1 00:00:03,800 --> 00:00:06,440 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,080 Speaker 1: for Tuesday, the eighteenth of June twenty twenty four. I'm 3 00:00:09,080 --> 00:00:11,880 Speaker 1: Sean Elma. Every afternoon, We've got the five stories that 4 00:00:11,960 --> 00:00:14,040 Speaker 1: happened today that you need to know about. Story numer one. 5 00:00:14,080 --> 00:00:16,440 Speaker 1: The Reserve Bank of Australia Board left the official cash 6 00:00:16,480 --> 00:00:19,120 Speaker 1: rate on hole today at four point three five percent. 7 00:00:19,600 --> 00:00:23,560 Speaker 1: Central Bank sounded a touch more hawkish than previous meetings, 8 00:00:23,800 --> 00:00:28,200 Speaker 1: highlighting the challenges involved with getting inflation lower. Following the announcement, 9 00:00:28,280 --> 00:00:31,280 Speaker 1: market economists said there was a slightly higher chance of 10 00:00:31,280 --> 00:00:33,720 Speaker 1: a rate rise in the future, though most believe the 11 00:00:33,720 --> 00:00:36,360 Speaker 1: next move will be down and that will occur late 12 00:00:36,520 --> 00:00:39,839 Speaker 1: this year or early next year. Story number two. The 13 00:00:39,920 --> 00:00:41,800 Speaker 1: S and PA SEX two one hundred close the day 14 00:00:41,880 --> 00:00:45,360 Speaker 1: up one percent to seven seven hundred and seventy eight points, 15 00:00:45,400 --> 00:00:48,440 Speaker 1: notwithstanding a slight hiccup after the Reserve Bank rates announcement. 16 00:00:48,840 --> 00:00:52,159 Speaker 1: Utilities led the way, followed by financials and industrials, and 17 00:00:52,200 --> 00:00:54,120 Speaker 1: it was one of the best sessions in more than 18 00:00:54,160 --> 00:00:56,959 Speaker 1: a month. Commonweff Bank hit an all time high, closing 19 00:00:57,280 --> 00:00:59,800 Speaker 1: at one hundred and twenty seven dollars and ninety eight cents, 20 00:00:59,840 --> 00:01:02,920 Speaker 1: up two percent on the day. That's despite high profile 21 00:01:02,960 --> 00:01:06,480 Speaker 1: investor Phil King saying he's betting against the bank, expecting 22 00:01:06,480 --> 00:01:09,440 Speaker 1: its share price to fall. National Australian Bank also jumped 23 00:01:09,480 --> 00:01:13,160 Speaker 1: two percent to reach another nine year high. Mcquarie Group 24 00:01:13,200 --> 00:01:17,360 Speaker 1: surged two point six percent, while CSL A and Zed, Telstra, Transurban, 25 00:01:17,360 --> 00:01:20,759 Speaker 1: Aristocrat Leisure and Coals all outperformed. Best on the day 26 00:01:20,840 --> 00:01:23,440 Speaker 1: was Toll Road Group at Las Arteria, which raised more 27 00:01:23,480 --> 00:01:26,360 Speaker 1: than five percent. Wilt Sigma Healthcare was up another four 28 00:01:26,400 --> 00:01:29,400 Speaker 1: and a half percent. Worst was ford Escume, its share 29 00:01:29,440 --> 00:01:32,400 Speaker 1: price tumbled five point two percent following a one point 30 00:01:32,440 --> 00:01:35,319 Speaker 1: one billion dollar block trade on Monday night after the 31 00:01:35,360 --> 00:01:38,240 Speaker 1: closing bell. Now, a block trade is a privately negotiated 32 00:01:38,319 --> 00:01:41,480 Speaker 1: sale or purchase of a large block of shares, in 33 00:01:41,520 --> 00:01:44,480 Speaker 1: this case Forest hum Metals Group. Media reports say the 34 00:01:44,520 --> 00:01:46,759 Speaker 1: trade was being off at a twenty one dollars sixty share, 35 00:01:46,840 --> 00:01:50,280 Speaker 1: a six percent discount to ford Escu's last trading price. 36 00:01:50,480 --> 00:01:53,400 Speaker 1: Beach Energy share price fell two point two percent after 37 00:01:53,400 --> 00:01:56,320 Speaker 1: the energy group said it will cut spending operating custs 38 00:01:56,320 --> 00:01:59,040 Speaker 1: and jobs and raise the hurdle and returns for future 39 00:01:59,040 --> 00:02:01,720 Speaker 1: projects in a bid to improved the company's performance. All 40 00:02:01,720 --> 00:02:04,000 Speaker 1: in all, a very busy day on the market. Story 41 00:02:04,080 --> 00:02:06,880 Speaker 1: number three. Communications Minister Michelle Rowland said that she is 42 00:02:07,040 --> 00:02:10,080 Speaker 1: very keenly watching studies in Australium about the effect of 43 00:02:10,120 --> 00:02:13,480 Speaker 1: social media on children's health, though she stopped short of 44 00:02:13,600 --> 00:02:17,280 Speaker 1: endorsing a push in the US for cigarette style warnings. 45 00:02:17,360 --> 00:02:20,840 Speaker 1: Earlier this week, the US Surgeon General suggested that warnings 46 00:02:20,840 --> 00:02:23,520 Speaker 1: be placed on social media due to risks to kids' 47 00:02:23,520 --> 00:02:26,720 Speaker 1: mental health. Mister Roland today says she was very keenly 48 00:02:26,760 --> 00:02:30,680 Speaker 1: watching several reviews and trials the government has commissioned on 49 00:02:30,720 --> 00:02:35,160 Speaker 1: the problems from social media, including Facebook, TikTok, Instagram and YouTube. 