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Speaker 1: Today on Fear and Greed. US tariffs take effect around

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Speaker 1: the world, with Australia in the firing line over a

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Speaker 1: new pharmaceutical impost, Queensland pushes to sell some of its

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Speaker 1: dilapidated island resorts, and the world's most senior banker has

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Speaker 1: a go at people for checking emails and text messages

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Speaker 1: in meetings. Plus the latest from the campaign trail and

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Speaker 1: sea lions start attacking beach goers. Welcome to Fear and

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Speaker 1: Greed daily business news for people who make their own decisions.

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Speaker 1: It is Thursday, the tenth of April twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Can't complain we don't have a diverse bunch of stories today.

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Speaker 1: Certainly a mixed bag, Sean. Just a quick reminder of

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Speaker 1: our new daily newsletter out every morning. We kicked it

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Speaker 1: off officially this week, out every morning by six o'clock.

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Speaker 2: It's fun. It's fun. If you want to get to

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Speaker 2: your desk or your counter and know what's going on

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Speaker 2: in business. Subscribe Fearangreed dot com dot a. You can

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Speaker 2: scan it on your phone on the way into work

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Speaker 2: and you'll know everything you need to know as you

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Speaker 2: take that first meeting, that first phone call, that first

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Speaker 2: chat about last night's television show.

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Speaker 1: Yeah, well said, And I'll put a link in today's

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Speaker 1: show notes as well to make it even easier to

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Speaker 1: sign up. Sean. The main story this morning. Global tariffs

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Speaker 1: are now in place, taking effect at two pm Australian

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Speaker 1: Eastern Standard time yesterday, and US President Donald Trump marked

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Speaker 1: the occasion by giving a ninety minute speech in which

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Speaker 1: he bragged that some countries will do anything to strike

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Speaker 1: a deal a trade deal with America.

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Speaker 2: Donald Trump mocked critics as well as other countries. He

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Speaker 2: almost celebrated upcoming pain for some of the US training partners.

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Speaker 2: It's worth quating the president. They've ripped us off left

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Speaker 2: and right. But now it's our turn to do the ripping.

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Speaker 2: I'm telling you, these countries are calling us up, kissing

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Speaker 2: my ass.

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Speaker 1: They are.

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Speaker 2: They're dying to make a deal. I'll just keep going.

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Speaker 2: Oh I cold kept going. He also defended critics, or

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Speaker 2: he defended himself from critics, and he said, I know

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Speaker 2: what the hell I'm doing. We hope, so, we certainly hope. So.

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Speaker 2: The largest tariff is on China, one hundred and four

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Speaker 2: percent after Trump shifted it up from fifty four percent

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Speaker 2: following Beijing's implement or following Beijing implementing a retaliatory tariff

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Speaker 2: of thirty four percent relevant to Australia, Donald Trump said

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Speaker 2: he will shortly announce tariffs on imported pharmaceuticals. That is

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Speaker 2: one of our biggest exports to the US, behind beef pharmaceuticals.

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Speaker 2: There's still a real sense that these are negotiating positions.

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Speaker 2: You always get that with Donald Trump anyway, but Japan

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Speaker 2: and South Korea over the past twenty four hours, Donald

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Speaker 2: Trumps said, you know, staking the Japanese leader spoken to

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Speaker 2: South Korean leader. There's still ways to play out. There's

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Speaker 2: a sense that the tariffs won't be as dracone as

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Speaker 2: they seem at the moment.

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Speaker 1: And certainly plenty of countries, by the sounds of that,

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Speaker 1: are making the most of potentially the opportunity to negotiate.

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Speaker 2: They're kissing ass Michael.

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Speaker 1: I know, I just wanted you to say it again.

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Speaker 1: I wanted to see if you could keep a straight

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Speaker 1: face while he.

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Speaker 2: Said it as is. That's how the Australian Prime Minist

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Speaker 2: Anthony Albanez. He was playing down the negatives of tariffs yesterday,

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Speaker 2: arguing that Australia can capitalize on enormous opportunities in the

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Speaker 2: way of the tariffs, He said the rest of the

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Speaker 2: world faces far more dire economic consequences.

