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Speaker 1: It's Thursday, the fifth of September twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Adam Lane.

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Speaker 2: Good morning, Michael.

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Speaker 1: Adam. We have five huge stories to get through today

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Speaker 1: in five minutes, so we better get cracking.

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Speaker 2: Story.

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Speaker 1: Number one, Economic growth faulted in the June quarter at

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Speaker 1: just zero point two percent for the three month period,

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Speaker 1: with the worst annual GDP results since the end of

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Speaker 1: the early nineteen nineties recession, excluding of course, the pandemic.

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Speaker 2: That's right, Michael, and at zero point two percent, it

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Speaker 2: was a slight miss on the zero point three percent

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Speaker 2: expected and one percent higher across the twelve months, but

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Speaker 2: it was in line with what the Reserve Bank predicted

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Speaker 2: at its most recent round of forecasts in saying that

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Speaker 2: these are not great numbers, with Treasurer Jim Chalmers immediately

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Speaker 2: coming out with a statement laying the blame on global

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Speaker 2: economic uncertainty, higher interest rates and persistently high those slowing inflation.

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Speaker 2: Of course, higher interest rates are the main tool used

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Speaker 2: by the Central Bank to get inflation under control.

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Speaker 1: And you mentioned that these aren't great numbers, Adam, just

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Speaker 1: break down a few of them for us.

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Speaker 2: Sure, the household savings ratio, which is really important, it

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Speaker 2: is at its lowest rate in seventeen years. Consumption levels

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Speaker 2: are going backwards, and private demand that's outside of government,

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Speaker 2: private demand is flat. Home building has slumped three percent

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Speaker 2: over the last year. These are big and significant numbers, Michael.

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Speaker 2: In fact, the only reason we're not in a recession

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Speaker 2: right now is because of federal and state government spending

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Speaker 2: across the country, and in real terms, that is net

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Speaker 2: of population growth. GDP per capita was down for the

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Speaker 2: sixth consecutive quarter, falling zero point four percent. Simply, we

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Speaker 2: are in a deep per capita recession and that's how

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Speaker 2: it feels for many household and businesses. Discretionary spending, Michael,

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Speaker 2: was down one point one percent for the quarter.

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Speaker 1: Yeah, that is hugely significant. Under story number two, Adam,

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Speaker 1: the S and PASX two hundred closed down one point

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Speaker 1: nine percent yesterday to nine hundred and fifty one points.

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Speaker 1: That was one of the worst days since the big

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Speaker 1: August slump that we had a few weeks back. Amid

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Speaker 1: rising concerns about the US economy, and if we take

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Speaker 1: a look at Wall Street, one of the biggest drops

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Speaker 1: there came from an absolute stock market Darling and VideA.

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Speaker 2: Yeah, Michael. In just one day, shares in the chip

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Speaker 2: maker film more than nine percent, which is a loss

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Speaker 2: of about US two hundred and seventy nine billion in

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Speaker 2: market value. Just incredible. It followed two separate analysts raising

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Speaker 2: questions about AI demand and the hype around the industry

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Speaker 2: in video has also received subpoenas from the US Justice

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Speaker 2: Department amid an anti trust investigation.

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Speaker 1: Okay, story number three. The Climate Council's environmental report cards

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Speaker 1: in and While in New South Wales and the ACT

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Speaker 1: were given a pat on the back for improvements in

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Speaker 1: reducing transport emissions and South Australia and Tasmania have made

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Speaker 1: inroads on renewable power, it was Queensland getting the accolades.

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Speaker 2: If something of a surprise, Michael. The new report found

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Speaker 2: Australia overall had doubled its share of renewable energy in

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Speaker 2: the last six years and now sits at forty percent.

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Speaker 2: The ACT was out one hundred percent and has the

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Speaker 2: highest share of evs. However, Queensland was the surprise standout,

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Speaker 2: having been falling behind in the last report. It has

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Speaker 2: now the highest proportion of rooftop solar, with just over

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Speaker 2: half of homes boasting their own panels. The report said

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Speaker 2: it needed to make progress on household energy storage, with

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Speaker 2: under one percent of homes having a battery alongside their panels.

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Speaker 1: Adam's story Number four. Your local vintage Sellers or first

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Speaker 1: Choice bottle shop might soon be rebranded as a liquor Land.

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Speaker 1: It's part of a new approach from Cohl's as it

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Speaker 1: tries to take on in a more meaningful way the

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Speaker 1: juggernaut that is Dan Murphy's Here Michael. The rebrand will

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Speaker 1: affect some stores under a pilot program in South Australia,

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Speaker 1: Queensland and Victoria that kicks off in November. The idea

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Speaker 1: is to rename vinted seller stores as liquor Land Sellers

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Speaker 1: and First Choice as Liquorland Warehouse, and if they think

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Speaker 1: it's go after the pilot, then every store across Australia

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Speaker 1: will be renamed. Coles told The Financial Review that its

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Speaker 1: research of customers showed liquor Land was Cole's most recognized brand,

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Speaker 1: so this was about having the strongest brand offer they

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Speaker 1: could and drive more customers. Different prices and promotions will

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Speaker 1: still be across the sellers and warehouse offshoots, but the

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Speaker 1: marketing will become more consistent. Last one, Adam, I don't

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Speaker 1: know what to make of this. Hello Kitty is having

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Speaker 1: a moment, including on the stock market. A new cafe

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Speaker 1: focused entirely on Hello Kitty just opened in Los Angeles.

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Speaker 2: This is a highly unique brand, Michael, and the restaurant

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Speaker 2: menu features confetti cake and macarons, berry filled turos, and

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Speaker 2: biscuits shaped like the famous cat. It's the first of

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Speaker 2: its kind for La. But it's not the only bit

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Speaker 2: of exciting news for the Japanese brand. Its parent company, Sanrio,

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Speaker 2: has seen shares jump as much as twenty nine percent

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Speaker 2: in the past month on the nick A. The last

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Speaker 2: year has seen Hello Kitty benefiting from renewed tourism, with

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Speaker 2: Bloomberg saying that more recent intense weather has driven people

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Speaker 2: indoors and that has benefited indoor theme parks, of which

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Speaker 2: Sanrio has many that feature characters like Hello Kitty.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes.

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Speaker 2: Thank you, Adam, Hello Kitty to finish. Thank you, Michael.

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Speaker 1: We finished strong. It is Thursday, the fifth of September

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Speaker 1: twenty twenty four. Remember to hit follow on the podcast

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Speaker 1: and five minutes isn't enough. You can find our longer

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Speaker 1: daily show called Fear and Greed wherever you listen to podcasts.

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Speaker 1: Michael Thompson and that was the fast five Business news

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Speaker 1: by Fear and Greed. Have a great day.