1 00:00:03,920 --> 00:00:07,440 Speaker 1: It's Thursday, the eighteenth of July twenty twenty four. Welcome 2 00:00:07,480 --> 00:00:09,760 Speaker 1: to the Fast five by Fear and Greed, where we 3 00:00:09,800 --> 00:00:11,800 Speaker 1: give you the top five business stories you need to 4 00:00:11,840 --> 00:00:15,000 Speaker 1: know in just five minutes. I'm Julian King and good 5 00:00:15,040 --> 00:00:16,000 Speaker 1: morning Sewan Almer. 6 00:00:16,320 --> 00:00:17,919 Speaker 2: Good morning Julian Shaw and. 7 00:00:17,960 --> 00:00:20,759 Speaker 1: Story number one. The Federal government has appointed an external 8 00:00:20,760 --> 00:00:24,920 Speaker 1: administrator to clean out the CFMEU and workplace Relations Minister 9 00:00:25,040 --> 00:00:28,280 Speaker 1: Tony Burke has warned the government will legislate to remove 10 00:00:28,360 --> 00:00:31,080 Speaker 1: any legal barriers if opposed by the Union. 11 00:00:31,480 --> 00:00:34,800 Speaker 2: Prime Minister Anthony Alvenezi said the divisions in Victoria, which 12 00:00:34,840 --> 00:00:37,960 Speaker 2: is the center of allegations involving thuggery and organized crime, 13 00:00:38,080 --> 00:00:40,720 Speaker 2: as well as Queensland, New South Wales and by extensions 14 00:00:40,760 --> 00:00:44,720 Speaker 2: South Australia and Tasmania would be placed under administration. Labour's 15 00:00:44,760 --> 00:00:48,320 Speaker 2: National Executive agreed to request from all Eastern States Labor 16 00:00:48,479 --> 00:00:53,159 Speaker 2: governments except the ACTU to suspend the cfmyear Construction in 17 00:00:53,240 --> 00:00:56,400 Speaker 2: General Division's affiliation with the Labor Party and to stop 18 00:00:56,440 --> 00:01:00,000 Speaker 2: donations and affiliation fees. The Federal Labor Party were also 19 00:01:00,080 --> 00:01:03,320 Speaker 2: sever all ties with the union while it's under administration, 20 00:01:03,520 --> 00:01:06,240 Speaker 2: although it won't be handing back donations it's received from 21 00:01:06,280 --> 00:01:09,479 Speaker 2: the CFMEU. The peak union body, the act U said 22 00:01:09,520 --> 00:01:13,119 Speaker 2: it will suspend the CFMEU as an affiliate. Opposition leader 23 00:01:13,120 --> 00:01:15,479 Speaker 2: Peter Duntant said the action wasn't enough and the union 24 00:01:15,520 --> 00:01:19,320 Speaker 2: should be deregistered. He said the cfmeu's buggish behavior will 25 00:01:19,319 --> 00:01:22,039 Speaker 2: turn out to be the biggest defrauding of the Australian 26 00:01:22,080 --> 00:01:23,279 Speaker 2: taxpayer in history. 27 00:01:23,640 --> 00:01:25,920 Speaker 1: Yea, there's so much in this story, so what do 28 00:01:25,959 --> 00:01:28,640 Speaker 1: we know so far? Or maybe it's better put as 29 00:01:28,800 --> 00:01:31,480 Speaker 1: what has been alleged by the nine media investigation. 30 00:01:32,200 --> 00:01:35,920 Speaker 2: The investigation has alleged that biki's criminals and underworld figures 31 00:01:35,959 --> 00:01:39,000 Speaker 2: had infiltrated the building industry, some of whom are employed 32 00:01:39,000 --> 00:01:41,560 Speaker 2: on federal and state government funded projects. It's alleged that 33 00:01:41,600 --> 00:01:45,080 Speaker 2: senior officials took bribes and there were hundreds of thousands 34 00:01:45,120 --> 00:01:48,320 Speaker 2: of dollars in free building work being given out by 35 00:01:48,320 --> 00:01:51,240 Speaker 2: major builders to union bosses. There's also been claims of 36 00:01:51,360 --> 00:01:56,000 Speaker 2: CFMEU officials threatening factional opponents at their homes. Now Victorian 37 00:01:56,040 --> 00:02:00,000 Speaker 2: boss John Setka stepped down last Friday. Complicating things, particularly 38 00:02:00,160 --> 00:02:02,400 Speaker 2: for the government, is the role the union plays in 39 00:02:02,520 --> 00:02:05,800 Speaker 2: hundreds of major construction projects across the country, and the 40 00:02:05,880 --> 00:02:08,959 Speaker 2: Union's close ties to the Federal and States labor Party. 