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Speaker 1: A one point six billion dollar deal between Optus and

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Speaker 1: TPG could chip away at Telstra's dominance labors. Bill Shorten

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Speaker 1: is calling it quits, and new data shows small and

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Speaker 1: medium sized business owners are struggling with their mental health.

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Speaker 1: Welcome to Fear and Greed, Daily business news for people

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Speaker 1: who make their own decisions. It is Friday, the sixth

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Speaker 1: of September twenty twenty four. Are Michael Thompson and Good morning.

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Speaker 2: Adam Lang. Good morning, Michael, Adam.

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Speaker 1: The main story this morning, the Competition Watchdog has backed

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Speaker 1: to one point six billion dollar eleven year network sharing

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Speaker 1: deal between Optus and TPG to boost regional coverage. Just

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Speaker 1: last year, the age will see knocked back a similar

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Speaker 1: deal worth one point eight billion dollars between Telstra and TPG.

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Speaker 2: All right, Michael, just to go through the component parts

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Speaker 2: on this one. TPG Telecom owns Vodaphone and this new

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Speaker 2: arrangement will help. The new will triple its access to

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Speaker 2: mobile sites while transferring its sites to Optus in areas

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Speaker 2: without an existing Optus footprint, So TPG gets access to

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Speaker 2: fewer towers than if it had done the deal with Telstra,

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Speaker 2: but still, according to TPG, had the a Triple C

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Speaker 2: said no to the arrangement, then it would have cost

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Speaker 2: them six billion dollars to expand in the regional areas themselves.

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Speaker 2: The arrangement will also help Optus in the five G race,

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Speaker 2: including via access to the TPG spectrum. Optus will expand

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Speaker 2: its number of five G sites in the regions from

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Speaker 2: fifteen hundred to two four hundred and forty four by

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Speaker 2: twenty thirty. TPG's coverage will be dramatically expanded from four

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Speaker 2: hundred thousand square kilometers to over one million square kilometers.

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Speaker 1: Plenty of numbers in all of that, Adam, and I

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Speaker 1: know that's your happy place, just swimming amongst swimming amongst

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Speaker 1: the figures. But what does it mean for customers.

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Speaker 2: It's a good deal, Michael. It means better options. The

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Speaker 2: deal is being seen as a win for customers because

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Speaker 2: it will give them more choice about which provider to

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Speaker 2: pick from if they travel or live in rural and

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Speaker 2: regional areas. Some of these spaces are only serviced by Telstra.

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Speaker 2: There's only one choice at the moment. People who spend

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Speaker 2: any time in the regions may now consider a completely

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Speaker 2: different telco network, which could put downward pressure on plan prices,

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Speaker 2: so that could be good news. More competition might also

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Speaker 2: mean more innovation and focus on regional areas, which could

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Speaker 2: help businesses and those who look to move out of

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Speaker 2: the cities.

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Speaker 1: And the other big question in all of this than Adam,

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Speaker 1: is what does it mean for Telstra's position in the market.

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Speaker 2: So, Michael, this still starts next year and Telster will

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Speaker 2: still be the biggest mobile network, but TPG expects to

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Speaker 2: double its network size, attract more customers, and increase the

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Speaker 2: competitive heat in the market. And on this news, Telstra

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Speaker 2: shares were down while TPG's lifted.

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Speaker 1: All right, let's take a broader look at local markets. Yesterday,

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Speaker 1: the S and PASX two hundred closed up zero point

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Speaker 1: four percent to seven thousand, nine nine hundred and eighty

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Speaker 1: two points, which is a bit of a relief really

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Speaker 1: for investors after what you would describe as a pretty

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Speaker 1: bruising day on Wednesday.

