1 00:00:03,840 --> 00:00:06,600 Speaker 1: It's Friday, the twenty seventh of March twenty twenty six. 2 00:00:06,760 --> 00:00:09,520 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:14,000 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,040 --> 00:00:18,000 Speaker 1: and good morning Sean Ailmer. Good morning Michael, Sean. Five stories, 6 00:00:18,040 --> 00:00:21,840 Speaker 1: five minutes. Let's go Story number one. The fuel crunch 7 00:00:22,000 --> 00:00:24,159 Speaker 1: is now the story shaping pretty much everything else in 8 00:00:24,160 --> 00:00:27,319 Speaker 1: Australian politics and business. The Prime Minister has called another 9 00:00:27,400 --> 00:00:31,280 Speaker 1: national Cabinet meeting for Monday, as shortages spread and prices surge. 10 00:00:31,440 --> 00:00:34,320 Speaker 1: Close five hundred service stations have run out of at 11 00:00:34,400 --> 00:00:38,320 Speaker 1: least one fuel type. The flow on affects are spreading. 12 00:00:38,400 --> 00:00:40,800 Speaker 1: Agriculture as the latest sector to be put on notice, 13 00:00:40,800 --> 00:00:44,400 Speaker 1: with supplies of fertilizer set to run short within weeks, 14 00:00:44,680 --> 00:00:49,239 Speaker 1: potentially hitting crops. Vegetable growers are also reporting fertilizer shortages. 15 00:00:49,240 --> 00:00:51,640 Speaker 1: Shipments are being halted, of course, because of the effective 16 00:00:51,800 --> 00:00:53,280 Speaker 1: closure of the strata FORMUZ. 17 00:00:54,000 --> 00:00:56,360 Speaker 2: That's right, and the political pressure is on because the 18 00:00:56,360 --> 00:01:01,760 Speaker 2: public can sede in real time. Diesel is the pinch point. Trucks, tradees, councils, 19 00:01:01,760 --> 00:01:05,480 Speaker 2: agriculture all run on it. Once diesel supply gets tight, 20 00:01:05,560 --> 00:01:09,040 Speaker 2: you quickly move from price pain to things actually not 21 00:01:09,080 --> 00:01:12,959 Speaker 2: turning up both a consumer story and an economic continuity story. 22 00:01:13,000 --> 00:01:15,560 Speaker 2: If enough freight is delayed, you just don't have to 23 00:01:15,600 --> 00:01:17,039 Speaker 2: pay more. You mean you have to pay more at 24 00:01:17,080 --> 00:01:19,200 Speaker 2: the bowser. You also have to pay more at the checkout. 25 00:01:19,720 --> 00:01:22,360 Speaker 1: There's also reports of a bit of internal frustration within 26 00:01:22,440 --> 00:01:26,800 Speaker 1: government about communications, with this recognition that we the public 27 00:01:27,040 --> 00:01:30,640 Speaker 1: need clearer, more consistent messaging about what's being done and 28 00:01:30,680 --> 00:01:33,640 Speaker 1: what might come next if the situation deteriorates. 29 00:01:34,040 --> 00:01:36,559 Speaker 2: Yes, governments don't want to use the word rationing because 30 00:01:36,600 --> 00:01:38,880 Speaker 2: that is when you start to get to a panic. 31 00:01:39,240 --> 00:01:42,479 Speaker 2: But once you're talking about things like more work from home, 32 00:01:42,560 --> 00:01:47,280 Speaker 2: different delivery schedules, use public transport, non essential driving, well 33 00:01:47,440 --> 00:01:49,800 Speaker 2: you're on that track. Much of what happens, of course, 34 00:01:49,840 --> 00:01:51,919 Speaker 2: is out of the government's control. We're a price taker. 35 00:01:52,240 --> 00:01:54,520 Speaker 2: Even if supply is still arriving, the cost is jumped, 36 00:01:54,560 --> 00:01:55,920 Speaker 2: nothing the government can do about that. 37 00:01:57,000 --> 00:01:59,720 Speaker 1: It's also where where kind of federal state dynamics get 38 00:01:59,720 --> 00:02:02,240 Speaker 1: a bit. See the Commonwealth can talk about national settings, 39 00:02:02,280 --> 00:02:04,360 Speaker 1: but the states manage a lot of the on the 40 00:02:04,400 --> 00:02:07,080 Speaker 1: ground response, and if the premiers start going off on 41 00:02:07,120 --> 00:02:10,560 Speaker 1: their own, you do get mixed messages. That creates panic buying, 42 00:02:10,639 --> 00:02:12,840 Speaker 1: and that's when it just gets way out of hand. 43 00:02:12,960 --> 00:02:16,280 Speaker 1: So all right, let's move on to story number two Sean. 