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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: BHP announces a bumper half year profit as it's copper

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Speaker 1: division earnings surpass iron Ore. The minutes of last fortnight's

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Speaker 1: Reserve Bank Board meeting suggest another rate hike is possible,

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Speaker 1: and the IMF calls on Australia to cut income taxes

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Speaker 1: and lift the GST plus. Angus Taylor announces his new

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Speaker 1: front bench and the real story about Winter Olympics jumpers

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Speaker 1: having injections into their penises to gain an advantage. Oh,

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Speaker 1: well done, through nearly mate. It is an update to

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Speaker 1: a story we talked about last week, and it would

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Speaker 1: be remissive us not to just round it out, just

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Speaker 1: finish it off. To speak, It's Wednesday, the eighteenth of

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Speaker 1: February twenty twenty six. I'm Michael Thompson. Good morning, Sean Aylmer.

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Speaker 2: Morning, Michael.

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Speaker 1: I had the main story this morning, Sean. Get all

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Speaker 1: the silliness out of the way at BHP has delivered

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Speaker 1: a blockbuster half year resultant. For the first time ever,

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Speaker 1: Copper has overtaken iron Ore as the company's biggest earning

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Speaker 1: s driver. It is an absolute cracker of a result

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Speaker 1: and the big Australians. Share price jumped five percent yesterday.

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Speaker 1: It's up what thirty percent in the three months?

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Speaker 2: Incredible.

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Speaker 1: Yeah. BHP's underlying profit rose twenty two percent to six

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Speaker 1: point two billion US dollars for the half year. The

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Speaker 1: interim dividend seventy three US sense A share that was

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Speaker 1: way above the sixty three US sensor share that the

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Speaker 1: market had been expecting.

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Speaker 2: But Michael, the big story is what's driving the profit.

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Speaker 2: For the first time, copper has overtaken iron ore as

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Speaker 2: BHP's biggest earnings contributor. The copper business, mind you, does

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Speaker 2: include by products of gold and silver, but that's this

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Speaker 2: is just a day to remember. There's a structural shift

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Speaker 2: going on. BHP has deliberately been pivoting towards copper for years,

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Speaker 2: and this results validates that strategy. When Boss Mike Kenry

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Speaker 2: joined BHP six years ago, seventy percent of earnings was

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Speaker 2: from iron ore. Now it's less than fifty percent.

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Speaker 1: It's a big move, isn't it. And it's a bold

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Speaker 1: thing to do to really try and pivot a company

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Speaker 1: as big as that in an entirely new direction. But hey,

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Speaker 1: it well, it truly seems to be paying off. As

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Speaker 1: BHP has told us so often that copper is the future.

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Speaker 1: There's the energy transition coppers in everything from electric vehicles

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Speaker 1: to solar panels to wind turbines. But there's also a

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Speaker 1: newer angle artificial intelligence.

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Speaker 2: Yes, I mean data centers are copper hungry infrastructure. The

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Speaker 2: AI build out that everyone's been talking about well runs

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Speaker 2: on copper wire. BHP has grown copper production by about

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Speaker 2: thirty percent in the last four years. Henry was asked

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Speaker 2: whether he'd be interested in buying another minor more copper.

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Speaker 2: He I mean, of course, last year BHP tried to

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Speaker 2: buy Anglo American and were rejected. Henry said he would,

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Speaker 2: by the opportunity set is very small.

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Speaker 1: And look, I know we've been talking a lot about copper,

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Speaker 1: but there was actually a s silver deal in all

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Speaker 1: of this too.

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Speaker 2: Yes, it's also fits into the same thing. So BADJP

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Speaker 2: struck a new silver off take arrangement as part of

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Speaker 2: its broadening medals portfolio. BHP gets about six billion dollars

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Speaker 2: up front from a Canadian group which will actually run

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Speaker 2: BHP's mind in Lima. BAGP gets that upfront payment and

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Speaker 2: then twenty percent of this spot's silver price when it's delivered.

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Speaker 2: Big silver producer, but a really I mean it's sort

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Speaker 2: of actually not a big, a moderate sized silver producer,

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Speaker 2: shall we say, but actually the top twenty gold producer,

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Speaker 2: a top five uranium producer. It all fits that theme.

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Speaker 2: BHP wants to be the go to supplier for the

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Speaker 2: medals that the modern economy needs, not just digging up

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Speaker 2: iron or and shipping it off to China.

