1 00:00:06,280 --> 00:00:08,760 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,800 --> 00:00:11,160 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,160 --> 00:00:13,360 Speaker 1: Michael Thompson, and good morning, Sean Aylmer. 4 00:00:13,520 --> 00:00:15,240 Speaker 2: Good morning, Michael, Sean. 5 00:00:15,360 --> 00:00:17,520 Speaker 1: Our weekend show is a great deal of fun. I 6 00:00:17,640 --> 00:00:19,599 Speaker 1: say that actually without sounding like much fun do I. 7 00:00:19,680 --> 00:00:21,880 Speaker 1: But the two of us each nominate what we think 8 00:00:21,960 --> 00:00:25,120 Speaker 1: is the biggest story of the week, the most remarkable 9 00:00:25,120 --> 00:00:27,760 Speaker 1: business story, a sleeper story, one that's kind of flying 10 00:00:27,840 --> 00:00:29,639 Speaker 1: under the radar a little bit, and then our favorite story. 11 00:00:29,720 --> 00:00:32,080 Speaker 1: And it is a competition, which is why it's fun. 12 00:00:32,760 --> 00:00:35,320 Speaker 1: And so we need a judge to pick a winner. 13 00:00:35,880 --> 00:00:40,680 Speaker 1: And as always that judge is our Fear and Greed colleague, 14 00:00:41,200 --> 00:00:42,640 Speaker 1: Fearless Adam Lang Adam. 15 00:00:42,680 --> 00:00:45,160 Speaker 3: Good morning, Good morning, Michael, Good morning, Sean. 16 00:00:45,640 --> 00:00:48,440 Speaker 2: Morning Adam, fearless Adam. I like that. 17 00:00:49,440 --> 00:00:51,320 Speaker 1: Yeah, he's never afraid to make a bad decision. 18 00:00:51,479 --> 00:00:53,760 Speaker 2: Never, That's right, He's our man. 19 00:00:54,080 --> 00:00:56,320 Speaker 1: What are you looking for today, Adam? And we'll keep 20 00:00:56,400 --> 00:00:58,760 Speaker 1: this brief if you can keep it under say twenty seconds. 21 00:00:59,160 --> 00:01:02,400 Speaker 4: I would like you to be topical, timely talk about 22 00:01:02,400 --> 00:01:05,520 Speaker 4: the economic impact of your stories. Give me something that 23 00:01:05,560 --> 00:01:08,920 Speaker 4: plays the most subjective bias and throw in a sprinkle 24 00:01:08,920 --> 00:01:11,480 Speaker 4: of melodrama. 25 00:01:10,880 --> 00:01:16,319 Speaker 1: Sprinkle smattering a little just to hint. Okay, well let's 26 00:01:16,400 --> 00:01:18,520 Speaker 1: jump into it. Then now we know roughly kind of 27 00:01:18,520 --> 00:01:20,200 Speaker 1: what in theory we are looking for. 28 00:01:20,480 --> 00:01:22,920 Speaker 2: That's what Adam has just said in the last thirty seconds. 29 00:01:22,959 --> 00:01:23,759 Speaker 2: Have got anything to. 30 00:01:23,760 --> 00:01:25,120 Speaker 3: Do with guidelines and rules? 31 00:01:25,160 --> 00:01:27,720 Speaker 2: Yeah, right, good, good, good, get on with it. 32 00:01:27,840 --> 00:01:28,280 Speaker 3: Thompson. 33 00:01:28,600 --> 00:01:30,200 Speaker 1: Oh I'm sorry, Well, Sean, would you like to go 34 00:01:30,240 --> 00:01:31,119 Speaker 1: first on the bigger story? 35 00:01:31,160 --> 00:01:35,919 Speaker 2: Biggest story of the week by a country mile politics. 36 00:01:36,640 --> 00:01:39,600 Speaker 2: The federal government this week secured the support of the 37 00:01:39,640 --> 00:01:41,840 Speaker 2: Greens and the Independence in the Senate and in some 38 00:01:41,880 --> 00:01:46,759 Speaker 2: cases of coalition to pass thirty pieces of legislation. We're 39 00:01:46,800 --> 00:01:49,040 Speaker 2: not marking around. You hit a deadline way you can 40 00:01:49,080 --> 00:01:54,040 Speaker 2: get some stuff done. This is this is when politics 41 00:01:54,080 --> 00:01:58,680 Speaker 2: really hits the households. The twenty seven in fact in 42 00:01:58,720 --> 00:02:02,960 Speaker 2: one on Thursday, twenty seven pieces of legislation was passed 43 00:02:03,000 --> 00:02:04,760 Speaker 2: after the government did a deal with the Greens and 44 00:02:04,800 --> 00:02:08,679 Speaker 2: Independent senators David Pocock and Jackie Lamby. We're talking all 45 00:02:08,760 --> 00:02:11,480 Speaker 2: sorts of things. The Reserve Bank's going to be changed, 46 00:02:11,520 --> 00:02:13,680 Speaker 2: there's going to be a second board, they'll have two boards, 47 00:02:13,840 --> 00:02:17,839 Speaker 2: one on Monetary Policy one on governance. The thing there 48 00:02:17,919 --> 00:02:20,000 Speaker 2: is it means that the government will be abled to 49 00:02:20,080 --> 00:02:24,560 Speaker 2: appoint people to the Monetary Policy Board. Therefore, there's all 50 00:02:24,560 --> 00:02:26,120 Speaker 2: sorts of claims that it's going to stack it with 51 00:02:26,240 --> 00:02:29,720 Speaker 2: labor appointees. For example, there's the Future Made in Australia 52 00:02:29,800 --> 00:02:32,360 Speaker 2: legislation twenty three billion dollars over the next decade to 53 00:02:32,400 --> 00:02:35,760 Speaker 2: help the transition to net zero. There is the government's 54 00:02:35,800 --> 00:02:40,720 Speaker 2: housing bills. One of those includes co investing with first 55 00:02:40,720 --> 00:02:44,720 Speaker 2: home buyers hopefully you know, forty fifty thousand new homes 56 00:02:44,760 --> 00:02:47,040 Speaker 2: for first home buyers on the back of extra money 57 00:02:47,080 --> 00:02:50,960 Speaker 2: from the government. There's also tax cuts or tax reductions 58 00:02:51,000 --> 00:02:54,960 Speaker 2: at least for people investing in housing, the ban on 59 00:02:55,000 --> 00:02:58,360 Speaker 2: sixteen year olds using social media, changes to migration laws. 60 00:02:58,440 --> 00:03:01,160 Speaker 2: Some didn't make it through extra tax on earnings from 61 00:03:01,160 --> 00:03:05,960 Speaker 2: super accounts with three million dollars that didn't make it. Gosh, 62 00:03:06,000 --> 00:03:07,799 Speaker 2: I'm so excited here, it's all happening. 63 00:03:08,080 --> 00:03:10,680 Speaker 1: You sound exit. I think, I actually think you just 64 00:03:10,680 --> 00:03:11,960 Speaker 1: put your own tongue to sleep. 65 00:03:13,760 --> 00:03:17,600 Speaker 2: Possibly the point here right there's a stack of him. 66 00:03:17,760 --> 00:03:21,720 Speaker 2: The Prime Minister Anthony Alberanizi has cleared the way for 67 00:03:22,200 --> 00:03:25,359 Speaker 2: the election. That is the bottom line here. We're supposed 68 00:03:25,400 --> 00:03:27,800 Speaker 2: to have two weeks of parliament in February. I'm not 69 00:03:27,840 --> 00:03:31,520 Speaker 2: sure that'll happen. Maybe it will election before May seventeen 70 00:03:31,639 --> 00:03:33,639 Speaker 2: or by the end of the day on May seventeen. 71 00:03:34,040 --> 00:03:37,760 Speaker 2: So we are right to go for an election. Thirty 72 00:03:37,760 --> 00:03:41,480 Speaker 2: pieces of legislation this week, biggest week in parliament for 73 00:03:41,520 --> 00:03:43,840 Speaker 2: the year. Beat that, Michael, beat that. 74 00:03:44,960 --> 00:03:48,880 Speaker 1: When legislation has passed, right, because I mean, it seems 75 00:03:48,920 --> 00:03:51,280 Speaker 1: to happen so rarely that things actually kind of then 76 00:03:51,360 --> 00:03:54,320 Speaker 1: get through. Do they bang a gavel or something? Because 77 00:03:54,360 --> 00:03:56,760 Speaker 1: I don't actually know what happened, what kind of marks 78 00:03:56,840 --> 00:03:59,760 Speaker 1: it being passed, because you would imagine that the gavel 79 00:03:59,800 --> 00:04:02,160 Speaker 1: bang I would have had R s I in their wrist. 80 00:04:03,280 --> 00:04:04,840 Speaker 2: I think the eyes have it. I think that's what 81 00:04:04,880 --> 00:04:05,240 Speaker 2: it is. 82 00:04:05,560 --> 00:04:06,760 Speaker 1: I want to get. I want this. 83 00:04:06,880 --> 00:04:09,960 Speaker 2: Maybe maybe there is maybe this speaker has got to gavel. Yeah, 84 00:04:10,520 --> 00:04:12,880 Speaker 2: the eyes have it. Off we God, that's. 85 00:04:12,760 --> 00:04:17,920 Speaker 1: A that's a furious day of legislation passing on Thursday. 