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Speaker 1: The unemployment rate falls to four percent as nearly forty

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Speaker 1: thousand jobs were created last month. Quantests to buy the

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Speaker 1: rest of tripa deal and the merger of Chemist Warehouse

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Speaker 1: and Sigma Pharmaceutical hits a significant speed bump. Welcome to

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Speaker 1: Fear and Greed, Daily business news for people who make

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Speaker 1: their own decisions. It is Friday, the fourteenth of June

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Speaker 1: twenty twenty four. I'm Michael Thompson, and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: We'll mention our interview in a minute. We've got a

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Speaker 1: great one coming up. But the main story this morning

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Speaker 1: is a huge one. The unemployment rate has fallen to

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Speaker 1: four percent after a near forty thousand jump in jobs

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Speaker 1: last month. That was a stronger result than expected, wasn't it.

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Speaker 2: Yes, it won't do much for those calling for an

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Speaker 2: interest rate cut because the figures showed that the labor

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Speaker 2: market is still too strong for the Reserve Bank to

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Speaker 2: have confidence that inflation is on the way back to

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Speaker 2: its target band. The labor markets are lagging into cater

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Speaker 2: It tells us what happened rather than what's going to happen. But,

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Speaker 2: and it is a big butt. We know the economy

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Speaker 2: was very weak during the March quarter and that weakness

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Speaker 2: continued into Wappril, but still the employment market remains strong.

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Speaker 2: It's a bit of a conundrum, don't you love that

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Speaker 2: word conundrum. Maybe maybe it's actually more of a timing issue,

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Speaker 2: but let's call it a conundrum. The Australian Buer Statistics

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Speaker 2: said there are now almost six hundred and sixty thousand

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Speaker 2: unemployed people, which is about one hundred and ten thousand

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Speaker 2: fewer than in March twenty twenty, just before the pandemic.

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Speaker 2: The employment to population ratio and participation rate both continue

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Speaker 2: to be much higher than pre pandemic levels, suggesting the

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Speaker 2: labor market remains very tight. This, of course, is despite

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Speaker 2: those higher interest rates. Interesting.

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Speaker 1: So the labor market, though, Sean, is in good shape.

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Speaker 2: Yes, I think that's the point, and as I probably

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Speaker 2: should have just said that upfront.

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Speaker 1: Really so sometimes you just need me just to what

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Speaker 1: is that line from the Simpsons just cutting through the treacle.

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Speaker 1: I'm just I'm here to summarize things for you.

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Speaker 2: That's it. I mean, it is in good shape. It's

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Speaker 2: proven more resilient than most we're expecting, but conditions aren't

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Speaker 2: quite as strong as they were in late twenty twenty two.

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Speaker 2: For example, annual jobs growth is running at two and

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Speaker 2: a half percent, below the three percent permum rate in

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Speaker 2: late twenty twenty three. According to AMP, the job's growth

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Speaker 2: is running at about twenty four thousand a month for

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Speaker 2: the past three to six months. Now. That's actually not

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Speaker 2: enough to keep up with the increase in the labor force,

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Speaker 2: which is a total number of people employed and unemployed

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Speaker 2: every month, so it does suggest that it is weakening.

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Speaker 2: The number of new entrants into the labor force relevated

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Speaker 2: because of high immigration. The ABS also gave an update

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Speaker 2: on Australia's population for the December twenty twenty three quarter.

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Speaker 2: Bit delayed, admittedly, it confirmed that the population rose by

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Speaker 2: two and a half percent over the year to December

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Speaker 2: twenty twenty three. Naturally, increase was up about twenty two

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Speaker 2: thousand in the December quarter. Net immigration was up one

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Speaker 2: hundred and seven thousand in the quarter. However, that number

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Speaker 2: sounds big, but it was actually the lowest quarterly increase

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Speaker 2: since June twenty twenty two, still above pre COVID averages.

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Speaker 2: Australia's total population last year rose by six hundred and

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Speaker 2: fifty one thousand people. Quite incredible. To the bottom line

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Speaker 2: to all this, the employment market is softening, but it's

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Speaker 2: still pretty good. All right?

