggest business story of the week. Actually, now that I say, 8 00:00:24,040 --> 00:00:26,880 Speaker 1: it doesn't sound so exciting, does it. But it's the theater. 9 00:00:27,080 --> 00:00:29,520 Speaker 1: It's the drama. It's the melodrama of it all, because 10 00:00:29,560 --> 00:00:32,440 Speaker 1: we also look for the most remarkable business story, a 11 00:00:32,640 --> 00:00:35,800 Speaker 1: sleeper story, one that's flying under the radar a little bit. 12 00:00:35,840 --> 00:00:38,239 Speaker 1: So you've got to put on your kind of Sherlock 13 00:00:38,280 --> 00:00:41,000 Speaker 1: Holmes detective hat for that one. Do they even have 14 00:00:41,080 --> 00:00:43,080 Speaker 1: detective hats these days? It feels like that's kind of 15 00:00:43,080 --> 00:00:45,000 Speaker 1: like the old press hats, you know, with a little. 16 00:00:44,880 --> 00:00:46,360 Speaker 2: Kind of we're off and running already. 17 00:00:47,479 --> 00:00:51,440 Speaker 1: Did you ever have a hat that said press and 18 00:00:51,440 --> 00:00:53,479 Speaker 1: then you run into a telephone booth and close and go, 19 00:00:54,440 --> 00:00:55,520 Speaker 1: the man has just died. 20 00:00:55,680 --> 00:00:59,840 Speaker 2: Stop. The next thing to happen stop is stop. No Never. 21 00:01:00,880 --> 00:01:03,960 Speaker 1: I was a computer age journalist. To be honest, sorry, 22 00:01:04,319 --> 00:01:08,640 Speaker 1: might be unfairly unfairly aging a little bit there, which 23 00:01:08,680 --> 00:01:10,920 Speaker 1: is not deliberate at all. We also pick out our 24 00:01:10,959 --> 00:01:13,399 Speaker 1: favorite story of the week, and every week we are 25 00:01:13,480 --> 00:01:18,080 Speaker 1: joined by a judge, an esteemed judge, to pick a winner, 26 00:01:18,360 --> 00:01:22,080 Speaker 1: and that judge is our fear and Greed colleague, Adam 27 00:01:22,160 --> 00:01:24,120 Speaker 1: Lang Adam, good morning. 28 00:01:24,080 --> 00:01:25,880 Speaker 3: Good morning, Michael, and good morning Sean. 29 00:01:26,040 --> 00:01:29,800 Speaker 2: Morning, Adam. I want some seriously good judging this morning. 30 00:01:31,280 --> 00:01:32,880 Speaker 3: A lift in previous performance. 31 00:01:32,880 --> 00:01:35,080 Speaker 2: There's been a little off, a discussion between Michael and 32 00:01:35,160 --> 00:01:37,559 Speaker 2: I'm not happy, not happy at all. 33 00:01:38,240 --> 00:01:41,039 Speaker 3: It's a sprightly start today, Adam. 34 00:01:41,080 --> 00:01:44,160 Speaker 1: May we ask. I know that every week you adjust 35 00:01:44,280 --> 00:01:48,280 Speaker 1: the criteria basically just on the fly, but could you 36 00:01:48,360 --> 00:01:50,200 Speaker 1: just give us the template? What are you looking for? 37 00:01:50,280 --> 00:01:52,720 Speaker 1: We have our four categories, obviously as we go through 38 00:01:52,760 --> 00:01:55,760 Speaker 1: the biggest story, most remarkable, sleeper, and favorite, and you 39 00:01:55,840 --> 00:01:58,680 Speaker 1: are looking for individual things within those. What are you 40 00:01:58,680 --> 00:01:59,160 Speaker 1: looking for? 41 00:01:59,520 --> 00:02:02,560 Speaker 3: Yeah, look for some criteria that helps guide my decision 42 00:02:02,640 --> 00:02:04,880 Speaker 3: making every week, but it does vary a little. I 43 00:02:04,920 --> 00:02:08,480 Speaker 3: suppose number one is topicality. We want it to be topical, 44 00:02:08,520 --> 00:02:10,200 Speaker 3: of course, and we want it to be timely. That's 45 00:02:10,280 --> 00:02:15,880 Speaker 3: number two. Number three, economic impact, Number four my subjective bias. 46 00:02:15,919 --> 00:02:18,880 Speaker 3: Obviously a bit of that comes in and we love 47 00:02:18,919 --> 00:02:24,480 Speaker 3: a bit of melodrama. I score on all five sean. 48 00:02:24,680 --> 00:02:27,200 Speaker 1: Yeah, would you like to go first for the biggest 49 00:02:27,240 --> 00:02:28,080 Speaker 1: story of the week. 50 00:02:28,240 --> 00:02:31,040 Speaker 2: Oh well, because there was only one big story this week. 51 00:02:31,400 --> 00:02:35,480 Speaker 2: Massive week for the economy, data on retail sales, building approvals, 52 00:02:35,520 --> 00:02:38,960 Speaker 2: business investment, but the big one was monthly inflation data. 53 00:02:39,000 --> 00:02:42,079 Speaker 2: We found out that according to the Australian Bureau Statistics, 54 00:02:42,320 --> 00:02:46,119 Speaker 2: inflation is no longer falling. We've been working with high 55 00:02:46,120 --> 00:02:49,440 Speaker 2: interest rates for years now to get inflation down, no 56 00:02:49,480 --> 00:02:51,560 Speaker 2: longer falling, and you're Inflation for the twelve months at 57 00:02:51,560 --> 00:02:54,520 Speaker 2: the end of April stepped up to three point six percent. 58 00:02:55,000 --> 00:02:58,959 Speaker 2: Perhaps most concerning is it the trimmed mean measure, which 59 00:02:59,000 --> 00:03:01,080 Speaker 2: takes out some of the volatile items stuff like fruit 60 00:03:01,080 --> 00:03:04,200 Speaker 2: and veggies, ticked up as well, to four point one percent. 61 00:03:04,720 --> 00:03:07,760 Speaker 2: The reading is monthly, not as comprehensive as a quarterly figure, 62 00:03:08,200 --> 00:03:10,280 Speaker 2: but the trend is not the Reserve Bank's friend. In 63 00:03:10,320 --> 00:03:13,720 Speaker 2: this case, inflation at best is flatlining. It might actually 64 00:03:13,800 --> 00:03:17,280 Speaker 2: be rising. Headline inflation is entrenched around three and a 65 00:03:17,320 --> 00:03:20,400 Speaker 2: half percent, underlying around four percent, both well above the 66 00:03:20,400 --> 00:03:23,440 Speaker 2: Central banks target range of two to three percent, but 67 00:03:24,440 --> 00:03:27,200 Speaker 2: there was more this week. Inflation is still a problem, 68 00:03:27,240 --> 00:03:30,240 Speaker 2: but retail sales have fallen to their lowest level in 69 00:03:30,320 --> 00:03:33,840 Speaker 2: two years when measured on a per capita basis, highlighting 70 00:03:34,040 --> 00:03:37,400 Speaker 2: how tough it is for households and also many businesses. 71 00:03:37,440 --> 00:03:38,960 Speaker 2: A bunch of businesses have come out out of the 72 00:03:39,000 --> 00:03:41,560 Speaker 2: past couple of weeks saying things are tough, particularly in 73 00:03:41,640 --> 00:03:44,520 Speaker 2: retail land. People are struggling with higher interest rates, in 74 00:03:44,520 --> 00:03:48,560 Speaker 2: the cost of living pressures. Building approvable figures actually fell 75 00:03:48,760 --> 00:03:51,920 Speaker 2: in April. The government must be building two hundred and 76 00:03:52,000 --> 00:03:55,640 Speaker 2: forty thousand homes a year. It's running at about one 77 00:03:55,720 --> 00:03:58,000 Speaker 2: hundred and sixty thousand homes a year. No wonder there 78 00:03:58,040 --> 00:04:01,600 Speaker 2: is a housing crisis. Some good economic ars spending in 79 00:04:01,680 --> 00:04:04,680 Speaker 2: data centers and technologies growing, boosting the economy. Over the 80 00:04:04,720 --> 00:04:08,120 Speaker 2: past year. Business investment jumped by about five and a 81 00:04:08,160 --> 00:04:11,200 Speaker 2: half percent. Business investment since COVID's been up by about 82 00:04:11,200 --> 00:04:13,640 Speaker 2: seven percent. On average it grows by about one percent, 83 00:04:13,680 --> 00:04:16,200 Speaker 2: so that's really good news. Then we had the Reserve 84 00:04:16,240 --> 00:04:18,480 Speaker 