86 00:04:18,120 --> 00:04:21,359 Speaker 2: Reckon they do you reckon? They all read it, politicians. 87 00:04:21,520 --> 00:04:22,800 Speaker 1: Every word, every word. 88 00:04:24,200 --> 00:04:24,920 Speaker 2: I'm a believer. 89 00:04:27,880 --> 00:04:32,160 Speaker 1: Look, politics was big. Politics was big. It's also very local, 90 00:04:32,520 --> 00:04:35,440 Speaker 1: wasn't it like, it's very just just Australian and this 91 00:04:35,520 --> 00:04:38,480 Speaker 1: is a global podcast. We have listeners everywhere. 92 00:04:39,040 --> 00:04:42,880 Speaker 2: What's our oddest country like as Abijan, we have a listener. 93 00:04:42,920 --> 00:04:44,479 Speaker 1: Yes, yeah, we do. 94 00:04:44,960 --> 00:04:45,200 Speaker 2: Well. 95 00:04:45,400 --> 00:04:49,760 Speaker 1: Remember if we Brendan, who listens to us occasionally and 96 00:04:49,920 --> 00:04:53,719 Speaker 1: and does frequently listen from the the bridge of the 97 00:04:53,720 --> 00:04:59,880 Speaker 1: super it can be anywhere around the world and typically 98 00:05:00,080 --> 00:05:02,600 Speaker 1: some pretty exotic places. And then he lives in Austria, 99 00:05:02,680 --> 00:05:03,919 Speaker 1: remember in the mountains of Austria. 100 00:05:04,000 --> 00:05:08,039 Speaker 2: Yeah, yeah, yeah, so shout out to Brendan. My point 101 00:05:08,160 --> 00:05:10,599 Speaker 2: is you would send Brendan and mea mug, but we 102 00:05:10,640 --> 00:05:12,000 Speaker 2: have no idea where to send it to. 103 00:05:13,839 --> 00:05:16,120 Speaker 1: Well, you know what, our mea mugs because they are 104 00:05:16,160 --> 00:05:19,440 Speaker 1: that kind of tin thing. It's probably perfect to have. 105 00:05:19,400 --> 00:05:24,520 Speaker 2: On a It was unbreakable. Yeah, indeed, you don't need 106 00:05:24,520 --> 00:05:26,040 Speaker 2: it to flight because you're on the yacht. Michael. 107 00:05:26,160 --> 00:05:27,839 Speaker 1: Yeah, but what if you dropped it over the edge. 108 00:05:28,600 --> 00:05:31,119 Speaker 1: These things happened, Accidents happened all over the place. Sean 109 00:05:31,400 --> 00:05:35,000 Speaker 1: politics was big. Politics was very local, though I'm thinking 110 00:05:35,080 --> 00:05:37,320 Speaker 1: big picture. I'm a big picture kind of guy because 111 00:05:37,320 --> 00:05:41,840 Speaker 1: my story has global ramifications. Do I just turned into short, global. 112 00:05:42,040 --> 00:05:44,440 Speaker 1: I just turned into you. That's what you do when 113 00:05:44,440 --> 00:05:45,320 Speaker 1: you say global. 114 00:05:45,560 --> 00:05:48,600 Speaker 2: Just because you are making a tool of yourself. You 115 00:05:48,640 --> 00:05:53,040 Speaker 2: don't have to start blaming me right. Own it, Okay, 116 00:05:53,560 --> 00:05:54,760 Speaker 2: own the tool, got it? 117 00:05:56,120 --> 00:06:01,120 Speaker 1: Donald Trump? Trump declared that he would pose a twenty 118 00:06:01,240 --> 00:06:06,880 Speaker 1: five percent tariff on all products from Mexico and from 119 00:06:06,960 --> 00:06:09,680 Speaker 1: Canada on his first day in office. 120 00:06:09,720 --> 00:06:11,880 Speaker 2: Certainly this isn't local, I'll give you that. 121 00:06:12,160 --> 00:06:18,080 Speaker 1: It is not, but it has wide spreadfacations. They come 122 00:06:18,240 --> 00:06:22,120 Speaker 1: all the way back to Australia, Sean ten percent on 123 00:06:22,200 --> 00:06:24,480 Speaker 1: goods from China. This is all over illicit drugs and 124 00:06:24,520 --> 00:06:26,960 Speaker 1: illegal immigration, all these kinds of issues. Right, But think 125 00:06:27,000 --> 00:06:28,880 Speaker 1: about that, the fact that he was willing to do 126 00:06:28,920 --> 00:06:33,400 Speaker 1: that on his two closest kind of neighbors geographically in 127 00:06:33,480 --> 00:06:37,839 Speaker 1: terms of Mexico and Canada, but also Canada is America's 128 00:06:38,000 --> 00:06:43,320 Speaker 1: really closest ally. It's quite extraordinary, right, It's very very aggressive. 129 00:06:43,400 --> 00:06:46,000 Speaker 1: It's a very aggressive move from the incoming president. And 130 00:06:46,040 --> 00:06:51,520 Speaker 1: what did it do. It's scared investors, petrified them just 131 00:06:51,680 --> 00:06:55,159 Speaker 1: like they just were. They were you know what, I'm 132 00:06:55,160 --> 00:06:57,960 Speaker 1: just watching Sean, and Sean's eyes are darting from side 133 00:06:58,040 --> 00:06:59,880 Speaker 1: to side and I yeah, I might be over e 134 00:07:00,160 --> 00:07:04,040 Speaker 1: this a little bit. Anyway, markets fell, a range of 135 00:07:04,040 --> 00:07:07,280 Speaker 1: commodities fell, the US dollar search. The shock waves from this, 136 00:07:07,600 --> 00:07:14,600 Speaker 1: they just they radiated out around the world extraordinarily, right China, 137 00:07:14,920 --> 00:07:17,440 Speaker 1: China was the voice of reason in all of this, 138 00:07:17,520 --> 00:07:21,720 Speaker 1: warning that a trade war helps nobody. Great point China. 139 00:07:22,400 --> 00:07:25,480 Speaker 2: The thing is, yeah, Chijing, thing would be delighted to 140 00:07:25,520 --> 00:07:27,440 Speaker 2: hear that from Michael Thompson. I'm hearing greed. 141 00:07:27,680 --> 00:07:30,560 Speaker 3: Let's not forget about, of course, the wine tariffs, or 142 00:07:30,640 --> 00:07:35,320 Speaker 3: lobsters or Australian BALI. Let's not let the history get 143 00:07:35,360 --> 00:07:36,320 Speaker 3: in the way of the facts. 144 00:07:36,400 --> 00:07:40,240 Speaker 1: Here. We look forward at him, not backwards. Maybe maybe 145 00:07:40,360 --> 00:07:44,160 Speaker 1: China has learnt, it's lessened now. It's warning that trade 146 00:07:44,200 --> 00:07:46,160 Speaker 1: wars helped no one. Look, the thing is that this 147 00:07:46,200 --> 00:07:49,320 Speaker 1: from Donald Trump. It could just be him just kind 148 00:07:49,320 --> 00:07:53,840 Speaker 1: of setting himself up political posturing, essentially a negotiating position. 149 00:07:53,880 --> 00:07:59,240 Speaker 1: A tactic here, which is it is a volatile, chaotic tactic. 150 00:07:59,640 --> 00:08:01,640 Speaker 1: And it's a bit of a warning sign, isn't It's 151 00:08:01,640 --> 00:08:03,600 Speaker 1: a red flag for kind of what is coming over 152 00:08:03,640 --> 00:08:04,400 Speaker 1: the next four. 153 00:08:04,280 --> 00:08:06,840 Speaker 2: Years, because we didn't know up until this week. 154 00:08:08,200 --> 00:08:11,960 Speaker 1: I would argue that this is even more chaotic than previously. 155 00:08:12,120 --> 00:08:14,400 Speaker 1: Like last time, there was almost an element, I'm going 156 00:08:14,480 --> 00:08:18,000 Speaker 1: to say this, almost an element of restraint to a degree, 157 00:08:18,160 --> 00:08:20,680 Speaker 1: whereas here it feels like all bets are off. It's 158 00:08:20,720 --> 00:08:22,960 Speaker 1: just like, you know what, twenty five percent for you, 159 00:08:23,080 --> 00:08:25,760 Speaker 1: twenty five percent for you, ten percent for you, everybody 160 00:08:25,800 --> 00:08:29,320 Speaker 1: gets a tariff. He is the Oprah Winfrey of erratic 161 00:08:29,320 --> 00:08:33,960 Speaker 1: global politics. Right, local markets not immune at all. This 162 00:08:34,040 --> 00:08:36,000 Speaker 1: story is going on for too long, and it's. 163 00:08:35,880 --> 00:08:38,960 Speaker 2: Because you yeah, no, no, it's not us. 164 00:08:39,240 --> 00:08:42,200 Speaker 1: They bounced but local markets. Okay, so local markets we 165 00:08:42,280 --> 00:08:44,280 Speaker 1: hit as well, Adam, write this down because this is 166 00:08:44,640 --> 00:08:50,800 Speaker 1: local economic impact. They were also hit. But but but 167 00:08:51,320 --> 00:08:56,680 Speaker 1: they bounced back, and the records, the records bonanza began again. 