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Speaker 1: The Reserve Bank warns that delays in inflation falling could

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Speaker 1: trigger an interest rate rise. A and Z criticized for

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Speaker 1: charging fees to dead customers, and a US Supreme Court

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Speaker 1: decision puts the presidents above the law. Welcome to Fear

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Speaker 1: and Greed. Daily business news for people who make their

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Speaker 1: own decisions. It is Wednesday, the third of July twenty

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

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Speaker 2: Good morning, Michael Sewn.

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Speaker 1: The main story this morning, the Reserve Bank has warned

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Speaker 1: that further delays in reducing inflation could spark an interest

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Speaker 1: rate hike in August because the Central Bank fears embedding

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Speaker 1: higher price expectations.

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Speaker 2: And the Reserve Bank Boards. Minutes of its meetings from

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Speaker 2: two weeks ago, released yesterday, the bank said it's forecast

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Speaker 2: for inflation to return to the midpoint of the target

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Speaker 2: band that's about two and a half percent by the

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Speaker 2: middle of next year is at risk pushing out the

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Speaker 2: timeline carries the potential for embedding higher inflation expectations, which

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Speaker 2: is not acceptable to the board, and I quote members

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Speaker 2: acknowledged if inflation expectations were to rise materially from current levels,

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Speaker 2: it could require significantly higher interest rates to bring inflation

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Speaker 2: back to target. The Board said the limited inflation data

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Speaker 2: since the previous meeting had increased the risk that getting

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Speaker 2: inflation lower would take more time. May inflation data shows

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Speaker 2: it both headline and underlying inflation has accelerated. The next

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Speaker 2: key data point is at the end of this month,

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Speaker 2: when the Dune quarter inflation numbers, which are far broader

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Speaker 2: than those main numbers, When the Dune quarter inflation numbers

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Speaker 2: are released.

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Speaker 1: Just looking at all of this, it looks like it

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Speaker 1: could be a lineball decision.

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Speaker 2: Yeah, I think it's much closer than we thought. The

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Speaker 2: inflation numbers this month are critical. The Reserve being Board

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Speaker 2: also talked about what was happening with consumption. So we've

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Speaker 2: spoken lots on the show about consumption being weak. Well,

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Speaker 2: the Board reckons that consumer spending seem to be higher

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Speaker 2: than previously expected, the global economy is slowly improving, and

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Speaker 2: business conditions are stable. Put all that together, that could

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Speaker 2: limit the extent to which current interest rates slow the economy.

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Speaker 2: Hence you might need higher interest rates. However, the Board

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Speaker 2: did say the economy is broadly tracking on a path

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Speaker 2: consistent with returning inflation to target in twenty twenty six

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Speaker 2: while preserving a lot of the employment gains. That really

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Speaker 2: would be the Goldilock solution. We get inflation back to

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Speaker 2: where we want it to be some point next year,

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Speaker 2: and we don't lose lots of jobs. The bottom line,

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Speaker 2: I suppose, Michael, is there's no certainty about which way

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Speaker 2: the next move in rates is.

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Speaker 1: And that's probably the most troubling part of it, is

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Speaker 1: just how uncertain it all is. Sean. Now is as

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Speaker 1: good a time as any to mention something if you

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Speaker 1: might have noticed something a little unusual pop up in

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Speaker 1: the Fear and Greed playlist yesterday, and it is a

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Speaker 1: little bonus episode that we're looking to do one or

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Speaker 1: two times a week, and it is called Ask Fear

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Speaker 1: and Greed And basically, if you have a question about

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Speaker 1: the economy, about business, anything, send it on through Jump

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Speaker 1: onto Fearangreed dot com, dot au or LinkedIn or Facebook

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Speaker 1: or Instagram. Send in your question and we will do

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Speaker 1: our best to answer it. And when I say we,

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Speaker 1: it will be you.

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Speaker 2: Sure it's joint, it's joint.