41 00:02:09,000 --> 00:02:11,000 Speaker 2: We are going to hear about this story for quite 42 00:02:11,040 --> 00:02:12,600 Speaker 2: a few weeks, I think, Julian. 43 00:02:12,560 --> 00:02:15,680 Speaker 1: Story number two, Ambassador to the United States Kevin Rudd 44 00:02:15,840 --> 00:02:19,680 Speaker 1: says Australia is positioned well regardless of whether the Democrats 45 00:02:19,800 --> 00:02:23,320 Speaker 1: or the Republicans win the US presidential election in November. 46 00:02:23,320 --> 00:02:26,440 Speaker 2: Mister Rudd said he'd been assiduous in working to get 47 00:02:26,440 --> 00:02:31,120 Speaker 2: acquainted with possible key figures in a potential future Trump administration. 48 00:02:31,520 --> 00:02:35,200 Speaker 2: Speaking to another former ambassador, Joe Hockey, mister Rudd said 49 00:02:35,240 --> 00:02:37,560 Speaker 2: he'd been traveling through the country getting to know people 50 00:02:37,560 --> 00:02:41,160 Speaker 2: who could get key positions in foreign policy, national security, trade, 51 00:02:41,160 --> 00:02:44,000 Speaker 2: domestic policy of the economy and treasury. He said it 52 00:02:44,080 --> 00:02:48,000 Speaker 2: also mean telling European counterparts to chill at the prospect 53 00:02:48,040 --> 00:02:50,800 Speaker 2: of repeat Trump White House, saying if elected, a Trump 54 00:02:50,800 --> 00:02:55,000 Speaker 2: presidency would present a perfectly navigable and manageable set of 55 00:02:55,040 --> 00:02:56,880 Speaker 2: relationships over the next four years. 56 00:02:57,240 --> 00:02:59,680 Speaker 1: On to story number three, Mum and Dad investors are 57 00:02:59,680 --> 00:03:02,320 Speaker 1: cutting their holdings in the Big four banks, taking the 58 00:03:02,400 --> 00:03:06,200 Speaker 1: level of retail shareholder ownership to a record low. 59 00:03:06,240 --> 00:03:09,480 Speaker 2: Notwithstanding the bank shares are soaring. Commonwealth banks hit a 60 00:03:09,520 --> 00:03:13,120 Speaker 2: new record recently. Retail investors were net sellers in the 61 00:03:13,160 --> 00:03:15,440 Speaker 2: three months to the end of June. According to Jardin, 62 00:03:15,480 --> 00:03:18,160 Speaker 2: Australia Komwalfth Bank, National Australian Bank and A and Z 63 00:03:18,320 --> 00:03:22,080 Speaker 2: recorded their lowest levels of retail ownership. Westpac was the 64 00:03:22,240 --> 00:03:25,440 Speaker 2: exception there. In a note to clients, Jardin also said 65 00:03:25,480 --> 00:03:29,160 Speaker 2: overseas ownerships of banks had continued to rise quarter on quarter, 66 00:03:29,200 --> 00:03:33,240 Speaker 2: with AMZ recording their highest offshore ownership among the banks. 67 00:03:33,520 --> 00:03:38,280 Speaker 2: Commonwealth banks also enjoying as highest offshore ownership on record. Basically, 68 00:03:38,480 --> 00:03:41,520 Speaker 2: mums and dads are selling out, offshore investors are buying in, 69 00:03:41,800 --> 00:03:45,680 Speaker 2: so too are local institutional investors. National Australia Bank is 70 00:03:45,680 --> 00:03:49,400 Speaker 2: the favorite among those guys, with its domestic institutional ownership 71 00:03:49,400 --> 00:03:52,800 Speaker 2: at a thirteen year high. In contrast, Westpac had the 72 00:03:52,880 --> 00:03:56,400 Speaker 2: least share of domestic institutional ownership at twenty six point 73 00:03:56,440 --> 00:03:56,960 Speaker 2: two percent. 74 00:03:57,560 --> 00:04:00,120 Speaker 1: On a story number four, a small super fund the 75 00:04:00,160 --> 00:04:03,680 Speaker 1: mining industry and major retail funds CFS, First Choice and 76 00:04:03,720 --> 00:04:07,760 Speaker 1: iaof Balanced Investor Trust were the top performers among growth funds. 77 00:04:07,840 --> 00:04:11,160 Speaker 1: Last financial year with a median fund returning nine point 78 00:04:11,200 --> 00:04:11,960 Speaker 1: one percent. 