1 00:00:04,160 --> 00:00:06,720 Speaker 1: Welcome to the weekend edition of The Fast Five Business 2 00:00:06,720 --> 00:00:09,200 Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello 3 00:00:09,240 --> 00:00:09,840 Speaker 1: Adam Lang. 4 00:00:10,240 --> 00:00:11,719 Speaker 2: Good morning, Michael, Adam. 5 00:00:11,760 --> 00:00:13,720 Speaker 1: On weekdays, it's all about the Fast five, the top 6 00:00:13,720 --> 00:00:15,800 Speaker 1: five business stories in five minutes. On the weekend, we 7 00:00:15,840 --> 00:00:17,520 Speaker 1: still keep it to five minutes. Of course, it wouldn't 8 00:00:17,520 --> 00:00:19,440 Speaker 1: be the Fast Five if we didn't. But we're going 9 00:00:19,480 --> 00:00:21,880 Speaker 1: to pick out the biggest business story of the week, 10 00:00:22,000 --> 00:00:24,800 Speaker 1: the most remarkable story, a mystery category that we change 11 00:00:24,840 --> 00:00:27,200 Speaker 1: every week just to keep it exciting and interesting, and 12 00:00:27,240 --> 00:00:30,880 Speaker 1: then our favorite business related story. Let's jump straight into 13 00:00:31,160 --> 00:00:33,520 Speaker 1: the biggest What do you think it was this week? 14 00:00:33,840 --> 00:00:36,160 Speaker 2: All right, Michael? For me was a week of economic 15 00:00:36,320 --> 00:00:39,800 Speaker 2: data drama. This week. The last RBA meeting minutes were 16 00:00:39,840 --> 00:00:44,360 Speaker 2: released on Tuesday, keeping the soft landing dream alive. By midweek, 17 00:00:44,600 --> 00:00:48,000 Speaker 2: Reserve Bank Assistant Governor Sarah Hunter said the economy is 18 00:00:48,000 --> 00:00:52,720 Speaker 2: still resilient. Then on Thursday, the Australian Bureau Statistics shocked markets. 19 00:00:52,760 --> 00:00:57,040 Speaker 2: Unemployment jumped to four point five percent within hours. Traders 20 00:00:57,040 --> 00:00:59,080 Speaker 2: had priced in a seventy percent chance of a rate 21 00:00:59,120 --> 00:01:02,639 Speaker 2: cup before Christmas. With inflation data jew on twenty nine October. 22 00:01:02,680 --> 00:01:06,040 Speaker 2: The stage is set for an RBA Cliffhanger interest rate 23 00:01:06,080 --> 00:01:09,280 Speaker 2: decision on the fourth of November. Michael, what about for you? 24 00:01:09,520 --> 00:01:11,560 Speaker 1: It's been a heck of a week for the economy. 25 00:01:12,280 --> 00:01:15,640 Speaker 1: For me, though, it was all about markets this week. Gold, 26 00:01:15,800 --> 00:01:17,840 Speaker 1: for one, keeps hitting new records every day. It just 27 00:01:17,920 --> 00:01:21,720 Speaker 1: keeps surging investors looking for a safe haven. Forty two 28 00:01:21,959 --> 00:01:24,960 Speaker 1: hundred US dollars and ounce it hit this week. That 29 00:01:25,040 --> 00:01:27,600 Speaker 1: was the milestone that it hit. It's up sixty percent 30 00:01:27,800 --> 00:01:30,399 Speaker 1: the price of gold so far this year. Silver, though, 31 00:01:30,440 --> 00:01:33,119 Speaker 1: as well, keeps hitting its own records more than fifty 32 00:01:33,120 --> 00:01:37,039 Speaker 1: two US dollars announced, resetting highs from nineteen eighty. Equities, 33 00:01:37,120 --> 00:01:40,399 Speaker 1: of course, the ASX just took off after all that 34 