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Speaker 1: Yes, it's joint, it's join. It could be a question

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Speaker 1: about space exactly in which case I will step up

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Speaker 1: to answer that one. But yesterday's question, the one that

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Speaker 1: you answered, was was about inflation and about the impact

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Speaker 1: of the tax cuts that came into effect on July one,

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Speaker 1: what that will mean for inflation. And it was a

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Speaker 1: question put to us by a listener Nina well Worth

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Speaker 1: going back and having a listen to. And these are

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Speaker 1: just little bonus ones that three or four minutes well

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Speaker 1: worth a listen because it just answers adds a little

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Speaker 1: bit of context to the inflation debate, which of course

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Speaker 1: feeds into what we've just talked about in terms of

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Speaker 1: interest rates. Moving on those Sean local markets, how do

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Speaker 1: they perform yesterday?

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Speaker 2: It's in PASX two hundred closed down almost half a

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Speaker 2: percent to seven seven hundred and eighty points. Would have

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Speaker 2: been much worse, but for a really strong session among

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Speaker 2: the energy stocks. That's thanks to higher energy prices. In fact,

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Speaker 2: the energy index was the only one of the eleven

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Speaker 2: sub indseaes on the ASEX two hundred to close higher.

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Speaker 2: Worst on the day was a property index. All the

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Speaker 2: big miners and banks were lower. Among the large caps,

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Speaker 2: Goodman Group closed down two percent, while National Australian Bank

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Speaker 2: and West Farmers were both off more than one percent.

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Speaker 2: Worst of the top two hundred was retailer Lavisa Holdings,

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Speaker 2: It dropped nearly four percent. Again, it was a coal

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Speaker 2: company's doing best. White Haven Coronado among the best performers.

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Speaker 2: Best of the large caps was Woodside Energy, up more

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Speaker 2: than three percent. The best in the day, at least

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Speaker 2: among the top two hundred was lithium developer Linetown Resources.

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Speaker 2: It finished up nearly eight percent after it secured a

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Speaker 2: two hundred and fifty million dollar funding deal. Plenty of

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Speaker 2: corporate news around yesterday. Benny Go and Adelaide Bank for

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Speaker 2: one percent after chief executive Marnie Baker announced she's stepping down.

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Speaker 2: She's been there for thirty five years, friend of the show.

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Speaker 2: In fact, she's been on the show.

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Speaker 1: She certainly has. That's thirty five years. That is a

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Speaker 1: long time to be with one organization.

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Speaker 2: It's a fantastic stint and very highly regarded Marni, very

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Speaker 2: highly regarded.

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Speaker 1: Yeah, certainly might be worth replaying that interview with her

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Speaker 1: because it was a really interesting insight into kind of

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Speaker 1: running a bank, wasn't it. So we might pop that

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Speaker 1: one in as the Sunday feature this week.

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Speaker 2: Sean excellent option, good idea, good idea. Sorry, go on

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Speaker 2: going on with markets from Earlius Resources Up to Take

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Speaker 2: and Fellow a sex Goal minors Spartan Resources Shares and

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Speaker 2: drug maker main Farmer fell five percent after it decided

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Speaker 2: to pay investors thirty eight million dollars to settle a

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Speaker 2: court fight over alleged misleading or deceptive conduct and breaches

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Speaker 2: of continuous disclosure obligations. Telco Superloop is expected to hit

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Speaker 2: the top end of its full year earnings guidance, pushing

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Speaker 2: its share price up more than one percent. IRIS, the

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Speaker 2: financial services software company, said there was no evidence of

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Speaker 2: unauthorized access to its production environment, software or client data

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Speaker 2: after a dated breach earlier in the year. And Orange

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Speaker 2: and Energy acquired twenty percent of Australian decarbonization startup climate

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Speaker 2: Tech Zero, which works with industrial companies and cutting missions

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Speaker 2: and energy costs.

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Speaker 1: Hey after the show, Sean, You've got an interview coming

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Speaker 1: up with Sarah Shaw, chief investment Officer and global portfolio

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Speaker 1: manager at four D Infrastructure.