2: Bank Chief economist Sarah hunt To say that the Central 85 00:04:18,480 --> 00:04:21,400 Speaker 2: Bank Board was absolutely focused on the fact that inflation 86 00:04:21,800 --> 00:04:25,640 Speaker 2: is clearly still above the target band. Doesn't sound like 87 00:04:25,640 --> 00:04:30,159 Speaker 2: a comment recommending interest rate relief anytime soon. Bond markets 88 00:04:30,160 --> 00:04:33,320 Speaker 2: are now pricing a thirty percent chance of a rate high. Yes, 89 00:04:33,360 --> 00:04:37,080 Speaker 2: a rate hike. Don't think it'll happen. But the economy 90 00:04:37,160 --> 00:04:39,200 Speaker 2: was definitely the story of the week. 91 00:04:39,720 --> 00:04:45,520 Speaker 1: Michael, Oh golly, it is very hard. It is very 92 00:04:45,560 --> 00:04:48,440 Speaker 1: hard to beat the economy when you combine six or 93 00:04:48,480 --> 00:04:52,240 Speaker 1: seven different stories into one. So this week, for me, 94 00:04:53,720 --> 00:04:57,200 Speaker 1: a little change of strategy. I'm not aiming to win 95 00:04:57,560 --> 00:05:01,360 Speaker 1: here in the biggest in the biggest category. 96 00:05:01,560 --> 00:05:01,880 Speaker 2: Wow. 97 00:05:02,080 --> 00:05:05,480 Speaker 1: I'm looking instead for an honorable draw, a tie. That's 98 00:05:05,520 --> 00:05:08,880 Speaker 1: all I want here, That's all I'm looking for because 99 00:05:09,000 --> 00:05:10,440 Speaker 1: I know, Adam. 100 00:05:10,800 --> 00:05:13,240 Speaker 2: I know he's playing you. Adam, he's playing you. You 101 00:05:13,320 --> 00:05:15,520 Speaker 2: know that I played you last week where I said 102 00:05:15,520 --> 00:05:17,880 Speaker 2: no one should win the top category and got away 103 00:05:17,920 --> 00:05:19,679 Speaker 2: with it. He's playing you this week. 104 00:05:19,839 --> 00:05:23,360 Speaker 1: No, look, Adam, look, I understand the struggle. I know 105 00:05:23,440 --> 00:05:25,120 Speaker 1: how hard it is for You've got a tough job 106 00:05:25,160 --> 00:05:26,400 Speaker 1: to do here, So I'm just going to make it 107 00:05:26,440 --> 00:05:29,080 Speaker 1: easy for you. You don't need do you. Just just 108 00:05:29,160 --> 00:05:31,520 Speaker 1: look at this as going you know what, It's as 109 00:05:31,560 --> 00:05:33,599 Speaker 1: good a story as Sean had it doesn't need to 110 00:05:33,600 --> 00:05:37,400 Speaker 1: be better. My story is certainly drawworthy. It has been 111 00:05:37,720 --> 00:05:40,400 Speaker 1: a heck of a week to be doing a business 112 00:05:40,400 --> 00:05:43,080 Speaker 1: news podcast, as you would understand because it's been a 113 00:05:43,120 --> 00:05:46,160 Speaker 1: heck of a week for Australian companies on the world stage. 114 00:05:46,200 --> 00:05:49,360 Speaker 1: These are two parts of one story, not like Sean 115 00:05:49,400 --> 00:05:51,560 Speaker 1: does with six or seven stories rolled into one. This 116 00:05:51,640 --> 00:05:53,080 Speaker 1: is my like two halves of an orange. 117 00:05:53,120 --> 00:05:56,240 Speaker 2: Funny, isn't it funny? How Michael it's so critical of 118 00:05:56,400 --> 00:05:58,440 Speaker 2: being more than one story in one Mine at least 119 00:05:58,480 --> 00:06:01,960 Speaker 2: was related to the and he jumps in and says, 120 00:06:02,120 --> 00:06:04,720 Speaker 2: I've got a couple of stories here that it's different sixer, 121 00:06:05,320 --> 00:06:06,000 Speaker 2: but no. 122 00:06:05,800 --> 00:06:08,720 Speaker 1: No, just picture the piece of fruit, Sean. These are 123 00:06:08,720 --> 00:06:12,599 Speaker 1: two halves of an orange and apple, a pair a grapefruit? 124 00:06:12,640 --> 00:06:14,760 Speaker 1: Whatever are they are part of a hole, two halves 125 00:06:14,760 --> 00:06:17,400 Speaker 1: of a hole. Here part number one, half number one. 126 00:06:17,480 --> 00:06:21,000 Speaker 1: BHP crunch time this week, obviously for the big Australian 127 00:06:21,080 --> 00:06:24,360 Speaker 1: seventy five billion dollar bid for rival minor Anglo American 128 00:06:24,680 --> 00:06:26,440 Speaker 1: under the UK is put up or shut up law, 129 00:06:26,440 --> 00:06:29,560 Speaker 1: as it had until late Wednesday night to make a 130 00:06:29,640 --> 00:06:32,000 Speaker 1: firm revised bid and it couldn't instead it us for 131 00:06:32,040 --> 00:06:35,760 Speaker 1: more time, which Anglo rejected. So now BHP retreats, having 132 00:06:35,760 --> 00:06:37,880 Speaker 1: missed out on its goal for now of becoming the 133 00:06:37,880 --> 00:06:40,839 Speaker 1: biggest copper miner in the world. Can't do anything else 134 00:06:40,839 --> 00:06:45,800 Speaker 1: for six months. In the meantime, could we perhaps maybe 135 00:06:45,960 --> 00:06:49,000 Speaker 1: see another big miner swoop in, perhaps Rio Tinto We'll 136 00:06:49,000 --> 00:06:52,839 Speaker 1: come calling. These are very very exciting times. Now remember 137 00:06:53,040 --> 00:06:57,960 Speaker 1: just remember with this, remember that this all happened late 138 00:06:58,000 --> 00:06:58,800 Speaker 1: on Wednesday night. 139 00:06:59,279 --> 00:07:01,680 Speaker 2: Deal that makes it exciting. Now think about this. 140 00:07:01,600 --> 00:07:04,320 Speaker 1: Though, No, what I'm actually meaning here, Sean, is this 141 00:07:04,440 --> 00:07:08,800 Speaker 1: a deal that's worth seventy five billion dollars. The timing 142 00:07:08,839 --> 00:07:11,640 Speaker 1: on this was all measured in mere hours. You would 143 00:07:11,640 --> 00:07:14,840 Speaker 1: expect that this there are months and years to kind 144 00:07:14,880 --> 00:07:19,120 Speaker 1: of negotiate this, and this came down to actual hours, minutes, 145 00:07:19,480 --> 00:07:22,720 Speaker 1: seconds in order to get this finalized. This was high 146 00:07:22,800 --> 00:07:25,200 Speaker 1: stake stuff, like in terms of being a deadline. We 147 00:07:25,240 --> 00:07:26,560 Speaker 1: joke about there being oh yeah, there was a put 148 00:07:26,640 --> 00:07:27,680 Speaker 1: up or shut up deadline on this. 149 00:07:27,920 --> 00:07:31,120 Speaker 2: It actually came down to the white I thought, I 150 00:07:31,240 --> 00:07:33,720 Speaker 2: thought that, come on, you're averregging it. I mean, I 151 00:07:33,720 --> 00:07:37,520 Speaker 2: love the melodrama. I love the melodrama, but even for 152 00:07:37,600 --> 00:07:39,240 Speaker 2: you Michael, this is kind of up there. 153 00:07:39,680 --> 00:07:43,640 Speaker 1: I have never been accused of over egging. Well not 154 00:07:43,760 --> 00:07:47,600 Speaker 1: today yet, well until just then. It matters locally obviously 155 00:07:48,160 --> 00:07:50,840 Speaker 1: because BHP is our biggest company, a lot of shareholders, 156 00:07:51,280 --> 00:07:54,400 Speaker 1: a lot of Australians are shareholders through their super or directly, 157 00:07:54,400 --> 00:07:56,320 Speaker 1: et cetera, et cetera. All this I mean obviously just 158 00:07:56,360 --> 00:07:59,240 Speaker 1: tick that box, Adam. We know the economic importance of this, 159 00:07:59,360 --> 00:08:04,880 Speaker 1: so that's just it's guaranteed now, So that's one half. 160 00:08:04,920 --> 00:08:06,840 Speaker 2: That's one half what's compair. 