50 00:02:35,280 --> 00:02:37,799 Speaker 1: She also mentioned a trial of an age threshold to 51 00:02:37,919 --> 00:02:40,960 Speaker 1: use social media apps. She said Australia was ahead on 52 00:02:41,000 --> 00:02:44,320 Speaker 1: regulation and delivered education programs in schools to warn about 53 00:02:44,320 --> 00:02:46,839 Speaker 1: the dangers of social media. It comes in a week 54 00:02:46,880 --> 00:02:49,440 Speaker 1: that both sides of politics have endorsed the concept of 55 00:02:49,520 --> 00:02:52,400 Speaker 1: lifting the legal age for accessing social media from thirteen 56 00:02:52,480 --> 00:02:56,160 Speaker 1: years to sixteen years. Story number four. Yesterday we heard 57 00:02:56,200 --> 00:02:58,320 Speaker 1: about the polls getting a pay rise. Now it's the 58 00:02:58,320 --> 00:03:00,640 Speaker 1: public servants with the head of the department. Prime Minister 59 00:03:00,680 --> 00:03:04,560 Speaker 1: and Cabinet, becoming the first federal bureaucrat to earn more 60 00:03:04,600 --> 00:03:07,280 Speaker 1: than one million dollars a year. Department of Prime Minister 61 00:03:07,320 --> 00:03:10,880 Speaker 1: and Cabinet Secretary Glynnt Davis is the highest paid secretary 62 00:03:10,880 --> 00:03:13,360 Speaker 1: in the public service. He'll take home in extra thirty 63 00:03:13,360 --> 00:03:15,200 Speaker 1: four thousand dollars a year in line with the new 64 00:03:15,280 --> 00:03:18,240 Speaker 1: changes they come into effect on July one. That takes 65 00:03:18,280 --> 00:03:21,679 Speaker 1: his salary to one million, eleven thousand, four hundred and 66 00:03:21,720 --> 00:03:25,079 Speaker 1: two dollars. Treasury Secretary Stephen Kennedy will receive thirty three 67 00:03:25,080 --> 00:03:27,480 Speaker 1: thousand dollars more, takes him to about nine hundred and 68 00:03:27,520 --> 00:03:30,720 Speaker 1: eighty six thousand dollars, while level three department secretaries covering 69 00:03:30,760 --> 00:03:35,160 Speaker 1: departments like Attorney General's Defense, Education, Finance, Home Affairs, they'll 70 00:03:35,200 --> 00:03:37,240 Speaker 1: receive a thirty two thousand dollars pay rise to nine 71 00:03:37,320 --> 00:03:39,960 Speaker 1: hundred and sixty one thousand dollars. Remember this compares to 72 00:03:40,000 --> 00:03:42,840 Speaker 1: the Prime minister salary for six hundred and seven thousand 73 00:03:42,880 --> 00:03:45,600 Speaker 1: dollars and story number five. The new South Wales budget 74 00:03:46,000 --> 00:03:49,280 Speaker 1: was released today. Higher property taxes is a feature as 75 00:03:49,280 --> 00:03:52,080 Speaker 1: his more frontline public servants and nine years of budget 76 00:03:52,080 --> 00:03:56,200 Speaker 1: deficits there weren't any energy rebates as other states have offered, 77 00:03:56,480 --> 00:03:59,000 Speaker 1: but transfer duties and land taks will deliver nearly eight 78 00:03:59,040 --> 00:04:02,000 Speaker 1: billion dollars extra over the next four years. The budget 79 00:04:02,000 --> 00:04:04,720 Speaker 1: shows that the state's GST revenue will be about six 80 00:04:04,800 --> 00:04:08,920 Speaker 1: billion dollars lower than previously forecasts through to twenty twenty eight. 81 00:04:09,240 --> 00:04:11,720 Speaker 1: In terms of spending, the government is aiming to deliver 82 00:04:11,800 --> 00:04:14,440 Speaker 1: thirty thousand new homes on surplus government land that will 83 00:04:14,440 --> 00:04:16,760 Speaker 1: be freed up for development. There will also be money 84 00:04:16,760 --> 00:04:20,240 Speaker 1: for domestic violence support services, a rebate of payroll tax 85 00:04:20,279 --> 00:04:23,159 Speaker 1: to GPS who bulk bill and more money for more 86 00:04:23,240 --> 00:04:25,960 Speaker 1: essential workers. There's also one and a half billion dollars 87 00:04:26,000 --> 00:04:28,400 Speaker 1: for maintenance at hundreds of public schools across the state, 88 00:04:28,800 --> 00:04:32,360 Speaker 1: and more money for health services in regional Australia. That's 89 00:04:32,400 --> 00:04:34,640 Speaker 1: it for the Afternoon Report for Tuesday, the eighteenth of 90 00:04:34,720 --> 00:04:36,960 Speaker 1: June twenty twenty four. Michael Thompson and I will be 91 00:04:37,000 --> 00:04:39,480 Speaker 1: back tomorrow morning. It's a Wednesday edition off your and 92 00:04:39,520 --> 00:04:42,320 Speaker 1: greed business unions. I'm Seane Elma. Enjoy your evening.