44 00:02:16,400 --> 00:02:19,600 Speaker 1: The federal government has signaled support for an above inflation 45 00:02:19,720 --> 00:02:22,360 Speaker 1: pay rise for minimum wage and award reliant workers in 46 00:02:22,400 --> 00:02:25,760 Speaker 1: its submission to the Fairwork Commission's annual Wage Response a 47 00:02:25,800 --> 00:02:30,600 Speaker 1: review rather Workplace Relations Minister Amanda Rishworth has described the 48 00:02:30,639 --> 00:02:34,359 Speaker 1: goal as an economically sustainable real wage increase, although the 49 00:02:34,400 --> 00:02:36,960 Speaker 1: government has not put a figure on the proposed increase. 50 00:02:37,360 --> 00:02:39,520 Speaker 2: That's true. Inflation is running it just under four percent, 51 00:02:39,600 --> 00:02:42,880 Speaker 2: though it's rising. Treasury model in modeling reagons it could 52 00:02:42,960 --> 00:02:46,600 Speaker 2: get to above five percent. Now the ACTU once a 53 00:02:46,680 --> 00:02:49,160 Speaker 2: five percent increase, business groups three and a half percent. 54 00:02:50,280 --> 00:02:52,880 Speaker 2: Government knows that the cost of living pressure is real. 55 00:02:53,080 --> 00:02:56,000 Speaker 2: Fuel's making it worse. But think about wages. They're one 56 00:02:56,000 --> 00:02:57,919 Speaker 2: of those channels that can turn a one off price 57 00:02:57,919 --> 00:03:01,120 Speaker 2: shock into persistent inflation. It's trying to thread the needle 58 00:03:01,200 --> 00:03:04,280 Speaker 2: on all that. The Commission will be watching the budget. 59 00:03:04,280 --> 00:03:08,000 Speaker 2: Definitely inflation, I reckon the government's probably pushing for about 60 00:03:08,000 --> 00:03:08,840 Speaker 2: four and a half percent. 61 00:03:10,000 --> 00:03:12,560 Speaker 1: Story number three, Quantis could see a sharp hit to 62 00:03:12,600 --> 00:03:16,440 Speaker 1: earnings if the conflict driven fuel shock persists. Modeling by 63 00:03:16,480 --> 00:03:18,040 Speaker 1: a fellow by the name of Tony Weber, it used 64 00:03:18,080 --> 00:03:20,600 Speaker 1: to be the chief economist for Quantus now is an 65 00:03:20,639 --> 00:03:25,040 Speaker 1: aviation industry consultant. It suggests that earnings from flying for 66 00:03:25,160 --> 00:03:28,000 Speaker 1: Quantus could fall to around five hundred and forty four 67 00:03:28,080 --> 00:03:31,920 Speaker 1: million dollars this financial year in a prolonged conflict scenario 68 00:03:32,040 --> 00:03:37,480 Speaker 1: versus earlier forecasts that were essentially twice that. Quantus now 69 00:03:37,600 --> 00:03:40,560 Speaker 1: has begun reducing some Jet Star flights to New Zealand, 70 00:03:40,600 --> 00:03:41,880 Speaker 1: citing higher costs. 71 00:03:42,120 --> 00:03:44,400 Speaker 2: It's been quite creative, quite it's got a few levers 72 00:03:44,440 --> 00:03:47,040 Speaker 2: to pull, so it's also redirecting larger aircraft from the 73 00:03:47,120 --> 00:03:50,680 Speaker 2: US to meet demand for Europe flights. It's now flying 74 00:03:50,880 --> 00:03:53,600 Speaker 2: larger Boeing seven eight sevens from Perth to Rome every day, 75 00:03:53,960 --> 00:03:56,760 Speaker 2: up from three times a week. It's flying Sydney to Parisfire, 76 00:03:56,800 --> 00:04:00,240 Speaker 2: Singapore five times a week now. Basically, airlines, you know, 77 00:04:00,360 --> 00:04:04,080 Speaker 2: leverage to fuel and demand. When fuel spike, they try 78 00:04:04,080 --> 00:04:06,600 Speaker 2: to pass it on. There's a lag limit, though people 79 00:04:06,640 --> 00:04:09,560 Speaker 2: don't pay unlimited amount for air trouble. I think that 80 00:04:09,600 --> 00:04:13,080 Speaker 2: quantus has in its advantage A lot of businesses use it, 81 00:04:13,400 --> 00:04:18,040 Speaker 2: and that takes a while for that business to slow down. 82 00:04:18,839 --> 00:04:21,719 Speaker 1: All right. Story number four A big one Sean a 83 00:04:21,880 --> 00:04:26,560 Speaker 1: US jury has found Meta and Google's YouTube liable in 84 00:04:26,600 --> 00:04:29,880 Speaker 1: a landmark social media addiction trial. The case was brought 85 00:04:29,920 --> 00:04:32,640 Speaker 1: by a young woman who said addictive design harmed her 86 00:04:32,680 --> 00:04:37,440 Speaker 1: mental health. The verdicts could have implications for many similar lawsuits. 