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Speaker 2: It's all about investing in listed infrastructure, which is this

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Speaker 2: massive asset class and it's a great way to diversify

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Speaker 2: your investment portfolio. It tends to have fairly regular, steady income.

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Speaker 2: So we talk about all the benefits of infrastructure as

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Speaker 2: an asset class, also the opportunities in emerging markets. We

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Speaker 2: also talk about things like water pipes in New York

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Speaker 2: and the fact that they all have to be replaced

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Speaker 2: at some point in the next decade or so. So

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Speaker 2: there's this investment opportunity there. It's just a great chat

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Speaker 2: with Sarah about those opportunities in infrastructure.

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Speaker 1: Yeah, it is a good one. It's coming up a

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Speaker 1: little bit later on after the show What's happening in

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Speaker 1: international markets.

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Speaker 2: At the start of the quarter on Wall Street offered

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Speaker 2: a repeat of many previous quarters. I e. Tech stocks rallied.

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Speaker 2: Apple jumped nearly three percent on reports it's preparing for

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Speaker 2: a surge in iPhone sixteen orders. Of course, I like

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Speaker 2: looking at where Apple's sits on the stock Market's now

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Speaker 2: the second largest stock on Wall Street market capitalization of

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Speaker 2: three point three to eight trillion US dollars. The largest

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Speaker 2: stock is Microsoft. Once again, it was up two percent.

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Speaker 2: Its market cap is three point four to four trillion

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Speaker 2: US dollars. Tesla is another stronger format. It's share price

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Speaker 2: jump to six percent yesterday morning. Wall Street is heading

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Speaker 2: into reporting season. There's a very high bar for earnings growth,

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Speaker 2: according to analysts. Otherwise, oil prices are climbing, hitting a

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Speaker 2: two month high yesterday, and the back of geopolitical risks

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Speaker 2: in Europe and the Middle East, as well as a

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Speaker 2: hurricane in the Caribbean, Brent's trading above eighty six US

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Speaker 2: dollars a barrel.

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Speaker 1: All right, Sean, We will be back in a moment

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Speaker 1: with the rest of the day's business news. Sean. Labour's

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Speaker 1: caucus has backed Prime Minister Anthony Alberaneesi's decision to suspend

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Speaker 1: WA Senator Fatima Payman.

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Speaker 2: The outspoken senator who voted with the Greens and a

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Speaker 2: pro Palestinian vote last week, was suspended from caucus. Now

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Speaker 2: caucus endorsed the position of the Prime Minister. Basically, the

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Speaker 2: reason was it by her own actions and statements, Senator

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Speaker 2: payment placed herself outside the privilege that comes with participating

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Speaker 2: in the federal Parliamentary Labor Party caucus. Mister Alberinezi said

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Speaker 2: he was only Prime Minister because he had Labor next

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Speaker 2: to his name, and that's true for everyone in the party.

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Speaker 2: The Prime Minister also hit back at criticism he didn't

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Speaker 2: move fast enough, saying that showing restraint in this case

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Speaker 2: and some compassion is a strength, not a weakness. Senator

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Speaker 2: Payment has claimed that she was exoled and intimidated by colleagues.

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Speaker 2: She says she'll have stained for more votes as she

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Speaker 2: reflects on her future.

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Speaker 1: And staying in politics. The government's proposal to phase out

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Speaker 1: live sheep exports past the Senate on Monday.

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Speaker 2: Night, and that triggered a pretty ferocious response from some

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Speaker 2: farming groups who have vowed to campaign in labor health

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Speaker 2: seats in Western Australia. The National Farmer's Federation accused the

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Speaker 2: government of selling out farmers for political gain after the

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Speaker 2: industry had made significant investments to address animal welfare concerns.

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Speaker 2: That's always been the issue for the live sheep export industry.

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Speaker 2: It's worth about seventy seven million dollars and the decision

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Speaker 2: directly affects farmers, shearers, transport operators like truckers, those sorts

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Speaker 2: of people.

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Speaker 3: Now.