161 00:08:06,640 --> 00:08:10,480 Speaker 1: And contrast that with the other half of the apple 162 00:08:10,680 --> 00:08:14,640 Speaker 1: or the orange or whatever it was, the grapefruit. Lend Lease, 163 00:08:14,800 --> 00:08:18,960 Speaker 1: former blue chip company, this week dumping its aggressive overseas expansion, 164 00:08:19,040 --> 00:08:23,600 Speaker 1: writing down nearly one point five billion dollars in investments 165 00:08:23,680 --> 00:08:26,240 Speaker 1: in its construction and development operations. Instead, it's going to 166 00:08:26,240 --> 00:08:29,720 Speaker 1: focus on Australia. This is a major major change in 167 00:08:29,800 --> 00:08:32,840 Speaker 1: strategy and about face. That proves the point sure that 168 00:08:32,920 --> 00:08:35,640 Speaker 1: you made this week that it's very hard for many 169 00:08:35,679 --> 00:08:39,120 Speaker 1: Australian businesses to take their business models offshore, and lend 170 00:08:39,200 --> 00:08:41,600 Speaker 1: Lease this week was just a very public example of that. 171 00:08:41,840 --> 00:08:43,840 Speaker 1: If you put the two together, combine them into that 172 00:08:43,840 --> 00:08:47,920 Speaker 1: one whole piece of fruit again, BHP abandoning its Anglo pursuit, 173 00:08:48,160 --> 00:08:51,080 Speaker 1: lend Lease dumping its overseas expansion. It's been a huge 174 00:08:51,080 --> 00:08:56,600 Speaker 1: week for giving up, really accepting, accepting when you have 175 00:08:56,720 --> 00:09:00,160 Speaker 1: been beaten, which is something I will never do. I 176 00:09:00,280 --> 00:09:01,880 Speaker 1: will accept a draw. 177 00:09:03,920 --> 00:09:05,320 Speaker 2: Brilliant, Okay. 178 00:09:05,480 --> 00:09:08,480 Speaker 3: So look, there's a common theme in both stories, Australian 179 00:09:08,520 --> 00:09:13,840 Speaker 3: businesses amongst the world. Michael yours international so Lindley's has 180 00:09:13,960 --> 00:09:18,680 Speaker 3: to sell out, and PHP and Anglo American is off. 181 00:09:19,559 --> 00:09:23,000 Speaker 3: So neither of them are great stories. I think they're big, 182 00:09:23,800 --> 00:09:27,720 Speaker 3: but just nowhere near the impact that this inflation data 183 00:09:27,760 --> 00:09:31,280 Speaker 3: is going to have on the Australian economy. So I'm sorry, 184 00:09:32,800 --> 00:09:35,560 Speaker 3: I can't give you the draw on this one. Michael 185 00:09:35,640 --> 00:09:36,000 Speaker 3: about the. 186 00:09:36,000 --> 00:09:39,960 Speaker 2: Win then, Adam, I don't want you to give him 187 00:09:40,000 --> 00:09:42,600 Speaker 2: in twenty two points and I get twenty three points. Right, 188 00:09:42,760 --> 00:09:44,920 Speaker 2: There is such a there is such a gap in 189 00:09:44,960 --> 00:09:48,960 Speaker 2: this story and Michael cheat Thompson, Oh did that come out? 190 00:09:48,960 --> 00:09:52,360 Speaker 2: Then I'll get into that in a moment, like don't 191 00:09:52,360 --> 00:09:54,400 Speaker 2: be nice to Michael, and I'll explain why you can't 192 00:09:54,440 --> 00:09:57,040 Speaker 2: be nice to Michael. 193 00:09:58,920 --> 00:10:02,959 Speaker 3: One of the aspects of this weekend edition that I 194 00:10:03,280 --> 00:10:07,720 Speaker 3: come to really enjoy and find myself unrestrained laughing. Is 195 00:10:07,960 --> 00:10:13,800 Speaker 3: you're heckling of Michael? No, I probably shouldn't. I'm not 196 00:10:13,840 --> 00:10:17,640 Speaker 3: showing my independence when I involuntarily laughed. 197 00:10:17,800 --> 00:10:18,959 Speaker 2: It's one of the last two weeks. 198 00:10:18,960 --> 00:10:22,480 Speaker 3: Though, it's true, it's like Michael has him. 199 00:10:22,760 --> 00:10:27,040 Speaker 1: Yeah, I'm a resilient fellow. It does feel like there's 200 00:10:27,040 --> 00:10:29,200 Speaker 1: a little bit of bias against me, though. I'm just 201 00:10:29,200 --> 00:10:32,520 Speaker 1: just going to put that home out there acknowledged. It's 202 00:10:32,559 --> 00:10:34,920 Speaker 1: actually a very good I'm not going to declare it read, 203 00:10:35,480 --> 00:10:37,880 Speaker 1: but it is a very good Ye. It's a very 204 00:10:37,920 --> 00:10:40,439 Speaker 1: good segue into the most remarkable thing. 205 00:10:40,960 --> 00:10:43,000 Speaker 2: It is. It is a very good segue into the 206 00:10:43,000 --> 00:10:46,480 Speaker 2: most remarkable story. Michael, Can you please go first? Oh? 207 00:10:46,520 --> 00:10:49,760 Speaker 1: I will, because there is only one story that that 208 00:10:49,920 --> 00:10:52,760 Speaker 1: is worthy of the title of most remarkable. This week, 209 00:10:52,800 --> 00:10:58,360 Speaker 1: for the first time in history, a former US president 210 00:10:58,440 --> 00:11:01,640 Speaker 1: has been convicted of a crime. Now that, if that 211 00:11:01,800 --> 00:11:06,680 Speaker 1: is not remarkable, I don't know what is. Donald Trump 212 00:11:06,760 --> 00:11:10,440 Speaker 1: found guilty this week of thirty four counts of falsifying 213 00:11:10,480 --> 00:11:13,280 Speaker 1: business records over hush money payments to a porn star. 214 00:11:13,720 --> 00:11:17,240 Speaker 1: A jury of twelve New Yorkers fine, upstanding citizens of 215 00:11:17,240 --> 00:11:20,400 Speaker 1: New York found themselves having to sit in court and 216 00:11:20,440 --> 00:11:23,240 Speaker 1: sit in judgment of the former president. He's now going 217 00:11:23,280 --> 00:11:25,640 Speaker 1: to be sentenced in July. There's the potential here for 218 00:11:25,679 --> 00:11:28,319 Speaker 1: a whole range of penalties, probation, a whole bunch of 219 00:11:28,360 --> 00:11:32,120 Speaker 1: different restrictions and things. But yes, jail is a real possibility. 220 00:11:32,160 --> 00:11:34,839 Speaker 1: If he is jailed, he can still run as the 221 00:11:34,880 --> 00:11:38,600 Speaker 1: Republican candidate in the election in November. It's never happened before, 222 00:11:38,679 --> 00:11:41,400 Speaker 1: but that's because all of this is unprecedented. No one 223 00:11:41,400 --> 00:11:43,079 Speaker 1: really knows kind of how this is going to work 224 00:11:43,120 --> 00:11:46,280 Speaker 1: now from here. Those watching the trial were tipping that 225 00:11:46,360 --> 00:11:49,000 Speaker 1: he would be found guilty. In fact, even Trump himself 226 00:11:49,360 --> 00:11:52,320 Speaker 1: expected to be found guilty. Every day he would comment 227 00:11:52,400 --> 00:11:56,360 Speaker 1: outside the courtroom, and the day before the verdict was delivered, 228 00:11:56,640 --> 00:12:01,800 Speaker 1: he declared, and I quote, mother, Terresa could not beat 229 00:12:01,880 --> 00:12:05,600 Speaker 1: these charges. The charges are rigged. The whole thing is rigged. 230 00:12:05,640 --> 00:12:08,560 Speaker 1: And I love the fact that he was in fact 231 00:12:08,600 --> 00:12:14,560 Speaker 1: comparing himself there to mother. He was. He was still 232 00:12:14,800 --> 00:12:18,679 Speaker 1: sticking to that script after the verdict when he said, 233 00:12:18,760 --> 00:12:23,160 Speaker 1: and again another quote, this was a rigged trial by 234 00:12:23,200 --> 00:12:26,440 Speaker 1: a conflicted judge who is corrupt. 235 00:12:26,040 --> 00:12:27,080 Speaker 2: He didn't miss there. 236 00:12:27,920 --> 00:12:30,960 Speaker 1: The real verdict is going to be November five by 237 00:12:31,000 --> 00:12:34,680 Speaker 1: the people. I am a very innocent man, not just 238 00:12:34,720 --> 00:12:37,720 Speaker 1: an innocent man, I am a very innocent sn. 239 00:12:37,880 --> 00:12:40,120 Speaker 2: So what was it he said, November five by the people. 