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Speaker 1: It's Wednesday, the sixth of August 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 in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer, Good morning, Michael Shawn. Five stories,

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Speaker 1: five minutes. Let's go. Story number one. NBNCo will partner

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Speaker 1: with US tech giant Amazon to offer satellite broadband to

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Speaker 1: regional Australia, phasing out its aging sky Muster satellites over

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Speaker 1: the coming years.

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Speaker 2: Communications Minister Anika Wells said the change would bring high

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Speaker 2: speed city quality broadband to three hundred thousand rural and

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Speaker 2: regional premises from the middle of twenty twenty six. She

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Speaker 2: said the agreement will do with the high speed broadband

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Speaker 2: to regional, rural and remote Australia via low orbit satellite technology.

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Speaker 2: They sit about six hundred kilometers above the Earth. The

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Speaker 2: boost is designed to help people working from home, managing

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Speaker 2: regional business, accessing telehealth, feed out, conferencing, online learning, all

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Speaker 2: sorts of things. Download speeds from the Amazon services are

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Speaker 2: promised to be almost twice as fast as Elon Starlink

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Speaker 2: that's four hundred megabits per second compared to Starling's two

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Speaker 2: twenty megabits per second. Amazon has about seventy eight satellites

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Speaker 2: in its Project Kuipers constellation plans to deploy more than

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Speaker 2: thirty two hundred more.

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Speaker 1: This is great news for the Bush Sean. What are

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Speaker 1: the broader implications of the government owned NBN supporting essentially

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Speaker 1: a new service in Australia.

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Speaker 2: Yeah, competition, that's a big one. Elon Musk Starlink is

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Speaker 2: a great service for the Bush now arguments about that.

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Speaker 2: It's pretty much the only decent service for the Bush.

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Speaker 2: The current system provided by the government for many residents

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Speaker 2: in the Bush is called Skymaster, uses higher orbiting satellites

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Speaker 2: than Project Kuyper or Starlink, results in higher latency and

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Speaker 2: slower speeds hardly usable.

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Speaker 1: Some say the.

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Speaker 2: Big tailcoats have signed up to satellite deals already. With

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Speaker 2: the likes of Starlink and Amazon entering the market with

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Speaker 2: the NBN, it suddenly becomes a serious player, more competition.

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Speaker 2: It's not only the people in the Bush, but all

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Speaker 2: sorts of groups that will benefit from this.

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Speaker 1: Yeah. Absolutely, Okay, On to story number two. Now, the

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Speaker 1: local share market closed today record high yesterday, rising one

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Speaker 1: point two percent to eighty seven hundred and seventy points.

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Speaker 1: It was the biggest one day gain in a fortnight.

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Speaker 2: Markets are doing really well at the moment given everything

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Speaker 2: that's going on.

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Speaker 1: A very strong day.

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Speaker 2: Physic legal stocks those at ten to do well when

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Speaker 2: people think interest rates are going to four. That's on

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Speaker 2: the back of optimism about a rate cut in Australia

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Speaker 2: in the next week or so. End of the US

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Speaker 2: tech and consumer related stocks did well, so like Weiseech, Global,

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Speaker 2: West Farmers, JB High Fay they did well. The big

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Speaker 2: banks jumped about one and a half percent. The gold

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Speaker 2: stocks did well. Very good day for the market.

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Speaker 1: Storry number three. Household spending rose half a percent in

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Speaker 1: June and steadily picking up across the economy, with people

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Speaker 1: spending more on goods like cars and electronics, but less

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Speaker 1: on services.