168 00:08:56,720 --> 00:08:59,760 Speaker 1: I talked last week about the records bonanza. More records 169 00:08:59,800 --> 00:09:02,760 Speaker 1: high for the ASX two hundred, more record highest for 170 00:09:02,840 --> 00:09:06,120 Speaker 1: Commonwealth Bank. This has been overall, to wrap things up 171 00:09:06,200 --> 00:09:10,520 Speaker 1: nice and quickly, a massive week on global markets for 172 00:09:10,679 --> 00:09:13,720 Speaker 1: local and international investors. And it's never a good sign 173 00:09:13,760 --> 00:09:16,040 Speaker 1: when the judge's laughing at you when you finish your 174 00:09:16,040 --> 00:09:18,720 Speaker 1: story with what I thought was actually an appropriate amount 175 00:09:18,760 --> 00:09:25,000 Speaker 1: of depth and power restraint. Even Donald Trump in his 176 00:09:25,040 --> 00:09:27,640 Speaker 1: first term. 177 00:09:27,800 --> 00:09:34,840 Speaker 4: Okay, so both the politics really aren't they and both 178 00:09:34,920 --> 00:09:42,000 Speaker 4: very interesting. Lot of posturing from Donald Trump, probably trade positioning. Michael, 179 00:09:42,000 --> 00:09:44,920 Speaker 4: you've you've given us the butt, the double button, the 180 00:09:44,960 --> 00:09:50,719 Speaker 4: triple butt, which you launched early. I think this has 181 00:09:50,760 --> 00:09:54,480 Speaker 4: to be a draw. I think both of them are relevant, 182 00:09:54,559 --> 00:09:56,120 Speaker 4: both of them impacted markets. 183 00:09:57,480 --> 00:10:00,680 Speaker 2: That, Adam, is one of the absolute works decisions you 184 00:10:00,720 --> 00:10:02,200 Speaker 2: have ever made in your life. 185 00:10:02,440 --> 00:10:04,040 Speaker 1: Come on, I think it's pretty good. 186 00:10:04,040 --> 00:10:04,960 Speaker 3: It's been claigers. 187 00:10:05,320 --> 00:10:07,439 Speaker 2: You didn't see. You were reading your notes, and when 188 00:10:07,480 --> 00:10:12,839 Speaker 2: you said a draw, Michaels went you couldn't believe it. 189 00:10:13,440 --> 00:10:16,920 Speaker 2: That is genuinely the worst decision you have made since 190 00:10:17,000 --> 00:10:20,400 Speaker 2: ro v Wade. How could you say thirty pieces of 191 00:10:20,520 --> 00:10:25,199 Speaker 2: legislation in one week verse Donald Trump Posturing's a dress. 192 00:10:24,920 --> 00:10:27,920 Speaker 1: To clarify, Adam didn't make the Roe v Wade decision. 193 00:10:27,960 --> 00:10:30,760 Speaker 1: Now Adam made a judgment on the overturning of it 194 00:10:30,920 --> 00:10:32,640 Speaker 1: and said that it wasn't a big story. Just for 195 00:10:32,720 --> 00:10:34,480 Speaker 1: context for new listeners anyway. 196 00:10:34,720 --> 00:10:37,120 Speaker 2: Yeah, we're moving on. That is the worst decision I've 197 00:10:37,160 --> 00:10:41,480 Speaker 2: ever heard you look, not letting no on again. You talk, Adam, 198 00:10:41,640 --> 00:10:45,240 Speaker 2: You cannot call that a drawer when the Australian government 199 00:10:45,320 --> 00:10:49,880 Speaker 2: passes thirty pieces of legislation that affects all of us 200 00:10:49,920 --> 00:10:55,160 Speaker 2: Donald Trump posturing, which we have had NonStop for eight years. Yeah, 201 00:10:55,240 --> 00:11:00,360 Speaker 2: and if you don't mind me saying, if me jesus. 202 00:11:01,520 --> 00:11:07,320 Speaker 1: There are children listening of fence for fruit children, yes, 203 00:11:07,559 --> 00:11:08,360 Speaker 1: or flummoxed. 204 00:11:08,720 --> 00:11:11,400 Speaker 3: I think Sean's flummoxed. 205 00:11:11,640 --> 00:11:14,920 Speaker 2: I might actually give up. I'm that upset about that decision. 206 00:11:15,320 --> 00:11:18,880 Speaker 1: Go on, Can I just look, you know what the 207 00:11:18,960 --> 00:11:21,400 Speaker 1: last time we saw a dumby spit of this magnitude, 208 00:11:21,559 --> 00:11:24,480 Speaker 1: Sean walked away from doing economic stories on this podcast. 209 00:11:24,520 --> 00:11:25,240 Speaker 3: Yeah. 210 00:11:25,280 --> 00:11:29,560 Speaker 1: Because and we are nearly at the end of the year, 211 00:11:29,840 --> 00:11:31,840 Speaker 1: and so my run of having to do all the 212 00:11:31,880 --> 00:11:34,679 Speaker 1: economic stories on behalf of Fear and Great, that's coming 213 00:11:34,679 --> 00:11:37,880 Speaker 1: to an end, which is good because the most remarkable 214 00:11:37,880 --> 00:11:46,400 Speaker 1: story this week was in fact m economics. It is remarkable, 215 00:11:46,679 --> 00:11:51,680 Speaker 1: truly remarkable, right, with no melodrama whatsoever, that we just 216 00:11:52,200 --> 00:11:57,600 Speaker 1: can't get inflation under control in this country. 217 00:11:57,640 --> 00:11:59,800 Speaker 2: Why is that remarkable? I'm just angry now, why is that? 218 00:12:00,760 --> 00:12:02,880 Speaker 1: Because it is? It just is. 219 00:12:03,120 --> 00:12:05,760 Speaker 2: Give us some detail, mate, don't just say it just is. 220 00:12:06,080 --> 00:12:10,280 Speaker 2: Hey dad, Hey, you got mated Hey, Dad, why can't 221 00:12:10,320 --> 00:12:12,440 Speaker 2: I get out at night? Because you can't? Why? Because 222 00:12:12,440 --> 00:12:16,160 Speaker 2: I told you so? You know that's the line. Yeah, mate, 223 00:12:16,840 --> 00:12:20,760 Speaker 2: so trimmed me. Are you just. 224 00:12:22,920 --> 00:12:29,719 Speaker 1: The RBA's preferred rate underlying inflation here? Actually, Rose, Rose, you. 225 00:12:29,840 --> 00:12:32,840 Speaker 4: Have turned into shan Oh my god, I have the 226 00:12:32,920 --> 00:12:35,840 Speaker 4: vowel annunciation has really changed. 227 00:12:36,200 --> 00:12:38,079 Speaker 2: I just jealousy is a curse? 228 00:12:38,600 --> 00:12:41,400 Speaker 1: No, I think it's I think it's like hero worship. 229 00:12:41,600 --> 00:12:44,840 Speaker 1: That's what this is. I'm trying to aniration here of sorts. Yeah, 230 00:12:44,880 --> 00:12:45,880 Speaker 1: this is extraordinary. 231 00:12:46,040 --> 00:12:50,000 Speaker 2: Don't come sucking back you too, I'm not hunting still. 232 00:12:50,880 --> 00:12:53,720 Speaker 1: It Rose, Did I mention that it went from three 233 00:12:53,720 --> 00:12:57,480 Speaker 1: point two percent to three point five percent? It's supposed 234 00:12:57,520 --> 00:13:01,480 Speaker 1: to be going the other way. It went up. Price pressures. 235 00:13:01,720 --> 00:13:05,439 Speaker 1: These persistent price pressures are persistent. 236 00:13:05,640 --> 00:13:08,560 Speaker 3: Work Yeah, persistent price pressures persistent? 237 00:13:09,040 --> 00:13:12,680 Speaker 1: Yeah, they are persistent. Indeed, this is not getting better, 238 00:13:13,040 --> 00:13:14,480 Speaker 1: and the problem is that a lot of people take 239 00:13:14,520 --> 00:13:17,800 Speaker 1: almost I would argue, false hope from the headline inflation 240 00:13:17,880 --> 00:13:20,640 Speaker 1: figure that was at two point one percent, and everyone's 241 00:13:20,679 --> 00:13:22,719 Speaker 1: going yeah, bottom end of the target range for the 242 00:13:22,720 --> 00:13:27,679 Speaker 1: Reserve Bank. No, no, no, As Sean explained to us admirably, 243 00:13:28,559 --> 00:13:31,280 Speaker 1: through the week, right, suck. When you take away the 244 00:13:31,400 --> 00:13:33,800 Speaker 1: energy rebates and all of these other things, those headline 245 00:13:33,840 --> 00:13:36,400 Speaker 1: numbers are going to jump again. And the RBA is 246 00:13:36,440 --> 00:13:41,040 Speaker 1: of course looking for sustained reduction in inflation two quarters here. 247 00:13:41,440 --> 00:13:44,560 Speaker 1: What does this mean? Bad news, guys, everyone who's taken 248 00:13:44,559 --> 00:13:48,320 Speaker 1: this false hope. There's no rate custs anytime soon, not 249 00:13:48,440 --> 00:13:51,040 Speaker 1: until like at least the middle of next year, and 250 00:13:51,080 --> 00:13:53,600 Speaker 1: that's going to be after the federal election, don't you reckon? 