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Speaker 1: It's amazing. It's an amazing story. And after the show,

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Speaker 1: stick Around got an interview coming up with BHP CFO

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Speaker 1: Vandi de Pant that is coming up in a little

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Speaker 1: bit courtesy of our friends and OSBIZ. Away from BHP

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Speaker 1: into politics now, Sean and Federal Liberal leader Angus Taylor

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Speaker 1: announced his shadow cabinet yesterday and perhaps unsurprisingly, he rewarded

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Speaker 1: his He rewarded his supporters, though not all Susan Lee

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Speaker 1: followers got ousted. Tim Wilson will become the new Shadow

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Speaker 1: Treasurer Jane Hume, who's entitled to pick her portfolio. As

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Speaker 1: a deputy leader, she has the right to pick whatever

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Speaker 1: she wants. She'll take on industrial relations and employment, productivity

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Speaker 1: and growth plenty to deal with there. Senator James Patterson

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Speaker 1: goes from Finance to Defense, the portfolio held by Taylor

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Speaker 1: before he became leader. Patterson was a very important player

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Speaker 1: in rallying support for Taylor to actually take over, so

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Speaker 1: it feels like he might have got the reward he

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Speaker 1: was after.

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Speaker 2: There another big supporter to sint to them pajama price.

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Speaker 2: She'll take on small business skills and training, while Andrew

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Speaker 2: Hasty is back on the front bench looking after industry

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Speaker 2: and sovereign capability today. Brian definitely as Susan Lee's the porter.

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Speaker 2: He was deputy leader. Well, he's kept his place on

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Speaker 2: the shadow cabinet. He's looking after foreign affairs. Are reckon

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Speaker 2: that it'd be a good one. I like foreign affairs

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Speaker 2: as the opposition, not so much as the government and

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Speaker 2: mcala cash she's been retained as Attorney General. Jonathan Doniham

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Speaker 2: is Home Affairs and Immigration.

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Speaker 1: Of course you are love foreign affairs, right, You get

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Speaker 1: to travel all over the place for foreign affairs, but

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Speaker 1: high pressure, right.

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Speaker 2: But that's why I wouldn't want to do it in government.

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Speaker 2: I like the key the responsibility of opposition.

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Speaker 1: You ought to be in a minor party then Sewan.

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Speaker 1: There's no care at all in there, you can just

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Speaker 1: do whatever you want. Local Actually, I suppose the libs

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Speaker 1: really are a very much minor party these days. Local markets,

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Speaker 1: where do we finish up?

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Speaker 2: Yesterday the S and PASX two hundred closed Hire mostly

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Speaker 2: thanks to BHP wasn't up that much. They more companies

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Speaker 2: rose than fell, with the bing banks mostly lower. JB

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Speaker 2: High Fi surged eight percent following upgrades from investment analysts

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Speaker 2: on the back of Monday's result. Promedicus was also up

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Speaker 2: eight percent. In contrast, tech stocks including whystet, Global Zero

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Speaker 2: and next DC dropped after surging on Monday.

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Speaker 1: Global markets much going on, it obviously been with China

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Speaker 1: shut down, the markets there shut down for a week.

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Speaker 1: What else is going on?

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Speaker 2: We haven't really checked it. On prices, So Brent Krude

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Speaker 2: back above sixty eight US dollars a barrel that'll push

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Speaker 2: out petrol prices eventually a little bit. Goals back below

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Speaker 2: five thousand US dollars announced, which sounds a little more

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Speaker 2: sensible dollar buying seventy and a half US sins.

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Speaker 1: Michael Solid solid YEP. I like that. I like what

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Speaker 1: I'm here.

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Speaker 2: Crypto is still struggling, Bitcoin fetching just under sixty eight

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Speaker 2: thousand US dollars a unit.

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Speaker 1: What a handy little wrap that was. We'll be back

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

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Speaker 1: news shown. The Reserve Bank released the minutes from its

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Speaker 1: February meeting yesterday. That was, of course, the one where

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Speaker 1: they hiked rates to three point eighty five percent. What

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Speaker 1: did we.

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Speaker 2: Learn, Well, the decision was unanimous. Suppose we did know that,

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Speaker 2: but every single board member voted for a high That

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Speaker 2: is significant. It means it wasn't even a close call.

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Speaker 2: The minute show the board was concerned that inflation has

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Speaker 2: been broadly based, That's the way they put it. So

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Speaker 2: the share of items rising above the two and a

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Speaker 2: half percent point has increased sharply. Also, the bank thinks

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Speaker 2: people now expect inflation to be above that level. Inflation

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Speaker 2: expectations very very important, because if you think prices are

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Speaker 2: going up, you will pay more for them. If you

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Speaker 2: think prices going up, you will push for a higher wage.

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Speaker 2: So that's why we like to keep inflation expectations anchored.