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Speaker 1: I was almost going to remind you that this is

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Speaker 1: a family podcast. But if the leader of the free

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Speaker 1: world says it, that's right, all but off right. So

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Speaker 1: the Prime Minister's comments yesterday, did markets believe him? It

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Speaker 1: doesn't seem so. Given yet another sell off yesterday, I.

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Speaker 2: Think that's right. It was another very bad day for

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Speaker 2: equity markets. The S and PA six two hundred closed

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Speaker 2: down around two percent one point eight percent to be

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Speaker 2: exactly now, about seven percent below where it was a

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Speaker 2: week ago pre Liberation Day. The biggest fear at the

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Speaker 2: moment is that the tariffs will cause a major slow

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Speaker 2: down in China, which is the major buyer of Australian commodities.

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Speaker 2: So a miners a tumbling over the last week since

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Speaker 2: the tariffs were announced. BHP is off thirteen percent, four

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Speaker 2: to sq ten percent, Rio tinto eleven percent, not helping

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Speaker 2: there as falling iron ore prices, which hit a seven

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Speaker 2: month low yesterday. These are very big moves for some

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Speaker 2: of our very big companies. Energy giant Woodside is off

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Speaker 2: nineteen percent as the price of oil tumbled. Santos is

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Speaker 2: down twenty one percent. If you get away from the

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Speaker 2: big mine's minimal resources, in five days, lost forty percent

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Speaker 2: of its value. It's quite incredible. The big loser yesterday

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Speaker 2: was vaccine maker CSL. It could be hit by these

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Speaker 2: pharmaceutical tariffs itselves into the US. Its share price was

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Speaker 2: down five percent.

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Speaker 1: Sean, I'm hanging on to the idea, just clinging to

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Speaker 1: the hope, somewhat desperately that the good news from all

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Speaker 1: this market turmoil is a greater likelihood in straight cuts.

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Speaker 1: Is there any help there?

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Speaker 2: Gives me an example to talk an opportunity to talk

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Speaker 2: about bond yields. It's like, look at your face.

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Speaker 1: It actually feels like you baited me into that. Sys then, so.

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Speaker 2: Bond yields have fallen to be two year low. Three

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Speaker 2: year bonds are yielding three point one nine percent. What

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Speaker 2: that is saying, What that actually means is that over

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Speaker 2: three years on average, the market thinks that the reserve

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Speaker 2: means cash rate. You're laughing at me.

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Speaker 1: I'm laughing at the glee on your face. Explaining it.

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Speaker 1: I have never seen someone get so animated when talking

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Speaker 1: about bond yields. It is though you were just like, yes,

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Speaker 1: I'm going to educate him whether he wants to hear

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Speaker 1: it or not. That's right.

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Speaker 2: So three point one nine for the three year bond.

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Speaker 2: It's saying that on average, over three years, the cash

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Speaker 2: trade will be ninety basis points below where it is now.

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Speaker 2: So in English, it means bond traders think that interest

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Speaker 2: rates are on the way down, and for example, our

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Speaker 2: mortgage rate will nearly on average over the next three

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Speaker 2: years be about out of percent below what it is now.

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Speaker 1: Okay, all right, look, John, I'll take a quick moment

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Speaker 1: now to mention our interview that we have coming up

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Speaker 1: after the show, because it is related to Donald Trump

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Speaker 1: and what has come out of the White House over

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Speaker 1: the last two months. Now, you're speaking with maud Lindley

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Speaker 1: from Surrendous Leadership.

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Speaker 2: She's talking about using Trump's moves on DEI diversity, equity

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Speaker 2: inclusion to change the conversation. She's not agreeing with Donald

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Speaker 2: Trump what he's doing, but he's saying there's an opportunity

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Speaker 2: here and it's important that businesses to get the best

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Speaker 2: outcome out of their people and to get the best

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Speaker 2: bottom line, learn how to manage different types of people.

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Speaker 2: And it's not just a gender thing. It's neurodiversity for example.

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Speaker 2: Get the best out of people who think a bit differently.

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Speaker 2: And Maud is very passionate about this, and I must

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Speaker 2: say it's not a take. I had thought of talking

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Speaker 2: to her and I think when you if you listen

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Speaker 2: to me, I could sort of the cogs were turning

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Speaker 2: when she's talking. I'm thinking, hmmm, yeah, this is something

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Speaker 2: I don't know much about it. So she was great

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Speaker 2: at explaining how we can use what's going on in

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Speaker 2: the DEI world via Trump to actually make places better

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Speaker 2: places to work.