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Speaker 1: What about local markets? Was there much of a reaction

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Speaker 1: to these numbers?

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Speaker 2: Not overly? The labor force data didn't move markets much day.

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Speaker 2: Overnight news in the US did more on that shortly.

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Speaker 2: The SMPA six two hundred closed up zero point four

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Speaker 2: percent yesterday to seven seven hundred and fifty points. The

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Speaker 2: banks were strong. National Australia Bank hit a new nine

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Speaker 2: year high, Goodman and Ria Group were up three percent.

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Speaker 2: Cessill and westac Labal jump two percent. West Farmers raised

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Speaker 2: more than one percent. The lagout among large caps was

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Speaker 2: Macquarie Group. It fell one point three percent. In corporate news,

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Speaker 2: Michael asx Limited, that's the company. Its share price tumbled

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Speaker 2: after the market operate a flag that it's four cast

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Speaker 2: for technology spend in this current financial year will be

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Speaker 2: elevated now. Technology spend and the failure to introduce new

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Speaker 2: technology has been a bit of a bugbear for the

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Speaker 2: ASEX for several years. It's share price closed down eight

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Speaker 2: percent yesterday.

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Speaker 1: All right, Checking international markets now, thanks to blue chip communication,

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Speaker 1: the experts helping financial services companies, Market Communicate and Grow

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Speaker 1: is a blue chipcommunication dot com dot au and Sean

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Speaker 1: You teased us with the news out of the US overnight,

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Speaker 1: what's happened?

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Speaker 2: Well, I want to tell you a story first. Michael Okay, so,

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Speaker 2: former US Federal Reserve Chair William McChesney probably don't know

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Speaker 2: his name, However, he is slightly famous because he described

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Speaker 2: the role of the FED as akin to taking away

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Speaker 2: the punch bowl just as the party gets going. And

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Speaker 2: that's exactly what's happened over the past thirty six hours.

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Speaker 2: May consumer Price Index figures were released in the US.

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Speaker 2: They show a general easing of price pressures. Equity markets

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Speaker 2: rallied a lot of excitement. Then the FED came along

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Speaker 2: released its updated economic projections that made it clear there

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Speaker 2: is one rate cut on the horizon this year, not

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Speaker 2: three as previously forecast. The symbolic punch bowl was removed,

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Speaker 2: and Wall Street fell Current FED chairs your own. Powell

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Speaker 2: said the CPI figures were confidence building, and he reiterated

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Speaker 2: that what the Fed does is very much data dependent.

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Speaker 2: The three month annualized core CPI was three point three

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Speaker 2: percent for May, down from about four point two percent.

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Speaker 2: The previous reading. The bottom line to all this, inflation

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Speaker 2: is unambiguously falling in the US, and the FED is

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Speaker 2: thinking about when to cut rates now. Markets reacted with

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Speaker 2: a broad based SMP five hundred, finishing nearly one percent

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Speaker 2: higher to a record closing level. The tech heavy Nastak

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Speaker 2: composite jumped more than one and a half percent, also

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Speaker 2: closed at a record high one. I do want to mention, Michael.

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Speaker 2: Apple's share price surged again and once again it is

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Speaker 2: the world's most valuable company, knocking off Microsoft. Microsoft held

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Speaker 2: that title for five months, took it from Apple. Apple

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Speaker 2: is back. Its value is now three point twenty nine

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Speaker 2: trillion US dollars or almost five trillion Aussie dollars. That's

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Speaker 2: on the back of its artificial intelligence launch. Of course

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Speaker 2: doing very well. Apple. Microsoft comes in it too. En

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Speaker 2: video three.

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Speaker 1: That is amazing. That is just incredible, such huge sums.

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Speaker 1: There is a very good chance, Sean, that I may

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Speaker 1: end up using this in the weekend edition tomorrow.

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Speaker 2: You've got it too soon.

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Speaker 1: Yes, I mean that is a guaranteed winner, and so

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Speaker 1: I have just reserved it. So eat it now. I

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Speaker 1: need to make mention of today's interview because it is

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Speaker 1: an absolute cracker and it's something very mature, but it's

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Speaker 1: also very voyeuristic, isn't it. You are speaking today with

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Speaker 1: Luke Hampshire from Airly.