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Speaker 2: Members also talked about it, saying, well that basically said

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Speaker 2: it's not possible to have a high degree of confidence

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Speaker 2: in any particular path for the cash rate.

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Speaker 1: That sounds like they are deliberately keeping the door open.

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Speaker 2: Yes, definitely. The board also noted that domestic command had

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Speaker 2: a price with its strength, that rapid gains and health

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Speaker 2: prices and mortgage lending suggested financial conditions were not as

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Speaker 2: tight as previously assumed. In other word, words, maybe the

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Speaker 2: economy can handle higher rates. Markets are now pricing in

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Speaker 2: about a fifty percent chance of another hike in May.

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Speaker 1: Sean. The International Monetary Fund has weighed in with some

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Speaker 1: fairly radical advice for Australia. Its annual health check says

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Speaker 1: that Australia should lift the GST and use the revenue

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Speaker 1: to cut income taxes. The argument basically is that the

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Speaker 1: current tax mix is too heavily weighted towards income tax,

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Speaker 1: which discourages work and investment, and that a higher GST,

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Speaker 1: which is of course a consumption tax, that would be

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Speaker 1: more efficient.

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Speaker 2: Very true, Very true. The IMF also flagged that the

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Speaker 2: government's flagship five percent deposit scheme for first home buyers

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Speaker 2: will actually make housing affordability worse by pushing up prices.

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Speaker 2: I think we knew that this is a supply problem,

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Speaker 2: not a demand problem. Treasure dym charmers pretty much cherry

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Speaker 2: picked the positives of the IMF report, called it a

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Speaker 2: powerful endorsement of the govern's economic management.

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Speaker 1: So sure is it?

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Speaker 2: Imfor so we warned about state government debt Victoria in particular.

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Speaker 2: They pinpointed gross status forecast hit two hundred and forty

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Speaker 2: billion dollars within three years.

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Speaker 1: How much should we care, Sean about what the IMF says?

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Speaker 1: So we had a similar conversation about the OECD recently,

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Speaker 1: international bodies chiming in on what Australia should do. How

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Speaker 1: much should we pay attention to it?

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Speaker 2: I'd care more about the IMF than the OECD, and

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Speaker 2: not that I know the ins and outs, but I'd

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Speaker 2: almost guarantee you that Treasury knows this is coming out,

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Speaker 2: and I reckon most of Treasury would think broadening the

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Speaker 2: GST based, increasing the GST based reducing income tax is

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Speaker 2: a good idea. Now, this is the way of getting

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Speaker 2: it out there. I suppose often people just ignore it,

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Speaker 2: but it just all adds to the debate to reform tax,

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Speaker 2: which actually is really important.

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Speaker 1: Indeed, Okay, now coals Sean got its chance in federal

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Speaker 1: court yesterday to defend allegations that it misled customers about discounting,

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Speaker 1: arguing that shoppers knew of inflationary pressures on grocery items

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Speaker 1: and that discounts for a moment in time and should

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Speaker 1: not be compared with historical pricing. We talked a lot

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Speaker 1: about this yesterday morning. The ageable c the Australian Competition

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Speaker 1: and Consumer Commissioners suing Coals, alleging that the supermarket giants

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Speaker 1: Down Down promotional campaign left customers with the impression that

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Speaker 1: certain products were getting cheaper when they were in fact

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Speaker 1: becoming more expensive.

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Speaker 2: So, according to the Finn John she and KC for

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Speaker 2: Coals said, I quote to say prices are going down

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Speaker 2: plainly means the price is lower than it would have

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Speaker 2: been but for this promotion. He said that pricing decisions

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Speaker 2: at Coal's, the nation's second largest supermarket chain with more

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Speaker 2: than one hundred and forty stores, were largely driven by

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Speaker 2: individual category managers, with weight also given to supplier recommendations

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Speaker 2: on price.

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Speaker 1: So the two.

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Speaker 2: Sides are sort of at odds about what discounting actually means. Yeah, okay,

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Speaker 2: that's another it.

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Speaker 1: Yeah yeah, And obviously will these will be paying very

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Speaker 1: close attention to whatever definitions come out of this particular

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Speaker 1: court case because it will mean a lot for their

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Speaker 1: case later in the year.

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Speaker 2: Yeah.

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Speaker 1: Absolutely. There were a couple of court cases in play

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Speaker 1: yesterday sewn a federal court case brought by an active

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Speaker 1: as shareholder group against Santos alleging the oil and gas

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Speaker 1: producer breached corporate corporations and consumer laws by making misleading

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Speaker 1: claims about clean energy. That's been dismissed.

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Speaker 2: Yes, good news for Santos investors. We don't often talk

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Speaker 2: about the court cases we're big business wins, but we should.

