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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello,

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Speaker 1: Sean Aylmer, Hello Michael Sewan. On weekdays, it is all

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Speaker 1: about the Fast five, the top five business stories in

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Speaker 1: five minutes. On the weekend, we still keep it to

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Speaker 1: five minutes, but we are going to pick out the

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Speaker 1: biggest story of the week, the most remarkable business story,

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Speaker 1: a sleeper story, one that's flying under the radar, and

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Speaker 1: then our favorite story. What was the biggest story for

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Speaker 1: you this week?

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Speaker 2: The fact that Federal Treasurer Jim Chalmers came out and

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Speaker 2: directed the Future Fund, the two hundred and thirty billion

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Speaker 2: dollars sovereign fund, to prioritize investments in housing, renewable energy,

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Speaker 2: and infrastructure. First time in its history that the government's

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Speaker 2: mandated how the Future Fund should invest, he said. Jim

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Speaker 2: Chalmers said that the mandate wouldn't come at the expensive performance.

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Speaker 2: He is committed to the fund's independence and commercial focus. Hello,

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Speaker 2: that's not how it works. Former chairs Peter Costello Dave L.

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Speaker 2: Murray came out against it big time. Anytime you put

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Speaker 2: restrictions on investing can hurt. Maybe there's a reason for it,

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Speaker 2: but I don't think that's actually Jinchumer is not being

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Speaker 2: totally honest with us about why he's doing it.

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Speaker 1: Michael sean biggest story for me this week. That was

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Speaker 1: a very big story. Well, there was also a big

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Speaker 1: story around culture, and culture's obviously been such a big

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Speaker 1: issue of late within Australian business and Rio Tinto this

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Speaker 1: week released part two of its report into workplace culture

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Speaker 1: at the Minor. Elizabeth Broderick, the former Sex Discrimination Commissioner,

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Speaker 1: did a huge survey eleven and a half thousand staff,

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Speaker 1: more than thirteen hundred interviews, a bunch of written submissions,

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Speaker 1: and basically it found that bullying is still systemic, racism

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Speaker 1: and sexual harassment are common, some indication zo of positive change.

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Speaker 1: A bit of a surprise was a backlash against the

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Speaker 1: company's efforts to actually promote gender diversity and inclusion, with

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Speaker 1: some men feeling like they are now in fact being

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Speaker 1: discriminated against. Overall, you kind of look at this and

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Speaker 1: go Rio does deserve to be applauded for this, because

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Speaker 1: they are two years into a long term program to

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Speaker 1: try and transform their culture, but the fact is that

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Speaker 1: they are doing it so publicly. They are making the

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Speaker 1: reports avail publicly. Rio is a massive company. It's had

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Speaker 1: a lot of problems in the past, and this is

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Speaker 1: a really good example I think of kind of cultural

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Speaker 1: accountability and hopefully leading the way for other businesses to

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Speaker 1: do something similar. When we've had nine and Wysteck Global

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Speaker 1: and Mineral Resources in recent weeks, all with cultural problems

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Speaker 1: of their own. Sean, Yeah, big story, that one most remarkable.

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Speaker 1: What did you think?

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Speaker 2: Oh, well, I mean it's a little patriotic, I suppose,

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Speaker 2: But I love the fact that Mcore, the packaging group,

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Speaker 2: is about to buy another packaging group called Berry for

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Speaker 2: about thirteen billion dollars. If successful, will be four hundred

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Speaker 2: packaging plants around the world. Seventy five thousand staff, thousands

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Speaker 2: of customers. Began on the banks of the Yarra River

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Speaker 2: in Melbourne in the eighteen sixties. Is a paper miller

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Speaker 2: now one of the world's great packaging companies. Kind of

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Speaker 2: fellows the lead of a bunch of other ossie companies

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Speaker 2: that have done well overseas. CSL Yseet Global, James Hardy,

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Speaker 2: Aristocrat Leisure, Cocklear Lassie in Canva.

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Speaker 1: The list goes on. Good on you mcre My most

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Speaker 1: remarkable story, Sean, I'll keep this one very brief. It

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Speaker 1: is summit season, you know, where they have the G

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Speaker 1: twenty and Apex and all of these ones in the world.

