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Speaker 1: It's Wednesday, the third of December twenty twenty five. Welcome

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Speaker 1: 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. Oh Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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

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Speaker 1: federal government is staying very busy ahead of the holiday season,

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Speaker 1: yesterday launching its National AI Plan, releasing a two year

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Speaker 1: old review into Jobs for Mates, and conceding that it

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Speaker 1: is in talks with the US administration over the price

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Speaker 1: of pharmaceuticals in Australia. Starting with the National AI Plan

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Speaker 1: a little bit light on regulation, but will push tech

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Speaker 1: giants to build their own renewable energy sources.

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Speaker 2: Huge amounts of energy are needed for data centers, the

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Speaker 2: essential infrastructure for AI. The plan suggests a coordinated approach

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Speaker 2: to energy demand from data centers, with state governments and

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Speaker 2: potentially the big tech players. No proposed new laws to

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Speaker 2: regulate II. Instead, a thirty million dollar safety instaut will

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Speaker 2: be created to advise in the need for new laws

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Speaker 2: on a case by case basis. Very much a hands

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Speaker 2: off policy probably good light and regulation, but not so

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Speaker 2: good for encouraging investment.

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Speaker 1: Under the report into the Jobs for Mates Culture, the

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Speaker 1: government said it'll implement an appointment framework to tackle the issue.

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Speaker 1: They will wanting to enact many of the other recommendations.

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Speaker 2: That's right, So the report released yesterday's over two years old.

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Speaker 2: It says Australians fear the federal government is appointing overpaid

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Speaker 2: political hacks to public service jobs. At the same time

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Speaker 2: ministers have frustrated that officials can't deliver new talent to

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Speaker 2: the bureaucracy. There was a bunch of recommendations about how

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Speaker 2: long people have to not go into jobs after being

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Speaker 2: within you with politicians or as politicians or staffers, etc.

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Speaker 2: But pretty much the government isn't going to enact much

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Speaker 2: of it.

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Speaker 1: And one more out of Canberra, Health Minister Mark Butler

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Speaker 1: has considered that the federal government is in talks with

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Speaker 1: the US administration about medicine prices.

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Speaker 2: He said, well, he wouldn't say whether Washington had asked

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Speaker 2: Australia to pay more for American drugs through the PBS,

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Speaker 2: but I reckon that's what the discussions were about. Butler

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Speaker 2: was responding to questions about an agreement by Britain to

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Speaker 2: pay twenty five percent more for US medicines in exchange

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Speaker 2: for making UK drug makers exempt from tariff's. Butler basically said,

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Speaker 2: change of polus in the US. I mean we need

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Speaker 2: to talk to him about it. We'll see where that

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Speaker 2: one lands.

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Speaker 1: All right. Moving on to story number two. Now and

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Speaker 1: Sean bond yields have hit ten months ten month highs.

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Speaker 1: Traders begin pricing in a likely interest rate height next year.

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Speaker 2: This time a week ago, we were pricing in an

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Speaker 2: interst rate cut. Now it's a hike. Ossie bond yells

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Speaker 2: ten month highs, three year bond rate three point nine

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Speaker 2: three percent. What's that mean? Well, traders reckoned over the

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Speaker 2: next three years, on average, the interest rates are going

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Speaker 2: to be at that level three point nine to three percent,

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Speaker 2: which is a lot higher than where they are today.

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Speaker 2: The money market has priced in that seventy percent chance

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Speaker 2: of a rate hike.

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Speaker 1: Ouch story number three, the Federal Court has ordered Google

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Speaker 1: Asia Pacific to pay fifty five million dollars in penalties

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Speaker 1: for engaging in anti competitive conduct following an investigation by

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Speaker 1: the Competition.

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Speaker 2: Watchdog between December twenty nineteen and March twenty twenty one,

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Speaker 2: Google reached understandings with Telster and Optus to pre install

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Speaker 2: Google Search into Android phones, not other search engines. Part

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Speaker 2: of this deal, Telster and Optus received to share of

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Speaker 2: revenue Google earned when they displayed as via Google Search.

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Speaker 1: No.

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Speaker 2: Google admitted it had engaged in anti competitive conduct and

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Speaker 2: cooperated with the A Triple C. It's committed to removing

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Speaker 2: pre installation requirements from contracts with Android fane manufacturers and telcos. Similarly, Telstra, Optus,

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Speaker 2: and TPG have all undertaken not to renew or make

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Speaker 2: new arrangements with Google.

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Speaker 1: Story number four. Many blue collar workers are being paid

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Speaker 1: more than white collar workers, and the introduction of AI

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Speaker 1: is more threatening to office workers than it is to tradees.

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Speaker 2: That's the finding of an AFI reported into wages of

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Speaker 2: the last decade. Over the past ten years, electricians and

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Speaker 2: plumbers have more than financed insurance workers, for example, more

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Speaker 2: than media and telcom employees, and more the scientific staff.

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Speaker 2: Top of the tree, though, mining workers took home an

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Speaker 2: average of one hundred and fifty six thousand dollars a year.

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Speaker 2: Then came Sparky's plumbers and gabos one hundred and twenty

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Speaker 2: two thousand, then finance and insurance employees one hundred and

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Speaker 2: four thousand. Ironically, these data centers, they'll be built right,

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Speaker 2: but you need lots of tradees to build them. They'll

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Speaker 2: actually have plenty of work when they're up and running.

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Speaker 2: The white collar guys, men and women wait have much work.

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Speaker 1: Last one story number five. I know you love this

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Speaker 1: one Sean. Samsung has unveiled its first ever trifold smartphone,

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Speaker 1: demonstrating its engineering prowess in foldable devices, even as the

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Speaker 1: broader category is yet to really catch on with mainstream consumers.

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Speaker 2: The handset, called the Galaxy Z trifold, is part of

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Speaker 2: a small subset of folding phones that have two hinges,

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Speaker 2: allowing them to transform into larger tablet sized devices. Samsung

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Speaker 2: initially launching in South Korea, then US, China, Taiwan, Singapore, UA.

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Speaker 2: No sign for Australia yet, of course. In the first

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Speaker 2: half of next year, Apple is expected to announce its

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Speaker 2: first folding iPhone. When clothed, the Samsung trifoles outer screen

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Speaker 2: offers similar dimensions to a regular smartphone when fully open

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Speaker 2: ten inch display like a tablet in the tablet like mode.

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Speaker 2: This is what I like. Each of the device's screens.

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Speaker 2: The three of them can independently run a different app.

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Speaker 2: It's like having three phones side by side.

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Speaker 1: Yeah, that's pretty cool. And that's five minutes and the

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Speaker 1: top five business stories. Thank you Sean, Thank you Michael.

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Speaker 1: It's Wednesday, the third of December twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: also head along to our website Fearangreed dot com dot au,

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Speaker 1: or I'll put a link in the show notes today

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Speaker 1: for our free daily newsletter in your inbox every morning

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Speaker 1: by six am. I'm Michael Tom And that was the

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Speaker 1: past five business news by Fear and Greed. Have a

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Speaker 1: great day.