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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the thirtieth September twenty twenty four. I'm Sean Elmer.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Astratum one, the s

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Speaker 1: and PA six two hundred hit a new record today

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Speaker 1: of eight thousand, two one hundred and eighty five point

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Speaker 1: two points, finishing the day point seven percent higher at

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Speaker 1: eighty two hundred and seventy points. For the September quarter

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Speaker 1: of the index is up six and a half percent.

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Speaker 1: That's a pretty good three months. Materials and energy stocks

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Speaker 1: led the way today as the price of iron ore

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Speaker 1: continues to rise and oil also bounced. BHere P was

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Speaker 1: up two and a half percent. Forest QW Metals Group

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Speaker 1: jumped three percent, and Rio Tinto finished up two percent.

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Speaker 1: Woodside and Santos both rose three percent. The big banks

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Speaker 1: were mixed, while Telstra was the worst for the large caps,

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Speaker 1: finishing down one percent. Caxino Group Star Entertainment was the

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Speaker 1: best performer. It rose nineteen percent after its forty three

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Speaker 1: percent drop on Friday. And there might be in austrial

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Speaker 1: action at Quantas by the Engineers, but that hasn't hurt

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Speaker 1: the national carrier share price. It's trading newer record level.

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Speaker 1: In corporate new years, Linetown Resources jumped after completing its

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Speaker 1: first shipment of spot amine concentrate to China and starting

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Speaker 1: spot sales from its Kathleen Valley project in Western Australia.

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Speaker 1: New Zealand. Cinlat Milk also rose despite posting a massive

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Speaker 1: net loss for fiscal twenty twenty four, and dental group

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Speaker 1: Pacific Smiles slipped slightly after its board rejected to take

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Speaker 1: over bid from Genesis Sorry Number two. The federal government's

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Speaker 1: coffers are looking better after a cut in spending helped

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Speaker 1: boost last financial years surplus, though another one this financial

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Speaker 1: year is very unlikely. Federal Treasurer Jim Chalmers today said

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Speaker 1: the final budget position for the twenty twenty three to

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Speaker 1: twenty four financial year was a surplus of six billion

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Speaker 1: dollars that came from reduce spending rather than higher taxing.

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Speaker 1: This financial year's death said its forecast to come in

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Speaker 1: at twenty eight billion dollars, down from the initial estimate

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Speaker 1: of forty seven billion dollars. Dr Chalmers said the one

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Speaker 1: hundred and seventy two billion dollar turnaround in two years

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Speaker 1: was the biggest nominal improvement in the budget in a

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Speaker 1: parliamentary term. Ever, he said debt had been reduced by

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Speaker 1: about one hundred and fifty billion dollars, which means something

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Speaker 1: like eighty billion dollars less in interest payments on that debt.

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Speaker 1: Personal income tax topped three hundred and thirty one billion

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Speaker 1: dollars last financial year, though fifty two percent of the

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Speaker 1: federal government's total tax take due to strong employment growth

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Speaker 1: and bracket creep. That's a record level of contribution from

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Speaker 1: personal income tax to total revenue. Strainga MASTERI. Prime Minister

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Speaker 1: Anthony Albernizi has warned that Australians do not want radical

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Speaker 1: ideologies in the country. He said the government continues to

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Speaker 1: call for a de escalation of the conflict in the

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Speaker 1: Middle East. He was speaking ahead of a Cabinet meeting

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Speaker 1: and following pro Palestine protests over the weekend in both

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Speaker 1: Sydney and Melbourne. The protests were allegedly gate crashed by

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Speaker 1: pro HESBLA protesters waving flags of the terrorist organization. Mistraibanzi

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Speaker 1: said what happened was worrying and Australia does not want

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Speaker 1: people to bring radical ideologies and conflict here. Foreign Affairs

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Speaker 1: Minister Penny One condemned any support for terrorist organizations such

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Speaker 1: as Hesbla. She said it threatens national security and fuels

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Speaker 1: fear and division in communities. Opposition leader Peter Dutton called

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Speaker 1: for the hes Blah flag waivers to be arrested immediately

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Speaker 1: straight before. Productivity levels have fallen, with labor productivity returning

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Speaker 1: to the week trend in the years before the COVID

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Speaker 1: nineteen pandemic, I mean a surge of workers entering the

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Speaker 1: care economy. Labor productivity fell by zero point eight percent

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Speaker 1: across the June quarter, according to the latest quarterly report

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Speaker 1: from the Productivity Commission. In the year to June twenty

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Speaker 1: twenty four, productivity rose by a modest zero point five percent.

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Speaker 1: According to the quarterly Productivity Bulletin, Deputy chair Professor Alex

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Speaker 1: Robson said it marks a return to weak productivity growth.

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Speaker 1: That's bad news because productivity is the way of alleviating inflation,

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Speaker 1: he said, to show his productivity deadlock has persisted through

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Speaker 1: too very different economic environments, one pre COVID one post COVID.

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Speaker 1: It suggests policymakers need to pay closer attention to the

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Speaker 1: deepest structural issues at play and story number five. Israel

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Speaker 1: has launched a wave of air strikes against Houti rebels

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Speaker 1: in Yemen, dramatically widening its offensive against Iranian backed militants.

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Speaker 1: It came two days after assassinating Hesbala leader has An

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Speaker 1: Israela in Lebanon. The Israeli Defense Forces said the attack

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Speaker 1: against the Huties involved dozens of warplanes and targeted power plants, ports,

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Speaker 1: and other infrastructure. Israel also launched dozens of fresh strikes

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Speaker 1: in Lebanon and vowed to keep up its offensive against Hesbla.

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Speaker 1: According to The Financial Times, over the past two weeks,

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Speaker 1: Israel's offensive has killed more than one thousand people across Lebanon.

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Speaker 1: That's according to the Lebanese Health Ministry. The Hurties have

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Speaker 1: launched missiles and drones at israel merchant shipping and US

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Speaker 1: naval vessels in the Red Sea ever since October seventh.

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Speaker 1: That's the day the attack by Palestinian militant group Hamas,

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Speaker 1: a fellow member of the Iran lead Axis of Resistance.

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Speaker 1: That's it for the afternoon report for Monday, the thirtieth

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Speaker 1: September twenty twenty four Adam Lang and I will be

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Speaker 1: back tomorrow morning with the Tuesday edition off Your and

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Speaker 1: Greed business news. I'm Sean Elmer. Enjoy you read me