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Speaker 2: It's been an incredible week, Michael ands. Yesterday it real estate,

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Speaker 2: investment trusts and financials performed strongly. However, energy and utilities

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Speaker 2: and resources they experienced steep falls. Iron ore prices hit

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Speaker 2: near two year lows, and that was adding to the

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Speaker 2: challenges investment management firm Challenger fell eleven percent following US

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Speaker 2: based Apollo Global Management's decision to sell down its stake

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Speaker 2: in the business from twenty point one to nine point

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Speaker 2: nine percent. Challenger sells Apollo products, and the two say

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Speaker 2: their relationship will continue. The top performer was next DC,

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Speaker 2: up eight point four percent. Next DC got a speeding

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Speaker 2: ticket from the ASX and responded to those queries saying

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Speaker 2: it has nothing to announce but that it was included

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Speaker 2: in a quarterly review. In the US, and there has

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Speaker 2: been significant recent activities in the data center sector and

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Speaker 2: that is clearly pointing to the US air trunk deal

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Speaker 2: earlier this week, which may be having a halo effect

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Speaker 2: on data center businesses Here in Australia.

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Speaker 1: Now ADAM thanks to blue Chip Communication, the experts helping

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Speaker 1: financial services companies market, communicate and grow. Visit blue Chip Communication,

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Speaker 1: dot com, dot AU. What's happening in overseas.

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Speaker 2: Markets Michael Plenty. In the US, there's some new data

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Speaker 2: ahead of the much anticipated payroll figures later tonight. Job

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Speaker 2: openings fell in July to their lowest level since twenty

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Speaker 2: twenty one, down to seven point sixty seven million, and

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Speaker 2: redundancies increased. This was below all of Bloomberg's economist estimates.

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Speaker 2: Donald Trump's true social has had a tough week, with

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Speaker 2: shares falling sharply amid the selloff in offshore markets. Trump

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Speaker 2: is unable to sell any of his shares until later

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Speaker 2: this month. His stake has fallen in value from almost

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Speaker 2: four point nine billion in March to about US two

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Speaker 2: billion at the moment. That's over fifty percent in just

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Speaker 2: six months. Michael, the Bank of Canada has cut rates

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Speaker 2: by twenty five basis points to four zero point twenty

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Speaker 2: five and is considering more cuts in the near future

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Speaker 2: as inflation continues to moderate there. The Aussie dollar is

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Speaker 2: sitting a touch under sixty seven point two US since

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Speaker 2: gold is trading at more than US two five hundred

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Speaker 2: and thirty four dollars and crude oil is still under

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Speaker 2: seventy US dollars a barrel, all right now.

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Speaker 1: Immediately after the show, Adam stick around for an interview

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Speaker 1: that's coming up with journalist Richard Baker. It's about his

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Speaker 1: new podcast, Bagdad Nights and this is fans. It's such

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Speaker 1: a fascinating story because it explores what happened in Australia's

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Speaker 1: biggest ever corruption scandal. And this is of course kind

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Speaker 1: of going back twenty years now. It's nearly twenty years

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Speaker 1: since all of this came to light where Wheat Exporter

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Speaker 1: AWB Limited paid three hundred million dollars in kickbacks to

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Speaker 1: Saddam Hussein's regime in Iraq, and Richard Baker was a

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Speaker 1: journalist at the time covering all of this, and now

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Speaker 1: he is speaking to all of the key people that

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Speaker 1: were involved in this story, and it is such a

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Speaker 1: fascinating one. So this conversation with Richard about how this

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Speaker 1: story originated and also then how he got to know

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Speaker 1: the people behind the scenes is just a great conversation.

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Speaker 2: Richard Baker is one of the country's finest journalists. He

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Speaker 2: is meticulous, methodical, and he seems to find a way

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Speaker 2: to get the stories where very few others can. So

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Speaker 2: I remember this story, Michael international bribery on a huge scale.

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Speaker 2: I'm looking forward to this interview.

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Speaker 1: Yeah, it's a cracker. It is coming up after the show.