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Speaker 1: Leaders all gather and they just talk and talk and

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Speaker 1: talk and talk, and it was both remarkable and it

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Speaker 1: was kind of almost unremarkable as well. He had Prime

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Speaker 1: Minister Anthony Alberinezi at APEX in Peru than the G

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Speaker 1: twenty in Brazil, and there's a big push towards free

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Speaker 1: trade deals at APEC. Everyone was talking about it, despite

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Speaker 1: the fact that in kind of six or seven weeks

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Speaker 1: Donald Trump becomes president, He's pledged tariff's for law, which

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Speaker 1: is pretty much the exact opposite of free trade. There

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Speaker 1: was good news on kind of global security, good kind

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Speaker 1: of chats on those fronts, people shaking hands, like the

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Speaker 1: US president and the Chinese president. Then at the G

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Speaker 1: twenty we had Elbow sitting down with President g who

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Speaker 1: said that all Chinese tariffs and other restrictions on twenty

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Speaker 1: two billion dollars worth of Ozzie goods would be removed.

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Speaker 1: Great result, but there is a trade off, and it

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Speaker 1: becomes a bit of a diplomatic pickle to try and

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Speaker 1: work through. But the thing that I found unremarkable and

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Speaker 1: probably a bit disappointing about all of these kind of

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Speaker 1: conferences and that they are a big opportunity to do

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Speaker 1: something in terms of global change and having global impact.

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Speaker 1: But the communicate that came out at the end of

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Speaker 1: the G twenty in particular, was kind of weak on

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Speaker 1: on climate action, allowing kind of big polluters to keep polluting,

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Speaker 1: kind of week on kind of global peace, didn't even

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Speaker 1: mention Russia and Ukraine. Just disappointing that it feels like

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Speaker 1: a missed opportunity. I think you're right. What's your sleeper

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Speaker 1: story for the week, Michael, Look, it's about superannuation. The

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Speaker 1: government has flag change as to how retirees will be

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Speaker 1: able to use their super with hopes that the funds

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Speaker 1: are going to now kind of start offering more innovative products.

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Speaker 1: They want reforms so that super funds can make payments

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Speaker 1: in installments rather than upfront lump sums also provide kind

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Speaker 1: of money back guarantees. These are all reforms for the

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Speaker 1: decumulation stage and it's important. It really matters because two

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Speaker 1: and a half million Australians are going to retire in

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Speaker 1: the next decade. That is a lot of people affected

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Speaker 1: by this within a four trillion dollar sector. And it's

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Speaker 1: just kind of these kind of reforms don't kind of

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Speaker 1: get the attention that they deserve when they are actually

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Speaker 1: critically important. They sure.

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Speaker 2: I just quick mention for my sleeper story, the fact

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Speaker 2: that all these economists, including thoys at Westpac and National

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Speaker 2: Australia Bank, have pushed back their forecast for the timing

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Speaker 2: of the rate next rate rise, possibly till the middle

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Speaker 2: of next year.

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Speaker 1: Ouch yeah, ouch. Indeed, Look, my favorite story. It's all

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Speaker 1: about markets, really so and it sounds a bit duble

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Speaker 1: to be talking about markets for my favorite story, but

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Speaker 1: it is. It is important, don't know at me it

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Speaker 1: is important. It's important because there were records being broken everywhere.

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Speaker 1: I would say, it's a record bonanza. This week. You

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Speaker 1: have the ASX hitting a new record high. This week,

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Speaker 1: our biggest company, Commonwealth Bank, hit a new record high.

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Speaker 1: We had a bunch of companies either at or near

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Speaker 1: record highs, big companies like kind of Goodman Group and

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Speaker 1: JB Hi Fi and Quantas and a bunch of others.

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Speaker 1: Wall Street kind of confidence that this idea of lower

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Speaker 1: taxes potentially under Donald Trump hope of interest rate cuts.

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Speaker 1: It's really kind of giving investors a little bit of hope.

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Speaker 1: Bitcoin hitting a new record high. Its just records falling

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Speaker 1: all over the place. It's like it's like a drug

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Speaker 1: fueled Olympics, Sean, because.

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Speaker 2: Of the records you reckon. It's like a nineteen eighties Olympics.

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Speaker 1: Maybe it is. Can I have a quick mention?

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Speaker 2: A bloke Chinese entrepreneur play need almost ten million dollars

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Speaker 2: for a piece of art in New York. It was

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Speaker 2: a banana duct tape tool wall, funny thing. He bought it,

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Speaker 2: spent the ten million bucks. They said, what are you

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Speaker 2: going to do with it? He said, I'm going to

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Speaker 2: eat it. There you go.

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Speaker 1: There was hope for struggling artists everywhere in that story. Sean.

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Speaker 1: There we go five minutes and pretty much everything you

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Speaker 1: need to know in the world of business. Thank you

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Speaker 1: very much, Thank you, Michael. We'll be back on Monday

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Speaker 1: morning with the top five business stories in five minutes.

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Speaker 1: Don't forget to hit follow and join us online on LinkedIn, Instagram, TikTok, Facebook,

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Speaker 1: and X. I'm Michael Thompson and this is the Fast

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Speaker 1: five business news by fear and grazed