00:01:40,480 --> 00:01:42,880 Speaker 1: talk of interest rate cuts that came from the unemployment 35 00:01:42,959 --> 00:01:45,440 Speaker 1: numbers on Thursday. That fueled the AX hit an all 36 00:01:45,480 --> 00:01:47,560 Speaker 1: time high, and then you had big moves at the 37 00:01:47,560 --> 00:01:49,360 Speaker 1: other end of the market as well. Bitcoin had its 38 00:01:49,440 --> 00:01:52,040 Speaker 1: largest one day sell off ever in dollar terms, and 39 00:01:52,080 --> 00:01:54,280 Speaker 1: even cocoa prices, I may as well toss these into 40 00:01:54,320 --> 00:01:58,280 Speaker 1: this mix, easing from their highs, which basically means chocolate 41 00:01:58,320 --> 00:02:00,240 Speaker 1: prices are going to start coming down. Adam which I 42 00:02:00,240 --> 00:02:03,520 Speaker 1: think it's an important point to make, very important. Yeah, 43 00:02:03,680 --> 00:02:08,520 Speaker 1: most remarkable story, can I suggest one here? Macquarie just 44 00:02:08,560 --> 00:02:13,040 Speaker 1: a staggering deal, the biggest data center deal ever. It 45 00:02:13,120 --> 00:02:15,240 Speaker 1: pulled off this week. It is selling a network of 46 00:02:15,320 --> 00:02:18,360 Speaker 1: fifty sites across North and South America to a consortium 47 00:02:18,440 --> 00:02:21,440 Speaker 1: led by black Rock and Nvideo and Microsoft, a couple 48 00:02:21,440 --> 00:02:24,360 Speaker 1: of little, humble, little startups there for a jaw dropping 49 00:02:24,520 --> 00:02:28,440 Speaker 1: forty billion US dollars about sixty billion Ossie. The market 50 00:02:28,480 --> 00:02:31,920 Speaker 1: loved at Macquarie. Group shares jumped about five percent in 51 00:02:31,960 --> 00:02:36,000 Speaker 1: one day, cements the bank's dominance in this asset class. 52 00:02:36,160 --> 00:02:38,480 Speaker 1: Remember it sold air Trunk for twenty three and a 53 00:02:38,520 --> 00:02:41,800 Speaker 1: half billion dollars last year. When McCrory first invested in 54 00:02:41,800 --> 00:02:45,040 Speaker 1: aligned data centers back in twenty eighteen, it was two sites. 55 00:02:45,120 --> 00:02:48,280 Speaker 1: Now it's fifty campuses with more than five gigawatts of capacity. 56 00:02:48,440 --> 00:02:52,639 Speaker 1: Even by mcquarie's standards, this was remarkable deal making, Adam. 57 00:02:52,960 --> 00:02:55,520 Speaker 2: Yeah, Michael. For me, my most remarkable story was the 58 00:02:55,520 --> 00:02:59,320 Speaker 2: superannuation policy backflip. After months of pushback and perhaps a 59 00:02:59,320 --> 00:03:02,560 Speaker 2: little nod from the Prime Minister Treasurer Jim Chalmers finally 60 00:03:02,639 --> 00:03:05,880 Speaker 2: blinked The Australian superannuation industry is worth over four point 61 00:03:05,919 --> 00:03:09,000 Speaker 2: two trillion dollars and it's the fourth largest pension market 62 00:03:09,040 --> 00:03:11,280 Speaker 2: in the world, behind the US, Canada and the UK. 63 00:03:11,760 --> 00:03:15,120 Speaker 2: This week, the government scrapped the controversial Division two nine 64 00:03:15,200 --> 00:03:18,919 Speaker 2: six tax proposal on unrealized super games, lifting the threshold 65 00:03:18,919 --> 00:03:22,079 Speaker 2: from three million to ten million and indexing it to inflation. 