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Speaker 1: In the meantime, Adam will be back in a moment

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Speaker 1: with the rest of the day's business news. Adam Reserve

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Speaker 1: Bank Governor Michelle Bullok gave a speech yesterday afternoon where

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Speaker 1: she put the blame for economic pressures back on inflation.

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Speaker 1: This followed Treasurer Jim Chalmers saying that high rates are

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Speaker 1: smashing the economy said that last weekend, but Michelle Bullock

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Speaker 1: spoke about the impact that higher rates are actually having

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Speaker 1: on lower income households, and she said, and I'll share

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Speaker 1: this quite in its entirety because I think it's important.

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Speaker 2: She said.

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Speaker 1: Although this group is fairly small, overall, those in it

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Speaker 1: have had to make quite painful adjustments to avoid falling

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Speaker 1: behind on their mortgage repayments. This includes things like cutting

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Speaker 1: back on their spending to the more essential items, trading

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Speaker 1: down to lower quality goods and services, dipping into their savings,

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Speaker 1: or working extra hours. Some may ultimately make the difficult

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Speaker 1: decision to sell their homes.

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Speaker 2: Michael, that is pretty confronting hearing it like that. Michelle

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Speaker 2: Bullock was speaking at about the same time as the

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Speaker 2: Council of Financial Regulators handed down the latest Financial Stability Report,

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Speaker 2: and that found that five percent of borrowers right now

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Speaker 2: a cash flow negative, with their income not covering their expenses.

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Speaker 2: Bullokworn that if inflation isn't brought back down to the

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Speaker 2: two to three percent target in a timely fashion. That

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Speaker 2: this number will likely rise with lower income households most

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Speaker 2: of risk, but she said this isn't an overall financial

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Speaker 2: stability risk. She also made it clear that getting inflation

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Speaker 2: down remained the RBA's primary focus despite the dual mandate,

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Speaker 2: it has to achieve full employment and for those wondering,

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Speaker 2: she chose not to weigh in on the comments earlier

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Speaker 2: in the week by Treasurer of Jim Chalmers.

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Speaker 1: I wouldn't expect her to really now, Adam, we've seen

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Speaker 1: some staggering numbers from new Commonwealth Bank research. More than

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Speaker 1: half of small and medium sized business owners and senior

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Speaker 1: managers are saying their mental health has been affected by

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Speaker 1: the economic climate of the past year.

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Speaker 2: Yeah, Michael, this is another tough one. The survey found

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Speaker 2: that stress from navigating the cost of living crisis is

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Speaker 2: really taking a toll on small and medium sized enterprises.

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Speaker 2: Among the sources of this stress is that about sixty

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Speaker 2: five percent of businesses had to deal with unexpected expenses

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Speaker 2: at an indicative collective total of seven point three billion dollars.

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Speaker 2: That's about four thy three hundred for each business in

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Speaker 2: the past twelve months. On average equipment repairs, higher supplier

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Speaker 2: costs and rising utility costs were among the most commonly

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Speaker 2: cited sources of those unanticipated and clearly stressful outgoings. Commonwealth

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Speaker 2: Bank Australia will launch a new partnership with mental health

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Speaker 2: not for profit Smiling Mind to give small businesses access

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Speaker 2: to programs, tools and strategies to help them get through

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Speaker 2: this challenging period. Now. Anyone will be able to access

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Speaker 2: the app from next month, regardless of if they are

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Speaker 2: a bank customer to get support now.

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Speaker 1: Adam Labour's Bill Shorten is retiring from federal politics, having

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Speaker 1: been an MP since two thousand and seven. The NDIS

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Speaker 1: and Government Services Minister is probably best known for leading

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Speaker 1: Labor in opposition for six years and two very bruising elections.