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Speaker 2: Nationals leader David little Proud not surprisingly is against the band.

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Speaker 2: He said if elected, the Coalition will reinstate live.

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Speaker 1: Exports and finally, in politics, the Opposition said it would

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Speaker 1: support the divestiture of Australia's major supermarkets, Woolworths and Cole's

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Speaker 1: if elected.

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Speaker 2: Opposition leader Peter Dunn't said the Coalition has been worried

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Speaker 2: about the rising cost of food and divestit. Chuare. Oh,

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Speaker 2: that's a tricky word, isn't it, Michael, divestiture?

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Speaker 1: Divest Surely there's an easier word for us to use here.

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Speaker 2: Isn't it. Yeah, Well, I see it's interesting. So they're

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Speaker 2: talking about divestiture powers, saying that be good to have.

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Speaker 2: It's basically a tool. They're not saying they're going to

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Speaker 2: do it, but they just want a range of powers

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Speaker 2: available to help them change the cultural of supermarkets. Divestiture

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Speaker 2: would be the hardest whack, I'd imagine. I'm not quite

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Speaker 2: sure what it means though. Doesn't mean that you're breaking

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Speaker 2: up the supermarkets, I would imagine, So that's what the

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Speaker 2: word means. But that would be extremely, well, extremely extreme.

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Speaker 1: It would be the nuclear option.

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Speaker 2: It would be the nuclear option, yes, which.

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Speaker 1: Seems kind of appropriate for an opposition policy, doesn't it.

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Speaker 2: Probably probably anyway.

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Speaker 1: Sean A and Z Bank has been criticized for charging

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Speaker 1: fees to dead customers. In an example of quote serious

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Speaker 1: and systemic misconduct, according to the committee that oversees the

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Speaker 1: banking industry's Code of Practice. I thought we left all

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Speaker 1: this behind.

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Speaker 2: I'd hoped we'd left all this behind now. AMZ was

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Speaker 2: sanctioned by the Banking Code Compliance Committee yesterday for failing

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Speaker 2: to stop a refund fees charged to deceased states as

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Speaker 2: recently as last year. According to a report in the

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Speaker 2: Financial Review, the banks paid remediation of three point two

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Speaker 2: million dollars to almost nineteen thousand states, but told the

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Speaker 2: committee that ninety percent of these cases involved fees in

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Speaker 2: hard just not prohibited by the code. The committee logically

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Speaker 2: said ten percent do relate to fees prohibited under the code,

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Speaker 2: which is a level it still considers a serious breach.

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Speaker 2: Banking Code Compliance Committee chair In Gobi said the significance

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Speaker 2: of the deficiencies and aims its compliance frameworks was deeply concerning.

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Speaker 1: Goodness mane. Now. Wholesale power prices are set to jump

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Speaker 1: by fifty percent in coming years as the building of

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Speaker 1: clean energy generation and transmission remains a tad sluggish Sean.

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Speaker 2: Yes According to Investment Bank UBS, prices will peak in

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Speaker 2: twenty twenty nine at one hundred and four dollars per

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Speaker 2: mega what that's about fifty percent higher than last year's prices.

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Speaker 2: It means unless the government steps in to give tens

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Speaker 2: of billions of dollars of energy rebates, which is unlikely,

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Speaker 2: consumers are going to have to pay much much more

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Speaker 2: for power. Power prices fell last year. Kind of goldilocks

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Speaker 2: conditions according to UBS, plenty of coal fired power generation,

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Speaker 2: molded weather, more renewable generation. This though, is unlike click

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Speaker 2: to be repeated. There's also delays in projects like the

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Speaker 2: Snowy two point zero and the Central West Irana renewable

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Speaker 2: Energies out in New South Wales. That's both generation en

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Speaker 2: transmission where there's sluggish growth if any, and that is

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Speaker 2: definitely helping drive prices higher.

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Speaker 1: Sean TPG has upped its battle with Telstro, pushing into

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Speaker 1: the content space via partnership with Foxtel Groups, New TV

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Speaker 1: and streaming aggregation platform Hubble.