240 00:12:40,360 --> 00:12:43,000 Speaker 2: He sounds very much like you, or perhaps you sound 241 00:12:43,080 --> 00:12:46,760 Speaker 2: very much like him, A man of the people, very 242 00:12:46,800 --> 00:12:47,560 Speaker 2: similar you two. 243 00:12:48,040 --> 00:12:50,920 Speaker 1: So you are, in fact, then by extension comparing me 244 00:12:51,000 --> 00:12:54,360 Speaker 1: to mother Teresa, then as well, this is this is 245 00:12:54,400 --> 00:12:56,880 Speaker 1: going to a very strange place here you part. 246 00:12:57,760 --> 00:12:58,880 Speaker 2: It's the outfit you got on. 247 00:13:01,960 --> 00:13:06,120 Speaker 1: There's one part of this that I just found particularly 248 00:13:06,240 --> 00:13:10,720 Speaker 1: kind of amusing. There was one reporter in court who 249 00:13:10,760 --> 00:13:14,360 Speaker 1: said that as the verdicts were read, Trump stared straight 250 00:13:14,360 --> 00:13:18,560 Speaker 1: ahead as each one was read, and then he looked 251 00:13:18,600 --> 00:13:23,240 Speaker 1: hard at each juror in turn. Can you imagine how 252 00:13:23,360 --> 00:13:26,120 Speaker 1: world West Being one of those jurors, it was like, 253 00:13:26,120 --> 00:13:27,600 Speaker 1: oh my god, it's my turn next, Oh my god, 254 00:13:27,640 --> 00:13:28,560 Speaker 1: is stairy straight at me? 255 00:13:28,720 --> 00:13:29,559 Speaker 3: A dirty dozen? 256 00:13:30,040 --> 00:13:33,760 Speaker 1: Yeah, And just the death stare that he would be giving, 257 00:13:34,080 --> 00:13:36,680 Speaker 1: like it would just be the most uncomfortable kind of 258 00:13:36,720 --> 00:13:38,760 Speaker 1: one or two seconds of your life kind of being 259 00:13:38,800 --> 00:13:41,320 Speaker 1: on the receiving end of that stare. From Trump. The 260 00:13:41,360 --> 00:13:45,439 Speaker 1: big question is where to now. Many Republicans don't seem 261 00:13:45,480 --> 00:13:48,680 Speaker 1: too faced, saying that they are focused on the polls, 262 00:13:48,920 --> 00:13:51,680 Speaker 1: not on the verdicts. You can expect that Donald Trump 263 00:13:51,720 --> 00:13:54,240 Speaker 1: will be using this essentially to portray himself as a 264 00:13:54,320 --> 00:13:57,640 Speaker 1: victim of the system, and there's an expectation that will 265 00:13:57,679 --> 00:13:59,360 Speaker 1: actually be able to raise a fair bit of money 266 00:14:00,040 --> 00:14:03,280 Speaker 1: well for the campaign. It is worth noting the tweets 267 00:14:03,559 --> 00:14:06,840 Speaker 1: that went out from the Trump campaign saying is this 268 00:14:06,960 --> 00:14:09,959 Speaker 1: the end of America? And there's a big picture Donald Trump, 269 00:14:10,000 --> 00:14:11,679 Speaker 1: and it says across the top of the picture of 270 00:14:11,679 --> 00:14:15,080 Speaker 1: Donald Trump, it said I am a political prisoner in 271 00:14:15,200 --> 00:14:17,920 Speaker 1: all caps. It does feel as though they might have 272 00:14:17,960 --> 00:14:19,480 Speaker 1: had these ready to go, don't you think? 273 00:14:20,000 --> 00:14:20,880 Speaker 2: I don't know much? 274 00:14:21,320 --> 00:14:24,600 Speaker 1: In the couple of hours after the decision, Trump was 275 00:14:24,640 --> 00:14:27,880 Speaker 1: still the hot favorite to win in betting markets. So 276 00:14:28,440 --> 00:14:30,640 Speaker 1: what do you make of that? We are in uncharted 277 00:14:30,720 --> 00:14:34,800 Speaker 1: territory now, who knows? Who knows the economic impact, the 278 00:14:34,880 --> 00:14:38,520 Speaker 1: business impact. It is going to be significant, It is 279 00:14:38,560 --> 00:14:41,160 Speaker 1: going to be profound. There are more legal matters still 280 00:14:41,200 --> 00:14:44,360 Speaker 1: to come, other battles in other courts, in other states. 281 00:14:44,640 --> 00:14:47,320 Speaker 1: This is all just remarkable. 282 00:14:49,480 --> 00:14:54,000 Speaker 2: Yeah, So Adam before I get into my most remarkable story, 283 00:14:54,040 --> 00:14:57,200 Speaker 2: which is which is going to struggle. 284 00:14:57,440 --> 00:15:00,200 Speaker 3: But I was going to ask how Michael got to 285 00:15:00,320 --> 00:15:01,200 Speaker 3: choose this one. 286 00:15:01,640 --> 00:15:07,680 Speaker 2: Well, this is the story. There. I am snoozing in bed, 287 00:15:08,040 --> 00:15:09,480 Speaker 2: you know, I was at a half awake, half as 288 00:15:09,560 --> 00:15:10,720 Speaker 2: they were, thought, Oh, I should have got up and 289 00:15:10,760 --> 00:15:18,120 Speaker 2: go for a run. I get a phone call Michael Thompson. Michael, Good, 290 00:15:18,520 --> 00:15:22,640 Speaker 2: Good morning, Michael. I've got Trump's story for most remarkable. 291 00:15:23,240 --> 00:15:30,200 Speaker 2: I'm like, what, You've just woken me up. There's no preamble, 292 00:15:30,240 --> 00:15:33,520 Speaker 2: there was no nice sleep, now's Jackie, none of that. 293 00:15:34,080 --> 00:15:36,680 Speaker 1: Yeah, But to be fair, Sean, in my defense, in 294 00:15:36,760 --> 00:15:40,120 Speaker 1: your defense, you're up earlier than me. Yes, yes, And 295 00:15:40,720 --> 00:15:44,360 Speaker 1: I tried texting you to say I'm doing Trump, and 296 00:15:44,480 --> 00:15:46,560 Speaker 1: you just you just don't respond. So I thought, you 297 00:15:46,600 --> 00:15:48,400 Speaker 1: know what, I'm going to have to make sure that 298 00:15:48,440 --> 00:15:50,760 Speaker 1: he that he hears it, because otherwise we're both going 299 00:15:50,760 --> 00:15:52,320 Speaker 1: to turn up, We're both going to be doing Trump. 300 00:15:52,400 --> 00:15:54,040 Speaker 1: It's going to get messy. So I thought I'll just 301 00:15:54,040 --> 00:15:54,440 Speaker 1: call you. 302 00:15:54,600 --> 00:15:56,560 Speaker 2: I'm sorry, I'm sorry, I'm looking at my hull on 303 00:15:56,640 --> 00:15:59,000 Speaker 2: I've got you can see I've got my phone, right, 304 00:15:59,280 --> 00:16:01,920 Speaker 2: would you do a third seek video on inflation for socials. 305 00:16:03,720 --> 00:16:06,200 Speaker 2: Don't fig get the Kirk on Monday morning something to 306 00:16:06,240 --> 00:16:11,680 Speaker 2: Stephen cocoulis, that's it. Nothing, absolutely nothing about Trump. It 307 00:16:11,680 --> 00:16:15,080 Speaker 2: feels like you're trying to muddy the waters here. This 308 00:16:15,080 --> 00:16:17,640 Speaker 2: this feels like in the end, you know what I 309 00:16:17,680 --> 00:16:20,920 Speaker 2: got in first? Well, I wasn't awake, was I? 310 00:16:21,360 --> 00:16:24,400 Speaker 1: No? No, you weren't. You weren't. And really, I mean, 311 00:16:24,520 --> 00:16:26,800 Speaker 1: just taking a really objective view of this, I did 312 00:16:26,800 --> 00:16:27,640 Speaker 1: a great job with it. 313 00:16:27,720 --> 00:16:33,200 Speaker 2: No, you did totally economic impact. Remember that the Australian 314 00:16:33,320 --> 00:16:38,560 Speaker 2: superannuation industry is closing in on hitting four trillion dollars, 315 00:16:38,880 --> 00:16:42,600 Speaker 2: big inflows, strong returns, pushing the sector to record levels 316 00:16:42,920 --> 00:16:47,280 Speaker 2: that is truly remarkable ever since nineteen eighty seven compulsory superannuation. 317 00:16:47,840 --> 00:16:50,920 Speaker 2: This is the payback. This week, this is the payback. 