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Speaker 1: Today on Fear and Greed, the federal leaders face off

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Speaker 1: as the election temperature heats up. The Fair Work Commission

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Speaker 1: awards pay rises of up to thirty percent for hundreds

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Speaker 1: of thousands of early childhood workers and health professionals and quants,

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Speaker 1: pushes further into banking, plus boom times for insurers, and

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Speaker 1: n Video's share price tumbles as the global trade war

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Speaker 1: hits the world's biggest chip maker. Welcome to Fear and Greed,

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Thursday, the seventeenth of April twenty twenty five.

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

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Speaker 2: Good morning, Michael John.

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Speaker 1: I want to talk to you about the debate last night.

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Speaker 1: But first quick mention of the newsletter. A of course,

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Speaker 1: the Fear and Greed daily newsletter out every weekday morning.

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Speaker 1: If you haven't signed up already, headlo to Fearangreed dot

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Speaker 1: com dot au. Pop your email address in. I'll put

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Speaker 1: a link in today's show note as well. It just

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Speaker 1: means that by six o'clock every morning you will have

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Speaker 1: in your inbox basically a cheat sheet to help you

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Speaker 1: get to your desk ready for the day and exactly right,

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Speaker 1: A few minutes to read anyway, That is enough about that,

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Speaker 1: Just go and do it. The main story this morning, Sean.

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Speaker 1: The two federal leaders, Anthony Alberanesi and Peter Dutton faced

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Speaker 1: off in the second debate last night. It was a

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Speaker 1: better performance by the opposition leader, though perhaps not enough

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Speaker 1: to make up substantial ground on the Prime minister's lead

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Speaker 1: in the polls. I reckon it was a better debate overall,

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Speaker 1: covering issues from social welfare and health, childcare, defense, climate change, energy,

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Speaker 1: a range of other issues, including indigenous affairs. While Anthony

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Speaker 1: Albanesi told listeners that the country is turning the corner,

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Speaker 1: Peter Dutton simply asked them if they felt better off

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Speaker 1: than they did three years ago. Peter Dutton nominated energy

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Speaker 1: as his big reform if elected. Anthony Albanese said he'd

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Speaker 1: like to be remembered for affordable childcare. Obviously he's in

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Speaker 1: the midst of that policy at the moment. There was

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Speaker 1: plenty of discussion on housing, power bills and how funding

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Speaker 1: to both are going to go. Some really interesting moments

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Speaker 1: when asked whether they trusted US President Donald Trump and

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Speaker 1: Chinese leader Shijinping Anthony Alberesi said yes, Peter Dutton wouldn't

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Speaker 1: really answer. He came and said, look, I don't know

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Speaker 1: either of them. I've never met Donald Trump. He has

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Speaker 1: the premiere of China, but not the leader Shijing Ping.

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Speaker 1: And he just looked a little bit soft on that

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Speaker 1: because he didn't actually confirm that he trusted them. Often

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Speaker 1: fund in these debates, in areas where he's comfortable, Peter

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Speaker 1: Dutton comes across better than Anthony Alberese's their defense. He

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Speaker 1: comes across really well sometimes the economy. In areas where

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Speaker 1: he is less comfortable, social policies, climate change, Anthony Alberesi

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Speaker 1: has it all over Peter Dutton. Peter Dutton equivocated on

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Speaker 1: climate change last night, which was kind of interesting. He

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Speaker 1: considered the impact in the form of natural disasters and

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Speaker 1: extreme weather, but stopped short of saying whether climate change

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Speaker 1: is making things worse, basically saying it's up to the scientists. Certainly,

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Speaker 1: it was a more spirited debate, in part due to

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Speaker 1: the spirited questioning from the ABC's David Spears. David had

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Speaker 1: no didn't hold back. He was quite happy to call

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Speaker 1: their leaders to account. If you look at social media

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Speaker 1: over the past twelve hours. Not everyone appreciated the faith

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Speaker 1: that David Spears jumped in quite as much as he did,

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Speaker 1: but I would say it was a much better done,

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Speaker 1: a much better account for himself. Anthony Alberanisi pretty good

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Speaker 1: again when it came to policy detail. The Alberanzi government,

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Speaker 1: which has been in power for three years, better grasped

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Speaker 1: from the Prime Minister that probably than Anthony Alberan than

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Speaker 1: Peter Dunton.

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Speaker 2: But all in all a pretty even affair. What do

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Speaker 2: you reckon, Michael?

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Speaker 1: I missed the worm, you know, and because I was

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Speaker 1: sitting there watching the debate and just thinking, I'd love

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Speaker 1: to know how this is playing with a the broader

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Speaker 1: kind of electric you love to know that, but just

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Speaker 1: even a representative sample in an audience, and just watching

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Speaker 1: the worm, because there were moments when both leaders did really,

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Speaker 1: really well, and then there were moments where they both

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Speaker 1: fluffed it. For instance, the Prime Minister talking about the

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Speaker 1: modeling on negative gearing and denying the fact that it

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Speaker 1: had been done. And Peter Dutton definitely owned that one

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Speaker 1: and managed to kind of nail him a bit on there.

