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Speaker 1: Former Quantus boss Alan Joyce has his final pay docked

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Speaker 1: nine million dollars for a deterioration in the culture of

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Speaker 1: the national carrier. Preserve Bank Governor Michelle Bullock says this

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Speaker 1: central bank won't hesitate to lift interest rates if necessary,

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Speaker 1: and NASA might need Elon Musk's help to get some

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Speaker 1: astronauts back to Earth. Welcome to Fear and Greed. Daily

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

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Speaker 1: is Friday, the ninth of August twenty twenty four. Are

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Speaker 1: Michael Thompson and Good Morning, Sean Ailmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, former Quantus Chief executive Alan

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Speaker 1: Joyce will lose more than nine million dollars of his

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Speaker 1: pay after a board commissioned review found mistakes made by

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Speaker 1: the airlines management created i quote significant reputational and customer

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Speaker 1: service issues.

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Speaker 2: Sure did. The governance review, which was announced amid intense

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Speaker 2: political and investor pressure last year, found the deterioration of

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Speaker 2: Quantus's relationship with customers and regulators was due to and

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Speaker 2: I quote too much difference to a long tenured CEO

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Speaker 2: end quote. It found that the board did not always

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Speaker 2: challenge management and the company ignored non financial risks. It

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Speaker 2: also said that Quantus had a command and control leadership

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Speaker 2: style with centralized decisions. This created a culture which impacted

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Speaker 2: empowerment and a willingness to challenge or speak up on issues.

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Speaker 2: The report also said Quantus often had an adversarial approach

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Speaker 2: to engagement with key stakeholders and external communications. Mister Joyce

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Speaker 2: led Quantus from two thousand and eight until last year.

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Speaker 2: He'll lose nine point three million dollars of his twenty

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Speaker 2: twenty three salary, meaning he earned just fifteen million dollars

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Speaker 2: for two point nine million dollars. The incoming chair, John Mullen,

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Speaker 2: said it was important that the board understood what went

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Speaker 2: wrong during a turbulent period after the COVID nineteen pandemic

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Speaker 2: and that it learns from the mistakes of the past,

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Speaker 2: as it's clear that we left Australians down.

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Speaker 1: Sean is quantis accepting enough responsibility. Here are they throwing

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Speaker 1: Alan Joyce under the bus? And I suppose when I

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Speaker 1: think of the bus, I'm thinking of one of those

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Speaker 1: ones that kind of ferries people, yeah to the far

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Speaker 1: off kind of planes that weren't important enough to part

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Speaker 1: close to the terminal.

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Speaker 2: I mean, it's a good question, and the answer is

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Speaker 2: probably closer to throwing Alan Joyce under the bus. Having

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Speaker 2: said that the CEO creates a culture, and at Quantas

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Speaker 2: it was definitely top down. He was all important. Alan

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Speaker 2: Joyce has been made the scapegoat for what happened at Quantas,

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Speaker 2: and as CEO he bears the primary blames. I say

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Speaker 2: that's fair, but you can't have to remember what he

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Speaker 2: was like before all this happened. His reputation as a

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Speaker 2: leader before last year was exceptional. He was among the

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Speaker 2: most admired leaders. He was involved in setting up Jetstar.

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Speaker 2: He led the group as it built the loyalty program

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Speaker 2: to be arguably the most powerful in the country. He

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Speaker 2: stared down pilot's ground aircraft in twenty eleven. I mean,

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Speaker 2: I'm not really saying it was necessarily a good or

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Speaker 2: bad idea because terms of thousands of passengers were left stranded,

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Speaker 2: but it certainly showed his strength and determination. Probably best

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Speaker 2: of all, he got Quantas through COVID in better shape

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Speaker 2: than most airlines around the world, even if that did

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Speaker 2: involve convincing the government to pride handouts. Now, of course,

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Speaker 2: he isn't the first CEA to have a bad end,

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Speaker 2: tarnish and otherwise pretty good reputation. Brian Hartz at Westpac,

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Speaker 2: en Narev at Commonwealth Bank, they could be lumped into

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Speaker 2: that basket probably say too, could fill Low, the former

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Speaker 2: governor of the Reserve Bank. What I think it all

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Speaker 2: means is that Quantus now and it's currency, Vanessa Hudson

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Speaker 2: will have a much, much, much lower profile than Joyce

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Speaker 2: and then Alan Joyce's predecessor, Jeff Dixon, because he too

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Speaker 2: had a very high profile. But I do think at

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Speaker 2: the end of the day, Quantus is very much saying

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Speaker 2: this was Alan Joyce's fault. And let's go on from here.