66 00:03:22,480 --> 00:03:25,120 Speaker 2: It is a massive backflip and one that restores a 67 00:03:25,200 --> 00:03:29,320 Speaker 2: little faith in policy sanity. Accountants advisors are breathing easier 68 00:03:29,360 --> 00:03:32,280 Speaker 2: and for the first time this year, superannuation tax is 69 00:03:32,320 --> 00:03:36,400 Speaker 2: not the villain. It was a superannuation backflip worth waiting for. 70 00:03:36,560 --> 00:03:39,160 Speaker 1: Yeah, it's a big one. Our mystery category this week 71 00:03:39,320 --> 00:03:42,800 Speaker 1: is CEO is handling crises? What did you like? 72 00:03:43,560 --> 00:03:47,680 Speaker 2: Okay, Michael? Five months in ANZ, Boss Nuno Mattos is 73 00:03:47,760 --> 00:03:49,640 Speaker 2: making waves and headlines. 74 00:03:49,720 --> 00:03:52,400 Speaker 1: He may not have a crisis, but he's making one. 75 00:03:52,760 --> 00:03:56,040 Speaker 2: He's paused the eight hundred million dollars year buyback, announced 76 00:03:56,240 --> 00:03:59,440 Speaker 2: three thy five hundred job cuts and plans to slash 77 00:03:59,480 --> 00:04:03,320 Speaker 2: reliance on mortgage brokers. The goal lift returns on tangible 78 00:04:03,360 --> 00:04:06,480 Speaker 2: equity to twelve percent by twenty twenty eight. As Jardon's 79 00:04:06,480 --> 00:04:09,200 Speaker 2: Matt Wilson told fir andngui q and A this week, 80 00:04:09,440 --> 00:04:13,200 Speaker 2: the question is whether Mados can drive higher profitability without 81 00:04:13,280 --> 00:04:17,160 Speaker 2: cutting corners. It's bold, making headlines and headway and already 82 00:04:17,200 --> 00:04:19,039 Speaker 2: has a nickname Nu Nogedden. 83 00:04:19,279 --> 00:04:21,599 Speaker 1: What about for you, Michael, for me, Adam, it's all 84 00:04:21,600 --> 00:04:24,920 Speaker 1: about Quantus and CEO Vanessa Hudson, whose job just got 85 00:04:24,960 --> 00:04:27,480 Speaker 1: a whole lot harder. Quantus already one of Australia's most 86 00:04:27,480 --> 00:04:30,120 Speaker 1: distrusted brands. It's had a whole lot of challenges like 87 00:04:30,120 --> 00:04:32,960 Speaker 1: the ageable c inquiry into selling tickets on ghost flights, 88 00:04:33,120 --> 00:04:37,039 Speaker 1: illegal sacking of workers during COVID now five point seven 89 00:04:37,120 --> 00:04:39,960 Speaker 1: million customers. They're data is floating around on the dark web, 90 00:04:40,000 --> 00:04:41,760 Speaker 1: but goes back to a hack that took place back 91 00:04:41,760 --> 00:04:44,440 Speaker 1: in July. Now the data is out there. This isn't 92 00:04:44,440 --> 00:04:47,200 Speaker 1: even just about the cybersecurity element. It is really about 93 00:04:47,200 --> 00:04:50,479 Speaker 1: how on earth does Quantus and SEEO Vanessa Hudson rebuild 94 00:04:50,480 --> 00:04:53,240 Speaker 1: trust in a brand when it has been broken again 95 00:04:53,279 --> 00:04:56,640 Speaker 1: and again and again. So big challenge there. Let's finish 96 00:04:56,680 --> 00:04:59,440 Speaker 1: on a more positive note. Our favorite story of the week. 97 00:04:59,480 --> 00:05:02,800 Speaker 2: What did your okay? Michael? This is definitely my kind 98 00:05:02,880 --> 00:05:06,080 Speaker 2: of