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Speaker 2: Australia's third largest telco, has sat on the sidelines of

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Speaker 2: the content wars, which have been widely viewed as a

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Speaker 2: way to win share in the fiercely competitive telco market

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Speaker 2: since the arrival of Netflix and other streaming services. Telstra

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Speaker 2: and optors have invested billions of dollars buying content, including

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Speaker 2: sports broadcast rights and partnering with streaming platforms like Fetch

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Speaker 2: building their own services that type of thing. In contrast,

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Speaker 2: TPG is opted to focus pretty much on being a

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Speaker 2: pure play mobile operator. According to Austrow in The Australian. However,

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Speaker 2: that's all about to change. Hubble will be available for

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Speaker 2: customers on ppg's flagship brand, Votaphone, that deals about creating

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Speaker 2: more value, thus hanging on to customers for longer.

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Speaker 1: It's getting quite intense, isn't it.

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Speaker 2: It is. It's very exciting development that one I lot

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Speaker 2: more competition in that sector because that means prices will

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Speaker 2: come down.

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Speaker 1: Absolutely. I'm very very excited about that. International news now, Sean,

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Speaker 1: this is a massive story, this one. Donald Trump has

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Speaker 1: one substantial immunity from official acts taken as president after

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Speaker 1: the majority of Conservatives on the Supreme Court ruled the

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Speaker 1: presidents and ex presidents cannot be charged for things they

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Speaker 1: do as part of their core duties.

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Speaker 2: Yes, they can, however, be changed for their private conduct.

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Speaker 2: The six' to three decision was made along ideological, lines

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Speaker 2: with a minority liberal judges releasing a ferocious alternate. Judgment

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Speaker 2: the decision pretty much ends any chance of the former

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Speaker 2: president being tried before The november. Election the decision ruling,

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Speaker 2: says the president or ex president is AND i, quote

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Speaker 2: entitled to at least presumptive immunity for prosecution for all

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Speaker 2: his official. Acts the minority decision says, it under the,

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Speaker 2: ruling if The president orders The Navy's Seal team six

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Speaker 2: to assassinate a political, Rival, immune organizes a military coup

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Speaker 2: to hold under, Power immune takes a bribe in exchange

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Speaker 2: for a. Pardon. Immune it added that the decision makes

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Speaker 2: a mockery of the principle that no man is above the.

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Speaker 1: Law.

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Speaker 2: Now trump quickly took to social, media, saying all in capital,

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Speaker 2: Letters i'd ad big win for our constitution and. Democracy

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Speaker 2: proud to be An american. President Joe biden said the

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Speaker 2: decision is an abandonment of core principles Of american democracy

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Speaker 2: and will Allow Donald trump self defining power if he's

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Speaker 2: elected In. November he, Said Donald trump will now be

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Speaker 2: free to ignore the.

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Speaker 1: Law, wow that is.

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Speaker 2: Huge it is an extraordinary, ruling no matter what side

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Speaker 2: of politics you're, on to suggest that the president is

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Speaker 2: above the, Law he's.

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Speaker 1: Extraordinary now we've got The fear And Greed weekly newsletter

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Speaker 1: coming out in just a couple of. Hours, sean CAN

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Speaker 1: i take a punt and say that that story is

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Speaker 1: probably going to get a mention in the newsletter?

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Speaker 2: Today that story as part of A us story more,

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Speaker 2: generally it. Does it does definitely get to. Mention.

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Speaker 1: Excellent, well if you want to hear What sean really

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Speaker 1: thinks about this, story head along To fearangreed dot com

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Speaker 1: dot au and pop your email address. In the weekly

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Speaker 1: newsletter is entirely free and it comes out Every wednesday mid.

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Speaker 1: Morning so jump on now and sign up and you

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Speaker 1: will get this week's. Edition, Sean Hurricane.

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Speaker 3: Beryl that's a great name, name isn't. It, yeah she's

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Speaker 3: delivering catastrophic winds and intense rainfall along with a storm

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Speaker 3: surge THAT i, mean these things are life threatening because

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Speaker 3: they are just so intense across the windward island in The.