251 00:13:53,640 --> 00:13:55,960 Speaker 1: So no help to the Prime Minister to tie it 252 00:13:55,960 --> 00:13:59,400 Speaker 1: back to Sean's opening story, which could possibly have been 253 00:13:59,440 --> 00:14:02,840 Speaker 1: good enough to but didn't. It was a tie, definitely, 254 00:14:02,880 --> 00:14:04,840 Speaker 1: should I not have rubbed that one back in judging? 255 00:14:04,880 --> 00:14:05,840 Speaker 1: Mother looks on the base. 256 00:14:05,920 --> 00:14:08,280 Speaker 3: It went pretty well I thought first time around. 257 00:14:08,320 --> 00:14:12,840 Speaker 1: So yeah, look, so there you go, quick short, sharp 258 00:14:13,040 --> 00:14:18,000 Speaker 1: economic story, inflation, persistent price pressures, bang, remarkable short over 259 00:14:18,000 --> 00:14:18,320 Speaker 1: to you. 260 00:14:18,800 --> 00:14:20,560 Speaker 2: Well, I don't even know if it's worth saying anything, 261 00:14:20,600 --> 00:14:23,520 Speaker 2: because the judging is so appalling. Whatever I say is 262 00:14:23,560 --> 00:14:26,840 Speaker 2: going to be I mean, you know, so what was 263 00:14:26,880 --> 00:14:29,680 Speaker 2: remarkable this week? Oh? I don't know. Superinnuation. Four trillion 264 00:14:29,720 --> 00:14:31,680 Speaker 2: dollars hit the fourtrillion dollar mark for the first time. 265 00:14:32,000 --> 00:14:34,640 Speaker 2: Oh yes, so what who cares? Only four trillion dollars? 266 00:14:34,800 --> 00:14:36,080 Speaker 2: That's what i'd say. 267 00:14:36,480 --> 00:14:39,520 Speaker 1: I mean, I'm sniffing the air. I'm sensing another tie coming. 268 00:14:40,760 --> 00:14:42,880 Speaker 3: No, no, or even defeat. 269 00:14:43,520 --> 00:14:46,200 Speaker 2: Well, you probably would defeat this story because obviously it's 270 00:14:46,240 --> 00:14:49,040 Speaker 2: the most remarkable story. But you know this straying and 271 00:14:49,040 --> 00:14:52,680 Speaker 2: Financial Regulation Authority came out assets up four percent September quarter. 272 00:14:58,000 --> 00:15:02,640 Speaker 2: I use that word before, I'm going to use it again. Yeah, 273 00:15:03,280 --> 00:15:06,480 Speaker 2: that's it. All over when the judge starts abusing me. 274 00:15:06,560 --> 00:15:10,040 Speaker 2: I don't mind Michael abusing Adam. I had respect for 275 00:15:10,120 --> 00:15:12,640 Speaker 2: you until Ray v. Wade, which is about three years ago. 276 00:15:13,040 --> 00:15:14,720 Speaker 3: Yeah. 277 00:15:14,880 --> 00:15:15,880 Speaker 2: Do you want me to go on or not. 278 00:15:17,680 --> 00:15:18,360 Speaker 3: Very interested? 279 00:15:19,960 --> 00:15:27,320 Speaker 2: No, that's it. I'm out four trillion dollars. Simple, that's it. Huge, 280 00:15:28,320 --> 00:15:31,960 Speaker 2: honey pot money, all that stuff. You know, good returns, 281 00:15:32,080 --> 00:15:33,800 Speaker 2: eleven and a half percent, wages each week, going to 282 00:15:33,880 --> 00:15:38,200 Speaker 2: super two point five million retiring over the next decade. Yeah, remarkable, 283 00:15:38,240 --> 00:15:39,760 Speaker 2: but you wouldn't think. So that's it. 284 00:15:40,280 --> 00:15:42,480 Speaker 1: Take at a time for a rethink of superannuation. 285 00:15:42,680 --> 00:15:45,680 Speaker 2: Sean, don't go sucking up to me, mate, don't try 286 00:15:45,680 --> 00:15:47,920 Speaker 2: and get serious on me. I was going to give 287 00:15:47,920 --> 00:15:50,240 Speaker 2: the whole shibang about. You know, the Kening Hawk is 288 00:15:50,280 --> 00:15:52,680 Speaker 2: what a wonderful system we have, but it's so big now, 289 00:15:52,800 --> 00:15:55,920 Speaker 2: government tipping themselves into it, trying to get the super 290 00:15:55,960 --> 00:15:58,400 Speaker 2: funds to get into housing all that. Maybe we need 291 00:15:58,440 --> 00:15:59,880 Speaker 2: to reform it. Yeah, I was going to give that, 292 00:16:00,200 --> 00:16:04,400 Speaker 2: but I've had it. I'm absolutely out. We need a break. 293 00:16:04,600 --> 00:16:06,560 Speaker 2: Make your decision, Adam, it'll be a bad one, and 294 00:16:06,600 --> 00:16:08,200 Speaker 2: then let's go to the break it. 295 00:16:08,160 --> 00:16:10,160 Speaker 1: It'll be the longest break we've ever had. We come 296 00:16:10,160 --> 00:16:11,720 Speaker 1: back in two and a half weeks. 297 00:16:12,320 --> 00:16:20,359 Speaker 3: Underlying inflation persists. Wins. Well done, Michael, Thanks. 298 00:16:20,120 --> 00:16:24,440 Speaker 1: Adam, I've never been so scared of a victory before. 299 00:16:25,680 --> 00:16:28,080 Speaker 1: We will take a quick break. Sean's going to step 300 00:16:28,120 --> 00:16:31,280 Speaker 1: outside the studio for a moment and we'll see whether 301 00:16:31,320 --> 00:16:40,320 Speaker 1: he comes back. All right, we are looking for a 302 00:16:40,400 --> 00:16:42,680 Speaker 1: sleeper story of the week, and very good news. Sean 303 00:16:42,720 --> 00:16:47,680 Speaker 1: Almer has returned, bright and cheery and chipper and I 304 00:16:47,680 --> 00:16:49,200 Speaker 1: think all this for given. So it is one and 305 00:16:49,240 --> 00:16:51,480 Speaker 1: a half to half a point. That is my way. 306 00:16:51,640 --> 00:16:53,880 Speaker 1: I am winning, and let's do the sleeper story. What 307 00:16:53,920 --> 00:16:54,720 Speaker 1: have you got for us, Sean? 308 00:16:54,800 --> 00:16:56,400 Speaker 2: Well, first, they just like to make a quick correction. 309 00:16:56,920 --> 00:16:59,520 Speaker 2: Nothing is forgiven, but let's go on down to sleeper story. 310 00:17:00,640 --> 00:17:05,680 Speaker 3: Quite right, deal Michael, Deals. 311 00:17:05,359 --> 00:17:07,959 Speaker 2: Of back, Deals of Back. We found that out this week, 312 00:17:08,040 --> 00:17:10,000 Speaker 2: certainly at the lower end of the market. This week 313 00:17:10,040 --> 00:17:13,520 Speaker 2: we had private equity group Specific Equity Partners bidding for 314 00:17:13,720 --> 00:17:17,800 Speaker 2: SG Fleet Group, the leasing company. It's an its share 315 00:17:17,800 --> 00:17:19,520 Speaker 2: price up more than twenty percent, about a one point 316 00:17:19,520 --> 00:17:22,959 Speaker 2: two billion dollar bid. We had IAG buying the business 317 00:17:23,119 --> 00:17:27,360 Speaker 2: of Royal Automobile Club of Queensland. That's about eight nine 318 00:17:27,440 --> 00:17:30,960 Speaker 2: hundred million dollars. Basically, IAG has NRMA in New South Wales, 319 00:17:31,119 --> 00:17:35,600 Speaker 2: RCV in Victoria and r ACQ from Queensland. Twenty five 320 00:17:35,680 --> 00:17:39,240 Speaker 2: year deal, one point seven million members. Big deal for IAG. 321 00:17:39,359 --> 00:17:41,440 Speaker 2: Its share price jumped about four percent on the day. 322 00:17:41,760 --> 00:17:46,200 Speaker 2: Another deal was American real estate giant Proprium Capital Partners. 323 00:17:46,240 --> 00:17:48,000 Speaker 2: The highlight of this deal was Michael trying to say 324 00:17:48,000 --> 00:17:51,440 Speaker 2: the word Proprium. Proprium Capital Partners bidding three hundred and 325 00:17:51,480 --> 00:17:54,480 Speaker 2: seventy five million dollars by AV Jennings. 