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Speaker 1: Yeah. And what she's saying there's a slightly controversial take

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Speaker 1: on it. Yeah, and she but she has a very

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Speaker 1: very firm opinion. It is worth all this and for

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Speaker 1: anyone in business. It's coming up after the show showing

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Speaker 1: back to markets. Though with all the turmoil going on

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Speaker 1: in global markets, where is the best place to invest?

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Speaker 1: The US does remain number one, according to Australian Supers

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Speaker 1: Chief investment officer Mark Delaney.

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Speaker 2: Yeah, I thought it was just worth mentioning that Ossie

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Speaker 2: super obviously the biggest super fund in the country. The

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Speaker 2: US continues to look like the most attractive investment region

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Speaker 2: on a long term basis. That's what's important. More than

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Speaker 2: half of Ossie Super's international exposure is in America, and

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Speaker 2: Delaney said he had not reduced this in recent weeks.

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Speaker 2: According to an interview he gave to the Financial Time,

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Speaker 2: so I quite the US has a lot positive going

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Speaker 2: for its strong economic performance, though it's given a bit bag.

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Speaker 2: Strong productivity growth, strong profit growth, and by any measure,

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Speaker 2: many of the best companies in the world. All that

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Speaker 2: makes it an attractive place to store capital.

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Speaker 1: Delane.

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Speaker 2: He said it's important to focus on the medium to

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Speaker 2: long term outcomes. Was He Super plans to allocate about

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Speaker 2: seventy percent of its inflows to international markets, plans to

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Speaker 2: increase its exposure to private equity from about five to

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Speaker 2: eight percent over the next five years, and mostly that'll

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Speaker 2: come out of the US.

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Speaker 1: Okay, big start to the show. We have got a

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Speaker 1: lot still to cover, Sean. We're talking everything from politics

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Speaker 1: to sea lions, not sadly in the same story. That

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Speaker 1: would be something we'll be back in a moment with

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Speaker 1: the rest of the day's business. News Sean. Fresh from

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Speaker 1: the election debate the previous night, what was happening on

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Speaker 1: the campaign trail yesterday?

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Speaker 2: Opposition leander Peter Dunton was pushing law and order issues.

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Speaker 2: Speaking and out of Melbourne. He's promised to toughen bail

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Speaker 2: laws and deport non citizens guilty of crimes. He wants

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Speaker 2: to restrict the sale of knives to children and wants

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Speaker 2: nationwide adoption of Queensland Police powers to stop and search

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Speaker 2: people in public for weapons. Dunton continues to push his

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Speaker 2: energy agenda, visiting Blue Scope Steel in Western Sydney. Also,

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Speaker 2: he said his gas policy will have an immediate effect now.

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Speaker 2: In the debate on Tuesday night, he actually gave us

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Speaker 2: some meat to the bone of that energy policy. He

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Speaker 2: basically said a domestic gas reservation for the case would

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Speaker 2: drive down household gas bills by about seven percent, industrial

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Speaker 2: bills by about fifteen percent. That is definitely his line

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Speaker 2: at the moment. Anthony Alberanezi, he was in Sydney at

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Speaker 2: Paddy's Markets. He was opening the revamped Paddy's Markets. He

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Speaker 2: said that he believes Australia will avoid a recession, which

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Speaker 2: is a possibility now because of those Donald Trump tariffs.

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Speaker 2: He also criticized calls by the Greens to scrap negative

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Speaker 2: gearing and discounts to capital gains tax.

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Speaker 1: Guzman Egomez sean.

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Speaker 2: One are your favorites money.

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Speaker 1: It's such an interesting company, isn't it, And founder and

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Speaker 1: chief executive Stephen Marx is confident the diners will just

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Speaker 1: keep coming through the doors of his restaurants because, and

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Speaker 1: you got to quote him on this, people still got

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Speaker 1: to eat. You can't argue with that, Kenny.

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Speaker 2: So in previous recessions, fast food outlets have done really well.

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Speaker 2: Dominoes at times has done really well in recessions because

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Speaker 2: people trade down so they don't go out to restaurants,

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Speaker 2: but they still want to eat out, so they go

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Speaker 2: for cheaper food.

