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Speaker 1: It's Monday, the eleventh of November twenty twenty four. Welcome

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Speaker 1: to the Fast Five by Fear and Greed, where we

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Speaker 1: give you the top five business stories that you need

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Speaker 1: to know in just five minutes. I'm Adam Lang and

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Speaker 1: good morning, Sean Ailmer.

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Speaker 2: Good morning, Adam.

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Speaker 1: Sean's story number one and the main story this morning.

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Speaker 1: Australia is increasingly being left behind on interest rates, with

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Speaker 1: a dozen central banks reducing benchmark rates in the past

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Speaker 1: two months, while the Reserve Bank of Australia continues to

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Speaker 1: hold the official cash rate at a twelve year high.

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Speaker 2: In the past week, central banks in the USA, United

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Speaker 2: Kingdom and Sweden have cut rates. There's also been reductions

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Speaker 2: in rates in China. Outside those areas, the Eurozone, Canada, Switzerland, Indonesia,

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Speaker 2: South Korea, Saudi Arabia, South Africa, Mexico, New Zealand and

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Speaker 2: Argentina have all cut rates. Of the big ten economies

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Speaker 2: tracked by Reuter's, only two are on hold, Norway and Australia.

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Speaker 2: One is hiking Japan, though it has ultra low interest

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Speaker 2: rates as in zero and it's now got zero point

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Speaker 2: two five percent. Most central banks around the world are

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Speaker 2: increasingly confident that they have gotten inflation under control, albeit

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Speaker 2: they do remain cautious. Last week, the Bank of England

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Speaker 2: was a bit typical of the commentary of many of

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Speaker 2: these banks, cut rates for the second time, but it

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Speaker 2: did say it's worried that government spending could mean inflation

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Speaker 2: will take time to fall. It is true that Australia's

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Speaker 2: benchmark rate is not overly high, so our four point

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Speaker 2: three five percent is lower than the UK and the US,

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Speaker 2: which are both at four point seventy five percent at

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Speaker 2: the moment. Also moves in Australia, moves in rates in

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Speaker 2: Australia have a bigger impact more quickly because of variable

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Speaker 2: rate mortgages that we all have. Reserve Bank Governor Michelle

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Speaker 2: Bulloch has played down the impact of other economies. Last

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Speaker 2: week she insisted that underlying inflation was still too high.

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Speaker 2: All that's very true, but we are just a little

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Speaker 2: bit out of step.

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Speaker 1: And Sean internationally. It was an incredible week last week

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Speaker 1: for markets.

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Speaker 2: Yeah, sure was. We had the US election that was

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Speaker 2: a big one, threats of a tariff trade war. The

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Speaker 2: big three indices in on Wall Street, the SP five hundred,

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Speaker 2: tech heavy NASDAK and Dow Jones Index all hit new highs.

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Speaker 2: Tesla's up eleven pcent, now worth favorite trillion dollars. In China,

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Speaker 2: there was one point two trillion dollars promised to shore

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Speaker 2: up the economy. Oil prices has come off a bit

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Speaker 2: goal prices a bit Osi dollar just out of sixty

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Speaker 2: six years Sense.

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Speaker 1: Story number two Sean A and Z boss Shane Elliott

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Speaker 1: has warned that competition in the home lending and deposit

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Speaker 1: market is intense, as the bank recorded a big jump

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Speaker 1: on loan repayments not being paid on time.

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Speaker 2: Yes so, mister Elie was talking after the country's fourth

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Speaker 2: largest bank announced an eight percent drop and cash profit

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Speaker 2: to six point seven billion dollars last Friday. The arrears

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Speaker 2: rate loans more than ninety days overdue. It raised forty

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Speaker 2: seven percent to four point two billion dollars. Mister Elliot

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Speaker 2: said higher rates were impacting customers generally, though things are

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Speaker 2: okay as it's been involved in a couple of scandals

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Speaker 2: in the past year or so, a bond trading one,

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Speaker 2: a workplace conduct one. As a result, Misrali Hat lost

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Speaker 2: half his cash bonus. Other execs also lost part of

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Speaker 2: their bonuses. Aye's is making really big tech play. It's

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Speaker 2: got a new systems coming in for retail and small

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Speaker 2: business customers, and then another system for mid size and

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Speaker 2: big businesses. The bank already reckons that it can lower

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Speaker 2: cost as a result. It's also going to incorporate sun

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Speaker 2: Corps banking business. Just worth noting A and Z's results

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Speaker 2: weren't great. Neither really were national Australian banks westpaxs were

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Speaker 2: probably a bit better, but none of them were that

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Speaker 2: good over the last week or so, yet their share

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Speaker 2: prices keep rising.