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Speaker 2: Mobile Oil Australia, the petrol business owned by the Global

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Speaker 2: Malting that it's been fined sixteen million dollars for misleading

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Speaker 2: customers about the petrol they were being sold at nine

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Speaker 2: Mobile Mobile outlets in Queensland over a period of four years.

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Speaker 2: The Federal Court ordered Mobile Oil Australia to pay the

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Speaker 2: penalties for making false or misleading representations after investigation by

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Speaker 2: the HBLEC, which began about fifteen months ago.

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Speaker 1: Okay, moving on to Overseas News now, Sean and we

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Speaker 1: know that we are inching closer to the story that's

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Speaker 1: going to be tough to get through. But first this.

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Speaker 2: One closed to Michael.

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Speaker 1: That's exactly right. Oh god, I walked right into that one,

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Speaker 1: didn't I. US President Donald Trump has said he will

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Speaker 1: be and I quote indirectly involved in the talks between

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Speaker 1: Iran and the United States, which were due to beginning

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Speaker 1: Geneva early morning today Australian time. It was did you

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Speaker 1: see him speaking to reporters on air Force One is?

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Speaker 1: I always find it fascinating when they're talking on board

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Speaker 1: air Force. You can barely hear them, and it always

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Speaker 1: feels so kind of casual to standing there with all

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Speaker 1: of the media surrounding, and the engines are going and

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Speaker 1: you can't hear a thing, and it just it feels

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Speaker 1: like chaos. But anyway, he added that he believed Iran

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Speaker 1: wanted to make a deal over its nuclear program.

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Speaker 2: So the second round of talks in Switzerland follows repeated

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Speaker 2: military threats against Tehran over the country's deadly crackdown on

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Speaker 2: anti government protests and the ongoing dispute over its nuclear program. Now,

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Speaker 2: on Monday, the Foreign ministry in Tehran said to believe

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Speaker 2: that the US position on nuclear issue had moved towards

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Speaker 2: a more realistic one. Framing the talks is very important,

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Speaker 2: Trump suggested Tehran was motivated this time to negotiate. The

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Speaker 2: President's threats have come amid a US military build up

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Speaker 2: in the Middle East over the past few weeks.

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Speaker 1: Finally, Sean here an update on a story from last

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Speaker 1: week when German newspaper Build alleged that male ski jumpers

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Speaker 1: were having hyaluronic acid injected into their penises to increase

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Speaker 1: the surface areas of their suits, which then allowed them

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Speaker 1: to jump further.

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Speaker 2: We suspective fraud, didn't.

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Speaker 1: We we did? We were very very cynical.

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Speaker 2: Sean, Yes, but Michael, we were wrong. USA today has

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Speaker 2: published correspondence with a leading penoplasty authority. He's also a

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Speaker 2: leading scrotoplasty authority, apparently, and he has admitted to having

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Speaker 2: performed the procedure on an unnamed ski jumper, however, not

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Speaker 2: necessarily about ski jumping distance. Italian plastic surgeon Alessandro Letara,

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Speaker 2: who says he has injected how do you say the

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Speaker 2: word hyhaluronic highaluronic highaluronic acid into more than three thousand

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Speaker 2: penises during his decades long career, has revealed he carried

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Speaker 2: out the procedure on a jumper who told him he

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Speaker 2: was experiencing embarrassment in the dressing room after competition.

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Speaker 1: Ah, poor fellow. So maybe maybe was.

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Speaker 2: All about the embarrassment after the competition rather than the

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Speaker 2: ability to get that extra five meters or whatever it was.

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Speaker 1: Five meters oh for the jump. Gotcha?

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Speaker 2: I have no idea where you were going there?

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Speaker 1: Well, I don't know where you're going. Just stunned goodness

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Speaker 1: me all right. Up next is Fear and Greed Q

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Speaker 1: and A. It is courtesy of our friends at Osby's.

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Speaker 1: Head on to Osby's dot com dot au for more information.

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Speaker 1: and in this particular case, very very positive about where

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Speaker 1: they're heading. It's up next to the Fear and Greed

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Speaker 1: playlist on your podcast platform or at Fearangreed dot com

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Speaker 1: dot au. Wa a recovery there sean sign up for

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Speaker 1: the Fear and Greed Daily newsletter.

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Speaker 2: Thank you very much, Thanks Michael.

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Speaker 1: It's Wednesday. The eighteenth of February twenty twenty six. Make

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Speaker 1: sure you're following the podcast and join us online on LinkedIn,

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Speaker 1: to Instagram, My Michael Thompson that was fear and greed

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Speaker 1: would have a great day.