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Speaker 1: Speaking of high profiles, Sewnders sent a lot of Quantus,

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Speaker 1: haven't we in the last couple of weeks with ads

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Speaker 1: for Quantus have been running what every kind of ten

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Speaker 1: minutes or so it seems on Channel nine during the Olympics.

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Speaker 1: And that is really what you're talking today in your

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Speaker 1: interview about You're speaking with Ben Willey, general manager of

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Speaker 1: Spinach Advertising, all about the Olympics and the Olympics advertising.

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Speaker 2: Yeah, exactly. We talk about what nine Media spent on

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Speaker 2: the Olympics, including how much it costs for them to

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Speaker 2: actually produce what they're doing at the moment, and you

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Speaker 2: know whether that's profitable for them or not. And then

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Speaker 2: we go on to the advertisers and whether they've done

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Speaker 2: a good job during the Olympics and what it means

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Speaker 2: for viewership, and then we talk about the La Games

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Speaker 2: and of course Brisbane in twenty thirty two. Great I

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Speaker 2: mean great, well timed chat given that we're coming to

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Speaker 2: the end of the Olympics this weekend, just about whether

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Speaker 2: it is worth for nine and for advertisers.

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Speaker 1: Yeah, it is a great one. It is coming up

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Speaker 1: after the show, so stick around for that one. Local markets,

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Speaker 1: how do they perform yesterday?

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Speaker 2: Yes, and PAX two hundred closed down just to touch

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Speaker 2: zero point two percent to seven six hundred and eighty

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Speaker 2: two points, with the materials and real estate stocks leading

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Speaker 2: the way lower. The Financials index was the best performer

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Speaker 2: of the eleven sub indices on the ASX two hundred.

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Speaker 2: Big four banks had a pretty good day, while the

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Speaker 2: miners didn't. BHP, Fortyscure, and Rio Tinto all fell sharply properly.

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Speaker 2: Leader Goodman Group tumbled Energy Leader Woodside was also sold off.

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Speaker 2: Wise Teach Global finished up more than two percent. It

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Speaker 2: was about the best performer of the large caps. Profit

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Speaker 2: season is warming up. AMP share price jumped thirteen percent

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Speaker 2: yesterday after the one time blue chip company reported a

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Speaker 2: higher half year profit. In fact, AMP was the best

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Speaker 2: of the top two hundred yesterday.

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Speaker 1: All right, a quick check of international markets thanks to

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Speaker 1: blue chip Communication the experts helping financial services companies market,

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Speaker 1: communicate and grow is a blue chip Communication dot com

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Speaker 1: dot au. Much happening, Sean.

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Speaker 2: I'm able to stick to the numbers today, Michael. So

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Speaker 2: much going on locally. Crude oil is upper touch trading

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Speaker 2: above seventy eight US dollars a barrel, goals around twenty

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Speaker 2: three to ninety US dollars an ounce. Bitcoin is steady

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Speaker 2: around fifty seven thousand US dollars a unit, and the

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Speaker 2: Aussie dollars buying sixty five and a half US.

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Speaker 1: Sense speaking of numbers, and this is a terrible Seaway,

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Speaker 1: but and other countries around the world, Shawn. A great episode.

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Speaker 1: A bonus episode of Ask, Fear and Greed out yesterday

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Speaker 1: at midday to a bonus podcast that comes out twice

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Speaker 1: a week, and we answer listener questions and the listener

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Speaker 1: Lockey asked a question of you this week about countries

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Speaker 1: all around the world and governments and economies in debt.

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Speaker 1: Where is all the money? Where basically is it? How

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Speaker 1: many countries are in debt all this kind of stuff,

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Speaker 1: and you did a lot of research. It was a

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Speaker 1: really interesting answer, Thank you.

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Speaker 2: It was all about whether they're at the end of

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Speaker 2: the day, does it all even out? Is there as

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Speaker 2: much credit as is debt?

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Speaker 1: Excellent question, There's a fascinating one, well worth a listen.

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Speaker 1: If you're head back to the Intero the Fear and

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Speaker 1: Greed playlist and check out Midday yesterday, you will see

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Speaker 1: ask Fear and read some great questions have been coming

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Speaker 1: in and feel free to send yours in as well.

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Speaker 1: Sean will be back in a moment with the rest

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Speaker 1: of the day's business news.

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Speaker 2: Sean.

