1 00:00:03,880 --> 00:00:06,960 Speaker 1: It's Tuesday, the twenty third of September twenty twenty five. 2 00:00:07,080 --> 00:00:09,840 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,880 --> 00:00:11,680 Speaker 1: where we give you the top five business stories you 4 00:00:11,760 --> 00:00:14,080 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,120 --> 00:00:15,480 Speaker 1: and good morning Adam Lang. 6 00:00:15,720 --> 00:00:17,200 Speaker 2: Good morning, Michael, Adam. 7 00:00:17,280 --> 00:00:19,720 Speaker 1: Five stories in five minutes. Let's go a story number one. 8 00:00:19,800 --> 00:00:23,200 Speaker 1: Reserve Bank of Australia Governor Michelle Bullock appeared before a 9 00:00:23,239 --> 00:00:27,000 Speaker 1: parliamentary committee yesterday. It was a very wide ranging discussion, 10 00:00:27,000 --> 00:00:30,320 Speaker 1: but the basic message was the local economy is recovering 11 00:00:30,360 --> 00:00:33,320 Speaker 1: well at the moment, supported by interest rate cuts, but 12 00:00:34,000 --> 00:00:36,880 Speaker 1: global economic uncertainty could spoil the party. 13 00:00:37,280 --> 00:00:40,360 Speaker 2: Yeah, Michael stunning with our economy. Governor Michelle Bulloch said 14 00:00:40,360 --> 00:00:43,920 Speaker 2: the recovery in household consumption is forecast to keep going 15 00:00:44,200 --> 00:00:47,800 Speaker 2: and the inflation outlook is good, with price changes likely 16 00:00:47,840 --> 00:00:50,360 Speaker 2: to settle in the middle of the Central banks target 17 00:00:50,479 --> 00:00:54,000 Speaker 2: range of two to three percent. Recent rate cuts can 18 00:00:54,040 --> 00:00:57,800 Speaker 2: be seen already impacting the housing market and consumption. She said. 19 00:00:57,800 --> 00:01:01,640 Speaker 2: The global environment is particularly under certain and unpredictable, but 20 00:01:01,760 --> 00:01:04,640 Speaker 2: given where interest rates are today, there is room to 21 00:01:04,720 --> 00:01:07,880 Speaker 2: move if things go downhill. The economy is close to 22 00:01:07,920 --> 00:01:09,959 Speaker 2: full employment, and that of course is one of the 23 00:01:10,000 --> 00:01:14,080 Speaker 2: RBA's goals, but productivity growth has not picked up and 24 00:01:14,120 --> 00:01:17,600 Speaker 2: there is pressure on labour costs. The Reserve Bank governor 25 00:01:17,640 --> 00:01:19,880 Speaker 2: said one of the reasons for the low productivity rate 26 00:01:20,000 --> 00:01:23,399 Speaker 2: is the rise of non market industries such as health, 27 00:01:23,640 --> 00:01:27,520 Speaker 2: education and the public service. While they have lower productivity rates, 28 00:01:27,680 --> 00:01:31,000 Speaker 2: they are obviously still essential to an advanced economy, she added. 29 00:01:31,319 --> 00:01:33,679 Speaker 2: Bullock said the economy is seeing a step change in 30 00:01:33,720 --> 00:01:37,040 Speaker 2: the world trading system, which has the potential to trigger 31 00:01:37,080 --> 00:01:41,000 Speaker 2: a market downturn. She pointedly said that there isn't a 32 00:01:41,000 --> 00:01:44,240 Speaker 2: great deal of risk priced into equities, adding that there 33 00:01:44,280 --> 00:01:47,480 Speaker 2: wasn't a lot of risk priced into high credit risk companies. 34 00:01:47,760 --> 00:01:51,600 Speaker 2: Reading between the lines, Bullock is saying market valuations might 35 00:01:51,680 --> 00:01:53,520 Speaker 2: be just a little too high at the moment. 36 00:01:54,200 --> 00:01:58,040 Speaker 1: Yeah. It was a very very comprehensive session yesterday in Canberra. 