318 00:16:51,120 --> 00:16:54,080 Speaker 2: New figures from the Australian Predancial Regulation Authority showed an 319 00:16:54,120 --> 00:16:57,440 Speaker 2: eleven percent return in the twelve months to the end 320 00:16:57,440 --> 00:16:59,760 Speaker 2: of March, pushed the pool of super money to three 321 00:16:59,800 --> 00:17:03,640 Speaker 2: point eight five billion dollars. We've got the superannuation surcharge 322 00:17:03,680 --> 00:17:06,280 Speaker 2: increasing from eleven to eleven and a half percent. At 323 00:17:06,320 --> 00:17:09,439 Speaker 2: the beginning of next month. That should push it beyond 324 00:17:09,480 --> 00:17:12,439 Speaker 2: three trillion dollars, though if investment markets go south, maybe not. 325 00:17:12,680 --> 00:17:15,120 Speaker 2: For the twelve months the end of March, the ASX 326 00:17:15,119 --> 00:17:17,440 Speaker 2: two hundred was up around ten percent. That helped international 327 00:17:17,480 --> 00:17:20,960 Speaker 2: equities were high. Bond markets rallied For the year. Contributions 328 00:17:21,000 --> 00:17:23,760 Speaker 2: totaled one hundred and seventy seven billion dollars. That's money 329 00:17:23,760 --> 00:17:27,320 Speaker 2: being put aside by employers and members for the future. 330 00:17:27,760 --> 00:17:30,600 Speaker 2: There's also big jump in benefits paid last year about 331 00:17:30,640 --> 00:17:33,159 Speaker 2: one hundred and thirteen billion dollars. So much in this 332 00:17:33,200 --> 00:17:35,040 Speaker 2: I just want to give you four quick points why 333 00:17:35,119 --> 00:17:38,119 Speaker 2: this is are more remarkable than anything happened that happened 334 00:17:38,160 --> 00:17:40,400 Speaker 2: on the other side of the world. The fact that 335 00:17:40,480 --> 00:17:42,920 Speaker 2: we have seven hundred thousand baby boomers retiring over the 336 00:17:43,000 --> 00:17:45,360 Speaker 2: next five years and drawing down their savings is a 337 00:17:45,400 --> 00:17:49,199 Speaker 2: massive challenge for the supersector. It's four trillion dollars, but 338 00:17:49,240 --> 00:17:50,879 Speaker 2: a lot of that money's going to come out, I 339 00:17:50,880 --> 00:17:53,280 Speaker 2: mean more will go in, but it's still a challenge. 340 00:17:53,320 --> 00:17:56,080 Speaker 2: How they managed that. There are now seven super funds 341 00:17:56,119 --> 00:17:59,240 Speaker 2: with more than one hundred billion dollars under management. Is 342 00:17:59,240 --> 00:18:02,200 Speaker 2: that good or bad? I mean, think about Sydney Airport. 343 00:18:02,680 --> 00:18:06,560 Speaker 2: Super fines are too big. They're buying assets like Sydney 344 00:18:06,560 --> 00:18:09,159 Speaker 2: Airport and so a bunch of other investors don't get 345 00:18:09,200 --> 00:18:11,720 Speaker 2: access to that. Third thing, Can governments keep their hands 346 00:18:11,720 --> 00:18:14,840 Speaker 2: off the pot of money? Not a chance. I mean 347 00:18:14,880 --> 00:18:16,720 Speaker 2: the ALBN easy government wants Super to help out with 348 00:18:16,760 --> 00:18:22,400 Speaker 2: affordable housing for example. Will people be happy to continually 349 00:18:22,720 --> 00:18:26,240 Speaker 2: contribute to Super when there's already so much money in there? 350 00:18:26,480 --> 00:18:28,679 Speaker 2: And then that's not something we've thought much about, certainly 351 00:18:28,680 --> 00:18:30,320 Speaker 2: didn't think about it when it was designed. And we 352 00:18:30,359 --> 00:18:33,240 Speaker 2: want people to retire with money. But eleven and a 353 00:18:33,280 --> 00:18:35,920 Speaker 2: half next year goes to twelve percent of my money 354 00:18:36,080 --> 00:18:39,919 Speaker 2: goes into SUPER. I want that. Maybe not massive story, 355 00:18:39,960 --> 00:18:43,159 Speaker 2: and quite remarkable that the sector has hit that or 356 00:18:43,200 --> 00:18:45,640 Speaker 2: almost hit that four trillion dollar mark. Did my best 357 00:18:45,840 --> 00:18:48,840 Speaker 2: over to you Adam almost almost hit Yes? 358 00:18:50,280 --> 00:18:54,440 Speaker 3: Okay, I really love Sean's story. I love them both. Actually, 359 00:18:55,280 --> 00:18:58,600 Speaker 3: is Super too full? You know that? That's a really 360 00:18:58,640 --> 00:19:03,880 Speaker 3: good question on I love that, and the numbers are remarkable. 361 00:19:04,920 --> 00:19:08,800 Speaker 3: There is a however, yeah, you know all right, I'm 362 00:19:09,840 --> 00:19:13,960 Speaker 3: I apologize in advance of what I'm about to say, 363 00:19:14,200 --> 00:19:16,520 Speaker 3: but I have to give this to Michael, there's just 364 00:19:16,600 --> 00:19:22,360 Speaker 3: so much remarkable about this. Donald Trump turning a conviction 365 00:19:22,680 --> 00:19:26,359 Speaker 3: into a political asset just quite remarkable. 366 00:19:26,840 --> 00:19:29,359 Speaker 1: So it is one all, Oh, this is fun, this 367 00:19:29,520 --> 00:19:34,440 Speaker 1: is exciting. This feels like a real contest about. 368 00:19:34,200 --> 00:19:38,920 Speaker 2: Not sensing that from shore because I've got to say, well, 369 00:19:39,000 --> 00:19:39,760 Speaker 2: let's go to the brain. 370 00:19:40,359 --> 00:19:44,240 Speaker 1: Yeah, yeah, you know what's coming, don't you know what 371 00:19:44,440 --> 00:19:44,959 Speaker 1: is coming? 372 00:19:45,000 --> 00:19:45,960 Speaker 3: This is gonna be good. 373 00:19:46,200 --> 00:19:47,920 Speaker 1: We'll take a quick break and come back and find 374 00:19:47,920 --> 00:19:56,880 Speaker 1: a sleeper story. All right, we are looking for a 375 00:19:56,960 --> 00:19:59,600 Speaker 1: sleeper story of the week. Sleeper is, of course, a 376 00:19:59,680 --> 00:20:02,400 Speaker 1: story not getting the attention that we feel it deserves, 377 00:20:02,520 --> 00:20:04,560 Speaker 1: and maybe one that's flying under the radar. Are we bit, 378 00:20:05,359 --> 00:20:07,480 Speaker 1: I'm going to go first on this, if that's okay. 379 00:20:08,080 --> 00:20:11,800 Speaker 2: Cheat, Yeah, that's fine. Oh sorry, sorry, there's a little 380 00:20:11,840 --> 00:20:13,560 Speaker 2: story on this one too, Adam. But I'll just tell 381 00:20:13,600 --> 00:20:15,120 Speaker 2: you after Michael's spoken. 382 00:20:15,200 --> 00:20:18,080 Speaker 1: Oh you just like you know what this week I 383 00:20:18,240 --> 00:20:20,840 Speaker 1: just got. I just got in first. I picked the 384 00:20:20,840 --> 00:20:22,640 Speaker 1: best stories. I'm sorry, I'm not. 385 00:20:22,520 --> 00:20:24,840 Speaker 2: Gonna the best story the last category. You got the 386 00:20:24,840 --> 00:20:26,840 Speaker 2: best story because you're cheated. This one you tried to 387 00:20:26,840 --> 00:20:29,680 Speaker 2: get the best story because you're cheated. But unfortunately didn't win, 388 00:20:29,840 --> 00:20:30,160 Speaker 2: But go. 389 00:20:30,160 --> 00:20:38,960 Speaker 1: On, hmmm, Adam, Yes, this was your week this week. Okay, 390 00:20:40,080 --> 00:20:42,560 Speaker 1: if you were paying attention, Adam this week to a 391 00:20:42,720 --> 00:20:47,000 Speaker 1: very quiet little story bubbling away, which I'm sure you were, 392 00:20:47,040 --> 00:20:49,159 Speaker 1: because I suspect you've got Google alert set up for 393 00:20:49,160 --> 00:20:54,119 Speaker 1: when this is mentioned this week. Tax reform here in 394 00:20:54,160 --> 00:20:56,400 Speaker 1: this country. I don't know why I'm slapping my thigh 395 00:20:56,480 --> 00:20:58,200 Speaker 1: when I say that, Michael, are you Are. 396 00:20:58,080 --> 00:21:00,920 Speaker 3: You attempting to manufacture excite over reform? 