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Speaker 1: And you can imagine that the worm would have taken

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Speaker 1: a dive on that.

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Speaker 2: He contradicted Jim Chalmers on that or what Jim Chalmers

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Speaker 2: been saying. He didn't look good. I mean in defense

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Speaker 2: and economy. I reckon it was a points win to

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Speaker 2: done the worm would have turned whichever that means, whereas

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Speaker 2: in some of the other areas I think it was

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Speaker 2: a points win to the Prime minister.

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Speaker 1: Yeah, no, it was just but it was an interesting debate,

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Speaker 1: a really interesting debate. What else happened on the campaign

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Speaker 1: trail yesterday ahead of the debate, Well, the scuffle.

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Speaker 2: Over who knew what about media reports that Russia wanted

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Speaker 2: to base fighter jets in Indonesia thirteen hundred kometers from

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Speaker 2: Darwin got a bit of a run. Darn't slam the

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Speaker 2: government for having no clue about the proposal, which Indonesia

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Speaker 2: actually says isn't going to happen. Albanezi criticized Dutt't for

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Speaker 2: overreaching and for being reckless on the issue. Last night

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Speaker 2: in the debate, Peter Dutton admitted that he wrongly stated

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Speaker 2: that the Indonesian president had confirmed Russia had sought access

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Speaker 2: to a military base in Papular. He said that information

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Speaker 2: actually came from government sources, not the president himself. Late

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Speaker 2: last night, the ABC was reporting that Russia has confirmed

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Speaker 2: it his working with Indonesia, but the spakesperson, the Russian

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Speaker 2: spakesperson didn't actually agree that they had made that request

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Speaker 2: of Indonesia all.

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Speaker 1: Right away from the election campaign. Sewan, the Fair Work

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Speaker 1: Commission has a ordered pay rises of up to thirty

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Speaker 1: percent to hundreds of thousands of early childhood workers and

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Speaker 1: health professionals in landmark decisions to try to fix gender

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Speaker 1: imbalances in key industries dominated by women.

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Speaker 2: The rulings, handed down yesterday, covering five priority awards, are

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Speaker 2: a response to the Albanesi government's new equity objective it

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Speaker 2: introduced into the Fair Workdacked in twenty twenty two, and

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Speaker 2: requires commission to consider gender in all its pay decisions.

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Speaker 2: The decisions are likely to be followed by other gender

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Speaker 2: undervaluation reviews, with unions flagging cases for clothing retail workers,

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Speaker 2: flight cabin crew, hairdressers and receptionists. According to the AFR,

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Speaker 2: the commissions already considering pay claims of up to thirty

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Speaker 2: five percent for two hundred and fifty thousand nurses in

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Speaker 2: private hospitals now. The Albanezy government's already committed about twenty

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Speaker 2: one billion dollars to fund gender pay increases of up

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Speaker 2: to twenty eight percent for aged care workers and initial

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Speaker 2: fifteen percent increase for early childhood educators. Now it's yet

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Speaker 2: to state its position on increases beyond fifteen percent for

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Speaker 2: the childcare sector, which received the most significant pay rises

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Speaker 2: in yesterday's rulings.

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Speaker 1: Now, Sewan, immediately after the show, we have an interview

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Speaker 1: coming up today and we've partnered with the team at

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Speaker 1: Future Generation for this one. It is a conversation with

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Speaker 1: the former boss of the Business Council of Australia, Jennifer Westercott.

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Speaker 2: Yes, it's a great chat with Jennifer. It's part of

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Speaker 2: a longer conversation. It focus focuses on what's going on

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Speaker 2: in the US, the local federal election and what that

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Speaker 2: means for business and what business needs from government. Really.

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Speaker 1: Yeah, it is a really good conversation and Jennifer is

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Speaker 1: a terrific person to listen to. So that one's coming

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Speaker 1: up after the show. Stick around though, Sean. We've got

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Speaker 1: home and you're not going to go anywhere, but we've

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Speaker 1: got plenty still to cover. We'll be back in a

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Speaker 1: moment with the rest of the day's business news Sean

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Speaker 1: Wistech global founder and former CEO Richard White, is it's

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Speaker 1: now chief innovation officer as well as executive chairman, and

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Speaker 1: he will continue to be paid one million dollars a year.