37 00:01:58,320 --> 00:02:01,640 Speaker 1: Onto story number two now Adam the Federal government will 38 00:02:01,640 --> 00:02:05,800 Speaker 1: review whether Optus and at Singaporean parent company Singtel have 39 00:02:06,080 --> 00:02:10,040 Speaker 1: underinvested in their networks, while Prime Minister Anthony Alberaneziest question 40 00:02:10,080 --> 00:02:13,760 Speaker 1: whether Optus chief executive Stephen Rue should keep his job. 41 00:02:14,320 --> 00:02:16,520 Speaker 2: Yeah, Michael, and there is tragedy in this story as 42 00:02:16,520 --> 00:02:19,600 Speaker 2: we know so. A failure in the Optus Triple zero 43 00:02:19,760 --> 00:02:23,760 Speaker 2: service last week due to a network failure resulted in 44 00:02:23,880 --> 00:02:27,960 Speaker 2: three people dying. Mister Rue said initial investigations suggest that 45 00:02:28,040 --> 00:02:32,200 Speaker 2: the proper process wasn't followed by operators. Yesterday, the government 46 00:02:32,200 --> 00:02:36,320 Speaker 2: said new legislation may be necessary to prevent similar emergency 47 00:02:36,320 --> 00:02:38,639 Speaker 2: call failures in the future, and it would look into 48 00:02:38,639 --> 00:02:42,720 Speaker 2: whether Optus had underinvested in its network reform. Measures that 49 00:02:42,720 --> 00:02:46,160 Speaker 2: were suggested after Optus's last major network outage in twenty 50 00:02:46,200 --> 00:02:51,000 Speaker 2: twenty three, including the start of temporary disaster roaming tests, 51 00:02:51,040 --> 00:02:54,520 Speaker 2: have not yet been implemented. The roaming test would force 52 00:02:54,680 --> 00:02:59,320 Speaker 2: rival network providers to share their infrastructure during disasters. Meanwhile, 53 00:02:59,360 --> 00:03:03,079 Speaker 2: speaking to ABC News Breakfast from the UN General Assembly 54 00:03:03,160 --> 00:03:06,440 Speaker 2: in New York, Albanezi said he would be surprised if 55 00:03:06,560 --> 00:03:10,240 Speaker 2: RU was not considering his position. After the Triple zero 56 00:03:10,320 --> 00:03:13,880 Speaker 2: failure last week, The Prime Minister promised a thorough investigation 57 00:03:13,960 --> 00:03:17,840 Speaker 2: of the outage, saying Optus's behavior was completely unacceptable. 58 00:03:18,200 --> 00:03:21,880 Speaker 1: Story number three Israeli Prime Minister Benjamin Netanya, who has 59 00:03:22,000 --> 00:03:26,400 Speaker 1: vowed there will never be a Palestinian state after Australia, 60 00:03:26,600 --> 00:03:30,440 Speaker 1: Canada and Britain simultaneously recognized the state of Palestine. 61 00:03:30,600 --> 00:03:34,280 Speaker 2: Here Michael Netnia, who threatened reprisals and accused Prime Minister 62 00:03:34,320 --> 00:03:37,960 Speaker 2: Anthony Albanesi and the other countries leaders of rewarding terror. 63 00:03:38,280 --> 00:03:40,640 Speaker 2: He said there would be no Palestinian state to the 64 00:03:40,680 --> 00:03:44,080 Speaker 2: west of the Jordan River, and analysts now expect Israel 65 00:03:44,120 --> 00:03:47,080 Speaker 2: will push to annex the West Bank and increase the 66 00:03:47,120 --> 00:03:51,040 Speaker 2: construction of settlements. Albanzi said the cycle of violence needs 67 00:03:51,080 --> 00:03:54,760 Speaker 2: to end, highlighting the humanitarian catastrophe that he is unfolding 68 00:03:54,800 --> 00:03:57,920 Speaker 2: in Gaza. Australia has said it will not establish an 69 00:03:57,960 --> 00:04:01,840 Speaker 2: embassy or any other diplomatic infrastruction ructure unless the Palestinian 70 00:04:01,880 --> 00:04:06,840 Speaker 2: authority recognizes Israel's right to exist, agrees to hold democratic 71 00:04:06,880 --> 00:04:09,040 Speaker 2: elections and disavows Hamas. 72 00:04:09,320 --> 00:04:12,920 Speaker 1: Story number four Adam. Grannie flats back in fashion with 73 00:04:13,040 --> 00:04:16,960 Speaker 1: budget conscious home buyers looking for cheaper options across the country. 74 00:04:16,960 --> 00:04:20,040 Speaker 1: According to a new report from online property group Domain. 