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Speaker 2: This is great. Yes, it's all about private jets. People

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Speaker 2: who charter private jets to fly around the country and internationally,

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Speaker 2: mostly around the country because it just suits their purposes.

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Speaker 2: They don't want to go to a commercial flight and

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Speaker 2: wait in line, get on the plane, be delayed, et cetera,

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Speaker 2: et cetera, et cetera. So what Luke does and what

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Speaker 2: Airly does is provide private jet flights. Very exciting news.

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Speaker 2: This week they bought their first plane. Normally they lease

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Speaker 2: the planes. They've just bought their first plane. As the

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Speaker 2: company grows and a bit more money comes in the door,

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Speaker 2: they're expanding. So it's a great I mean it's a

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Speaker 2: world I know nothing about. So it's just a really

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Speaker 2: cool insight into who uses these planes and that type

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Speaker 2: of thing.

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Speaker 1: Yeah, it's a great chat with Luke. It is well

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Speaker 1: worth sticking around for. It is coming up after the show.

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Speaker 1: In the meantime, Sean will take a quick break and

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news.

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Speaker 2: Sean.

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Speaker 1: A Senate inquiry has found that the Big four accounting

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Speaker 1: firms should be subject to stricter oversight and regulations more

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Speaker 1: in line with other businesses their size, and contracts over

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Speaker 1: fifteen million dollars should be approved by parliament.

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Speaker 2: The Senate committee found the Big Four operated in a

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Speaker 2: gray area and recommended sweeping changes to how the firms

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Speaker 2: are regulated, including a review of legislation governing partnerships and

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Speaker 2: parliamentary examination of consultants and professional bodies. The recommendations include

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Speaker 2: putting government contracts worth more than two million dollars under

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Speaker 2: heaviest scrutiny, establishing a committee to approve any project over

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Speaker 2: fifteen million dollars, tougher guidelines for managing conflicts, and tighter

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Speaker 2: transparency measures. The inquiry, of course, follows a scandal involving PwC,

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Speaker 2: where a former partner shared confidential tax information with others

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Speaker 2: in the firm, who then used it to win new

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Speaker 2: clients Shawn.

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Speaker 1: The federal government has launched an urgent review into the

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Speaker 1: twenty two billion dollar private hospital system as it faces

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Speaker 1: intense financial stress driven by rising labor and input costs

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Speaker 1: and constrained revenue.

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Speaker 2: Private hospital players, including Ramsey Healthcare, health Scope and Sain

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Speaker 2: John of God will be required to hand over detailed

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Speaker 2: rev nuin profit margin information under the guise of a

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Speaker 2: financial health check being run by the Department of Health.

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Speaker 2: According to report in the Financial Review, The review has

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Speaker 2: been tasked with assessing profitability, including break even points for

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Speaker 2: viability and investability, and identifying market challenges. It comes after

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Speaker 2: eighteen private hospital facilities closed or had their declarations revoked

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Speaker 2: since last year. Eighteen Incredible closures in maternity services and

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Speaker 2: delays for mental health care are limiting the take up

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Speaker 2: of private health cover. Industry experts said, while revenue is

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Speaker 2: constrained as more care is pushed into cheaper home settings.

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Speaker 1: Building group CSR is set to be delisted from the

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Speaker 1: ASX after shareholders voted in favor of the buyout offer

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Speaker 1: from French company Saint Gervain yesterday.

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Speaker 2: It follows shareholders on Wednesday voting for ad Bryer to

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Speaker 2: be taken over by an Irish group, and it will

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Speaker 2: take the number of delisted ASX companies this year to

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Speaker 2: around thirty three. CSR is the owner of jip Rock,

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Speaker 2: plaus Us Board and Ammonia Rooftiles. It's been part of

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Speaker 2: the Australian business landscape since eighteen fifty five. Currently has

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Speaker 2: twenty six hundred employees. The board recommended the nine dollar

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Speaker 2: share offer. Yesterday's shareholders voted overwhelmingly in favor of it.