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Speaker 2: He's a billionaire, so the wage probably doesn't mean that

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Speaker 2: much to him. The search for a new CEO as

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Speaker 2: the for the tech group continues, though some of the

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Speaker 2: jobs White'll assume look can sound a little bit like

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Speaker 2: the job of chief executive. Yesterday, Weistech said it had

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Speaker 2: entered into a new employment contract with White, who owns

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Speaker 2: about thirty percent of the company now. He resigned as

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Speaker 2: CEO and directed late last year following a series of

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Speaker 2: allegations against him, including that he exchanged business advice for sex.

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Speaker 2: He moved into a one million dollar a year consulting role,

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Speaker 2: though we didn't ever get the exact terms of that,

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Speaker 2: and it ultimately led to the resignation of four directors,

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Speaker 2: including the chair. This paved the way for White's comeback,

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Speaker 2: who announced himself as executive chair and now chief Innovation

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Speaker 2: Officer as part of a ten year deal. The Australian

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Speaker 2: Shareholders Association blasted the move, saying wis Tech isn't operating

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Speaker 2: as it would expect from an ASX listed company.

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Speaker 1: Saying in the world of corporate governance sewn. The share

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Speaker 1: price of Mineral Resources fell nine percent yesterday after two

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Speaker 1: independent board members resigned from the company.

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Speaker 2: Susie Corlette and Jacqueline McGill have been overseeing attempts to

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Speaker 2: improve the minus corporate governance and investigate the conduct of

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Speaker 2: its billionaire founder, Chris Ellison. Ellison is due to quit

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Speaker 2: MinRes next year after acknowledging his participation in an offshore

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Speaker 2: tax scheme that enriched him and others at the expense

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Speaker 2: of the iron ore o lithium producer he founded in

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Speaker 2: nineteen ninety two. McGill and Corlette sat on min Rez's

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Speaker 2: Ethics and Government Governance Committee, and their abrupt departures have

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Speaker 2: triggered questions over the minor sincerity about whether it's really

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Speaker 2: trying to improve its corporate governance. Their exit comes as

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Speaker 2: the company grapples with growing debt, a slumping share price,

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Speaker 2: and the fallout from revelations about Ellison's conduct.

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Speaker 1: Bank of Queensland share price jumped more than five percent

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Speaker 1: yesterday SEAWAN after it posted an unexpected increase in cash earnings,

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Speaker 1: though it did warn this is interesting that bad loans

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Speaker 1: are expected to rise.

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Speaker 2: That's right, Michael. Cash earnings for the six months to

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Speaker 2: the end of February were up six percent, with some

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Speaker 2: rare good news for the bank, which has been battling

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Speaker 2: technology issues and working through plans to consolidate its branch operations,

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Speaker 2: including closures and taking over some franchised outlets. Chief Executive

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Speaker 2: Patrick Alloway said the banks making considerable full progress transforming

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Speaker 2: to a simpler specialist organization. Its net interest margin broadly,

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Speaker 2: its profit margin was steady strong in the commercial lending,

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Speaker 2: not so strong in mortgages.

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Speaker 1: Sean. Looking at local markets, have we now had two

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Speaker 1: dull days in a row.

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Speaker 2: Never a dull day, Michael, Never a dull day, but

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Speaker 2: compared to last week it was dull. In fact, the

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Speaker 2: market was flat, finished down three points, which is almost nothing,

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Speaker 2: seven hundred and fifty nine points by the clothes. Basically,

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Speaker 2: the big miners and energy companies didn't do so well.

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Speaker 2: The banks were decent. Westpac was up one and a

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Speaker 2: half percent. But broadly, Michael, I would say, yeah, it

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Speaker 2: was a fairly quiet day. One just worthy of mention

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Speaker 2: and worthy of mentioned Star Entertainment traded again after a

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Speaker 2: sixteen day hiatus. Well, it closed slightly high, but it's

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Speaker 2: only worth about eleven or twelve cents a year now.

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Speaker 1: I tell you who's not having a dull time at

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Speaker 1: the moment. Sean Australia's general insurers, it is boom time

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Speaker 1: for the insurers, last year, posting a record six point

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Speaker 1: one billion dollars in profit, more than triple the five

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Speaker 1: year average.

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Speaker 2: That's thanks to aver nine year for natural disasters alongside

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Speaker 2: rising premiums. According to KPMG's annual review of the sector,

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Speaker 2: it was the first time since twenty nineteen insurers posted

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Speaker 2: underwriting profits on home insurance. And what we mean is

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Speaker 2: actually making money from the insurance part of the business

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Speaker 2: as opposed to the investment part of the business that

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Speaker 2: was helped by a steep drop in weather related claims.

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Speaker 2: Home insurance premiums last year climbed twenty percent average twelve

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Speaker 2: hundred and seventy seven dollars a year. Car insurance rowse

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Speaker 2: eleven percent to nine thousand I hope not to nine

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Speaker 2: hundred and forty six dollars. Over the past twelve months,

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Speaker 2: both QB and IAG share prices are up around twenty

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Speaker 2: five percent. That reflects the good financial times for insurers.