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Speaker 1: The Reserve Bank Governor Michelle Bullock was speaking at the

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Speaker 1: Rotary Club in our hometown of Armadale in northwestern New

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Speaker 1: South Wales yesterday, and returning to her local community didn't

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Speaker 1: exactly soften her rhetoric. She said the Central Bank won't

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Speaker 1: hesitate to lift interest rates if it thinks it needs to.

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Speaker 2: Hm MS. Bullock told an audience that included her parents

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Speaker 2: and friends and school teachers and people like that. I

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Speaker 2: know this is not what people want to hear, but

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Speaker 2: the alternative of persistently high inflation is worse. It hurts everyone.

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Speaker 2: Now the Reserve Bank and the government are at odds

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Speaker 2: somewhat over whether the government spending is hindering the fight

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Speaker 2: against inflation. Yesterday, Ms Bullock said that governments were doing

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Speaker 2: what they can do to balance their responsibilit needs to

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Speaker 2: fight inflation and spend money on services, but she didn't

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Speaker 2: pull back from estimates earlier in the week which suggests

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Speaker 2: a big jump in government spending. The inference there, of course,

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Speaker 2: is that it is pushing up inflation. She said that

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Speaker 2: given where inflation is and the relative strength in the

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Speaker 2: labor market and what the Reserve Bank is hearing when

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Speaker 2: talking to businesses, there doesn't seem to be anything in

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Speaker 2: the market at the moment. It's going to allow the

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Speaker 2: bank to lower interest rates. Michelle Buluk was born and

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Speaker 2: Brett in Armadale. She's actually Ducks and captain of her

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Speaker 2: local high school. Went to university there. You know she'd

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Speaker 2: be a town star.

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Speaker 1: Would imagine this would have to be the highest profile

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Speaker 1: event for the Armadale Rotary Club, though.

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Speaker 2: I'd imagine that the ticket sales would be enormous.

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Speaker 1: Through the root and fill the club coffers. All right, now, Shawn,

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Speaker 1: some good news for renters. The monthly pace of rental

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Speaker 1: growth has slowed to its lowest in four years.

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Speaker 2: National rents rose just zero point one percent during July,

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Speaker 2: which is in stark contrast to the forty percent surge

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Speaker 2: in rents the past five years. The median dollar amount

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Speaker 2: increase over the five years is one hundred and eighty

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Speaker 2: dollars per week. People really feel that. Coreol Logic Australian

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Speaker 2: economist Kitlinezi says there's a broad rolling trend across the country,

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Speaker 2: even though results were different across cities. Rents throw zero

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Speaker 2: point six percent and Adelaide zero point three percent in

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Speaker 2: Melbourne and Perth flat in Darwin, Canberra, but in Sydney,

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Speaker 2: Brisbane and Hobart rents actually fell during July. Some good news,

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Speaker 2: zere core Logic estimates that the combined of value of

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Speaker 2: residential real estate was nearly eleven trillion dollars by the

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Speaker 2: end of July.

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Speaker 1: Now, there's plenty going on among the retailers Sean with

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Speaker 1: significant discounting at Meyer's fashion brand and lowest spending across

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Speaker 1: its department stores, weighing on its profits.

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Speaker 2: Sales were down almost three percent to about three point

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Speaker 2: three billion dollars in the last financial year, the company

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Speaker 2: warned ahead of next week's official result. Maya said sales

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Speaker 2: had been affected by the closure of its Brisbane City

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Speaker 2: and Frankston stores, as well as restraint among customers who

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Speaker 2: were paying high mortgages. According to report in the fin Review,

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Speaker 2: shares in the company film more than six percent yesterday. Meanwhile,

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Speaker 2: Mosaic Brands, which operates Miller's, Kati's and niney B, this

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Speaker 2: week brought in Deloitte to help refinance and restructure the

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Speaker 2: business after a painful period where sales have slumped, and

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Speaker 2: also South Africa's Woolworth's Holding has engaged Boston Consulting Group

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Speaker 2: to advise on how to cut millions of dollars from

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Speaker 2: its country road business. Here in Australia, clearly a lot

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Speaker 2: of pain in retail land.

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Speaker 1: Shawn childcare and after school care workers will receive a

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Speaker 1: ten percent pay rise by the end of the year,

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Speaker 1: with another increase to come in a three point six

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Speaker 1: billion dollar bid by the federal government to give families

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Speaker 1: assurances about the quality of care received by their children.

