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Speaker 1: It's Monday, the ninth of September twenty twenty four. 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 when just five minutes are Michael Thompson

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

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Speaker 1: five minutes. Let's get cracking. Story number one. The spring

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Speaker 1: selling season kicked off over the weekend with more than

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Speaker 1: two thousand homes going under the hammer and the preliminary

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Speaker 1: clearance rate picking up to nearly seventy two percent.

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Speaker 2: It's make a break time for many homeowners real estate

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Speaker 2: agents and this brings selling season is being watched very

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Speaker 2: closely to see if some Australians really will need to

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Speaker 2: sell their homes. Just like the Reserve Bank Governor Michelle

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Speaker 2: Bullock said last week, so far, so good. More than

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Speaker 2: two thousand homes went to auction, most in Melbourne. That

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Speaker 2: city's preliminary clearance rate came at seventy one point one percent.

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Speaker 2: Sydney hosted seven hundred and seventy four auctions seventy three

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Speaker 2: point two percent, clearance rate at late eighty percent, Brisbane

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Speaker 2: sixty two and the Act sixty five point five percent.

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Speaker 2: The overall clearance rate is above the ten year average

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Speaker 2: marked Kay, particularly in the smaller cities, but not booming

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Speaker 2: of course. Last week, Michelle Bullet warned that some Australians

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Speaker 2: will have to sell their homes to cope with higher

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Speaker 2: inflation interest rates. She also said businesses might have to

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Speaker 2: restructure their operations and layoff staff to survive.

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Speaker 1: Shawn, the Reserve Bank has really become something of a

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Speaker 1: political football, I suppose you'd say, in recent weeks, and

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Speaker 1: that focus is going to intensify in coming weeks as

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Speaker 1: more homes got for sale. Now a couple of former

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Speaker 1: federal treasurers have weighed into the debate.

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Speaker 2: Yeah so. Yesterday Jim Chalmers said government spending is a

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Speaker 2: key reason there hasn't been a recession, and the Opposition

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Speaker 2: wants the economy to go into recession political purposes. It

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Speaker 2: came after former Labor Treasurer Wayne Swan accused the Reserve

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Speaker 2: Bank of punching itself in the face and putting economic

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Speaker 2: dogma over rational economic decision making. That triggered response from

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Speaker 2: former Coalition Treasurer Peter Costello. He dared the Albanezy government

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Speaker 2: to change the Reserve Bank's inflation target or stop sniping.

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Speaker 2: Dr Chalmers yesterday ruled out changes to the inflation target,

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Speaker 2: saying he absolutely endorsed it, while also talking up the

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Speaker 2: Reserve Bank's dual mandate of targeting full employment. Litt of

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Speaker 2: a chicken and eat syndrome. This one government spending certain

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Speaker 2: it kept the economy out of recession, but it's also

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Speaker 2: pushed up inflation at the center of it all Reserve Bank.

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Speaker 1: Indeed all right. Story number two. Australia has one of

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Speaker 1: the highest shares of part time employment across OECD countries,

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Speaker 1: but the share of women engaging in shorter working hours

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Speaker 1: has been falling for ten years, particularly since the pandemic.

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Speaker 2: Around thirty percent of women and men choose part time work,

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Speaker 2: but they face a part time promotion cliff, as in

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Speaker 2: the promotion rates for the part time workers is half

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Speaker 2: the level of their full time counterparts. That's according to

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Speaker 2: a Workplace Gender Quality Agency report undertaken by the Bank

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Speaker 2: West Curtain Economic Center. Part times employment is higher in

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Speaker 2: female dominated sectors and in larger organizations. The part time

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Speaker 2: total remuneration gender pay gap sits at two point seven

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Speaker 2: percent in favor of women. The overall remuneration gap those

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Speaker 2: eighty point three percent favor of men. The most rapid

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Speaker 2: increase in full time work over the past three years

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Speaker 2: has taken place amongst women aged between thirty five and

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Speaker 2: fifty five. The report recommends a part time work and

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Speaker 2: other flexible work arrangements be normalized and work practices be

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Speaker 2: redesigned to allow a broader range of work options.