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Speaker 2: Cs HAR began life as the Colonial Sugar Refining Company

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Speaker 2: and ultimately morphed into a building products group. There are

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Speaker 2: now three building product companies on the AX csr ad

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Speaker 2: Brye and Borol, which is being acquired by seven Group.

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Speaker 2: That will leave the AX quite incredible.

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Speaker 1: Yeah, it is now Quantus, so I mentioned this one

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Speaker 1: at the top of the show, will buy the remaining

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Speaker 1: forty nine percent of Byron Bayborn online travel business trip

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Speaker 1: A deal for two hundred and eleven million dollars.

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Speaker 2: Yes, it really shows part of Quantus's strategy. It very

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Speaker 2: much adds to quantus loyalties exposure to the thirteen billion

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Speaker 2: dollar online holiday packages market. The airlines of the deal

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Speaker 2: would combine Quantus and Jetstar's network with the growing curator

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Speaker 2: tour market, and we'll also create a more tailored and

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Speaker 2: integrated experience for Quantus frequent flyers. According to media reports,

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Speaker 2: now quite is quite a majority staking TRIPA deal. In

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Speaker 2: twenty twenty two. It seems to have gone from strength

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Speaker 2: to strength and it's going to buy the rest of it. Now,

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Speaker 2: are you, Michael, are you and Shan package holiday people

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Speaker 2: or not?

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Speaker 1: No? I know that you and Jackie are, though, aren't you?

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Speaker 1: You're you're big on package deals, certainly package deals like

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Speaker 1: not so much package tools where you jump on a

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Speaker 1: bus and go around with people.

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Speaker 2: But you know, you can go online and there's a

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Speaker 2: you know, flights and accommodation for this amount of money.

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Speaker 2: I love that, absolutely love that.

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Speaker 1: I think we're still a little bit old school. We

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Speaker 1: do a fair bit through a travel agent.

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Speaker 2: Oh no, really, yes, wow, good on.

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Speaker 1: You also helps that the travel agent is a very

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Speaker 1: good friend and so manages to kind of hook us

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Speaker 1: up with some very kind of good deals and things.

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Speaker 1: But anyway, that's really a minor, irrelevant detail. We should

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Speaker 1: move on with the show. The planned merger of Chemist

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Speaker 1: Warehouse and Sigma Healthcare to create a near nine billion

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Speaker 1: dollar company has hit a a bit of a hurdle, really.

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Speaker 1: The competition watchdog says that the deal raises competition concerns.

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Speaker 2: The Australian Competition and Consumer Commission has identified a range

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Speaker 2: of concerns including at the retail and wholesale levels. It

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Speaker 2: said the largest retailer, Chemist Warehouse, is merging with a

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Speaker 2: key wholesaler to thousands of independent pharmacies that compete against

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Speaker 2: Chemists Warehouse. Sigma said the HABLEC statement isn't unexpected for

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Speaker 2: a transaction of this size. It argues that a merger

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Speaker 2: would not lessen competition. However, when the wholesaler provides the

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Speaker 2: medicines and other products to one of its subsidiaries as

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Speaker 2: well as a bunch of its competitors, then the AABLEC

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Speaker 2: wants to have a look at it. The deal was

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Speaker 2: announced late last year a year and a final decision

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Speaker 2: from the watchdog is due in early September. Sigma share

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Speaker 2: price didn't benefit from the news. Yesterday it fell four percent.

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Speaker 1: The federal opposition SEAN is backing a campaign to lift

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Speaker 1: the age limit on social media from thirteen to sixteen years,

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Speaker 1: with oppositionally to Peter Dutton calling it a sensible measure

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Speaker 1: and a well balanced approach.

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Speaker 2: Mister Dutton said he would lift the minimum age to

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Speaker 2: sixteen within one hundred days of taking office, assuming he

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Speaker 2: wins office. Of course, this is all about the thirty

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Speaker 2: six months campaign affronted by neighbors Michael Whipper Whipfley, he's

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Speaker 2: been pushing the idea of lifting the minimum age. Mister

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Speaker 2: Dutton said, it is a huge confronting world for kids

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Speaker 2: and the idea is a sensible measure. He said, we

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Speaker 2: need to call out the companies who are only interested

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Speaker 2: in profit and the number of subscribers as opposed to

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Speaker 2: the welfare of some of these kids.