75 00:04:20,240 --> 00:04:23,760 Speaker 2: Yes Michael, people are looking for affordable, flexible living arrangements 76 00:04:23,800 --> 00:04:27,080 Speaker 2: and granny flats are having their moment. Domain suggests it 77 00:04:27,160 --> 00:04:31,520 Speaker 2: reflects both multi generational living and rental income potential. The 78 00:04:31,560 --> 00:04:34,400 Speaker 2: research examines what people are searching for and Granni flats 79 00:04:34,440 --> 00:04:37,480 Speaker 2: were the most researched term in Sydney and there is 80 00:04:37,520 --> 00:04:40,119 Speaker 2: a surge in interest in Perth and Adelaide as well. 81 00:04:40,400 --> 00:04:44,720 Speaker 2: Searches for duel or dual living have skyrocketed. Also, despite 82 00:04:44,760 --> 00:04:49,480 Speaker 2: financial pressures, lifestyle remains a top priority. Paul continues to 83 00:04:49,560 --> 00:04:52,320 Speaker 2: rank in the top five search terms across all capitals. 84 00:04:52,520 --> 00:04:55,080 Speaker 2: Who would think that was summer coming up? In Melbourne, 85 00:04:55,279 --> 00:04:58,479 Speaker 2: character homes are back in vogue. Art Deco is in 86 00:04:58,560 --> 00:05:02,080 Speaker 2: the top spot, while heritage is also up in the 87 00:05:02,120 --> 00:05:06,080 Speaker 2: search claims. While three bedroom houses remain the most researched 88 00:05:06,160 --> 00:05:11,839 Speaker 2: property type nationally, many buyers are adjusting expectations. Townhouses and 89 00:05:11,960 --> 00:05:16,520 Speaker 2: units are gaining traction as more budget conscious alternatives, especially 90 00:05:16,760 --> 00:05:17,919 Speaker 2: in high demand areas. 91 00:05:18,360 --> 00:05:21,479 Speaker 1: Last one, Adam Story number five and video has taken 92 00:05:21,520 --> 00:05:25,080 Speaker 1: the top spot among the most better against buy investors, 93 00:05:25,480 --> 00:05:28,240 Speaker 1: with Tesla, Microsoft and Apple coming in at numbers two, 94 00:05:28,360 --> 00:05:31,240 Speaker 1: three and four. It demonstrates that many investors believe big 95 00:05:31,279 --> 00:05:32,680 Speaker 1: tech is way over price. 96 00:05:33,279 --> 00:05:36,800 Speaker 2: Yeah, Michael. The data from S three Partners effectively shows 97 00:05:36,839 --> 00:05:39,680 Speaker 2: that the companies that investors think will fall in price. 98 00:05:39,720 --> 00:05:42,320 Speaker 2: So shorting of stock means investing on the basis that 99 00:05:42,360 --> 00:05:45,160 Speaker 2: a company's share price will fall. While Apple used to 100 00:05:45,200 --> 00:05:48,560 Speaker 2: be the most shortened stock on Wall Street, it's Nvidia now. 101 00:05:48,640 --> 00:05:52,320 Speaker 2: Thanks to its meteoric rise in recent months, their share price, 102 00:05:52,640 --> 00:05:55,320 Speaker 2: and that's the biggest company on Wall Street, is up 103 00:05:55,360 --> 00:05:58,440 Speaker 2: nearly fifty percent in the past six months. For a 104 00:05:58,440 --> 00:06:02,200 Speaker 2: few years now, investors predicted big tech to crash. It 105 00:06:02,240 --> 00:06:06,400 Speaker 2: hasn't happened yet, thanks in large part to the AI revolution. 106 00:06:06,600 --> 00:06:08,840 Speaker 1: All right, there we go, the top five business stories 107 00:06:08,839 --> 00:06:11,200 Speaker 1: in five minutes. Thank you, Adam, Thank you Michael. It 108 00:06:11,279 --> 00:06:13,800 Speaker 1: is Tuesday, the twenty third of September twenty twenty five. 109 00:06:13,880 --> 00:06:16,640 Speaker 1: Remember to hit follow on the podcast. And if five 110 00:06:16,680 --> 00:06:18,920 Speaker 1: minutes isn't enough, you're going to find our longer daily 111 00:06:18,960 --> 00:06:21,880 Speaker 1: show called Fear and Greed wherever you listen to podcasts. 112 00:06:21,960 --> 00:06:24,280 Speaker 1: I'm Michael Thompson and that was the fast five business 113 00:06:24,320 --> 00:06:29,200 Speaker 1: news by Fear and Greed. Had a great day.