326 00:17:54,600 --> 00:17:58,680 Speaker 1: Hang on, I didn't think of your ess. I got 327 00:17:58,720 --> 00:18:01,640 Speaker 1: I thought I got through through that without any kind 328 00:18:01,640 --> 00:18:04,360 Speaker 1: of problem. But I got to and I was like, Oh, 329 00:18:04,760 --> 00:18:08,119 Speaker 1: I'm assuming it's proprium and not proprium proprium. So I 330 00:18:08,200 --> 00:18:11,399 Speaker 1: just kind of just peazed my way through it. And 331 00:18:11,480 --> 00:18:14,000 Speaker 1: Sean didn't say a word. Been sitting on that one, 332 00:18:14,119 --> 00:18:14,760 Speaker 1: haven't you? 333 00:18:14,800 --> 00:18:15,040 Speaker 2: Did you? 334 00:18:15,160 --> 00:18:15,360 Speaker 3: Wait? 335 00:18:15,880 --> 00:18:18,399 Speaker 2: Did you know that? Do you remember the ads for 336 00:18:18,440 --> 00:18:22,800 Speaker 2: AV Jennings. Yes, makes me a very proud old builder 337 00:18:23,480 --> 00:18:24,000 Speaker 2: that one. 338 00:18:24,440 --> 00:18:26,000 Speaker 1: Oh no, that's a bit older than me. 339 00:18:27,880 --> 00:18:32,240 Speaker 2: Right anyway, AV Jenny's share price jump ninety percent on 340 00:18:32,280 --> 00:18:34,520 Speaker 2: the offer. AV Jennings like it's a great company. It's 341 00:18:34,520 --> 00:18:36,800 Speaker 2: about twenty bucks of shares today it's about sixty two 342 00:18:36,840 --> 00:18:39,359 Speaker 2: cents a share. So it hasn't been so good in 343 00:18:39,560 --> 00:18:42,119 Speaker 2: Australia in the AX at a record high. Companies like 344 00:18:42,160 --> 00:18:46,199 Speaker 2: pro Medicus shooting the lights out one of the great 345 00:18:46,240 --> 00:18:48,679 Speaker 2: Australian companies over the past couple of years. Pro Medicus, 346 00:18:49,760 --> 00:18:52,879 Speaker 2: that to me, what category are you in? Sleeper? Well? 347 00:18:53,280 --> 00:18:58,760 Speaker 2: Why is it a sleeper story? Because Adam has focused 348 00:18:58,840 --> 00:19:01,520 Speaker 2: on a bunch of garb bit like Donald Trump posturing 349 00:19:02,440 --> 00:19:06,760 Speaker 2: there's been so much politics going on, we seem to 350 00:19:06,800 --> 00:19:12,520 Speaker 2: forget that all these deals are back over the year. Michael, Look, 351 00:19:12,560 --> 00:19:14,960 Speaker 2: I did my best to be enthusiastic about this show. 352 00:19:15,200 --> 00:19:18,359 Speaker 2: After the break, I really went out. I had a 353 00:19:18,359 --> 00:19:21,720 Speaker 2: cup of team did the whole lot came back in? 354 00:19:22,280 --> 00:19:25,960 Speaker 2: Do you two few different? My mood just dropped again? 355 00:19:28,640 --> 00:19:31,359 Speaker 1: Is there any one of us in particular? So I 356 00:19:31,400 --> 00:19:33,560 Speaker 1: feel like I shouldn't have sledged you about the av 357 00:19:33,840 --> 00:19:37,680 Speaker 1: the AV Jennings ad, Right, the one that I remember 358 00:19:37,720 --> 00:19:40,600 Speaker 1: is the It's like the It's the song remember like 359 00:19:40,640 --> 00:19:41,880 Speaker 1: the Dreams Can Come True? 360 00:19:41,920 --> 00:19:42,159 Speaker 2: And a V. 361 00:19:42,320 --> 00:19:46,080 Speaker 1: Jennings building for you. Yeah, that was the one I 362 00:19:46,119 --> 00:19:47,639 Speaker 1: thought you were going to refer to, and then you 363 00:19:47,640 --> 00:19:51,760 Speaker 1: busted out something that was from like the silent movie days, 364 00:19:53,080 --> 00:19:58,520 Speaker 1: from the early talkies. The sleeper story for me? This 365 00:19:58,640 --> 00:20:04,120 Speaker 1: week South Wales dodged a bullet through the week, right, 366 00:20:04,760 --> 00:20:06,520 Speaker 1: it's not and this has a. 367 00:20:06,520 --> 00:20:09,120 Speaker 2: Year gone from global to local, local, local. 368 00:20:09,040 --> 00:20:13,040 Speaker 1: But I'm expanding it to a nationally relevant story which 369 00:20:13,080 --> 00:20:17,240 Speaker 1: is part of a global movement. Sean, Really, I think 370 00:20:17,280 --> 00:20:22,000 Speaker 1: of all, it's not even summer yet, but Sydney recorded 371 00:20:22,560 --> 00:20:26,480 Speaker 1: a very very very hot day through the week. In fact, 372 00:20:26,480 --> 00:20:29,560 Speaker 1: it was its hottest November day in four years and 373 00:20:29,880 --> 00:20:32,879 Speaker 1: it was quite extraordinary. The premiere, Chris Mins had to 374 00:20:33,000 --> 00:20:36,440 Speaker 1: call for people to turn off their air conditioners, their dishwashers, 375 00:20:36,520 --> 00:20:39,240 Speaker 1: their pool pumps, basically anything that was kind of using 376 00:20:39,480 --> 00:20:42,040 Speaker 1: a bit of power. There was this surge in consumption 377 00:20:42,720 --> 00:20:47,240 Speaker 1: right alongside and this is key outages at four units 378 00:20:48,119 --> 00:20:50,960 Speaker 1: along the East Coast in terms of power production units, 379 00:20:51,160 --> 00:20:54,240 Speaker 1: coal powered, coulified power plants, those kind of things, and 380 00:20:54,280 --> 00:20:58,600 Speaker 1: that meant supply was very, very very tight. The Australian 381 00:20:58,680 --> 00:21:02,560 Speaker 1: Energy Market Operator said they were insufficient reserves in terms 382 00:21:02,560 --> 00:21:06,119 Speaker 1: of generation across the day. This story is what we 383 00:21:06,200 --> 00:21:08,280 Speaker 1: call it is a rare double sleeper. 384 00:21:09,600 --> 00:21:13,240 Speaker 2: Two the audience to sleep no. 385 00:21:14,000 --> 00:21:17,920 Speaker 1: End you too as well. Yes, two things that are 386 00:21:17,920 --> 00:21:22,080 Speaker 1: going to be bigger issues down the track. A double 387 00:21:22,160 --> 00:21:26,760 Speaker 1: fuse has been lit and it is kind of fizzing 388 00:21:26,800 --> 00:21:33,439 Speaker 1: off in different directions. Number one. Number one, it is 389 00:21:33,440 --> 00:21:38,280 Speaker 1: going to be a hot summer. They just realized this 390 00:21:38,359 --> 00:21:40,919 Speaker 1: is not very sleepery because it's people probably aware that 391 00:21:40,960 --> 00:21:43,119 Speaker 1: someone is going to be hot. But this may just 392 00:21:43,200 --> 00:21:45,879 Speaker 1: be the beginning of these call outs. This will not 393 00:21:46,040 --> 00:21:49,200 Speaker 1: be the last time that the people, the good people 394 00:21:49,200 --> 00:21:53,800 Speaker 1: of New South Wales have these requests coming from their premiere. 395 00:21:54,000 --> 00:21:55,800 Speaker 1: And I would argue that the same thing's going to 396 00:21:55,840 --> 00:21:58,680 Speaker 1: happen to the good people of Victoria, and the good 397 00:21:58,680 --> 00:22:05,120 Speaker 1: people of Queensland, and the good people of Tasmania. Maybe 398 00:22:05,200 --> 00:22:08,119 Speaker 1: South Australia. I don't really know. I'm not an expert 399 00:22:08,160 --> 00:22:13,760 Speaker 1: on the South Australian electricity grid. But but, but but 400 00:22:15,600 --> 00:22:19,040 Speaker 1: the quad butt It is just the beginning of these 401 00:22:19,080 --> 00:22:24,720 Speaker 1: call outs to shut down electrical items. Right, Okay, that's 402 00:22:24,800 --> 00:22:27,679 Speaker 1: point one. Let's park that park that number two. This 403 00:22:27,720 --> 00:22:29,280 Speaker 1: is the big one. This is the big one. Don't 404 00:22:29,320 --> 00:22:32,840 Speaker 1: you don't you say anything? I can see you, just Suan. 405 00:22:33,920 --> 00:22:36,840 Speaker 1: This has revealed and Adam write every word of this 406 00:22:37,000 --> 00:22:41,359 Speaker 1: down because this is critical. Nostradamis over here, is predicting 407 00:22:41,560 --> 00:22:50,119 Speaker 1: the future. This has revealed exactly how precarious our power 408 00:22:50,160 --> 00:22:54,960 Speaker 1: supply and the generation of electricity in Australia is, and 409 00:22:55,000 --> 00:22:58,639 Speaker 1: it illustrates just how big the challenge will be to 410 00:22:58,760 --> 00:23:04,200 Speaker 1: transition to renewable energy when the most basic need, the 411 00:23:04,320 --> 00:23:10,399 Speaker 1: most fundamental requirement of the grid is just to keep 412 00:23:10,480 --> 00:23:12,639 Speaker 1: the lights on, and not even that. 413 00:23:12,640 --> 00:23:14,479 Speaker 2: Which category, which category are we in? 414 00:23:14,840 --> 00:23:16,600 Speaker 1: This is a sleeper story, because this is a bigger 415 00:23:16,640 --> 00:23:18,960 Speaker 1: story coming down the track. But the fuse was lit 416 00:23:19,080 --> 00:23:21,879 Speaker 1: this week with those callouts from the New South Wales premiere. 