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Speaker 1: Okay, so you.

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Speaker 2: Might have a point. Goodsman's third quarter sales performance shows

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Speaker 2: strong growth and confirms the group will exceed full year

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Speaker 2: earnings guidance. While customers are skewed heavily to younger people,

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Speaker 2: Stephen Marx reckons that the old customers are still turning up.

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Speaker 2: Goosman said comparable sales growth in the Australian segment, which

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Speaker 2: is about two hundred and eleven of its two hundred

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Speaker 2: and forty one stores continued across all channels, parts of

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Speaker 2: the day, formats and store ownership types. Apparently kind of

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Speaker 2: that warning trades very good the breakfast burrito for the

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Speaker 2: trades he was talking about. Same store sales growth for

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Speaker 2: the group's Australian stores was eleven percent. That's extremely strong

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Speaker 2: for the third quarter.

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Speaker 1: Have you ever thought about buying a tropical island, Sean.

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Speaker 2: No, will you?

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Speaker 1: Of course you have dream about it, right, Maybe we

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Speaker 1: could all kind of chip in and buy fear and

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Speaker 1: Green Island. There's one coming up for sale off the

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Speaker 1: coast of Queensland. It's part of the state government's efforts

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Speaker 1: to rehabilitate some of the region's abandoned islands. So this

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Speaker 1: is a pretty nice one.

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Speaker 2: Double Island off Palm Cove is up for sale. It

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Speaker 2: was bought by a Chinese billionaire back in twenty thirteen

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Speaker 2: for five point six eight million dollars. It's been left

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Speaker 2: vacant and dilapidated now. The tourism leaves in the island

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Speaker 2: was revoked in June twenty twenty four because of non

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Speaker 2: compliance with least conditions. According to a story in The Australian,

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Speaker 2: The Queensland government is now looking for someone to buy

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Speaker 2: Double Island. It's already attracted entrepreneur Chris Morris, who controls

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Speaker 2: Queensland's Polorus and Orpheus islands further north. You'll need some money.

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Speaker 2: I mean, I don't know how much it's going to

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Speaker 2: go for, but you know, presumably this is kind of

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Speaker 2: towards ten million or more. Apart from buying the island,

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Speaker 2: you have to imediate it, so fix the stuff up

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Speaker 2: that's already there, and then you have to invest so

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Speaker 2: that tourists will come. Okay, So you can't really have it,

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Speaker 2: said the Queensland Government. So are a couple of islands

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Speaker 2: up there like Great Kepel Brampton who had just probably

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Speaker 2: seen better days. And what the Queensland Government's trying to

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Speaker 2: do is put some money into the Queensland Islands because

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Speaker 2: I remember growing up that was a dream going to

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Speaker 2: Great Kepel Island. There was nothing better.

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Speaker 1: So it's got to be used for tourism. One couldn't

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Speaker 1: hypothetically use it as.

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Speaker 2: A lair, no, I mean maybe half the island or something.

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Speaker 1: Don't go to the West Wing. That's Michael's lair. Turning

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Speaker 1: to National News Now Sean, arguably the world's most senior banker,

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Speaker 1: JP Morgan CEO Jamie Diamond has had enough of people

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Speaker 1: in meetings checking their phones. He wants to ban the

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Speaker 1: practice in his organization. I reckon he's probably got a

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Speaker 1: fairly good chance of doing so.

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Speaker 2: He's sick of people blatantly checking their phones and emails

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Speaker 2: during meetings, labeling the acts as disrespectful. In his annual

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Speaker 2: Letter to Shareholder, he says he always always fixes one

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Speaker 2: hundred percent of his attention in a meeting. I'm giving

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Speaker 2: that to you, Michael, because I'm not sure you don't.

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Speaker 1: You're and you're making direct eye contact with me at

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Speaker 1: the moment, and I'm trying to look at my phone filtered.

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Speaker 2: Diamond points out that people shouldn't have to read the

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Speaker 2: same email two or three times, saying most can be

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Speaker 2: addressed immediately. He said people should work smarter, not longer.