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Speaker 2: But the more than two hundred thousand workers in the

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Speaker 2: sector will receive the combined fifteen percent pay rise with

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Speaker 2: about one hundred dollars a week, only if the centers

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Speaker 2: they work for promise to limit fee increases to four

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Speaker 2: point four percent over the next twelve months. That's according

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Speaker 2: to report of the announcement in nine media. Prime Minister

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Speaker 2: Anthony Albernezi said early educators could change people's lives and

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Speaker 2: they deserved to be properly valued and fairly paid. It

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Speaker 2: follows last year's decision to increase the pay of two

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Speaker 2: hundred and fifty thousand aged care workers by fifteen percent.

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Speaker 1: This next one has ruffled a few feathers, hasn't it.

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Speaker 1: New South Wales labor Premier Chris mint has ordered all

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Speaker 1: of the state's public servants back to work, in a

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Speaker 1: move which the business community has welcomed.

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Speaker 2: Someone has the work from home arrangements implemented in twenty

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Speaker 2: nineteen ended on Tuesday. More than four hundred thousand workers

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Speaker 2: are now expected to use offices across the whole working week,

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Speaker 2: which will impact small businesses in the CBD like coffee shops.

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Speaker 2: It'll affect office vacancy rates, transport systems and also affects

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Speaker 2: plenty of the outlets in the suburbs as well. The

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Speaker 2: head of the New South Wales Premier's Department, Simon Draper,

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Speaker 2: said it wasn't a mandate but rather it was advice

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Speaker 2: then the Premier, Chris Mens. He said it was about

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Speaker 2: developing a better culture and mental ship. But I liked

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Speaker 2: what he said. He said, and I quote, you can't

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Speaker 2: be a nurse in your trackie dacks in the land room,

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Speaker 2: and you can't teach a class in your backyard while

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Speaker 2: doing jobs around the house. He obviously has never heard

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Speaker 2: of telehealth anyway. Western Australia and Tasmania have also told

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Speaker 2: staff to return to the office, whereas the federal government,

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Speaker 2: the Act, South Australia and Queensland have all formalized hybrid working.

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Speaker 1: I think we need more political leaders to use terms

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Speaker 1: like trackie dacks.

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Speaker 2: Yeah, I do too.

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Speaker 1: It just feels very down to earth, doesn't it. Never

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Speaker 1: never mind the fact that there's about four hundred thousand

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Speaker 1: people who aren't big fans of Chris Mins right now.

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Speaker 1: I've imagine in New South Wales.

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Speaker 2: Could you imagine Carmela Harris saying TRACKI dacks. I just

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Speaker 2: don't think so I could.

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Speaker 1: Maybe Donald Trump would.

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Speaker 2: Maybe Donald Trump would Actually, yeah.

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Speaker 1: Anyway, let's go back on Trackshaw Toll road group Transurban

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Speaker 1: more than quadrupled its net profit last financial year, but

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Speaker 1: roadworks across the country and people working from home remains

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Speaker 1: drag on earnings.

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Speaker 2: The country's fifteenth largest listed company reported lower than expected

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Speaker 2: income from roads in Sydney and Melbourne, notwithstanding the big

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Speaker 2: jump in profit that sent its share price down more

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Speaker 2: than one percent. It's a timely reminder, Michael, as we

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Speaker 2: get into reporting season that share prices moved not so

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Speaker 2: much on the absolute amount of profits compared to last year,

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Speaker 2: for example, but it's about what investors expect the profit

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Speaker 2: to be. So we had a huge quadrupling of net profit,

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Speaker 2: yet the share price went down anyway, I digress Construction

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Speaker 2: works on toll roads in Sydney and Melbourne cities have

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Speaker 2: reduced traffic flows in each by around one percent. Transurban

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Speaker 2: said the new South Wales government's directive for the state's

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Speaker 2: public servants to return to work could actually help. It

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Speaker 2: could help boost earnings. Transurban controls nearly all of Sydney's

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Speaker 2: toll roads, including Key Motorway rter ZM four and five,

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Speaker 2: and M two. Traffic trends that show people returning to

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Speaker 2: the office was still below pre COVID numbers in Melbourne

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Speaker 2: and Sydney, although in Brisbane traffic is back to pre

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Speaker 2: COVID levels.

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Speaker 1: Property developer Murvak made an eight hundred and five million

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Speaker 1: dollar full year loss on the back of falls and

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Speaker 1: the value of its office portfolio, and warned that the

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Speaker 1: sector is facing tough market conditions.

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Speaker 2: Mervak's operating profit dipped by eight percent to five hundred

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Speaker 2: and fifty two million dollars, but that was in line

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Speaker 2: with expectations. The bottom line, though, was that eight hundred

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Speaker 2: and five million dollar full year loss, driven by one

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Speaker 2: point one billion dollar right down, mainly on older office stock.