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Speaker 3: Caribbean the storm is gathering. Ferocity this is, massive.

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Speaker 2: Sure is it's very possible that it's A category five

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Speaker 2: storm by. Now yesterday made landfall On grenada with wind

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Speaker 2: speeds of up to two hundred and forty kilometers an.

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Speaker 2: Hour it's the strongest hurricane to pass through the region

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Speaker 2: since records began in eighteen fifty. One early reports said

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Speaker 2: that no one had lost their life fortunately huge amount of,

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Speaker 2: damage though it's not actually expected to HIT us oil,

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Speaker 2: operations though it did push Up brent prices over the

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Speaker 2: past forty eight hours or, so there is still a

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Speaker 2: chance of disruption later this. Week more, broadly people are

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Speaker 2: worried that such a severe storm this early in the

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Speaker 2: season really doesn't augur well for the next few.

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Speaker 1: Months and, Finally, shawn The Boston, celtics the basketball team

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Speaker 1: that won THE nba title last, month is up for,

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Speaker 1: sale with a price tag likely to be around the

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Speaker 1: five BILLION us dollar.

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Speaker 2: Mark, well if you're going to, say you may as

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Speaker 2: well sell at the. Top and The celtics won last MONTH'S,

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Speaker 2: nba so they're now the most successful team in The

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Speaker 2: National Basketball championship. History the team was purchased for three

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Speaker 2: hundred and sixty million dollars twenty two years ago by

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Speaker 2: consortingum of wealthy, individuals including venture capitalists and real estate.

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Speaker 2: Developers forbes now values it at four point seven billion.

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Speaker 2: Dollars according to report In The Financial, times. Now the

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Speaker 2: controlling family in the consortium are The Grouse, picks famous

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00:17:08,080 --> 00:17:11,880
Speaker 2: family around The boston. Area the decision to, sell according

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00:17:11,920 --> 00:17:15,840
Speaker 2: to the, family was made for state and family planning.

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00:17:15,960 --> 00:17:20,240
Speaker 2: Considerations that's as good as. Anything, currently the record sale

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Speaker 2: for a basketball team is The Phoenix suns and It's

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Speaker 2: Women's National Basketball association that sist the, franchise The. Mercury

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Speaker 2: that was four BILLION us dollars back in twenty twenty.

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Speaker 1: Two so purchase for three hundred and sixty million sold

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Speaker 1: up for sale for around five million five.

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Speaker 2: Yep that is.

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Speaker 1: It that's a that's a pretty good.

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Speaker 2: Investment decent, investment. Definitely, GOD i.

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Speaker 1: Mean silly needed to stump up three hundred and sixty

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Speaker 1: million dollars in the first, place AND i didn't have

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Speaker 1: that in two thousand and. TWO i don't have it now, either,

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Speaker 1: anyway good, Story. Sean up next is The fear And

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Speaker 1: Greed daily Interview Sarah shaw from FOUR D infrastructure as your.

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Speaker 2: GUEST, yep all about investing in infrastructure listed infrastructure In

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Speaker 2: australia but around the.

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Speaker 1: World it is coming up in The fear And greed

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Speaker 1: playlist on your podcast platform or At fearangreed dot com dodat,

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00:18:06,280 --> 00:18:07,679
Speaker 1: you which is also where you sign up for that

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00:18:07,920 --> 00:18:10,760
Speaker 1: weekly newsletter THAT i mentioned just. Before thank, You, Sean

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Speaker 1: thank You. Michael it Is, wednesday the third Of july

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Speaker 1: twenty twenty. Four make sure you're following the podcast and

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00:18:16,320 --> 00:18:20,359
Speaker 1: please join us online On, LinkedIn, instagram x, TikTok And.

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00:18:20,400 --> 00:18:23,159
Speaker 1: Facebook I'm Michael. Thompson that Was fear And. Greed have

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Speaker 1: a great.

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Speaker 3: Day