397 00:21:01,320 --> 00:21:03,480 Speaker 1: No, it is genuine. It is coming from a very 398 00:21:03,560 --> 00:21:09,399 Speaker 1: genuine place. A diaphragm industry minister ed Husick this week 399 00:21:09,760 --> 00:21:13,760 Speaker 1: called for a lower corporate tax rate, Adam, either by 400 00:21:13,800 --> 00:21:17,359 Speaker 1: cutting it or by using other incentives like an investment allowance, 401 00:21:20,359 --> 00:21:22,960 Speaker 1: he said. He said, let's pay attention to what ed 402 00:21:23,080 --> 00:21:25,919 Speaker 1: Husick said here. He said, the businesses need to be 403 00:21:26,040 --> 00:21:29,040 Speaker 1: able to invest and free up capital, and a lower 404 00:21:29,080 --> 00:21:31,800 Speaker 1: tax rate, lower than the current thirty percent rate could 405 00:21:31,800 --> 00:21:35,720 Speaker 1: do that. This is big. This is really big because 406 00:21:35,800 --> 00:21:40,040 Speaker 1: labor has generally fought against lower taxes for companies, and yes, 407 00:21:40,119 --> 00:21:43,159 Speaker 1: Treasurer Jim Chalmers was sticking to that official line, saying 408 00:21:43,400 --> 00:21:45,920 Speaker 1: the government's already doing enough to encourage investments. 409 00:21:46,000 --> 00:21:48,800 Speaker 2: Hold on, did you say Jim Chalmers just whacked edick 410 00:21:48,840 --> 00:21:50,000 Speaker 2: saying no, We're not going to do it. 411 00:21:50,680 --> 00:21:55,280 Speaker 1: Just wait, Sean. He cited examples like the production tax 412 00:21:55,320 --> 00:21:58,600 Speaker 1: credits for critical minerals, refining and hydrogen production, which were 413 00:21:58,600 --> 00:22:04,840 Speaker 1: all in the May budget. But but, Adam, isn't it fascinating? God, 414 00:22:05,480 --> 00:22:09,640 Speaker 1: isn't it fascinating that here we have a senior government 415 00:22:09,720 --> 00:22:15,120 Speaker 1: minister because industry minister. Yes, not as senior as some obviously, 416 00:22:15,160 --> 00:22:18,080 Speaker 1: but still senior senior compared to a like a just 417 00:22:18,119 --> 00:22:23,280 Speaker 1: a backbencher, A senior government minister saying hey, maybe there's 418 00:22:23,280 --> 00:22:26,080 Speaker 1: a better way to do this. Maybe there's a way 419 00:22:26,320 --> 00:22:29,439 Speaker 1: that gives all companies a better shot at growing, a 420 00:22:29,440 --> 00:22:33,119 Speaker 1: better shot at flourishing, at thriving, at creating more jobs, 421 00:22:33,240 --> 00:22:36,399 Speaker 1: more prosperity for the nation. It feels to me, Adam, 422 00:22:36,960 --> 00:22:41,399 Speaker 1: like we might have seen a seed sown this week, 423 00:22:41,680 --> 00:22:44,720 Speaker 1: a tax reform seed, and with a little bit of water, 424 00:22:45,040 --> 00:22:48,400 Speaker 1: a bit of fertilizer, and with some time it may 425 00:22:48,560 --> 00:22:53,040 Speaker 1: still bloom. What a sleeper story? This truly is the 426 00:22:53,160 --> 00:22:55,040 Speaker 1: people's sleeper story. 427 00:22:55,200 --> 00:23:04,760 Speaker 2: Corporate tax reform is the people's sleeper story. Sure is, Buddy, ah, magnificent, magnificent. 428 00:23:04,800 --> 00:23:07,680 Speaker 2: My story is actually about something that happened. So this 429 00:23:07,960 --> 00:23:11,159 Speaker 2: extraordinary hype around electric vehicles over the last couple of 430 00:23:11,280 --> 00:23:13,840 Speaker 2: years would have made you think the entire world was 431 00:23:13,880 --> 00:23:19,080 Speaker 2: about to go electric. It's not. This week the old 432 00:23:19,119 --> 00:23:22,080 Speaker 2: guard of the automobile industry stood together. It said we're 433 00:23:22,119 --> 00:23:24,920 Speaker 2: not done yet. The bosses of Toyota, Mazda, and Subaru 434 00:23:25,000 --> 00:23:29,320 Speaker 2: pledged to continue investing in fuel based technology. Toyota unveiled 435 00:23:29,320 --> 00:23:32,000 Speaker 2: plans for a new generation of internal combustion engines, betting 436 00:23:32,000 --> 00:23:34,800 Speaker 2: on a continued need for the older technologies, particularly for 437 00:23:34,800 --> 00:23:37,879 Speaker 2: the presence of the engine alongside the battery in a 438 00:23:37,960 --> 00:23:41,719 Speaker 2: hybrid vehicle. The world is hybrid, it's not ev This 439 00:23:41,880 --> 00:23:45,680 Speaker 2: is a sleeper story because it's really the first time 440 00:23:45,720 --> 00:23:48,359 Speaker 2: that the vehicle makes have come out and said hold on, 441 00:23:48,800 --> 00:23:51,840 Speaker 2: we're not going electric yet. There wasn't a lot about it, 442 00:23:51,960 --> 00:23:56,200 Speaker 2: but the fact that these three companies stood there together, Toyota, Masa, Subaru, 443 00:23:56,240 --> 00:23:59,359 Speaker 2: the ceas of them and said, it's not all about EV's, 444 00:23:59,400 --> 00:24:01,920 Speaker 2: it's actually more about hybrids, and there's plenty of life 445 00:24:01,960 --> 00:24:06,040 Speaker 2: left in those internal combustion engines. In countries like Australia 446 00:24:06,080 --> 00:24:08,359 Speaker 2: where we just don't have the infrastructure yet to facilitate 447 00:24:08,359 --> 00:24:13,600 Speaker 2: a mass transition to evs. This is actually game changing, 448 00:24:14,359 --> 00:24:18,560 Speaker 2: it really is. I reckon in the next ten years 449 00:24:18,680 --> 00:24:22,679 Speaker 2: or so we will become a hybrid country, definitely not 450 00:24:23,320 --> 00:24:27,280 Speaker 2: an EV country. And that really shifted this week with 451 00:24:27,359 --> 00:24:31,400 Speaker 2: those three carmakers getting together and talking about it. Now 452 00:24:31,400 --> 00:24:36,479 Speaker 2: one's talking about that it is a true sleeper story. Adam. 453 00:24:37,119 --> 00:24:40,919 Speaker 3: Yeah, so look this one, Eda Hughes sick. I was 454 00:24:41,400 --> 00:24:45,360 Speaker 3: a bit surprised he said it, but really pleasantly surprised 455 00:24:46,119 --> 00:24:48,719 Speaker 3: because I hope there is a lot more in this conversation. 456 00:24:49,000 --> 00:24:51,159 Speaker 2: Yeah, I hope, I hope it is a. 457 00:24:51,160 --> 00:24:55,280 Speaker 3: Sleeper Uh No, those Sean has to win for the 458 00:24:55,320 --> 00:24:58,719 Speaker 3: sleeper story. In terms of economic impact. It more than 459 00:24:58,720 --> 00:25:02,879 Speaker 3: made up for Michael wat In melodrama. Wonderful, wonderful melodrama. 460 00:25:02,960 --> 00:25:05,600 Speaker 3: But the substance of this is so important. We're just 461 00:25:05,680 --> 00:25:09,159 Speaker 3: not prepared to switch straight to electric and it's a 462 00:25:09,160 --> 00:25:11,960 Speaker 3: long way off, but we need to build that. We 463 00:25:12,040 --> 00:25:13,960 Speaker 3: literally need to remember that interview, Sean, you did with 464 00:25:13,960 --> 00:25:16,760 Speaker 3: Trent Nikolick, because he was driving around Australia in the 465 00:25:16,840 --> 00:25:19,399 Speaker 3: EV and he sort of laid out a lot of 466 00:25:19,440 --> 00:25:23,720 Speaker 3: those infrastructural issues, and so it's just not a practical 467 00:25:23,760 --> 00:25:26,919 Speaker 3: alternative yet and we haven't yet built that pathway. So 468 00:25:27,000 --> 00:25:29,520 Speaker 3: I think this is absolutely the sleeper story of the 469 00:25:29,560 --> 00:25:29,960 Speaker 3: week for me. 470 00:25:31,080 --> 00:25:36,119 Speaker 1: So you hate tax reform, do you? Adam noted Adam 471 00:25:37,119 --> 00:25:41,000 Speaker 1: champion of the status quo, big fan of keeping things 472 00:25:41,320 --> 00:25:47,920 Speaker 1: as they are, all right, Sean favorite story, Oh, Michael, 473 00:25:48,040 --> 00:25:53,679 Speaker 1: don't stop me now, Oh this is sickening you disgust me. 474 00:25:54,680 --> 00:25:56,800 Speaker 2: Just do it and have a good time. 475 00:25:57,200 --> 00:25:57,720 Speaker 3: Ah. 476 00:25:57,760 --> 00:26:00,480 Speaker 2: My favorite story, as it turns that is the one 477 00:26:00,480 --> 00:26:02,919 Speaker 2: about Sony Music being the front runner to buy the 478 00:26:03,000 --> 00:26:08,199 Speaker 2: music catalog of British rock band Queen. Now, two of 479 00:26:08,240 --> 00:26:10,639 Speaker 2: the three of us here think Queen truly are some 480 00:26:10,720 --> 00:26:14,280 Speaker 2: of the most remarkable musicians. Definitely, but some of the 481 00:26:14,280 --> 00:26:17,080 Speaker 2: most remarkable music over the last forty or fifty years 482 00:26:17,080 --> 00:26:19,879 Speaker 2: have come from this band. Two of the three of 483 00:26:19,960 --> 00:26:25,520 Speaker 2: us Michael Adams one yes, and I'm the other. 