1 00:00:03,840 --> 00:00:07,120 Speaker 1: It's Thursday, the twentieth of November twenty twenty five. Welcome 2 00:00:07,160 --> 00:00:09,559 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,400 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,800 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,840 --> 00:00:15,200 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,480 --> 00:00:16,880 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,079 --> 00:00:19,520 Speaker 1: Five stories, five minutes. Let's go story number one. The 8 00:00:19,520 --> 00:00:23,480 Speaker 1: big banks have defended their support for small and medium 9 00:00:23,680 --> 00:00:27,280 Speaker 1: sized businesses with A and Z boss Nuno Matos, saying 10 00:00:27,400 --> 00:00:30,520 Speaker 1: competition in the sector is strong, adding that mortgages are 11 00:00:30,600 --> 00:00:33,200 Speaker 1: far less profitable than they were fifteen years ago. 12 00:00:33,520 --> 00:00:36,080 Speaker 2: Mattos got his turn at the House of Rep's Economics 13 00:00:36,080 --> 00:00:40,880 Speaker 2: Committee Standing Economics Committee meeting yesterday. He pushed back on critics, 14 00:00:40,920 --> 00:00:44,400 Speaker 2: saying the banks aren't doing enough for small businesses now. 15 00:00:44,440 --> 00:00:48,200 Speaker 2: While capital standards insisted on by the regulatory regulators sometimes 16 00:00:48,240 --> 00:00:51,640 Speaker 2: makes lending to small businesses tougher, the sector is the 17 00:00:51,680 --> 00:00:54,160 Speaker 2: hottest part of the market. Matos said two things might 18 00:00:54,160 --> 00:00:57,680 Speaker 2: help the process of smme's getting money, A standard definition 19 00:00:57,760 --> 00:01:01,920 Speaker 2: what is the small business and great ability to get 20 00:01:02,080 --> 00:01:05,840 Speaker 2: access to tax information that would help the banks enormously. 21 00:01:06,080 --> 00:01:08,320 Speaker 2: He also said banks are about six percent less profitable 22 00:01:08,360 --> 00:01:10,520 Speaker 2: today than ten years ago. That's not in dull terms, 23 00:01:10,520 --> 00:01:13,520 Speaker 2: but return on equity, and really the shift into small 24 00:01:13,560 --> 00:01:16,080 Speaker 2: business is a function of mortgages not being as profitable 25 00:01:16,120 --> 00:01:17,399 Speaker 2: as they used to be now. 26 00:01:17,520 --> 00:01:21,360 Speaker 1: His counterpart at National Australia Bank, Andrew Irvine, agreed that 27 00:01:21,400 --> 00:01:25,839 Speaker 1: APRA's conservative risk settings restrict levels of business landing. 28 00:01:26,200 --> 00:01:27,959 Speaker 2: Yeah, but he said it's not a bad thing, of course, 29 00:01:28,040 --> 00:01:31,160 Speaker 2: because learn losses in Australia are lower than other jurisdictions. 30 00:01:31,560 --> 00:01:34,720 Speaker 2: He said small business could be knocked around by government 31 00:01:34,720 --> 00:01:37,119 Speaker 2: policy just as easily. He talked about a case where's 32 00:01:37,120 --> 00:01:39,959 Speaker 2: some a small food business that to spend sixty thousand 33 00:01:40,000 --> 00:01:43,240 Speaker 2: dollars to get the font size right on new government 34 00:01:43,360 --> 00:01:47,200 Speaker 2: regulated products. He said what would help all business was 35 00:01:47,240 --> 00:01:49,880 Speaker 2: a focus on sourcing cheaper energy. He also thinks more 36 00:01:49,880 --> 00:01:50,960 Speaker 2: houses need to be built. 37 00:01:51,920 --> 00:01:54,280 Speaker 1: Okay. Over the past two days sewn, the bosses of 38 00:01:54,320 --> 00:01:56,480 Speaker 1: the big four banks have appeared before the committee. They 39 00:01:56,560 --> 00:01:59,760 Speaker 1: run four of the five biggest companies in the country. 40 00:02:00,240 --> 00:02:01,040 Speaker 1: What have we learned? 41 00:02:01,520 --> 00:02:03,760 Speaker 2: Well, look, they're not shoying away from lended gas to 42 00:02:03,880 --> 00:02:07,160 Speaker 2: gas producers. They agree energy is a major challenge for Australia. 