87 00:04:37,880 --> 00:04:41,000 Speaker 1: The jury found negligence in the design of the platform's 88 00:04:41,000 --> 00:04:44,799 Speaker 1: failure to warn, and that the products caused substantial harm, 89 00:04:44,920 --> 00:04:49,000 Speaker 1: essentially saying that Meta, which owns Instagram, Facebook and WhatsApp, 90 00:04:49,200 --> 00:04:54,440 Speaker 1: and Google intentionally built addictive social media platforms. 91 00:04:54,360 --> 00:04:57,440 Speaker 2: Big flow on effects. There's legal risk for the tech platforms. 92 00:04:57,480 --> 00:05:01,279 Speaker 2: Once one plaintive winds, that becomes easier for others to follow. 93 00:05:01,680 --> 00:05:04,920 Speaker 2: There's a business model risk if courts start treating engagement 94 00:05:04,920 --> 00:05:07,880 Speaker 2: design like a product liability issue, Companies may need to 95 00:05:07,920 --> 00:05:10,920 Speaker 2: change features that drive time on platform, which is how 96 00:05:10,960 --> 00:05:14,120 Speaker 2: they make money. Political as well, regulators in multiple countries, 97 00:05:14,160 --> 00:05:18,159 Speaker 2: including Australia, have been circling this space for years. A 98 00:05:18,200 --> 00:05:22,400 Speaker 2: big jury gives politicians cover to push even harder. Not Surprisingly, 99 00:05:22,440 --> 00:05:24,400 Speaker 2: both companies said they will appeal the decision. 100 00:05:25,200 --> 00:05:28,960 Speaker 1: Last one story number five five commercial products, fossil fuels, 101 00:05:29,360 --> 00:05:33,719 Speaker 1: ultra process foods, chemicals, alcohol, and tobacco are linked to 102 00:05:33,800 --> 00:05:37,960 Speaker 1: nearly one third of deaths each year. A somewhat provocative 103 00:05:38,000 --> 00:05:41,080 Speaker 1: new paper in the world's top ranked medical journal warned 104 00:05:41,600 --> 00:05:44,600 Speaker 1: the findings have resulted in an international research team led 105 00:05:44,600 --> 00:05:48,640 Speaker 1: by a Sydney scientists accusing companies of concealing data and 106 00:05:48,720 --> 00:05:52,680 Speaker 1: influencing governments to benefit their bottom line while contributing to 107 00:05:52,720 --> 00:05:55,839 Speaker 1: a massive increase in chronic diseases things like cancer's, diabetes, 108 00:05:55,880 --> 00:05:57,720 Speaker 1: and neurodegenerative conditions. 109 00:05:58,120 --> 00:05:59,919 Speaker 2: That's right, The findings were published in the New England 110 00:06:00,040 --> 00:06:02,440 Speaker 2: Journal of Medicine. That's like the Bible of medical research, 111 00:06:02,480 --> 00:06:05,520 Speaker 2: so we can actually take this at face value. Nine 112 00:06:05,560 --> 00:06:08,120 Speaker 2: Media is reporting that of the five products, fossil fuels 113 00:06:08,120 --> 00:06:10,360 Speaker 2: account for more than eight million deaths a year to back, 114 00:06:10,400 --> 00:06:13,920 Speaker 2: has about seven point two, ultra processed foods two point three, 115 00:06:14,200 --> 00:06:18,119 Speaker 2: and then chemical and alcohol one point eight million deaths each. 116 00:06:18,440 --> 00:06:21,599 Speaker 2: Pretty phenomenal. There's also an additional six hundred thousand deaths 117 00:06:21,600 --> 00:06:24,880 Speaker 2: per year attributed to drug use primary opioids. 118 00:06:25,200 --> 00:06:27,320 Speaker 1: All right, there we go the top five business stories 119 00:06:27,320 --> 00:06:30,320 Speaker 1: in five minutes. Thank you Sean, Thanks Michael. It's Friday, 120 00:06:30,440 --> 00:06:32,960 Speaker 1: the twenty seventh of March twenty twenty six remembered hit 121 00:06:33,000 --> 00:06:35,480 Speaker 1: follow on the podcast and if five minutes isn't enough, 122 00:06:35,520 --> 00:06:38,120 Speaker 1: you can find our longer daily show called Fear and 123 00:06:38,200 --> 00:06:40,839 Speaker 1: Greed whereever you listen to podcasts. I'm Michael Thompson and 124 00:06:40,839 --> 00:06:42,880 Speaker 1: that was a fast five business news by Fear and Greed. 125 00:06:43,240 --> 00:06:44,360 Speaker 1: Have a great day.