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Speaker 1: Geez, what kind of car are you ensuring?

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Speaker 2: Sure, that's an expensive car, just your rolls Royce.

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Speaker 1: There Quantas, Frequent Flyer and Countess Business Rewards members will

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Speaker 1: be able to earn points on their transaction account balances.

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Speaker 1: Under a new partnership with amp Bank.

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Speaker 2: Imp Bank will offer one Quantus point for every ten

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Speaker 2: dollars held in its Everyday Account or Everyday Business account

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Speaker 2: up to a balance of five million dollars now. The

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Speaker 2: deal is designed to attract both personal and small business customers.

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Speaker 2: What I think is interesting and we're not promoting this

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Speaker 2: by any stretch. Through your own research work out what's

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Speaker 2: best for you, but it does demonstrate quantuses ongoing push

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Speaker 2: beyond flying into financial services now. It's already got credit

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Speaker 2: card partnerships with organizations now pushing into partnerships around deposits.

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Speaker 2: Imp Bank Group Chief Executive Shawn Amali said research shows

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Speaker 2: that customers want no fees, security and loyalty programs. Connas

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Speaker 2: tye up addresses the latter.

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Speaker 1: I love the fact that this is targeting personal customers.

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Speaker 1: I would love to have a transaction account in my

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Speaker 1: personal bank with five million dollars out.

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Speaker 2: Yes, yes, yes, very true. Not bad at all.

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Speaker 1: International news now showing there are a couple of significant

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Speaker 1: tariff related stories over the past twenty four hours. Chip

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Speaker 1: maker and Vidia's share price tumbled more than six percent

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Speaker 1: yesterday morning after I announced a five point five billion

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Speaker 1: US dollar charge, saying it now requires a license to

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Speaker 1: export its eight twenty processes to China and other countries.

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Speaker 2: Yes, so these licenses are a requirement of the US government,

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Speaker 2: not the Chinese government. And H twenty processes aren't particularly

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Speaker 2: powerful and they're a big seller of Nvidia, but now

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Speaker 2: they have to have this license now. Obviously this comes

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Speaker 2: as Washington and China remain embroiled in a trade war,

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Speaker 2: and another interesting flow and effect from that war yesterday,

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Speaker 2: Hong Kong's postal service will stop shipping goods bound for

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Speaker 2: the United States in response to what it calls bullying

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Speaker 2: tariff hikes by US President Donald Trump. Really interesting to

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Speaker 2: see how these trade war is actually hitting individual organizations. Yeah.

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Speaker 1: Indeed, now Big four accounting and auditing firm PwC has

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Speaker 1: ceased operations more than a dozen countries that its global

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Speaker 1: bosses have deemed either too small, too risky, or unprofitable,

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Speaker 1: as it seeks to avoid a repeat of scandals that

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Speaker 1: really have plagued the group.

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Speaker 2: PwC seven ties with its ten member firms in Francophone

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Speaker 2: Africa at the beginning of this month after mounting differences

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Speaker 2: with local partners. According to the FT, local leaders said

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Speaker 2: they'd lost more than a third of their busines in

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Speaker 2: recent years. As they were pressed by PWC's global executives

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Speaker 2: to stop serving risky clients. They began negotiating an exit.

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Speaker 2: Now the separation is finalized in the last couple of months. Zimbabwe, Malawi, Fiji.

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Speaker 2: It's another country where PwC won't be operating. Rival KPMG

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Speaker 2: has already told smaller member firms they must merge in Australia.

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Speaker 2: Of course, PwC was embroiled in a scandal in recent

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Speaker 2: years after a former partner misused confidential government information to

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Speaker 2: help other clients avoid tax. At least that's the allegation.

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Speaker 2: The group's also faced crises in China, in the Middle

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Speaker 2: East and in parts of Europe. Okay.

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Speaker 1: Up next is the Fear and Go Daily interview with

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Speaker 1: Jennifer Westercott, former chief executive of the Business Council of

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Speaker 1: Australia and just coming up in the Fear and Greed

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

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Speaker 1: dot au, which is of course where you sign up

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Speaker 1: for the free daily newsletter, which plenty of people have done,

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Speaker 1: and keep an eye on the playlist as well. At

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Speaker 1: midday today, a new episode, a bonus episode of Ask

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Speaker 1: Fear and Greed. Great question today, Sean, particularly for someone

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Speaker 1: who is planning overseas travel later this year.

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Speaker 2: Right, yes, it's all about the dollar. Right, it is

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Speaker 2: all about the doe totally.

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Speaker 1: Yeah, God, it's self interest here. It's now taking over

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Speaker 1: an entire bonus episode. Thanks very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Thursday, the seventeenth of April twenty twenty five. Make

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

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

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Speaker 1: and that was Fear and Greed. Have a great day.