484 00:26:27,200 --> 00:26:31,359 Speaker 1: Well, the third person just thinks they're a bunch of sellouts. 485 00:26:31,880 --> 00:26:33,600 Speaker 1: To be fair, if I was being offered one and 486 00:26:33,640 --> 00:26:36,160 Speaker 1: a half billion dollars for the recordings of Fear and Greed, 487 00:26:37,119 --> 00:26:38,240 Speaker 1: I would be willing to talk. 488 00:26:38,400 --> 00:26:41,919 Speaker 2: Yeah, now, get me to the table. Yeah, and I 489 00:26:41,920 --> 00:26:44,080 Speaker 2: don't think we'd have a time issue like BHP had. 490 00:26:44,800 --> 00:26:46,120 Speaker 1: Don't put up a shut up deal here. 491 00:26:46,200 --> 00:26:50,960 Speaker 2: Yeah, absolutely. Anyway, So it's the catalog's expected to fetch 492 00:26:51,000 --> 00:26:53,480 Speaker 2: one billion US about one and a half billion Aussie dollars. 493 00:26:53,720 --> 00:26:57,879 Speaker 2: Great example of another asset class that's come to the market. 494 00:26:58,080 --> 00:27:02,080 Speaker 2: We've seen it a bit. We've had Bris Bringsteen, Bob Dylan, 495 00:27:02,160 --> 00:27:06,520 Speaker 2: Neil Young more recently Kiss selling their catalogs. Queen is 496 00:27:06,560 --> 00:27:09,520 Speaker 2: one of the most commercially successful groups in music history, 497 00:27:09,520 --> 00:27:12,439 Speaker 2: having sold more than three hundred million records globally. It 498 00:27:12,560 --> 00:27:14,760 Speaker 2: is just a great story. But it's kind of broader 499 00:27:14,800 --> 00:27:17,960 Speaker 2: than just Queen being successful. It is about different asset 500 00:27:18,000 --> 00:27:20,840 Speaker 2: classes that are coming to the market because we have 501 00:27:21,200 --> 00:27:24,080 Speaker 2: we're all used to equities and bonds and property and 502 00:27:24,080 --> 00:27:28,360 Speaker 2: stuff like that. Over the post COVID, really there's been 503 00:27:28,560 --> 00:27:32,800 Speaker 2: this surge in private credit markets for example, litigation fundings 504 00:27:32,800 --> 00:27:36,800 Speaker 2: another one. This whole ownership of music is another one. 505 00:27:36,880 --> 00:27:39,440 Speaker 2: There are funds that you know, a bit hard to 506 00:27:39,480 --> 00:27:41,679 Speaker 2: stump up one and a half billion dollars for music 507 00:27:41,760 --> 00:27:43,679 Speaker 2: for Queen's catalog, but you can become part of a 508 00:27:43,720 --> 00:27:47,000 Speaker 2: fund that puts money towards these types of things, and 509 00:27:47,040 --> 00:27:50,200 Speaker 2: so great story because it's Queen, but even better story 510 00:27:50,240 --> 00:27:52,639 Speaker 2: because it just demonstrates the different asset classes that are 511 00:27:52,680 --> 00:27:55,040 Speaker 2: now available to investors. I think I just made that 512 00:27:55,080 --> 00:27:57,400 Speaker 2: story more boring than it should have been. I bught 513 00:27:57,400 --> 00:27:58,440 Speaker 2: of the asset classes stuff. 514 00:27:58,440 --> 00:28:01,240 Speaker 1: If you're not, you successfully the excitement from it. 515 00:28:01,720 --> 00:28:03,359 Speaker 3: Yeah, it spoke to me, Sean. 516 00:28:03,200 --> 00:28:08,919 Speaker 2: Excellent, that's all I care about. Okay, a Michael, but zero. 517 00:28:08,720 --> 00:28:13,119 Speaker 1: Points for melodrama there, I suspect, unfortunately, Sean, and considering 518 00:28:13,600 --> 00:28:16,399 Speaker 1: those points really matter. Look, I'm going to apologize in 519 00:28:16,480 --> 00:28:19,520 Speaker 1: advance for my story, not for the content, but for 520 00:28:19,560 --> 00:28:21,160 Speaker 1: the fact that I am likely to get a little 521 00:28:21,160 --> 00:28:24,640 Speaker 1: worked up around this one. It is possible that I'm 522 00:28:24,680 --> 00:28:28,800 Speaker 1: a little emotionally invested in this story because I'm going 523 00:28:28,880 --> 00:28:30,880 Speaker 1: to take us from a one point five billion dollar 524 00:28:30,920 --> 00:28:34,439 Speaker 1: deal to something a lot more humble, something that a 525 00:28:34,480 --> 00:28:37,280 Speaker 1: lot more of us can relate to. And Adam, it 526 00:28:37,320 --> 00:28:40,320 Speaker 1: starts with a question for you, Oh, okay, what did 527 00:28:40,360 --> 00:28:42,800 Speaker 1: you have this morning for breakfast? 528 00:28:43,120 --> 00:28:43,760 Speaker 3: A banana? 529 00:28:44,200 --> 00:28:49,200 Speaker 1: H indeed, anything else? Anything liquid? A short black coffee, 530 00:28:49,320 --> 00:28:50,440 Speaker 1: short black coffee. 531 00:28:50,800 --> 00:28:53,080 Speaker 3: Oh yeah, I also have my apple side of vinegar 532 00:28:53,160 --> 00:28:54,720 Speaker 3: in water. That's the first thing I have. 533 00:28:55,640 --> 00:28:57,880 Speaker 1: It's not very This has taking a turn for the worse, 534 00:28:58,040 --> 00:29:00,600 Speaker 1: an alarming insight into into Adam. 535 00:29:00,640 --> 00:29:02,520 Speaker 2: There. I've had a coffee in that sit sofa. 536 00:29:03,480 --> 00:29:07,040 Speaker 1: See, this is the problem. What I've been worrying about, 537 00:29:07,040 --> 00:29:09,840 Speaker 1: what I've been what I've been thinking about at two 538 00:29:09,880 --> 00:29:13,280 Speaker 1: o'clock in the morning when I wake up, has already happened. 539 00:29:13,480 --> 00:29:19,560 Speaker 1: Orange juice, tragically is already out of reach for the 540 00:29:19,600 --> 00:29:25,560 Speaker 1: common man. Orange juice futures. Just sit down, gentlemen, and 541 00:29:25,720 --> 00:29:26,440 Speaker 1: just enjoy this. 542 00:29:26,520 --> 00:29:30,200 Speaker 2: You're constanding sitting looking at you, waving your arms around 543 00:29:30,200 --> 00:29:30,880 Speaker 2: like an idiot. 544 00:29:31,720 --> 00:29:35,000 Speaker 1: This we are going on a ride here. Orange juice 545 00:29:35,240 --> 00:29:42,160 Speaker 1: futures have skyrockets. Oh, skyrockets. Oh they are double double 546 00:29:42,200 --> 00:29:45,240 Speaker 1: the price of a year ago. Just listen to this. 547 00:29:45,520 --> 00:29:46,920 Speaker 2: Brazil have no choice. 