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Speaker 1: It's Tuesday, the fifteenth of October 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. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories in five minutes. Let's get going. How about

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Speaker 1: story number one. The ATO has received two hundred and

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Speaker 1: fifty thousand tip offs from the community about tax avoidance

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Speaker 1: and other dishonest behaviors in the past five years, leading

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Speaker 1: to tens of millions of dollars of reclaimed taxes.

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Speaker 2: There were forty seven thousand tip offs last year, and

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Speaker 2: ATO Assistant Commissioner Tony Godding said astrainings are fed up

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Speaker 2: with dodgy behaviors in the community. He said the tip

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Speaker 2: offs included taxpayers not declaring income, businesses demanding cash from customers,

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Speaker 2: organizations paying workers in cash to avoid paying tax in

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Speaker 2: super and not reporting sales. People are also reporting when

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Speaker 2: someone's lifestyle doesn't appear to match their income. The ATO

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Speaker 2: estimates there is around sixteen billion dollars in stolen taxes

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Speaker 2: each year thanks to things like cash jobs, I got

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Speaker 2: to give you one quick example. A hairdresser advertised on Facebook,

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Speaker 2: didn't register her a business operated within out in ABN,

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Speaker 2: didn't report her business income in tax returns. Her friend

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Speaker 2: noticed on social media she was wearing very nice clothes,

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Speaker 2: having all these advacys holidays. Friend clearly not impressed, tiped

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Speaker 2: off the ATA. The hairdresser faces of million dollars in penalties.

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Speaker 1: A quarter of a million tip offs sean is a

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Speaker 1: huge number. How many of them would actually be followed

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Speaker 1: up though by the tax office?

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Speaker 2: Well, when the ATA gets a tip off, it cross

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Speaker 2: checks information and assesses whether further actions required. A lot

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Speaker 2: of that would have been would be done electronically. I'd

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Speaker 2: imagine about ninety percent of tip offs are deemed worthy

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Speaker 2: of further investigation. Building and construction, cafes and restaurants, and

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Speaker 2: hairdressing and beauty services top the list of industries the

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Speaker 2: ATO was tipped off about last financial year. Tips are

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Speaker 2: coming from other businesses, from customers, members of the community, employees,

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Speaker 2: even family and friends. While sending in Albin had the

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Speaker 2: most tip offs, the top five regional postcodes that provide

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Speaker 2: tip offs last financial year, at least all from Queensland okay.

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Speaker 1: Moving on to story number two. Now, Sean and Vocus

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Speaker 1: Group has bought TPG Telecom's fiber network and fixed line

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Speaker 1: enterprise business for five point two five billion dollars in

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Speaker 1: a deal at its proponents claim will make digital telecommunications

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Speaker 1: more competitive.

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Speaker 2: The deal allows Vocus to add twenty four thousand kilometers

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Speaker 2: of TPG's urban fiber network in Australian cities to its

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Speaker 2: own twenty seven thousand kilometers of fibers, some of which

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Speaker 2: is in regional Australia. Basically creates a third fiber network

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Speaker 2: behind Telsterronoptus. Focus says that will up competition in the market.

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Speaker 2: TPG's happy to get rid of its fiber business it

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Speaker 2: wants to focus on mobile. It comes after a deal

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Speaker 2: worth six point three billion dollars failed last year between

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Speaker 2: the two. Unlike the previous structure, though, this new agreement

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Speaker 2: doesn't include any of TPG's mobile business. If it's approved

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Speaker 2: by regulators, Focus will operate fiber that connects about twenty

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Speaker 2: thousand and buildings in Australian capital cities. Around five hundred

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Speaker 2: and sixty TPG staff will move across. TPG's share price

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Speaker 2: fell four percent yesterday.

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Speaker 1: Story number three, earnings at Virgin Australia have jumped by

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Speaker 1: almost a fifth to five hundred and nineteen million dollars,

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Speaker 1: meaning two years in a row of profit after more

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Speaker 1: than a decade of deficit.

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Speaker 2: The great and underlying earnings released in a statement yesterday

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Speaker 2: compares with a seventeen percent full at its large arrival

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Speaker 2: quantas for the twelve months to June thirty. However, Virgin

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Speaker 2: didn't release its full accounts doesn't report an overall profit

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Speaker 2: figure for the year. According to the finn Review, Virgin

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Speaker 2: chief executive Jane Hurdlicker said the jump in earnings showed

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Speaker 2: the success of the airline's transformation under its private equity owners,

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Speaker 2: Bane Capital, which acquired the carrier after the company collapsed

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Speaker 2: at the start of the COVID pandemic. Last month, Bane

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Speaker 2: agreed to sell a twenty five percent stake in Virgin

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Speaker 2: two Qatar Airways. If approved, it will allow Virgin to

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Speaker 2: restart long haul international flights.

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Speaker 1: Story number four, Shawn, This one is quite spectacular. Elon

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Speaker 1: Musks SpaceX accomplished a momentous technical feat twenty four hours

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Speaker 1: ago by catching a booster rocket with mechanical arms on

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Speaker 1: its return from a test fight. If you haven't seen it,

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Speaker 1: you need to check this out.

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Speaker 2: The vision is phenomenal. SpaceX launched an unmanned starship rocket

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Speaker 2: with its super heavy booster. After a brief flight into

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Speaker 2: the atmosphere, the booster broke away from the starship and

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Speaker 2: descended vertically, slowing its descent with engine blasts. The booster

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Speaker 2: fell directly back to the launch pad, where it was

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Speaker 2: caught by the tower's metal arms amid a roar of

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Speaker 2: smoke and fire. According to a report in The Financial Times,

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Speaker 2: musk on X said the tower has caught the rocket.

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Speaker 2: Big step towards making life multiplanet treat was made today,

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Speaker 2: even in this day and age. What we just saw

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Speaker 2: is magic. The rest of the ship orbited Earth and

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Speaker 2: then splashed into the Indian nation as plant.

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Speaker 1: Last one story number five. The biggest study of its

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Speaker 1: kind has found that social media use in teenagers is

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Speaker 1: strongly correlated to higher anxiety and depression.

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Speaker 2: Academics from Oxford University, who are carrying out the large

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Speaker 2: global study of teenage mental health based on British data,

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Speaker 2: said their initial research had found about sixty percent of

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Speaker 2: sixteen to eighteen year old spent between two and four

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Speaker 2: hours a day on social media sites. They also found

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Speaker 2: a linear relationship between high rates of anxiety and depression

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Speaker 2: and time spent networking on social media sites. The study

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Speaker 2: found girls report more mental health issues and boys, and

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Speaker 2: the top five most frequently used social media platforms our, Instagram, Snapchat, TikTok, WhatsApp,

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Speaker 2: and YouTube. It concludes an increase in sleep and exercise

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Speaker 2: alone would greatly improve the mental health of this age group.

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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 Sean, Thank you Michael.

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Speaker 1: It's Tuesday, the fifteenth of October twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: isn't enough, we can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

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Speaker 1: Thompson and that was the fast five business news by

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Speaker 1: Fear and Greed. Had a great day.