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Speaker 1: It's Monday, the twenty seventh of January twenty twenty five.

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

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

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

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: Five stories, five minutes. Let's go. Story number one. Federal

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Speaker 1: politicians are in campaign mode, with both the Prime Minister,

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Speaker 1: Anthony Alberanzi and Leader of the Opposition Peter Dutton using

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Speaker 1: every opportunity it seems to sell their wares.

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Speaker 2: Polls show a very close race. The election is due

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Speaker 2: before the middle of May, a little bit of talk

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Speaker 2: around it being on the twelfth of April. Both used

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Speaker 2: Australia Day to push their agenda. We can expect much

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Speaker 2: more of that. Anthony Albanzi actually gave a major speech

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Speaker 2: and answered questions at National Press Club on Friday. He

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Speaker 2: expanded on a number of subjects, not at least being

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Speaker 2: Donald Trump. When asked about the US President's decision to

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Speaker 2: again exit the Paris Climate Agreement, Mister Alberanzi said Australia

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Speaker 2: won't follow. He'said the decision of the US provides an

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Speaker 2: opportunity for Australia, particularly around the renewable energy industries. The

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Speaker 2: Prime Minister agreed to holding election debates before the next poll.

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Speaker 2: He said there would be no referendums if Labor is

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Speaker 2: re elected, and he defended the party's record on anti

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Speaker 2: Semitism misster Albanez. He also said he believes the worst

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Speaker 2: of the international economic challenges are behind in Australia. That's

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Speaker 2: good news, but he recognizes things are still pretty hard

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Speaker 2: for average families around the country.

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Speaker 1: Yeah, it sounds like campaigning as well and truly begun.

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Speaker 1: Shown onto story number two. There's a fair bit of

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Speaker 1: blowback on the dollar Trump and Dollar Millennia meme coins

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Speaker 1: from within the crypto industry.

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Speaker 2: They were launched about ten days ago. The coins themselves

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Speaker 2: have no economic purpose. Their value is based on the

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Speaker 2: popularity of the internet memes, in this case Donald Trump

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Speaker 2: and Millennia Trump Dollar Trump one point, its market value

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Speaker 2: was well over eight billion dollars. Dollar Millennia was worth

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Speaker 2: about one point three billion US dollars now, that's according

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Speaker 2: to coin market Cap. They got sold off big time

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Speaker 2: late life last week, so the worth a lot less.

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Speaker 2: But the problem, according to crypto execs quoted in the

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Speaker 2: Wall Street Journal is that the whole froth and bubble

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Speaker 2: undermines the credibility of the industry. Now they've worked years,

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Speaker 2: they've worked hard for years to build that credibility, and

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Speaker 2: then then we get these sort of mean coins come

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Speaker 2: and they go up and they go down, and it

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Speaker 2: really does undermine the industry. There's also this issue of

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Speaker 2: a massive conflict of interest on Trump benefits from the

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Speaker 2: sale of tokens and sets policy on how digital tokens

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Speaker 2: are valued and regulated, but just parking that the froth

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Speaker 2: and bubble does not help the industry.

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Speaker 1: Yeah, indeed, on destory number three. Now, Sean Penny Wong

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Speaker 1: is under pressure over her role as Foreign Minister, with

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Speaker 1: opposition they depetered up and saying she has quote trashed

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Speaker 1: Australia's relationship with Israel.

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Speaker 2: The comments came as a petition circulated calling for Senator

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Speaker 2: Wong not to lead Australia's delegation at this week's event

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Speaker 2: in Poland commemorating the liberation of Auschwitz. That particular petition

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Speaker 2: gained more than ten thousand signatures in three days. Meanwhile,

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Speaker 2: one of Australia's most prominent Jewish figures. Westfield founder Frank

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Speaker 2: Lowey has called on the federal government to lead by

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Speaker 2: example and fulfill its duty and obligation to stamp out

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Speaker 2: anti Semitism, which he said is staining Australia's identity as

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Speaker 2: a fair country.

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Speaker 1: Story number four. Australia's pensions industry has been widely celebrated,

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Speaker 1: of course, for building a four point one trillion dollar

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Speaker 1: nest egg for the country's workers, but it's been less

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Speaker 1: successful sean in helping those savers manage their cash once

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Speaker 1: they actually retire. A bit of a problem here.

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Speaker 2: The Australians superannuation system is lagging behind other wealthy countries

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Speaker 2: because it isn't providing enough guidance on how to spend

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Speaker 2: money in retirement. According to a major report from the

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Speaker 2: Gratton Institute, it's causing people to be anxious. Two and

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Speaker 2: a half million people will retire over the next decade.

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Speaker 2: They've done a great job generally saving for retirement. Problem

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Speaker 2: is they don't know how to spend it once it's finished.

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Speaker 2: The report says the super system is in effect becoming

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Speaker 2: a bigger and bigger inheritance scheme. Now compulsory super jumps

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Speaker 2: to twelve percent in July this year, so the size

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Speaker 2: of the prize is growing and growing. The Granton Institute

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Speaker 2: recommends retirees be encouraged to use a portion of their

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Speaker 2: pension savings to buy a government annuity, which is basically

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Speaker 2: a product that guarantees an income to people for the

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Speaker 2: rest of their lives. Some Australian funds are beginning to

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Speaker 2: offer such products, but there's the fundamental question of retirees

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Speaker 2: knowing how to spend all their millions is still a

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Speaker 2: real one.

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Speaker 1: Last one sewn story Number five. New York, like many

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Speaker 1: cities around the world, has enormous traffic snails, but a

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Speaker 1: new congestion toll seems to be working, with cars moving

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Speaker 1: faster around Manhattan.

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Speaker 2: Cars are traveling much faster along Manhattan's bridges and tunnels

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Speaker 2: since the city implemented its long debated congestion pricing plan

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Speaker 2: early on five January. The Financial Times is reporting that

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Speaker 2: morning rush hour speed from New Jersey through the Holland Tunnel,

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Speaker 2: a main route under the Hudson River into Manhattan, has

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Speaker 2: almost doubled twenty eight miles an hour compared to a

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Speaker 2: year earlier. Evening speed over the Manhattan breach to Brooklyn

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Speaker 2: has increased from thirteen miles an hour to twenty three

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Speaker 2: miles an hour. Motoris a chart somewhere between four point

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Speaker 2: fifty and fourteen forty cars and nine bucks to enter

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Speaker 2: the congestion zone. New York joins London, Milan, Singapore, and

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Speaker 2: Stockholm in a small club of big cities with congestion pricing.

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Speaker 2: Traffic in London, which introduced its program in two thousand

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Speaker 2: and three, one of the early ones, it dropped by

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Speaker 2: fourteen percent in its OAY in the first year. The

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Speaker 2: other city's experience drops of more than twenty percent. So

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Speaker 2: this congestion pricing definitely works.

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Speaker 1: Indeed, all right, there we go the top five business

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Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael.

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Speaker 1: It is Monday, the twenty seventh of January twenty twenty five.

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

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Speaker 1: minutes isn't enough, you can find our longer daily show

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Speaker 1: called Fear and Greed wherever you listen to podcasts by

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Speaker 1: Michael Thompson. And that was the fast five business news

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Speaker 1: by Fear and Greed. Have a great date,