417 00:23:21,960 --> 00:23:24,920 Speaker 1: It is ill. Don't shake your head, Adam. 418 00:23:25,400 --> 00:23:28,040 Speaker 2: That is I just, I just I want to get 419 00:23:28,040 --> 00:23:32,239 Speaker 2: this right. So this week we found out that the 420 00:23:32,280 --> 00:23:34,480 Speaker 2: country could have black house because of the transition to 421 00:23:34,520 --> 00:23:35,280 Speaker 2: renewable power. 422 00:23:35,520 --> 00:23:37,679 Speaker 1: Indeed, it was illustrated this week, Sean. 423 00:23:37,480 --> 00:23:40,520 Speaker 2: Illustrated so that the fuse wasn't lit has such? 424 00:23:40,640 --> 00:23:43,280 Speaker 1: Yes it was. It was lit by the awesome power 425 00:23:43,320 --> 00:23:45,160 Speaker 1: of the sun on was it Wednesday? 426 00:23:46,080 --> 00:23:46,280 Speaker 2: Right? 427 00:23:46,680 --> 00:23:51,520 Speaker 1: Like a magnifying glass. The fuse sparked to life and 428 00:23:51,560 --> 00:23:54,120 Speaker 1: fizzed all the way into our future. 429 00:23:56,359 --> 00:23:57,600 Speaker 3: Okay, is that it? 430 00:23:58,400 --> 00:23:58,800 Speaker 2: I think? 431 00:23:58,880 --> 00:24:02,960 Speaker 4: So? You know it was an unorthodox close, you know, 432 00:24:03,040 --> 00:24:07,680 Speaker 4: as the concluding arguments going. Yes, look that did all 433 00:24:07,720 --> 00:24:11,440 Speaker 4: happen in New South Wales this week, Michael, and think 434 00:24:11,480 --> 00:24:15,000 Speaker 4: about it all? Jeez, you know the struggle of humanity. 435 00:24:15,040 --> 00:24:17,760 Speaker 4: Please you'll have to turn off your pul pumps, your 436 00:24:17,800 --> 00:24:20,160 Speaker 4: dishwashers and your air conditioners temporarily. 437 00:24:20,280 --> 00:24:24,400 Speaker 1: Oh dear air conditioners though, like that is like you where. 438 00:24:24,240 --> 00:24:25,399 Speaker 2: Did you go up Michael? 439 00:24:25,760 --> 00:24:30,320 Speaker 1: You jess where did you grow up in Heny? Where's 440 00:24:30,359 --> 00:24:33,200 Speaker 1: that in between Wogga and Albury? 441 00:24:33,320 --> 00:24:34,640 Speaker 2: Did it ever get hot down there? 442 00:24:34,760 --> 00:24:36,320 Speaker 1: It got rather toasty? 443 00:24:36,400 --> 00:24:39,440 Speaker 2: Did you have an air condition down there growing up. 444 00:24:40,560 --> 00:24:45,120 Speaker 1: I'm thinking particularly of schools, right, and if these instructions 445 00:24:45,119 --> 00:24:47,720 Speaker 1: and these requests are going out to schools to turn 446 00:24:47,720 --> 00:24:55,200 Speaker 1: off air conditions, why did somebody think of the children? 447 00:24:55,680 --> 00:24:57,600 Speaker 2: Adam, Adam, Let's just get on with it. 448 00:24:58,359 --> 00:25:01,520 Speaker 3: So I look, Sean Wins. 449 00:25:02,160 --> 00:25:05,200 Speaker 1: Yeah, fair enough that earlier. 450 00:25:07,040 --> 00:25:11,399 Speaker 4: The deals and the Australian companies involved Sensational Week. And 451 00:25:11,480 --> 00:25:14,439 Speaker 4: I thought, Sean, as you began that story about forgiving 452 00:25:14,440 --> 00:25:18,160 Speaker 4: and forgetting a little motto for fear and greed, how 453 00:25:18,200 --> 00:25:22,480 Speaker 4: about this never forgotten, sometimes forgiven? 454 00:25:22,600 --> 00:25:23,359 Speaker 1: No, I don't know. 455 00:25:23,320 --> 00:25:26,000 Speaker 2: Well, well, well, neither forgive nor forget. 456 00:25:26,280 --> 00:25:27,800 Speaker 3: It's sometimes too optimistic. 457 00:25:28,480 --> 00:25:35,360 Speaker 1: Sometimes it's overreaching. I think Seans sleeper category. 458 00:25:35,560 --> 00:25:38,760 Speaker 2: It has taken me. It has taken me, honestly, fifteen 459 00:25:38,800 --> 00:25:40,840 Speaker 2: minutes to get over that first decision. 460 00:25:41,920 --> 00:25:43,000 Speaker 3: Take you a lot longer than that. 461 00:25:43,359 --> 00:25:45,720 Speaker 1: It's why I made my sleeper story extra long, to 462 00:25:45,760 --> 00:25:47,400 Speaker 1: give a little bit of extra recovery time. 463 00:25:47,760 --> 00:25:48,280 Speaker 2: Shall we. 464 00:25:49,920 --> 00:25:53,000 Speaker 1: Shall we finish on a high? Would you like to 465 00:25:53,000 --> 00:25:53,560 Speaker 1: go first? 466 00:25:54,680 --> 00:25:55,000 Speaker 2: Sure? 467 00:25:55,480 --> 00:25:55,560 Speaker 3: So? 468 00:25:55,680 --> 00:25:59,639 Speaker 2: My favorite story is a topic which came to the 469 00:25:59,640 --> 00:26:03,000 Speaker 2: for the Week, which I love. It's the world of 470 00:26:03,160 --> 00:26:04,600 Speaker 2: subc cables. 471 00:26:06,119 --> 00:26:07,960 Speaker 3: Now, how did you get that one. That must have 472 00:26:08,000 --> 00:26:09,280 Speaker 3: been a battle between the two. 473 00:26:09,240 --> 00:26:11,600 Speaker 2: Of you, because I was talking about my mate. 474 00:26:12,160 --> 00:26:15,439 Speaker 3: Yeah, better known as Bed your old flatmate, wasn't he. 475 00:26:15,520 --> 00:26:18,119 Speaker 2: Yeah, he used to sit on the back of a 476 00:26:18,160 --> 00:26:24,560 Speaker 2: boat and literally go thousands of kilometers and just unfurl 477 00:26:24,640 --> 00:26:26,760 Speaker 2: the cable and just watch it hit the water and 478 00:26:26,800 --> 00:26:31,000 Speaker 2: then have to splice new cable on a little fantastic story. 479 00:26:31,880 --> 00:26:35,920 Speaker 1: So subse cable bad if you accidentally dropped the cables. 480 00:26:37,280 --> 00:26:40,320 Speaker 1: Oh no, that's like one and a half kilometers down 481 00:26:40,440 --> 00:26:42,040 Speaker 1: right now, all right. 482 00:26:42,400 --> 00:26:46,120 Speaker 2: There's one point five million kilometers of subc cable around 483 00:26:46,119 --> 00:26:48,720 Speaker 2: the world, and if you don't know what it does, 484 00:26:48,920 --> 00:26:55,040 Speaker 2: they basically contain fiber optic cables and they aren't pin 485 00:26:55,119 --> 00:26:58,679 Speaker 2: the entire global Internet and the modern information age. Fiber 486 00:26:58,720 --> 00:27:03,640 Speaker 2: optic meaning that they carry light, so the speed of light. 487 00:27:03,640 --> 00:27:06,240 Speaker 2: That's why we have such quick Internet, because we're actually 488 00:27:06,280 --> 00:27:10,000 Speaker 2: talking about the speed of light. They're unfiled. There's an 489 00:27:10,000 --> 00:27:13,399 Speaker 2: amplifier every kilometer, every seventy kilometers or so. The Maria 490 00:27:13,480 --> 00:27:16,760 Speaker 2: cable is the longest one sixty six hundred kilometers. They're 491 00:27:16,760 --> 00:27:20,399 Speaker 2: only about like a hose. That's a thickness as a 492 00:27:20,440 --> 00:27:23,639 Speaker 2: hose they have all this protective stuff on them, so 493 00:27:23,680 --> 00:27:27,879 Speaker 2: they're about double that size, and they are throughout the world, 494 00:27:27,880 --> 00:27:32,520 Speaker 2: and they are actually what allows society to communicate. They 495 00:27:32,560 --> 00:27:34,520 Speaker 2: are that important. This week we found out that the 496 00:27:34,520 --> 00:27:37,639 Speaker 2: tech giant Google's backed something called Australia Connect. It's a 497 00:27:37,680 --> 00:27:41,600 Speaker 2: subse cable between mainland capital cities and Christmas Island. The 498 00:27:41,640 --> 00:27:44,359 Speaker 2: first cable to run between Darwen and Christmas Island, second 499 00:27:44,400 --> 00:27:47,760 Speaker 2: one between Melbourne and Perth. That's great be consorting him 500 00:27:47,760 --> 00:27:50,760 Speaker 2: in that next DC the data center provider Telco Group 501 00:27:50,840 --> 00:27:54,560 Speaker 2: focus Google obviously, so that was all pretty cool, Pretty 502 00:27:54,560 --> 00:27:57,320 Speaker 2: happy about that. But another story we've been following which 503 00:27:57,320 --> 00:28:01,560 Speaker 2: had an incredible, well not quite outcome, but turn this week. 504 00:28:02,359 --> 00:28:06,440 Speaker 2: Remember we're talking about a cable between Finland and Germany 505 00:28:06,760 --> 00:28:10,080 Speaker 2: being severed. Anyway, what we found out this week is 506 00:28:10,080 --> 00:28:14,440 Speaker 2: that a Chinese ship is suspecting of severing two Internet 507 00:28:14,480 --> 00:28:17,280 Speaker 2: cables and the Baltic Sea in an act of sabotage. 