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Speaker 1: It's Thursday, the twenty fourth of July twenty twenty five.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. Are Michael Thompson

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Speaker 1: and Good morning.

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Speaker 2: Sean Aylmer, Good morning, Michael John.

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Speaker 1: Five stories, five minutes. Let's go start number one. The

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Speaker 1: Labor government yesterday introduced bills to cut student debt and

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Speaker 1: put safeguards around funding of childcare facilities. Both look like

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Speaker 1: being backed by the Coalition. Then came question time. It

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Speaker 1: was Susan Lee's first as head of the opposition and

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Speaker 1: it was a question time that was pretty much dominated

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Speaker 1: by tax.

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Speaker 2: Yes, I think we learned yesterday that the opposition believed

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Speaker 2: they can make ground on the government over tax. But

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Speaker 2: first of the legislation, the first piece put forward by

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Speaker 2: the government as promised, the cutting off student debt for

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Speaker 2: university and tape students by twenty percent. While it's off

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Speaker 2: about sixteen billion dollars in debt, it will also increase

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Speaker 2: the threshold for how much someone will have to earn

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Speaker 2: before their repayment start. So if you earn fifty four thousand,

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Speaker 2: dollars in now you have to start repaying your HEXT debt.

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Speaker 2: That will go up to sixty seven thousand dollars. It'll

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Speaker 2: also reduce lower the minimum repayments on student depth. The

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Speaker 2: legislation was introduced by Education Minister Jason Clair, who will

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Speaker 2: also introduced a bill to remove funding from child care

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Speaker 2: centers that breach safety and quality standards. The bill gives

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Speaker 2: these Secretary of Education greater power over that, and of

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Speaker 2: course that's after some of the horror stories out of

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Speaker 2: toild Cooise centers in the last few weeks.

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Speaker 1: On the opposite side of the aisle. Certainly so, the

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Speaker 1: coalition will arrive at a position on net zero emissions

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Speaker 1: at the end of a review process currently underway, which

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Speaker 1: all remains a bit irksome to the Nationals.

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Speaker 2: There are reports that some Nats want to introduce a

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Speaker 2: private member's bill that would abandon net zero commitments immediately. Now.

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Speaker 2: National MP Michael McCormack says the coalition can remain together

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Speaker 2: if the two parties take different positions on net zero.

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Speaker 2: That was really the key reason why there was a

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Speaker 2: split previously just after the election. When it came to

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Speaker 2: question time yesterday, six of the opposition's last seven questions

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Speaker 2: were about the Labour's controversial proposed tax hike on high

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Speaker 2: value super accounts. It wants to attack on tax Susan

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Speaker 2: Lee also asked about housing. When it's Labour's turn. There's

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Speaker 2: a lineup of Dorothy Dix's from first term MPs, which

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Speaker 2: I thought was a nice touch.

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Speaker 1: Yeah, okay. Story number two in the housing market shown,

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Speaker 1: prices in all eight capital cities are now rising. This

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Speaker 1: is the first time that's happened in four years, and

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Speaker 1: that's largely thanks to lower interest rates.

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Speaker 2: House prices are now at record highs in Sydney, Brisbane,

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Speaker 2: Adelaide and Perth. Melbourne and Hobart are at their highest

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Speaker 2: levels in several years, according to online property group Domain.

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Speaker 2: In Sydney, the median price is now one point seven

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Speaker 2: million dollars. In Melbourne's just under one point one million

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Speaker 2: units throughout performing with the same fourth cities Sydney, Brisbane, Adelaide,

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Speaker 2: Perth recording record high prices. But it's Darwin and Camera

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Speaker 2: eating quarterly growth rates for units.

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Speaker 1: Story number three shifting to the rental market. Over the

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Speaker 1: past five years, the median weekly rent has jumped forty

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Speaker 1: three percent, or two hundred dollars to six hundred and

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Speaker 1: sixty five dollars a week. The good news here, if

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Speaker 1: it is good news, is the growth in rental values slowing.

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Speaker 2: A bit cold comfort. Probably if you annualize out the increase,

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Speaker 2: it means people are paying, on average about ten thousand

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Speaker 2: dollars a year more than pre COVID for the same

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Speaker 2: rental Another way of measuring things is how much of

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Speaker 2: a person's income goes to rent payments. In the middle

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Speaker 2: of COVID, it was twenty six percent. Now it's thirty

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Speaker 2: three percent. According to Cotality, Sydney is most expensive, with

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Speaker 2: a median rental value just under eight hundred dollars a

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Speaker 2: week perth was next, then Brisbane second cheapest. Only ahead

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Speaker 2: of Hobart is Melbourne. But as you said, the pace

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Speaker 2: of growth has slaved, which I suppose is some comfort.

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Speaker 1: Story Number four National Australian Bank CEO Andrew Irvine has

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Speaker 1: spoken for the first time about reports that investors were

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Speaker 1: concerned about his socializing, which drew scrutiny from the board.

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Speaker 2: Irvine, appearing at an Australian Banker's Association lunch, said it's

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Speaker 2: been a difficult week and hard for me and my family.

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Speaker 2: He said he didn't speak to the board last week

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Speaker 2: about the reports because he was on holidays and he

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Speaker 2: was a privilege to b C over the bank. He

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Speaker 2: went on to say that housing and productivity are at

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Speaker 2: the core of Australia's challenges and the banking sector needs

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Speaker 2: champion reducing red tape and pushing four solutions. He said

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Speaker 2: housing was the number one issue for Australia, adding that

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Speaker 2: it's also too hard to start a business in this country.

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Speaker 1: Last one story number five. The US and Japan have

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Speaker 1: done a trade deal which President Donald Trump says will

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Speaker 1: result in Japan investing five hundred and fifty billion US

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Speaker 1: dollars into the world's biggest economy in return free reduced

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Speaker 1: fifteen percent tariff.

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Speaker 2: The deal was announced by Trump on truth Social Though

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Speaker 2: details were limited, it did send the Japanese share market higher,

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Speaker 2: especially automakers Toyota and Masda. Now Japan was basically go

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Speaker 2: to twenty five percent tariff, it's come down to fifteen percent.

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Speaker 2: Japan is significant, the world's fourth largest economy. It is

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Speaker 2: the number six trade deal the US has done, alongside

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Speaker 2: the governments with Britain, Vietnam, the Philippines, Indonesia and China.

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Speaker 2: Again many details and those ones are scant. Few other

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Speaker 2: major trading deals yet to meet negotiated. The EU is

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Speaker 2: the big one, so too Canada, So to Mexico.

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Speaker 1: Okay, there we go to the top five business stories

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday,

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Speaker 1: the twenty fourth of July twenty twenty five. Remember to

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Speaker 1: hit follow on the podcast. And if five minutes isn't enough,

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Speaker 1: you're going to find our longer daily show called Fear

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Speaker 1: and Greed wherever you listen to podcasts. I'm Michael Thompson

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Speaker 1: and that was the fast five business news by Fear

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Speaker 1: and Greed. Have a great day.