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Speaker 2: The Bureau Statistics Household Spending Survey is replacing the Retail

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Speaker 2: Sales Survey much more comprehensive, providing a better snapshot of

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Speaker 2: what's happening among consumers. While the cost of living crisis

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Speaker 2: isn't over, unaffordable housing is making sure of that many

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Speaker 2: for many people think are looking better. The survey shows

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Speaker 2: as spending in six of the nine categories rows, led

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Speaker 2: by furnishings and household equipment, clothing and footwear, that alcoholic

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Speaker 2: beverages and tobacco went backwards most. The data, which covers

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Speaker 2: about two thirds of title consumption, suggests that household spending

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Speaker 2: will contribute about a quarter of a percentage point economic

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Speaker 2: growth for the June quarter. That's pretty good. Household spending

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Speaker 2: is now nearly five percent higher than last year, which

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Speaker 2: suggests an easing but not a dismissing of the cost

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Speaker 2: of living crisis.

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Speaker 1: Story number four. Prime Minister Anthony Albanezi might have the

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Speaker 1: biggest social media following of all federal politicians, but Sean

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Speaker 1: it is the independence and right wing polies that are

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Speaker 1: winning the fight for Australian social media dominance.

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Speaker 2: Cracking Story nine newspapers The Age sending Morning Herald congratulations.

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Speaker 2: They're put together the social media followings of all two

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Speaker 2: hundred and twenty six members of Federal Parliament based on Facebook,

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Speaker 2: ex Instagram and TikTok, taken during the first Parliamentary fortnite

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Speaker 2: that ended on July one. The data shows the rise

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Speaker 2: of the right, the power of the Senate senators have

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Speaker 2: more followers than members of reps and the lackluster online

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Speaker 2: performance of some of our my senior politicians. Australia's federal

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Speaker 2: politicians collectively have seventeen million followers across four platforms. It's

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Speaker 2: about seventy four thousand per poly mind you Donald Trump,

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Speaker 2: what it's got one hundred and eight million on X

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Speaker 2: I think, but let's just park that one. Every Australian

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Speaker 2: federal parliamentarian is active on at least one platform. Two

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Speaker 2: hundred and twenty five of two hundred and twenty six

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Speaker 2: use Facebook and Instagram. X comes next, with sixty eight

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Speaker 2: percent being of politicians using it than forty five percent

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Speaker 2: use TikTok, Biggest Alban Easy. Second, Penny Wong, No, that's

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Speaker 2: not true. Second, is Pauline Hanson actually from one nation?

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Speaker 2: Then Penny Wong, Then the independent senator from Cambra, David Pocock.

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Speaker 2: He has appeared on social media without a shirt on

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Speaker 2: I just want to add that. Then ten youre plebisit

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Speaker 2: comes in number five. Susan Lee has just seventy one

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Speaker 2: thousand followers.

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Speaker 1: So what your meaning is that on some occasions there's

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Speaker 1: more than just politics attracting followers. Not at all, Mike, Okay,

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Speaker 1: not at all. Okay. Last one story number five, Tesla's

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Speaker 1: board Sean has approved the award of ninety six million

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Speaker 1: shares worth about thirty billion US dollars to Elon Musk

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Speaker 1: as part of a new pay deal after the billionaire

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Speaker 1: chief executive threatened to leave the electric vehicle maker if

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Speaker 1: he wasn't given more control. Tesla said.

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Speaker 2: The decision was recommended by a special committee comprising just

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Speaker 2: the chair, Robin Denholm, and one other director, was then

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Speaker 2: improved by the board. The quote from the company, retaining

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Speaker 2: Elon is more important than ever before. We are confident

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Speaker 2: that this award will incentivize Elon to remain at Tesla,

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Speaker 2: energizing and focusing him to propel Tesla into its next

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Speaker 2: era of growth. Now Tesla and Musk have been fighting

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Speaker 2: his shareholder lawsuit in Delaware for seven years over a

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Speaker 2: previous fifty six billion dollar pay award that was the

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Speaker 2: largest in US history. Though Elon hasn't got it yet.

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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. Thank you, Sean, Thank you Michael. It

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Speaker 1: is Wednesday, the sixth of August twenty twenty five. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, exitix Talk, and Facebook. Are Michael Thompson

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Speaker 1: in that sphere and agreed had a great day