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Speaker 1: At story number three, Labor has confirmed multiple questions will

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Speaker 1: be included on sexual orientation and gender in the twenty

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Speaker 1: twenty sixth census.

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Speaker 2: Treasure Jim Chalmers said the census will include a new

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Speaker 2: section on sexual orientation and gender, although the questions will

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Speaker 2: be determined by the ABS at a later date. It's

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Speaker 2: part of the government's efforts to quell the LGBTQ community's

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Speaker 2: anger over its original exclusion from the count Doctor Chalmers said.

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Speaker 2: The late said the government has changed its mind after

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Speaker 2: listening to the community. Only people aged over sixteen will

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Speaker 2: be asked sexual orientation and gender questions, and the new

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Speaker 2: topic will also exclude questions about variations in people's sex characteristics.

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Speaker 1: How about this one, sean story number four. The Cavendish

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Speaker 1: banana may never be the same with the first genetically

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Speaker 1: modified fruit grown in Australia right for picking.

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Speaker 2: Over the weekend to biotechnologists for due to fight, to

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Speaker 2: dial and drive the Kacadu road to hunt, you do

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Speaker 2: and taste the first geneically modified banana grain in Australia.

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Speaker 2: Banana are the country's highest selling fruit, five million in

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Speaker 2: and every day. The genetically modified banana was granted final

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Speaker 2: approval for human consumption a few months ago, but only

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Speaker 2: now have any of the trees born fruit. According to

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Speaker 2: a report in The Guardian, one of the biotexts of

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Speaker 2: the bananas look the same, feel the same, peel the same,

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Speaker 2: smell the same, and he was ninety nine point nine

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Speaker 2: to nine percent store they're going to taste the same.

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Speaker 2: That's before he bit into one of them. Of course,

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Speaker 2: Cavendish bananas account for ninety seven percent of sales. Commercial

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Speaker 2: bananas are sterile, meaning they're propagated by cutting steams from

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Speaker 2: a parent plant. That means every single Cavendish banana ever

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Speaker 2: grown is a clone of a single seed produced as

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Speaker 2: a naturally occurring hybrid, probably more than a thousand years ago.

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Speaker 2: This lack of genetic diversity makes them vulnerable to bacterial disease,

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Speaker 2: hence the genetic modification last.

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Speaker 1: One story Number five. UK streaming platform Only Fans, primarily

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Speaker 1: used by sex workers and sports stars and celebrities, paid

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Speaker 1: six point six billion dollars to content creators last year

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Speaker 1: and more than six hundred and thirty million dollars to

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Speaker 1: its owner, Ukrainian American entrepreneur Leonard Radvinski.

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Speaker 2: Only Fans, which takes a cut of a fifth from

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Speaker 2: the payments made on its platform, has become an increasingly

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Speaker 2: popular way for online creators to offer video content directly

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Speaker 2: to consumers. The number of creator accounts grew to four

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Speaker 2: point one million in twenty twenty three, while the total

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Speaker 2: number of fan accounts grew to three hundred and five million.

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Speaker 2: According to a report in the Ft, many of those

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Speaker 2: who use a platform arsex workers, although the companies say

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Speaker 2: there is a wide range of content and offer from

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Speaker 2: sports and music to yoga and wellness aim directly at

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Speaker 2: individual fans. These fans can pay additional tips or extra

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Speaker 2: for on demand paid content and private messaging in addition

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Speaker 2: to the subscription fees.

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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 Monday, the ninth of September twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast and five minutes isn't enough.

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Speaker 1: You can find our longer daily show called Fear and

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Speaker 1: Greed whereever you listen to podcasts, and that comes with

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Speaker 1: a bunch of interviews and things. Today's interview is a

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Speaker 1: great one for investors taking a good look at video

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Speaker 1: and the big US tex stocks and also what it

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Speaker 1: means for the local market. I'm Michael Thompson and that

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Speaker 1: was the past five business news by Fear and Greed.

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Speaker 1: Have a great day.