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Speaker 2: Yeah, seventeen years, Michael. And as we know, it's virtually

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Speaker 2: a full time around the clock job, right, Yeah, yes,

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Speaker 2: non stop. So Shorten has only recently secured major deals,

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Speaker 2: including major NDIS reforms through Parliament and a crucial deal

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Speaker 2: with the States and territories to change governance rules. He

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Speaker 2: said in Camber on Thursday that he would retire in

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Speaker 2: February before the election. The press gallery has taken this

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Speaker 2: as confirmation that the election will not be held before

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Speaker 2: Christmas and may likely be a March election. Shorten is

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Speaker 2: going to become the University of Canberra's vice chancellor.

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Speaker 1: How the United Workers Union is raising the alarm about

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Speaker 1: the future of eight thousand workers in Queensland and New

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Speaker 1: South Wales at Star Entertainment as discussions between the casino

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Speaker 1: operator and its bankers continue.

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Speaker 2: The union is pushing for everyone involved to prioritize retaining

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Speaker 2: the jobs of staff, saying they are facing major uncertainty

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Speaker 2: and financial insecurity. Starr confirmed on Thursday that it was

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Speaker 2: reviewing its liquidity. The Financial Review is reporting that Starr's

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Speaker 2: bankers have been pushing back at its request for short

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Speaker 2: term debt, instead saying new loans should also be matched

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Speaker 2: by more security over its assets and government concessions. Amid

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Speaker 2: major costs, blowouts and slower trading at its major casinos,

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Speaker 2: Star hasn't yet published its last financial year accounts, which

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Speaker 2: saw it suspended by the ASX and the company thrown

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Speaker 2: into flux. The union is pushing for Star regulators and

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Speaker 2: the government to keep the casino doors open and acknowledge

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Speaker 2: that state governments have been considering the case for assistance.

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Speaker 1: Climate Change Authority Chairman Matt Kean has warned there are

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Speaker 1: major barriers yet to be overcome for the government to

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Speaker 1: decarbonize the electricity grid without tackling these issues head on.

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Speaker 1: He says the net zero by twenty to fifty goalers

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Speaker 1: at risk.

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Speaker 2: Michael, this is a substantial new report and the first

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Speaker 2: from the former New South Wales treasurer in his new

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Speaker 2: role for the federal government. Keen poured cold water on

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Speaker 2: Peter Dutton's nuclear power ambitions and also warned that the

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Speaker 2: Albanese government faces some major challenges. The report found that

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Speaker 2: nuclear energy had a much higher cost than wind or

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Speaker 2: solar energy and could take fifteen to twenty years to

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Speaker 2: get going, making it less viable than working harder on

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Speaker 2: using existing renewable technology.

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Speaker 1: Whenever you say nuclear, do you hear Homer Simpson in

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Speaker 1: your head? Go it's pronounced nuclear?

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Speaker 2: I was hearing Montgomery Burns. Oh yeah, same show, different voice.

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Speaker 1: Yep, yep, pretty much the same thing. Back on track, Adam, Australia,

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Speaker 1: this is a serious story, this one. Australia has the

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Speaker 1: highest per capita gambling losses in the world and when

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Speaker 1: compared to peer economies. The picture is even more dire.

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Speaker 1: According to a new Gratton Institute report, the average annual

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Speaker 1: loss per adult here is now one thousand, six hundred

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Speaker 1: and thirty five dollars. It is far higher than New

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Speaker 1: Zealanders at five hundred and eighty four dollars and Americans

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Speaker 1: at eight hundred and nine incredible data.

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Speaker 2: It's prompting the question of whether Australia should ban gambling

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Speaker 2: ads completely and put lost limits on poke's and online betting.

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Speaker 2: That's the Gratin Institute reports proposal, released amid government hesitancy.

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Speaker 2: He also wants to see a reduction in the number

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Speaker 2: of pokies in each state over time, and a mandatory

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Speaker 2: pre commitment system for online gambling and pokies where people

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Speaker 2: select their annual, monthly and daily loss limits. It warns

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Speaker 2: that the Australian government has taken a lax approach to

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Speaker 2: regulating gambling and the result is that collectively Australians lose

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Speaker 2: twenty four billion dollars a year gambling.