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Speaker 2: It's share price tumbled nine percent on the announcement, reflecting

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Speaker 2: the comments about future training conditions. Chief executive Campbell Hannon

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Speaker 2: said market conditions were likely to remain challenging this year,

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Speaker 2: but said the company was setting up for recovery now.

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Speaker 2: In recent years, Murvak has moved away from just building

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Speaker 2: and selling apartments more into what they call living sectors,

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Speaker 2: build to rent, land lease, that type of stuff, and

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Speaker 2: that is what the Chief Executor is hoping will hold

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Speaker 2: them in good stead in the years to come.

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Speaker 1: Okay, turning to international news, now sean this story, this

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Speaker 1: is quite incredible. NASA is considering asking SpaceX to shuttle

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Speaker 1: two astronauts back to Earth from the International Space Station

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Speaker 1: following technical difficulties with the spacecraft that they took to

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Speaker 1: get there.

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Speaker 2: Yees. SpaceX, of course, is Elon Musk's company. Now, Astronauts

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Speaker 2: Anita Williams and Barry Wilmore were supposed to return to

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Speaker 2: Worth nearly two months ago. They now may stay at

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Speaker 2: the station until February next year. According to report on

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Speaker 2: the FT, SpaceX had a mission to the space station

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Speaker 2: planned for later this month to deliver crew and supplies,

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Speaker 2: but the US Space Agency has now pushed it back

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Speaker 2: until September to wigh up whether it should bring the

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Speaker 2: astronauts home. So the SpaceX mission might just carry two

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Speaker 2: astronauts aboard instead of four, leave a couple of seats

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Speaker 2: available to Ferry Wilmore and Williams home early next year.

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Speaker 1: So they were only supposed to be there for a week.

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Speaker 2: Yes, was it a week. Yeah, it was a very

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Speaker 2: short period of time.

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Speaker 1: Yeah, and instead it might be what six months?

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Speaker 2: What happens if you leave the milk in the fridge

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Speaker 2: and you forget about.

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Speaker 1: It clinking more along the lines of what if they

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Speaker 1: don't like each other very much? And you're like, oh,

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Speaker 1: I suppose, Yeah, I can get through that. All of

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Speaker 1: a sudden you're trapped in the space station for six months.

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Speaker 2: Sean. Yeah.

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Speaker 1: Anyway, this is my regular reminder, Sean, whenever we talk

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Speaker 1: about the International Space Station, go to the app store

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Speaker 1: on your phone and download ISS Spotter is the name

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Speaker 1: of the app. ISS Spotter, and you can look it

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Speaker 1: up and it tells you when the space station is

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Speaker 1: coming over your hometown, and you can head outside and

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Speaker 1: give astronauts Williams and Wilmore a bit of a wave

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Speaker 1: as they go over. Anyway, Up next is the Fear

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Speaker 1: and Greed Daily Interview. You're speaking today with Ben Willie

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Speaker 1: from Spinach Advertising.

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Speaker 2: Sure, I am all about the Olympics, whether it's wor

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Speaker 2: looking for nine, whether it's working for the advertisers on

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Speaker 2: Channel nine, and what's going to happen in the next

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Speaker 2: couple of Olympics.

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Speaker 1: Yeah, it is a good one. It is up next

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Speaker 1: to the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearangreed dot com dot au. And if you're

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Speaker 1: looking for something else to listen to as well, you

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Speaker 1: can check out the new episode of How Do They

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Speaker 1: Afford That, our sister podcast that comes out every week.

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Speaker 1: There's a new episode out on Wednesday, so it's a

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Speaker 1: couple of days old now, but it is all about

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Speaker 1: health insurance, and it is all of the questions that

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Speaker 1: you might have but have never known how to get

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Speaker 1: the answers to. If you've ever found health insurance to

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Speaker 1: be a little bit complex, a little bit dense, we

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Speaker 1: un complexify.

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Speaker 2: Oh yeah, you're doing a good job of making it simple.

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Speaker 1: Seriously, it is much better than I'm making it out

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Speaker 1: to be because we have an expert in the studio

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Speaker 1: who just takes us through everything, and you will I

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Speaker 1: have never been as excited about health insurance as I

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Speaker 1: was at the end of this conversation. It was just

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Speaker 1: this light bulb moment, and so it is worth checking

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Speaker 1: out out How Do They Afford That? I'll put a

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Speaker 1: link in today's show notes for that one as well.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: It is Friday, the ninth of August twenty twenty four.

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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

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Speaker 1: Thompson and that was fear and greed. Have a great day.