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Speaker 1: Story number three Sewan. It was a busy week for auctions,

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Speaker 1: with more than two thy eight hundred houses going under

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Speaker 1: the hammer nationwide. The preliminary clearance rate came in at

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Speaker 1: just under sixty six percent, and that's better than a

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Speaker 1: week ago, but still lower than average.

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Speaker 2: Yeah, so Melbourne was the busiest city. Thirteen hundred actions

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Speaker 2: came preliminary clearance rate of sixty six and a half

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Speaker 2: percent about eleven hundred, and Sydney sixty eight point two percent.

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Speaker 2: Both those numbers are about in line with spring averages.

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Speaker 2: Brisbane was fifty three point two percent, Adelade seventy percent,

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Speaker 2: act just a bit over forty five percent rates are

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Speaker 2: on whole. That hopes of a cut sometime next year

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Speaker 2: is helping the market tick over, but it's not doing

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Speaker 2: much more than that. It's not really hot, not really cold,

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Speaker 2: just kicking over Sean's doing.

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Speaker 1: Number four. The chief executive of listed gold miner Resolute Mining,

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Speaker 1: Terry Hollahan, has been detained by the military controlled government

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Speaker 1: of Mali in West Africa.

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Speaker 2: Yes So. Reports say that other executives have also been

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Speaker 2: detained for questioning. He's been taken to a specialized unit

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Speaker 2: to tackle that's been crowded by the military junta. It's

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Speaker 2: supposed to tackle coruption and economic and financial crimes. The

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Speaker 2: ruling junta are known to want greater control over the

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Speaker 2: mining industry. He's been questioned over suspicions of false evidence

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Speaker 2: and misappropriation of public goods. Holohand denies the allegations. Clearly,

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Speaker 2: we don't have a lot of details at the moment.

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Speaker 2: These are reports in the Australian Resolute has eighty percent

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Speaker 2: of a mine in Marley, as well as operations nearby

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Speaker 2: Senegal and Guinea.

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Speaker 1: Story Number five. Sean beer drinkers are feeling the pinch

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Speaker 1: with sales of home brew kits spiking.

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Speaker 2: Yes, and according to Cooper's Brewery, which has ninety percent

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Speaker 2: of the home brewing market, it's quite a spike in

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Speaker 2: people brewing it home. Managing director Tim Cooper said higher

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Speaker 2: mortgage repayments, rents, and grocery prices was helping aid the

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Speaker 2: decline in beer sales. Also, younger drink is heading more

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Speaker 2: towards spirits and alcoholic seltzers, according to Report and the

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Speaker 2: fin Review. However, Big Coopers is doing pretty well. He's

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Speaker 2: in the home brew kit sales that helped the company

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Speaker 2: realize a sixteen percent jump in profit last financial year.

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Speaker 2: Great company Cubers started in eighteen sixty two, still largely

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Speaker 2: owned by the Cooper's family. He's got five percent of

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Speaker 2: the national beer market.

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Speaker 1: That's it. The top five business stories you need to

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Speaker 1: know in just five minutes. Thank you very much, Sean,

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Speaker 1: Thank you, Adam. It's Monday, the eleventh of November twenty

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Speaker 1: twenty four. Remember to hit follow on the podcast and

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Speaker 1: if five minutes isn't enough, then find out longer podcast

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Speaker 1: called Fear and Greed on your favorite podcast platform. I'm

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Speaker 1: Adam Lang and that was the fast five by Fear

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Speaker 1: and Greed. Have a great day