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Speaker 1: Turning to international news, now Adam and Volvo has backed

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Speaker 1: off from its plans to only sell eves by twenty

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Speaker 1: thirty and yet another sign of the cooling of the

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Speaker 1: electric vehicle frenzy as challengers hit automakers.

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Speaker 2: Yeah, Michael. Volvo said back in twenty seventeen that it

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Speaker 2: would be all electric or hybrid by twenty twenty five,

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Speaker 2: and then in twenty twenty one it said it would

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Speaker 2: be totally EV by twenty thirty. The media headlines are

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Speaker 2: focused on ditching this commitment. However, the EV transition isn't

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Speaker 2: scrapped entirely. A close look at the statement from the

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Speaker 2: carmaker shows that it still reckons ninety percent of what

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Speaker 2: will be made by twenty thirty will be EV or

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Speaker 2: plug in hybrid, and that the balance still won't be

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Speaker 2: entirely fossil fuel powered. Instead it will be petrol with

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Speaker 2: energy saving technology. It has dubbed these cars Michael and

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Speaker 2: get this for Volvo mild hybrids. Regardless, there's been a

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Speaker 2: turning in the tide lately, with Australia recently adjusting expectations

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Speaker 2: of the EV fleet downwards due to challenges getting charging

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Speaker 2: stations and consumer buying ADAM.

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Speaker 1: The Biden administration has pointed the finger directly at Vladimir

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Speaker 1: Putin's inner circle for election interference in the lead up

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Speaker 1: to the US presidential election.

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Speaker 2: Yeah, Michael, the US is claiming that the Russian president

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Speaker 2: is undertaking a covert campaign to sway its democratic process

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Speaker 2: and his bombarding Americans with political propaganda and outright misinformation,

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Speaker 2: including pro Kremlin views. This is the strongest accusation the

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Speaker 2: US has ever made against Russia based on election propaganda

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Speaker 2: in recent times, and among the claims is that the

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Speaker 2: Russian government funded network RT splashed millions of dollars to

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Speaker 2: recruit Americans unwittingly into propaganda campaigns to undermine US election

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Speaker 2: confidence and foreign policy. This clearly also relates to support

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Speaker 2: from the US for Ukraine.

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Speaker 1: And Finally, Adam, the spillover effects of Elon Musk's dispute

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Speaker 1: over X in Brazil are continuing. His SpaceX company is

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Speaker 1: now pulling employees out of the country, according to an

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Speaker 1: exclusive report from the Wall Street Journal.

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Speaker 2: Yeah, this is high stake stuff, Michael. The report said

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Speaker 2: that SpaceX president Gwynn Shotwell has emailed employees to advise

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Speaker 2: them not to travel to Brazil for either work or fun,

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Speaker 2: and they've been relocating their non Brazilian employees working there

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Speaker 2: out of the country. This has all come about after

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Speaker 2: Brazil ordered X to be blocked in the country and

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Speaker 2: SpaceX Starlink was refusing to obey, though it finally said

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Speaker 2: it would comply about forty eight hours ago. The issue

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Speaker 2: originally revolved around X's refusal to block accounts involved in

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Speaker 2: a far right in Surria direction in January, which resulted

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Speaker 2: in the court freezing Starlink's assets and threatening significant fines.

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Speaker 1: All right, we have covered some ground today, Adam. Up

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Speaker 1: next is the Fear and Greed Daily interview with journalist

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Speaker 1: Richard Baker about his new podcast, Bagdad Nights, exploring exactly

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Speaker 1: what happened and goes behind the scenes of Australia's biggest

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Speaker 1: ever corruption scandal. Stick around for that one. It is

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Speaker 1: up next in the Fear and Greed playlist on your

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Speaker 1: podcast platform or at Fearangreed dot com dot au.

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Speaker 2: Thank you Adam, Thank you Michael.

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Speaker 1: It is Friday, the sixth of September twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed.

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Speaker 2: Have a great day.