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Speaker 1: It's Tuesday, the fourteenth of October twenty twenty five. 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 and 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 a story. In number one,

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Speaker 1: the federal government has made major concessions to its landmark

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Speaker 1: policy to increase taxation on superannuation balances above three million dollars,

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Speaker 1: including indexing the threshold and sparing unrealized gains from the

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Speaker 1: new levee.

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Speaker 2: The changes, which follow an intervention from Prime Minister Anthony Alberanezi,

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Speaker 2: also include a new ten million dollar balance threshold, above

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Speaker 2: which an extra twenty five percentage points of earnings tax

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Speaker 2: will apply, for a total total rate of forty percent.

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Speaker 2: Earnings and balances between three million ten million. Now, there's

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Speaker 2: about ninety thousand people that have that thirty percent. Over

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Speaker 2: ten million, eight thousand people have over ten million dollars

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Speaker 2: in super, it goes up to forty percent. Jim charm As,

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Speaker 2: the Federal Treasurer, announced the changes yesterday and said the

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Speaker 2: new tax regime would begin later than expected in the

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Speaker 2: middle of next year. There'll also be top ups for

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Speaker 2: low income earners, basically because of income tax cuts. It

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Speaker 2: emerged that people's super when you're a low income earner

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Speaker 2: could be taxed at a high rate than your income,

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Speaker 2: so they've fixed that as well. The total cost of

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Speaker 2: the changes will be four point two billion dollars over

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Speaker 2: the next four years in lost earnings.

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Speaker 1: It is quite the backflip from the government, isn't it

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Speaker 1: so when to the last election, sticking to its policy,

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Speaker 1: particularly when farmers and small businesses were complaining about unrealized

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Speaker 1: gains being taxed. But it seems that it was a

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Speaker 1: recent intervention from the Prime Minister's office that might have

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Speaker 1: disswayed the treasurer.

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Speaker 2: Yes rereading between the lines, it seems that way. Even

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Speaker 2: though Charmers rejected the nation yesterday. Charmers made the changes

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Speaker 2: despite having the Senate support to pass the original proposal

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Speaker 2: of an extra fifteen percent earnings tax on realized and

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Speaker 2: unrealized gains on balances above three million dollars. Greens weren't

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Speaker 2: happy about it yesterday, but pretty much everyone else was

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Speaker 2: fairly pragmatic. Decision i'd say.

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Speaker 1: Michael, Yeah, it does seem that way. I'm to sorry

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Speaker 1: number two now and Israeli hostages held captive by her

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Speaker 1: Mass for two years have been released, to cheers and

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Speaker 1: tears and enormous relief for waiting families.

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Speaker 2: Sure was. HAMAS had earlier published a list of twenty

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Speaker 2: names to be released, matching the list of hostages believed

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Speaker 2: to be alive. HAMAS also published a list of more

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Speaker 2: than nineteen hundred Palestinian prisoners it said would be released

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Speaker 2: as part of the seas Fire agreement. The exchange is

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Speaker 2: the first stage of a plan put forward by Donald Trump,

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Speaker 2: though Israel and Hamas have yet to agree on the

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Speaker 2: second phase of the plan, which is designed to bring

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Speaker 2: about a permanent end to the fighting. It calls for

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Speaker 2: the disarmament of Hammas, the staggered withdrawal of Israeli forces

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Speaker 2: from Gaza, and the deployment of an international stabilization force

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Speaker 2: in the Strip. There is a peace summit in Egypt

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Speaker 2: taking place. Donald Trump, as well as leaders from UK, France, Turkey, Spain,

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Speaker 2: EU and U N are all in attendance.

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Speaker 1: You don't have a three A and Z share price

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Speaker 1: jumped three point three percent yesterday very much going against

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Speaker 1: the trend for the rest of the big banks. After

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Speaker 1: new CEO Nuno Mattos laid out some aggressive targets to

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Speaker 1: reduce costs and lift performance at the bank.

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Speaker 2: Yeah, the bank share price hit a ten year high.

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Speaker 2: Mattos said he would challenge staff and force accountability and

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Speaker 2: help win back market share. He actually put hard numbers

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Speaker 2: on the strategy. So he wants to get its cost

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Speaker 2: to income ratio, which is the measure of efficiency in

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Speaker 2: profitability profitability, from fifty two percent to about mid forty

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Speaker 2: percent over the next three years. Now mid forty percent

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Speaker 2: is where the Commonwealth Bank is, that's best in class.

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Speaker 2: That's where he wants to get to. Now. Part of

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Speaker 2: that is the already announced reduction in headcount of thirty

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Speaker 2: five hundred people. Mattis said he had structured he's twenty

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Speaker 2: thirty plans for a Z around four strategic pillars. Customer first, simplicity,

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Speaker 2: resilience and delivering value. Who also wants to put more

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Speaker 2: mortgage lenders into its branches, hire more business people, business

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Speaker 2: and private bankers to improve service and shift away from

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Speaker 2: mortgage brokers.

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Speaker 1: Story number four penfolds owner, treasury winer state's share price

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Speaker 1: tumbled fifteen percent yesterday. It's off more than fifty percent

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Speaker 1: over the past year after it pulled its full year

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Speaker 1: profit guidance because of weaker than expected trading in China

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Speaker 1: for its flagship brand, and also trouble with a distributor

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Speaker 1: handover in the United States.

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Speaker 2: Yeah, it's interesting. In Australia, Penfolds are doing really well.

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Speaker 2: Quite the opposite story offshore, with a new CEO due

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Speaker 2: to start in a fortnite. Treasury, in a statement to

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Speaker 2: the ASEX said sales to China would lower than expected.

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Speaker 2: It's also temporarily halted its two hundred million dollars share

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Speaker 2: buyback and dropped the previous earnings guidance for penfiles.

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Speaker 1: Okay, last one story number five sean a boom in running,

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Speaker 1: spurred on by Covid and gen Za's wanting a healthier

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Speaker 1: lifestyle means exercise app Strava is looking to list on

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Speaker 1: Wall Street.

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Speaker 2: The app, launched in two thousand and nine, currently valued

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Speaker 2: at two point two billion US dollars, has grown rapidly

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Speaker 2: since the pandemic, when it exploded in popularity. By combining

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Speaker 2: social networking and fitness, users can record and share their workouts,

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Speaker 2: give cutos to friends similar to hitting facebooks like Button,

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Speaker 2: and compare their performance with peers and elite athletes. The

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Speaker 2: exercise Tracker had an average of fifty million monthly active

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Speaker 2: users in twenty twenty five, close to double that of

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Speaker 2: its closest rival, Garman Connect. According to a report in

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Speaker 2: the Fteam, Strava's growth has coincided with the boom and running.

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Speaker 2: More than one point one million people applied for the

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Speaker 2: twenty twenty six London Marathon, for example, thirty one percent

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Speaker 2: more than a year earlier. The New York Maria City Marathon.

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Speaker 2: Its entries or applications are up twenty two percent, and

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Speaker 2: Strava is taking advantage well in front of Nike and

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Speaker 2: added Us, who also have fitness tracking apps. But Strava's

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Speaker 2: definitely the clear leader in the market.

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Speaker 1: Okay, there we go, the top five business stories in

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Speaker 1: five minutes. Thank you Sean, Thank you Michael. It is Tuesday,

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Speaker 1: the fourteenth of October twenty twenty five. Remember to hit

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Speaker 1: follow on the podcast, and if five minutes isn't enough,

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Speaker 1: you're going to find our longer daily show called Fit

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

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Speaker 1: and that was the fast fire business news by fear

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Speaker 1: and greed. Had a great day, m