508 00:28:17,440 --> 00:28:19,880 Speaker 2: It's supposed to be orchestrated by Russia, or at least 509 00:28:19,920 --> 00:28:23,359 Speaker 2: that's what people are saying. The Yipangs three, which is 510 00:28:23,359 --> 00:28:27,480 Speaker 2: a Chinese registered bolt carrier, dragged its anchor along the 511 00:28:27,520 --> 00:28:31,200 Speaker 2: Baltic sea bed for more than one hundred and sixty kilometers. Now, 512 00:28:32,080 --> 00:28:34,800 Speaker 2: a senior European investigator tell the Wall Street Journal, I 513 00:28:34,920 --> 00:28:37,960 Speaker 2: like this quade. It's extremely unlikely that the captain would 514 00:28:37,960 --> 00:28:40,800 Speaker 2: not have noticed that his ship dropped and dragged its anchor, 515 00:28:41,040 --> 00:28:43,760 Speaker 2: losing speed for hours and cutting cables on the way. 516 00:28:44,280 --> 00:28:47,960 Speaker 2: They call it hybrid warfare. So the idea that these 517 00:28:48,200 --> 00:28:52,640 Speaker 2: subsea cables are so important to the world's communications, and 518 00:28:52,760 --> 00:28:57,160 Speaker 2: that the Russians and the Chinese working in Khutz to 519 00:28:57,280 --> 00:29:00,560 Speaker 2: sever the communications, what an incredit story. 520 00:29:02,000 --> 00:29:04,080 Speaker 1: I like how subdued the delivery was. 521 00:29:05,360 --> 00:29:07,240 Speaker 2: Yeah, I'm not over it. I'm not over it. 522 00:29:08,120 --> 00:29:13,880 Speaker 1: You don't say I don't hold onto things never look. 523 00:29:14,400 --> 00:29:16,320 Speaker 1: It's a good story, and I love how many I 524 00:29:16,880 --> 00:29:18,480 Speaker 1: don't know whether you mentioned this in the middle of. 525 00:29:18,400 --> 00:29:20,320 Speaker 2: That, because I wasn't listening. 526 00:29:20,440 --> 00:29:23,040 Speaker 1: No, I was listening. I was listening, But I just 527 00:29:23,120 --> 00:29:30,720 Speaker 1: can't remember about the percentage of the Earth's undersea cables 528 00:29:30,720 --> 00:29:32,360 Speaker 1: that are either owned or controlled. 529 00:29:32,040 --> 00:29:32,960 Speaker 2: By astrolier I didn't. 530 00:29:33,000 --> 00:29:36,560 Speaker 1: Yeah, it's nearly like twenty five percent or so, just 531 00:29:36,600 --> 00:29:38,960 Speaker 1: because of the position of where we are, obviously, and 532 00:29:39,000 --> 00:29:40,680 Speaker 1: the fact that we need so much cable to get 533 00:29:40,720 --> 00:29:43,280 Speaker 1: everything else out. I thought that was amazing. 534 00:29:43,480 --> 00:29:47,040 Speaker 2: Yeah, that's my main Bear sitting on the back of 535 00:29:47,040 --> 00:29:49,880 Speaker 2: the bar. Good job Bear, eh go. 536 00:29:49,840 --> 00:29:52,720 Speaker 3: Bear laying cables across the seabed. 537 00:29:53,280 --> 00:30:01,160 Speaker 2: Not done, bare, Michael, your favorite story? Please look. 538 00:30:01,240 --> 00:30:03,720 Speaker 1: I always did this story as my sleeper. 539 00:30:03,400 --> 00:30:06,680 Speaker 2: Story to be good, then, isn't it? 540 00:30:06,760 --> 00:30:07,160 Speaker 3: No? No, no no. 541 00:30:07,480 --> 00:30:12,240 Speaker 1: But it was too good to just to burn really 542 00:30:12,680 --> 00:30:15,920 Speaker 1: in that wasteland of a category. So I bumped it 543 00:30:16,000 --> 00:30:20,040 Speaker 1: up to the big time my favorite story of the week. 544 00:30:20,080 --> 00:30:25,120 Speaker 1: And I owe a significant significant amount of gratitude to 545 00:30:25,160 --> 00:30:29,080 Speaker 1: a listener, Danny, who contacted us via the Fear and 546 00:30:29,080 --> 00:30:32,640 Speaker 1: Greed website for the first time this week. He's never 547 00:30:33,120 --> 00:30:35,280 Speaker 1: made contacts before, and he did it to give me 548 00:30:35,320 --> 00:30:39,160 Speaker 1: a tip because Danny knows the passion that I have, 549 00:30:39,880 --> 00:30:43,680 Speaker 1: the deeply held passion that I have for tax reform, 550 00:30:44,200 --> 00:30:47,000 Speaker 1: and so we thought that I would enjoy enjoy this story. 551 00:30:47,600 --> 00:30:50,640 Speaker 1: And it was right, because this is about a green 552 00:30:50,720 --> 00:30:55,920 Speaker 1: paper that did not get much attention this month because 553 00:30:55,920 --> 00:30:58,720 Speaker 1: there was just so much other stuff going on in Parliament. 554 00:31:00,040 --> 00:31:02,320 Speaker 1: But the thing about this, ooh, Adam, why are you 555 00:31:02,400 --> 00:31:03,680 Speaker 1: looking at me so skeptically? 556 00:31:04,080 --> 00:31:08,520 Speaker 2: See Parliament doesn't matter. Remember, it's irrelevant. It's about its 557 00:31:08,520 --> 00:31:09,960 Speaker 2: equal as Donald Trump posturing. 558 00:31:10,000 --> 00:31:13,040 Speaker 3: Anyway, go on, oh golly well ecal or lesser than 559 00:31:13,880 --> 00:31:15,280 Speaker 3: Oh god. 560 00:31:15,160 --> 00:31:19,200 Speaker 1: They're sticking the boot in. Okay. Look the thing about 561 00:31:19,200 --> 00:31:21,240 Speaker 1: this green paper, there was a few things that made 562 00:31:21,240 --> 00:31:23,320 Speaker 1: this different. It came from an independent right for one thing. 563 00:31:23,360 --> 00:31:25,600 Speaker 1: So that's a little bit different. A lego spender, now 564 00:31:25,600 --> 00:31:30,920 Speaker 1: miss spender spent eighteen months, eighteen long months, right holding 565 00:31:31,000 --> 00:31:34,880 Speaker 1: meetings with all kinds of people, with tax experts, business experts, 566 00:31:34,920 --> 00:31:39,920 Speaker 1: business groups, kind of academics and unions, normal people everyday 567 00:31:40,320 --> 00:31:41,560 Speaker 1: regular Joe's. 568 00:31:41,760 --> 00:31:43,760 Speaker 2: And then an academic that's a normal person. 569 00:31:44,160 --> 00:31:47,800 Speaker 1: No I'm saying that, and normal people. Oh so they 570 00:31:47,840 --> 00:31:49,959 Speaker 1: had to be split out into an entirely separate category. 571 00:31:50,000 --> 00:31:51,560 Speaker 1: They keep them away from the academics. 572 00:31:52,280 --> 00:31:53,920 Speaker 2: Apologies to your academics out there. 573 00:31:54,320 --> 00:32:00,040 Speaker 1: And they were talking about tax, Adam. Can you do 574 00:32:00,080 --> 00:32:03,480 Speaker 1: you imagine if in searching for people to talk to 575 00:32:03,520 --> 00:32:06,640 Speaker 1: about tax, she was picking people at random and she 576 00:32:06,720 --> 00:32:09,760 Speaker 1: picked up the phone and it was like Adam Lang 577 00:32:09,800 --> 00:32:13,200 Speaker 1: speaking and she would have been in for like four 578 00:32:13,240 --> 00:32:16,920 Speaker 1: weeks straight. And another thing, have you considered. 579 00:32:16,440 --> 00:32:18,960 Speaker 2: This from eighteen months to two years. 