43 00:02:07,560 --> 00:02:10,640 Speaker 2: They acknowledge there are some tough lending standards, but they 44 00:02:10,680 --> 00:02:13,080 Speaker 2: insist there is money available for small business. This is 45 00:02:13,160 --> 00:02:15,360 Speaker 2: kind of en mass and they're calling for a more 46 00:02:15,440 --> 00:02:17,600 Speaker 2: level playing field and the payment sector so they could 47 00:02:17,600 --> 00:02:20,480 Speaker 2: take on the tech giants on their economy. Basically say 48 00:02:20,480 --> 00:02:22,239 Speaker 2: things are going pretty well, a couple of them don't 49 00:02:22,240 --> 00:02:24,600 Speaker 2: think there will be any more rate cuts, and a 50 00:02:24,639 --> 00:02:27,000 Speaker 2: couple of them think they will all right. 51 00:02:27,120 --> 00:02:29,040 Speaker 1: Moving on to story number two. Now, we're lucky the 52 00:02:29,040 --> 00:02:32,360 Speaker 1: local market had the mining stocks yesterday, because while the 53 00:02:32,400 --> 00:02:34,880 Speaker 1: share price of the gold diggers and the big resource 54 00:02:34,880 --> 00:02:36,840 Speaker 1: and energy companies rose, much of the rest of the 55 00:02:36,880 --> 00:02:39,440 Speaker 1: market actually fell, pushing the S and PA SEX two 56 00:02:39,520 --> 00:02:42,000 Speaker 1: hundred to a near six month low, down a quarter 57 00:02:42,000 --> 00:02:45,080 Speaker 1: of a percent to eight four hundred and forty eight points. 58 00:02:45,480 --> 00:02:48,840 Speaker 2: Materials were by far the strongest sector. Gold prices rose 59 00:02:48,840 --> 00:02:51,320 Speaker 2: so to to the share prices of companies like Northern Star, 60 00:02:51,360 --> 00:02:55,560 Speaker 2: Evolution Mining, and Newmont. The big miners all rose. Crude 61 00:02:55,560 --> 00:02:59,399 Speaker 2: oil prices jumped. That's on the back of some restrictions 62 00:02:59,480 --> 00:03:03,720 Speaker 2: about disruptions of Russian oil supply out of Europe in 63 00:03:03,760 --> 00:03:06,919 Speaker 2: the US. That helped our local producers. Woodside Santos and 64 00:03:06,960 --> 00:03:09,800 Speaker 2: Beach Energy. Some of the tech stocks reversed recent declines, 65 00:03:09,840 --> 00:03:13,600 Speaker 2: but the big banks fell. And when the big banks four, well, 66 00:03:13,680 --> 00:03:15,520 Speaker 2: the market tends to fall a and Zed was off 67 00:03:15,520 --> 00:03:17,480 Speaker 2: two percent, Westpac and Comwealth Bank more than one percent, 68 00:03:17,600 --> 00:03:20,240 Speaker 2: National Australia Bank three quarters of percent. So we are 69 00:03:20,320 --> 00:03:22,359 Speaker 2: trading around six month lows. 70 00:03:22,800 --> 00:03:27,600 Speaker 1: Story number three sean wages growth is contained notwithstanding a 71 00:03:27,639 --> 00:03:31,600 Speaker 1: tight labor market, but still remains a cause of inflationary 72 00:03:31,639 --> 00:03:33,760 Speaker 1: pressure in the economy. You'll have to explain this, and 73 00:03:33,800 --> 00:03:36,040 Speaker 1: please explain as well what it means for interest rates. 74 00:03:36,360 --> 00:03:38,320 Speaker 2: Right, it's the Wage Price Index RAY zero point eight 75 00:03:38,320 --> 00:03:40,280 Speaker 2: percent September quarter, three and a half percent for the 76 00:03:40,320 --> 00:03:44,480 Speaker 2: full year. That's about what the Reserve Bank thought, unchanged 77 00:03:44,880 --> 00:03:49,440 Speaker 2: from the last quarter. People in healthcare and social assistance 78 00:03:49,600 --> 00:03:51,760 Speaker 2: got more money. There's also the three and a half 79 00:03:51,800 --> 00:03:54,800 Speaker 2: percent rise in the minimum wage by the Fair Work Commission. 80 00:03:55,320 --> 00:03:57,400 Speaker 2: What you're finding at the moment, public sector wages is 81 00:03:57,480 --> 00:04:01,000 Speaker 2: actually growing faster than private sector wages. That's been going 82 00:04:01,000 --> 00:04:03,880 Speaker 2: on for three quarters. Now, what's it mean for inflation interestrates? 83 00:04:03,920 --> 00:04:06,800 Speaker 2: That type of stuff. Well, there are wage rises without 84 00:04:06,880 --> 00:04:11,400 Speaker 2: much productivity increase, and when you get those two things together, 85 00:04:11,760 --> 00:04:14,240 Speaker 2: you get a bit of inflation pressure, and that means 86 00:04:14,240 --> 00:04:16,719 Speaker 2: the reserve being are knock and cut rates on the 87 00:04:16,760 --> 00:04:17,720 Speaker 2: back of wages. 