79 00:04:12,440 --> 00:04:15,520 Speaker 2: It was the second consecutive nine percent plus year for 80 00:04:15,560 --> 00:04:19,920 Speaker 2: superfunds as international equities underpinned strong returns. According to chant West, 81 00:04:20,320 --> 00:04:23,440 Speaker 2: the returns were well above the typical long term objective 82 00:04:23,440 --> 00:04:25,839 Speaker 2: of a growth fund of about six percent. In fact, 83 00:04:25,880 --> 00:04:28,880 Speaker 2: it's the thirteen positive outcome in the past fifteen years 84 00:04:28,920 --> 00:04:31,240 Speaker 2: for superfunds. For the toil arms, it was a mix 85 00:04:31,240 --> 00:04:33,240 Speaker 2: of retail and super funds that did best, while in 86 00:04:33,320 --> 00:04:37,400 Speaker 2: terms of asset allocation, international equeries pretty much was top 87 00:04:37,520 --> 00:04:40,760 Speaker 2: of the class. The only asset class to provide negative 88 00:04:40,800 --> 00:04:44,360 Speaker 2: returns was unlisted property. Growth funds have between sixty one 89 00:04:44,360 --> 00:04:47,560 Speaker 2: and eighty percent of funds in growth assets. Super is 90 00:04:47,560 --> 00:04:50,159 Speaker 2: a long term investment portfolio, of course, so we should 91 00:04:50,200 --> 00:04:53,080 Speaker 2: be thinking about the best performing funds over ten years. 92 00:04:53,279 --> 00:04:55,760 Speaker 2: They do remain the industry funds led by HOST plus 93 00:04:55,800 --> 00:04:58,400 Speaker 2: Australian Retirement Trust and Australian Super. 94 00:04:58,440 --> 00:05:02,560 Speaker 1: And story number five, possibly the world's most extravagant wedding 95 00:05:02,880 --> 00:05:05,600 Speaker 1: has just taken place, with the youngest son of Asia's 96 00:05:05,680 --> 00:05:09,559 Speaker 1: richest man marrying his longtime girlfriend and the guest list 97 00:05:10,000 --> 00:05:11,120 Speaker 1: well it was impressive. 98 00:05:11,560 --> 00:05:15,279 Speaker 2: Yeah, so A nant Embarney married Rideka Merchant at the 99 00:05:15,320 --> 00:05:20,040 Speaker 2: Embarnie own Jeo World Convention Center in Mumbai. It culminated 100 00:05:20,240 --> 00:05:23,480 Speaker 2: months of wedding events, including performances by pop stars including 101 00:05:23,560 --> 00:05:27,000 Speaker 2: Rihanna and Justin Bieber. The guest list for the four 102 00:05:27,080 --> 00:05:30,559 Speaker 2: day wedding it included former British Prime Ministers Tony Blair 103 00:05:30,640 --> 00:05:35,279 Speaker 2: and Boris Johnson. Sadi Aramco Chief executive amon nasa Adel 104 00:05:35,440 --> 00:05:39,000 Speaker 2: was there so too Lana del Rey Drake and David Beckham. 105 00:05:39,200 --> 00:05:42,719 Speaker 2: Television news channels showed celebrities like Kim Kardashian in a 106 00:05:42,720 --> 00:05:46,760 Speaker 2: red ensemble and professional wrestler and Hollywood actor John Sina. 107 00:05:47,160 --> 00:05:50,760 Speaker 2: Kardashian sisters Kim and Chloe were spotted riding around and 108 00:05:50,839 --> 00:05:55,040 Speaker 2: motorized rickshaws through Mumbai as well. Surprised you didn't get 109 00:05:55,080 --> 00:05:56,200 Speaker 2: an invite, Julian. 110 00:05:56,040 --> 00:05:59,960 Speaker 1: Imagine organizing the tables. That's it the top five business story. 111 00:06:00,040 --> 00:06:00,960 Speaker 1: He's in five minutes. 112 00:06:01,160 --> 00:06:02,840 Speaker 2: Thank you short, thank you, Julian. 113 00:06:03,320 --> 00:06:06,479 Speaker 1: It's Thursday, the eighteenth of July twenty twenty four. Remember 114 00:06:06,600 --> 00:06:08,880 Speaker 1: to hit follow on the podcast and if five minutes 115 00:06:08,920 --> 00:06:11,520 Speaker 1: isn't enough, then find out longer podcast called Fear and 116 00:06:11,560 --> 00:06:15,000 Speaker 1: greed on your podcast platform. I'm Julian King and that 117 00:06:15,120 --> 00:06:17,440 Speaker 1: was the Fast five by fear and greed. Have a 118 00:06:17,440 --> 00:06:18,000 Speaker 1: great date.