580 00:32:18,840 --> 00:32:22,240 Speaker 1: Yep, that's right. In six months and that was just Adam. 581 00:32:22,720 --> 00:32:25,800 Speaker 1: And as Shane Wright wrote in the Nine Newspapers, the 582 00:32:25,880 --> 00:32:29,320 Speaker 1: verdict of this Green paper, of all of this consultation, 583 00:32:29,440 --> 00:32:33,160 Speaker 1: of all of this extensive discussion and research into tax 584 00:32:34,880 --> 00:32:37,320 Speaker 1: the verdict was that our tax system is broken, that 585 00:32:37,440 --> 00:32:41,080 Speaker 1: it is damaging the property market, the business investment is failing, 586 00:32:41,120 --> 00:32:45,760 Speaker 1: the poor, productivity is rife. And the paper doesn't just 587 00:32:45,800 --> 00:32:48,840 Speaker 1: point out the problem. This is the thing. It proposes 588 00:32:48,840 --> 00:32:56,680 Speaker 1: solutions reform in six key areas, six six key areas, 589 00:32:57,280 --> 00:33:00,160 Speaker 1: from lowering income taxes to reshaping the whole taxes and 590 00:33:00,160 --> 00:33:03,560 Speaker 1: basically so that the revenue base remains more stable as 591 00:33:03,640 --> 00:33:08,520 Speaker 1: the population ages. This is detailed stuff, right, And Adam, 592 00:33:08,320 --> 00:33:10,240 Speaker 1: I'm not even going to look at Sean. This is 593 00:33:10,280 --> 00:33:14,000 Speaker 1: a direct appeal to you. How good right that there 594 00:33:14,040 --> 00:33:17,920 Speaker 1: is somebody in Australia, in federal Parliament who is willing 595 00:33:17,960 --> 00:33:20,680 Speaker 1: to look at the bigger picture, who's willing to kind of, 596 00:33:20,760 --> 00:33:23,400 Speaker 1: I don't know, take a shot of putting something unpopular 597 00:33:23,520 --> 00:33:27,440 Speaker 1: out there because tax reform, unfortunately for you, unfortunately for me, 598 00:33:27,800 --> 00:33:34,480 Speaker 1: it is unpopular politically, right, But there is someone there 599 00:33:34,520 --> 00:33:38,120 Speaker 1: who is willing to do this research, to put the 600 00:33:38,160 --> 00:33:40,680 Speaker 1: time into this, to take a risk, knowing that maybe, 601 00:33:40,880 --> 00:33:47,680 Speaker 1: just maybe that this will light a spark under the 602 00:33:47,760 --> 00:33:51,600 Speaker 1: bonfire of the debate that we so badly need to have, 603 00:33:51,760 --> 00:33:56,600 Speaker 1: the debate about tax reform in Australia. It is my 604 00:33:57,200 --> 00:34:02,560 Speaker 1: favorite story of the week, Adam. 605 00:34:03,120 --> 00:34:06,200 Speaker 2: The sad thing about this, the absolute gards that came 606 00:34:06,240 --> 00:34:07,880 Speaker 2: out of your mouth, that this is going to be 607 00:34:07,880 --> 00:34:10,359 Speaker 2: Adam's favorite story of the week too. Like he may 608 00:34:10,400 --> 00:34:12,680 Speaker 2: give it to me for the undersea cable stuff. He 609 00:34:12,719 --> 00:34:15,040 Speaker 2: may give it to me. I'm not saying that, but actually, 610 00:34:15,080 --> 00:34:20,680 Speaker 2: deep down in his heart, right in his heart, tax reform. 611 00:34:20,920 --> 00:34:22,800 Speaker 2: Nothing beats it deep down. 612 00:34:23,000 --> 00:34:25,800 Speaker 1: You know that the moment he walks out of the studio, 613 00:34:25,880 --> 00:34:29,760 Speaker 1: he is googling this green paper and downloaded, reading its entire. 614 00:34:29,760 --> 00:34:31,520 Speaker 2: And probably getting in touch with the leg with Spinner saying, 615 00:34:31,520 --> 00:34:32,239 Speaker 2: wh and you talk to me. 616 00:34:33,000 --> 00:34:34,760 Speaker 1: You missed a few things. I've got some more ideas. 617 00:34:34,880 --> 00:34:36,160 Speaker 3: This is the mobile number. 618 00:34:36,440 --> 00:34:42,640 Speaker 1: Call any time, oh dear, deliver your judgment please, and 619 00:34:42,680 --> 00:34:44,480 Speaker 1: before you do, one and a half to one and 620 00:34:44,480 --> 00:34:46,400 Speaker 1: a half, Adam, that's where we are now. 621 00:34:46,600 --> 00:34:52,400 Speaker 4: We are, indeed, and outrageously look the green paper. I 622 00:34:52,680 --> 00:34:57,040 Speaker 4: love it if there's anything in there that's new. But 623 00:34:57,680 --> 00:35:00,600 Speaker 4: that's why I just can't be my favorite store. And 624 00:35:00,680 --> 00:35:03,759 Speaker 4: maybe my heart's turned a little black from the lack 625 00:35:03,800 --> 00:35:06,840 Speaker 4: of reform, the fatigue at the end of a long year. 626 00:35:08,000 --> 00:35:10,960 Speaker 4: I'm starting to lose hope, Michael. It's not dead, but 627 00:35:11,000 --> 00:35:13,520 Speaker 4: I'm starting to lose hope about the lack of courage 628 00:35:13,560 --> 00:35:14,600 Speaker 4: and political will. 629 00:35:15,120 --> 00:35:18,200 Speaker 3: So well done, a legraspender, but it just doesn't count 630 00:35:18,360 --> 00:35:18,600 Speaker 3: on a. 631 00:35:18,680 --> 00:35:22,359 Speaker 2: Lack of political will. Thirty pieces of legislation this week. 632 00:35:22,400 --> 00:35:27,280 Speaker 2: Out of thirty pieces, that's political will, Adam. 633 00:35:27,320 --> 00:35:28,759 Speaker 1: I never thought i'd say this when it comes to 634 00:35:28,840 --> 00:35:32,160 Speaker 1: tax reform. Part of the solution, part of the problem. 635 00:35:34,960 --> 00:35:40,800 Speaker 4: Oh look, the subsea cables, the international espionage, just being accused. 636 00:35:40,840 --> 00:35:44,040 Speaker 4: The necessity it is for the well, the necessity we 637 00:35:44,440 --> 00:35:47,760 Speaker 4: have that this communication channel remains open and grows. 638 00:35:48,280 --> 00:35:49,720 Speaker 3: We need it. 639 00:35:49,719 --> 00:35:52,880 Speaker 4: It's a spectacular technology that we don't really see in 640 00:35:52,920 --> 00:35:54,719 Speaker 4: our daily lives, but we need it. 641 00:35:55,040 --> 00:35:57,439 Speaker 3: I love it. That's my favorite story for the week. 642 00:35:58,800 --> 00:36:02,239 Speaker 4: Thank you, So I hang on after the biggest I 643 00:36:02,280 --> 00:36:04,160 Speaker 4: don't know if I should accept your thanks. 644 00:36:04,200 --> 00:36:10,160 Speaker 1: The biggest dummy spit in history. You have snatched a 645 00:36:10,280 --> 00:36:12,240 Speaker 1: victory two and a half to one and a half. 646 00:36:13,280 --> 00:36:15,160 Speaker 2: Yeah, there's method in the madness that Mike. 647 00:36:15,719 --> 00:36:17,719 Speaker 1: Yeah, yeah, you know what You've got it. 648 00:36:17,760 --> 00:36:21,000 Speaker 2: You've got to play with Adam's good nature. Really really 649 00:36:21,160 --> 00:36:22,880 Speaker 2: do have to play on the fact that he feels 650 00:36:22,920 --> 00:36:24,600 Speaker 2: bad when he upsets someone. 651 00:36:24,880 --> 00:36:27,920 Speaker 1: You secured pity points. That's what you got. That's what 652 00:36:28,000 --> 00:36:30,360 Speaker 1: I went on to write. What was the what was 653 00:36:30,600 --> 00:36:32,440 Speaker 1: the score? Then the point score? 654 00:36:32,719 --> 00:36:39,640 Speaker 3: Adam? Oh, Michael, you eighty six, Sean eighty nine. 655 00:36:41,880 --> 00:36:43,560 Speaker 2: I reckon at least three pity points. 656 00:36:44,120 --> 00:36:48,120 Speaker 4: Oh no, I'm impervious to emotional attack. 657 00:36:49,120 --> 00:36:52,760 Speaker 1: You also hate tax reform. Things have changed this week. 658 00:36:53,120 --> 00:36:55,160 Speaker 1: I don't know who you are anymore, Adam, but this 659 00:36:55,200 --> 00:36:57,440 Speaker 1: has entirely changed my approach for future weeks. All Right, 660 00:36:57,440 --> 00:36:59,400 Speaker 1: we better wrap things up. Thank you very much, Adam, 661 00:37:00,280 --> 00:37:02,560 Speaker 1: Thank you, Michael, thank you, Sean. 662 00:37:05,000 --> 00:37:08,320 Speaker 2: Thank you Michael and a half. Thank you to you, Adam. 663 00:37:08,680 --> 00:37:10,640 Speaker 1: Thank you Sean for the I expected. 664 00:37:10,760 --> 00:37:14,160 Speaker 2: Actually it's three quarters. Thank you. There's only one category 665 00:37:14,160 --> 00:37:14,880 Speaker 2: that was disgrace. 666 00:37:15,320 --> 00:37:18,040 Speaker 1: Oh god, thank you Sean for the emotional rollercoaster you 667 00:37:18,080 --> 00:37:20,919 Speaker 1: have subjected us all to over the last half hour 668 00:37:21,040 --> 00:37:23,719 Speaker 1: or so. Make sure you are following the podcast and 669 00:37:23,760 --> 00:37:26,680 Speaker 1: please join us online on LinkedIn, Instagram, TikTok, Facebook and 670 00:37:26,960 --> 00:37:29,680 Speaker 1: X Michael Thompson. And that was fear and greed. Have 671 00:37:29,719 --> 00:37:30,400 Speaker 1: a great weekend.