favorite story. While Donald Trump rates US FED Chair 99 00:05:06,200 --> 00:05:09,600 Speaker 2: Joan Powell in Washington over lowering interest rates, Reserve Bank 100 00:05:09,640 --> 00:05:12,680 Speaker 2: Australia Governor Michelle Bullock was just down the road reminding 101 00:05:12,680 --> 00:05:16,279 Speaker 2: everyone what central banking should look like. She urged Australia 102 00:05:16,400 --> 00:05:20,080 Speaker 2: to strengthen its budget while unemployment stays low and tax 103 00:05:20,120 --> 00:05:24,200 Speaker 2: revenues are high. Back home, Sarah Hunter warned productivity growth 104 00:05:24,200 --> 00:05:28,000 Speaker 2: has slipped to zero point seven percent a year. Bullock's 105 00:05:28,000 --> 00:05:32,120 Speaker 2: message was clear, make hay while the sunshines. Lead for 106 00:05:32,200 --> 00:05:35,760 Speaker 2: the Commonwealth of people with discipline, not political drama. What 107 00:05:35,880 --> 00:05:37,039 Speaker 2: about for you, Michael. 108 00:05:36,880 --> 00:05:40,640 Speaker 1: Okay, minus is certainly not about central bankers. Mine is 109 00:05:40,640 --> 00:05:43,919 Speaker 1: about Taylor Swift Adam different kind of fun. 110 00:05:44,040 --> 00:05:44,200 Speaker 2: Yeah. 111 00:05:44,240 --> 00:05:47,960 Speaker 1: Absolutely, she's done it again, shattering records, rewriting music history. 112 00:05:48,120 --> 00:05:50,080 Speaker 1: But this is all about the new album The Life 113 00:05:50,120 --> 00:05:52,880 Speaker 1: of a show Girl, moved in extraordinary four million units 114 00:05:52,920 --> 00:05:56,400 Speaker 1: in its first week, beat Adele's decade old record. But 115 00:05:56,480 --> 00:05:58,640 Speaker 1: the thing I loved most about this one point three 116 00:05:58,640 --> 00:06:02,680 Speaker 1: to three four million of those sales were vinyl LPs. 117 00:06:02,839 --> 00:06:04,640 Speaker 1: I just love the fact that in twenty twenty five, 118 00:06:05,000 --> 00:06:08,320 Speaker 1: one person sold one point three million vinyl records in 119 00:06:08,560 --> 00:06:11,080 Speaker 1: just one week. It is like we've just suddenly just 120 00:06:11,400 --> 00:06:13,360 Speaker 1: popped back up in the sixties or something, and I 121 00:06:13,400 --> 00:06:15,120 Speaker 1: love it. It is a great story that one. 122 00:06:15,200 --> 00:06:18,600 Speaker 2: Look, I haven't bought one of those vinyl records, Michael yet, 123 00:06:18,640 --> 00:06:20,880 Speaker 2: but I think she is incredibly impressive. 124 00:06:21,040 --> 00:06:22,719 Speaker 1: Yeah, completely agreed. There we go. 125 00:06:22,760 --> 00:06:24,680 Speaker 2: Thank you very much, Adam, Thank you, Michael. 126 00:06:24,800 --> 00:06:26,640 Speaker 1: That is five minutes and pretty much everything you need 127 00:06:26,680 --> 00:06:28,240 Speaker 1: to know in the world of business. Don't forget to 128 00:06:28,279 --> 00:06:30,400 Speaker 1: hit follow on the podcast and head to Fearangreed dot 129 00:06:30,400 --> 00:06:32,640 Speaker 1: com today you to sign up for our free daily newsletter. 130 00:06:32,680 --> 00:06:34,840 Speaker 1: I'm Michael Thompson and this is the fast five business 131 00:06:34,880 --> 00:06:35,960 Speaker 1: news by Fear and Greed.