88 00:04:18,200 --> 00:04:21,960 Speaker 1: Okay, sorry. Number four. The White House has defended President 89 00:04:22,000 --> 00:04:25,560 Speaker 1: Donald Trump for shushing a female reporter and calling her piggy. 90 00:04:26,040 --> 00:04:28,680 Speaker 2: In an interaction on board Air Force one en route 91 00:04:28,680 --> 00:04:30,720 Speaker 2: to Mari Lago in Florida. Trump was being asked why 92 00:04:30,800 --> 00:04:34,360 Speaker 2: he was urging Republicans not to release the Epstein files. 93 00:04:34,360 --> 00:04:37,800 Speaker 2: This was the head of his back flip on that issue. Bloomberg. 94 00:04:37,839 --> 00:04:40,840 Speaker 2: White House reporter Catherine Lucy began asking a question about 95 00:04:40,839 --> 00:04:43,919 Speaker 2: why Trump opposed releasing the files. Trump then pointed a 96 00:04:43,920 --> 00:04:47,919 Speaker 2: finger at her and said, I quote quite quite piggy. 97 00:04:48,800 --> 00:04:52,480 Speaker 2: According to the White House, this reporter behaved in in 98 00:04:53,200 --> 00:04:56,960 Speaker 2: an inappropriate and unprofessional way towards her colleagues on the plane. 99 00:04:57,120 --> 00:04:58,720 Speaker 2: If you're going to give it, you have to be 100 00:04:58,800 --> 00:04:59,520 Speaker 2: able to take it. 101 00:05:02,080 --> 00:05:05,080 Speaker 1: Story number five last one, Sean scientists are warning that 102 00:05:05,120 --> 00:05:10,000 Speaker 1: the mass commercialization and global growth of ultraprocessed foods is 103 00:05:10,080 --> 00:05:12,599 Speaker 1: posing a threat to public health and is contributing to 104 00:05:12,680 --> 00:05:14,440 Speaker 1: the development of chronic diseases. 105 00:05:14,800 --> 00:05:18,320 Speaker 2: So there's a new Lancet series forty three global researchers 106 00:05:18,400 --> 00:05:23,640 Speaker 2: reveal the impact of worsting diets basically ultraprocessed foods, including 107 00:05:23,960 --> 00:05:28,520 Speaker 2: low nutrition convenience foods things like chips, breakfast cereals, instance, soups, desserts. 108 00:05:28,839 --> 00:05:32,320 Speaker 2: Also some ready made meals, meal replacements, some flavored yogurts. 109 00:05:32,360 --> 00:05:34,719 Speaker 2: They can be high in fats, sugar, and all salt, 110 00:05:35,360 --> 00:05:39,159 Speaker 2: bad for health. How do you know that you're buying 111 00:05:39,200 --> 00:05:42,640 Speaker 2: an ultra processed food product, Well, the researchers say, check 112 00:05:42,680 --> 00:05:45,279 Speaker 2: whether it comes in plastic. That's a pretty big giveaway. 113 00:05:45,640 --> 00:05:49,039 Speaker 2: Then look at the ingredients list. If there's one or 114 00:05:49,080 --> 00:05:53,960 Speaker 2: more unrecognizable food or numbers as in products you wouldn't 115 00:05:53,960 --> 00:05:58,920 Speaker 2: traditionally cook with at home, you're probably consuming an ultra 116 00:05:59,080 --> 00:05:59,919 Speaker 2: processed food. 117 00:06:00,400 --> 00:06:02,560 Speaker 1: Okay, there we go, the top five business stories in 118 00:06:02,600 --> 00:06:05,359 Speaker 1: five minutes. Thank you Sean, Thank you Michael. It's Thursday, 119 00:06:05,400 --> 00:06:07,760 Speaker 1: the twentieth of November twenty twenty five. Remember to hit 120 00:06:07,800 --> 00:06:10,360 Speaker 1: follow on the podcast, and if five minutes isn't enough, 121 00:06:10,400 --> 00:06:12,680 Speaker 1: you can find our longer daily show called Fear and 122 00:06:12,800 --> 00:06:16,159 Speaker 1: Greed wherever you listen to podcasts, or if you'd like 123 00:06:16,200 --> 00:06:18,720 Speaker 1: to get our free daily newsletter, head along to Fearandgreed 124 00:06:18,800 --> 00:06:21,080 Speaker 1: dot com dot au or click in click on the 125 00:06:21,080 --> 00:06:23,480 Speaker 1: link in today's show notes because I said it's entirely 126 00:06:23,480 --> 00:06:25,919 Speaker 1: free lands in your inbox every weekday by six am. 127 00:06:26,040 --> 00:06:28,119 Speaker 1: I'm Michael Thompson and that was the Fast five Business 128 00:06:28,200 --> 00:06:29,160 Speaker 1: news by Fear and Greed. 129 00:06:29,400 --> 00:06:30,120 Speaker 2: Have a great day.