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Speaker 1: It's worth going back and having a listen to our

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Speaker 1: interview with Whipper from Monday. You talk to him in

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Speaker 1: some detail about this campaign, about why it is important

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Speaker 1: and and basically why kind of we think it's a

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Speaker 1: good idea.

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Speaker 2: Yeah. Look, I think one of the best lines he used,

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Speaker 2: Whip has said, you know, he wants kids to know

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Speaker 2: themselves before they get overly influenced by social media. And

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Speaker 2: sure it's very difficult to polace any minimum age thirteen,

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Speaker 2: sixteen or whatever, but if that's the law, that might

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Speaker 2: help parents actually convince the kids to stay off social

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Speaker 2: media a little bit longer. And I don't think that'd

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Speaker 2: be a bad thing.

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Speaker 1: Yeah, think you might be right there. Turning to international news, now,

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Speaker 1: electric vehicles are taking center stage in trade wars with China,

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Speaker 1: but this time it's the European Union imposing tariffs.

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Speaker 2: The European Union will impose levies as much as forty

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Speaker 2: eight percent on electric cars shipped from China starting next month.

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Speaker 2: Not only will escalate trade tensions, but it will also

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Speaker 2: add it to the cost of buying an EV. The

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Speaker 2: block has formally notified car makers, including byd Geely and

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Speaker 2: MG owner Sek Saic. Now China's EV manufacturers have been

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Speaker 2: pushing more aggressively into Europe amid Mystic price war and

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Speaker 2: years of improving technology. According to Reuters, the duties will

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Speaker 2: hit Saic Motor Corp hardest. Of course, it owns the

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Speaker 2: British brand MG. It sells the electric vehicle, the MG four,

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Speaker 2: into the mass market, and that's going to be hit

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Speaker 2: quite hard, So much more expensive for Europeans to buy

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Speaker 2: that brand of car.

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Speaker 1: How about this one sewn The world faces quote a

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Speaker 1: staggering surplus of oil equating to millions of barrels a

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Speaker 1: day by the end of the decade, as oil companies

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Speaker 1: increase production, undermining the ability of OPEC plus to manage

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Speaker 1: crude prices. This is a warning from the International Energy Agency.

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Speaker 2: Given how much oil has been costing. I don't know

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Speaker 2: whether I'm really excited about this story or not. I

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Speaker 2: think it's a I mean, I think it's supposed to

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Speaker 2: be a negative story, But oh don't. Demand for oil's

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Speaker 2: forecast a peak before twenty thirty. Continued investment by oil producers,

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Speaker 2: led by the US, would by then result in more

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Speaker 2: than eight billion barrels a day of spare capacity. According

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Speaker 2: to the International Energy Agency forecasts, the massive cushion of

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Speaker 2: extra oil could upend the efforts of OPEC plus to

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Speaker 2: manage the market and usher in an era of lower prices.

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Speaker 2: The IEA says the combination of slowing demand and rising

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Speaker 2: supply could have substantial implications for oil companies now. According

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Speaker 2: to report in The Financial Times, the Paris based body

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Speaker 2: founded in the aftermath of the nineteen seventies Arab oil

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Speaker 2: embargoes to advise on energy security, said last year that

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Speaker 2: the world was at the beginning of the end of

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Speaker 2: the fossil fuel era. It has said demand for oil,

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Speaker 2: natural gas and coal will all start to fall before

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Speaker 2: the end of the decade, amid the mass rollout of

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Speaker 2: renewable energy and electric vehicles. This is a natural outcome

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Speaker 2: of that be interesting to see how all that eventuates.

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Speaker 1: Yeah, absolutely, all right. Up next is the Fear and

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Speaker 1: Greed Daily Interview. You were speaking today with Luke Hampshire

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Speaker 1: from airly.

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Speaker 2: Foyerism that it's finest all about the people who use

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Speaker 2: private jets. Great story, great, just a great chat with Luke.

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Speaker 1: Yeah, it really is. It is up next in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Friday, the fourteenth of June twenty twenty four.

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Speaker 1: Make sure you 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.