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Speaker 2: This is a very good point because you know when

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Speaker 2: you look at your phone in a meeting, thing, oh

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Speaker 2: I got that email, that that's a moment. You can't

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Speaker 2: do anything about the email. You go and then you

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Speaker 2: look at it, and he says, now get that. Just

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Speaker 2: actually listen and then you can address the email when

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Speaker 2: it comes. He also had to crack at corporate lingo,

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Speaker 2: saying it was one of his pet peeves and my

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Speaker 2: favorite quote. He said, people, you should talk like you speak,

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Speaker 2: and that's a fair point when you're writing.

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Speaker 1: Is it just me or is he just making points

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Speaker 1: that are common sense? Now?

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Speaker 2: Yes, it's just that you don't expect the CEO of

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Speaker 2: the biggest bank in America to actually be talking about

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Speaker 2: these workplace practices now.

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Speaker 1: But change starts at the top, doesn't it.

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Speaker 2: It does, Michael, it does.

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Speaker 1: Let's talk about sea lions.

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Speaker 2: Yeah, Sean been waiting for it.

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Speaker 1: Normally friendly, harmless sea lions in southern California have started

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Speaker 1: attacking surfers and attacking other beach goers because they're affected

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Speaker 1: by a neurological disorder brought on by algae. This sounds

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Speaker 1: like something out of a horror mate.

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Speaker 2: It does so. For the past four years, a harmful

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Speaker 2: algal bloom algal being a my crocosm of algae. Look

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Speaker 2: that one I had no idea, has appeared off the

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Speaker 2: coast of California along roughly six hundred kilometers. Now, sea

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Speaker 2: lions are not naturally aggressive creatures. Attacks on human are

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Speaker 2: very rare, but there have been several in recent months.

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Speaker 2: Scientists say the animals are suffering from domic acid toxicosis,

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Speaker 2: which is a neurological condition caused by the algae. Domic

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Speaker 2: Acid builds up in smaller fish, sardines and chavs. They're

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Speaker 2: eaten by the marine predators like dolphins, seal sea lions

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Speaker 2: in large quantities, and then they get sick, very sad.

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Speaker 2: Many sea lines along the coastline are suffering from symptoms seizures,

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Speaker 2: intense lethargy. They often lead to death. Now we've treated

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Speaker 2: sea lions have a fifty to sixty percent chance of recovering,

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Speaker 2: but the reports of sea line attacks on particularly surfers

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Speaker 2: but also beach goers are on the rise. Michael, and

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Speaker 2: these things can be big, the huge sea lions. The

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Speaker 2: females are one hundred and ten kilos on average, the

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Speaker 2: males can be five times that. So I've been swimming

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Speaker 2: with sea lions just down south of Sydney, well down

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Speaker 2: towards Victorian border. Actually it says not just south of Sydney,

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Speaker 2: down towards the Victorian border, and it's quite amazing.

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Speaker 1: Were you intimidated at all?

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Speaker 2: They let's swim under here, they clap their hands at you,

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Speaker 2: they laugh at you. It's fantastic.

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Speaker 1: Oh, they hadn't been on the algae. No, they hadn't

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Speaker 1: been on the algae. Good, excellent, I'm pleased. Great story.

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Speaker 1: Scary story to finish on. Up next is the Fear

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Speaker 1: and Greed Daily Interview with Maude Lindley from Surrenderous Leadership,

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Speaker 1: all about the changes potentially to DEI and what could

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Speaker 1: potentially come out of what Donald Trump has done in

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Speaker 1: the US, and it is coming up in the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

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Speaker 1: dot com todau, which is where you sign up for

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Speaker 1: our free daily newsletter. Miss it, Yeah, Have I been

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Speaker 1: inhusiastic enough about it? You chipped me earlier in the

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Speaker 1: week for just not sounding a bit flat.

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Speaker 2: Yep, No, No, look your enthusiasm. You deserve a most

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Speaker 2: enthusiastic advocate. A mea mug, A mea mug.

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Speaker 1: We sent out them hanging. We sent out a me

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Speaker 1: and mug yesterday to Linda who sent us an Ask

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Speaker 1: Fear and Greed question last week, which was a cracking question.

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Speaker 1: Speaking of Ask Fear and Greed, that's coming up at

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Speaker 1: midday as well. Today Sean got.

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Speaker 2: A nice segway.

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Speaker 1: Well done indeed, thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Thursday, the tenth of April twenty twenty five.

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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 Thompson.

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Speaker 1: That was Fear and Greed. Have a great day.