548 00:29:46,960 --> 00:29:50,040 Speaker 1: The legendary orange groves of Brazil, which were in fact 549 00:29:50,120 --> 00:29:52,800 Speaker 1: the origin of the rumored city of El Dorado in 550 00:29:52,840 --> 00:29:56,240 Speaker 1: South America, the city of Gold, they did not refer 551 00:29:56,280 --> 00:29:59,120 Speaker 1: to the precious metal. They referred to the oranges, the 552 00:29:59,280 --> 00:30:04,320 Speaker 1: oranges that grew there, that grew there in their millions. Well, 553 00:30:04,320 --> 00:30:08,320 Speaker 1: those orange groves have been under attack by weather, by disease, 554 00:30:08,400 --> 00:30:14,200 Speaker 1: and suddenly, suddenly, this delicious nectar, the juice of the 555 00:30:14,320 --> 00:30:18,640 Speaker 1: mighty navel or valencia, is in short supply. It is 556 00:30:18,840 --> 00:30:24,800 Speaker 1: so dire, so dire, that manufacturers are even considering replacing 557 00:30:24,920 --> 00:30:30,760 Speaker 1: oranges with mandarins, which are tasty but vastly, vastly inferior. 558 00:30:31,200 --> 00:30:35,000 Speaker 1: So I'm going to leave you with this, Well, i'll 559 00:30:35,080 --> 00:30:37,840 Speaker 1: leave you soon. I'm not going just yet. Remember in 560 00:30:37,920 --> 00:30:42,640 Speaker 1: the nineties, cast your mind back to those timeless Kellogg's 561 00:30:42,640 --> 00:30:46,440 Speaker 1: commercials featuring Australia's other Men of the People, Andrew Gaze. 562 00:30:50,800 --> 00:30:54,440 Speaker 1: He was with a bunch of kids telling them that 563 00:30:54,480 --> 00:30:56,960 Speaker 1: if they didn't start their day with a complete breakfast, 564 00:30:57,200 --> 00:31:00,360 Speaker 1: it's like playing basketball with a deflated ball and a 565 00:31:00,400 --> 00:31:03,640 Speaker 1: complete breakfast. As he spelled out in this commercial, A 566 00:31:03,800 --> 00:31:08,640 Speaker 1: very famous commercial was Cereal Milk Toast Fruit and Juice. 567 00:31:08,880 --> 00:31:11,400 Speaker 1: You remember that line stays with you for life. Cereal 568 00:31:11,480 --> 00:31:15,240 Speaker 1: Milk toast fruit and juice. And that juice that Andrew 569 00:31:15,360 --> 00:31:18,760 Speaker 1: Gaze was talking about, it wasn't apple juice, it wasn't 570 00:31:18,840 --> 00:31:23,960 Speaker 1: pears or kumquots or tomatoes. Certainly wasn't mandarin. It was 571 00:31:24,200 --> 00:31:29,040 Speaker 1: orange juice. Affordable quality orange juice is the right of 572 00:31:29,240 --> 00:31:32,920 Speaker 1: every single Australian and this week that dream, the great 573 00:31:32,960 --> 00:31:38,520 Speaker 1: Australian dream, has been shattered. This is my favorite story. 574 00:31:41,240 --> 00:31:41,720 Speaker 3: Brilliant. 575 00:31:42,760 --> 00:31:46,760 Speaker 2: Seriously, the melodrama today has been next level. 576 00:31:47,000 --> 00:31:50,080 Speaker 1: Yeah, goodness me sorry, I just need a moment. 577 00:31:50,200 --> 00:31:50,760 Speaker 2: You're sweating. 578 00:31:51,800 --> 00:31:53,240 Speaker 1: I actually to take a. 579 00:31:55,160 --> 00:31:59,360 Speaker 2: God which is actually quite a long way into the 580 00:31:59,400 --> 00:32:00,320 Speaker 2: show before you've done it. 581 00:32:00,320 --> 00:32:04,720 Speaker 1: This week managed to hold off Adam over to you. 582 00:32:06,000 --> 00:32:13,160 Speaker 3: Okay, Look that melodrama was I think your finest Michael. 583 00:32:12,880 --> 00:32:14,600 Speaker 2: Yeah, I think that might be right. 584 00:32:14,760 --> 00:32:16,760 Speaker 3: You know, I know we've got a very strong bank 585 00:32:16,840 --> 00:32:22,440 Speaker 3: of performances over the for consider when it comes to melodrama, 586 00:32:22,480 --> 00:32:25,760 Speaker 3: But that I think is a new level. Well played. 587 00:32:25,840 --> 00:32:26,520 Speaker 1: Oh thank you. 588 00:32:27,640 --> 00:32:34,800 Speaker 3: Look for several reasons, Sean wins. And it's not just 589 00:32:34,920 --> 00:32:38,680 Speaker 3: personal my subjective bias toward music. I think the fact 590 00:32:38,720 --> 00:32:42,480 Speaker 3: that Queen Haven't, I mean Freddie Mercury died over thirty 591 00:32:42,520 --> 00:32:47,920 Speaker 3: years ago, and that yet the value of their musical genius, 592 00:32:48,080 --> 00:32:51,280 Speaker 3: you know, I'm obviously a fan, is still so high 593 00:32:51,520 --> 00:32:54,440 Speaker 3: I think is just wonderful. So that's my favorite story 594 00:32:54,480 --> 00:32:54,880 Speaker 3: for the week. 595 00:32:55,840 --> 00:32:59,320 Speaker 1: Well done, sewn, I really stood no hope of convincing 596 00:32:59,360 --> 00:33:02,720 Speaker 1: someone who who drinks apple side of vinegar as their 597 00:33:02,760 --> 00:33:05,480 Speaker 1: breakfast drink of breakfast drink of choice. 598 00:33:05,800 --> 00:33:08,360 Speaker 2: It's one of those things. You really should have worked 599 00:33:08,360 --> 00:33:10,240 Speaker 2: that out before you went ahead with that story. 600 00:33:10,760 --> 00:33:12,560 Speaker 1: Yeah, yeah, there's a red flag as soon as I 601 00:33:12,600 --> 00:33:15,840 Speaker 1: asked him out for breakfast mixed in with a bit 602 00:33:15,880 --> 00:33:17,280 Speaker 1: of hot water. Lord. 603 00:33:17,800 --> 00:33:20,960 Speaker 2: However, obviously one three one, But I would like just 604 00:33:21,040 --> 00:33:26,240 Speaker 2: an asterix on today's result is like a special commendation 605 00:33:27,640 --> 00:33:32,239 Speaker 2: for melodrama from Michael. Because the Donald Trump's story, the 606 00:33:32,400 --> 00:33:37,400 Speaker 2: Orange juice story, it was really even the tax reform 607 00:33:37,440 --> 00:33:42,520 Speaker 2: story where absolutely nothing happened, he still told it so well, Yeah, 608 00:33:42,680 --> 00:33:44,680 Speaker 2: can we have a special commendation for Michael. I mean, 609 00:33:44,920 --> 00:33:47,080 Speaker 2: I know it sounds condescending, don't get me wrong. 610 00:33:46,960 --> 00:33:50,400 Speaker 1: But you know what, I'm happy with condescending that like 611 00:33:50,440 --> 00:33:52,880 Speaker 1: that is. I'm quite hon it. I'm touched. 612 00:33:53,200 --> 00:33:56,920 Speaker 3: Maybe we should have like a cape theatrical cape and 613 00:33:57,120 --> 00:34:00,720 Speaker 3: pain you can win the fear and greed Cain. 614 00:34:01,080 --> 00:34:03,040 Speaker 1: Yeah, the Man of the People Award. 615 00:34:03,080 --> 00:34:05,440 Speaker 3: And maybe a top hat or. 616 00:34:06,400 --> 00:34:09,160 Speaker 1: To bring us back to where we started. Instead of 617 00:34:09,160 --> 00:34:11,960 Speaker 1: a top hat, a little hat with press stuck in 618 00:34:12,000 --> 00:34:14,640 Speaker 1: the side like Sean used to wear in his early 619 00:34:14,719 --> 00:34:16,040 Speaker 1: days as a reporter. I love it. 620 00:34:16,239 --> 00:34:17,719 Speaker 2: That's right, all right. 621 00:34:17,800 --> 00:34:19,000 Speaker 1: So what was it? So it was three to one? 622 00:34:19,040 --> 00:34:20,880 Speaker 1: What was the points score? 623 00:34:21,360 --> 00:34:25,400 Speaker 3: The point score ninety two Sean eighty nine. Michael. 624 00:34:25,800 --> 00:34:27,200 Speaker 1: That's probably closer than I deserve. 625 00:34:27,320 --> 00:34:30,960 Speaker 2: That is, in the words of Donald Trump, a landslide. 626 00:34:31,200 --> 00:34:34,000 Speaker 2: Well done, all right, thank you very much, Sewan, Thanks Michael, 627 00:34:34,239 --> 00:34:35,359 Speaker 2: and thank you Adam. 628 00:34:35,280 --> 00:34:36,080 Speaker 3: Thank you Michael. 629 00:34:36,360 --> 00:34:38,680 Speaker 1: Make sure you're following the podcast and join us online 630 00:34:38,719 --> 00:34:42,960 Speaker 1: on LinkedIn, Instagram, x Facebook and TikTok oh Michael Thompson. 631 00:34:43,000 --> 00:34:45,200 Speaker 1: And that was fear and greed. Have a great weekend.