1 00:00:03,800 --> 00:00:06,880 Speaker 1: It's Tuesday, the twenty sixth of November twenty twenty four. 2 00:00:07,120 --> 00:00:09,879 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,880 --> 00:00:12,000 Speaker 1: where we give you the top five business stories you 4 00:00:12,039 --> 00:00:14,480 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,480 --> 00:00:15,960 Speaker 1: and Good morning, Sean Aylmer. 6 00:00:16,440 --> 00:00:18,200 Speaker 2: Good morning Michael, Sean. 7 00:00:18,320 --> 00:00:21,000 Speaker 1: Five stories in five minutes. Let's go with story number one. 8 00:00:21,120 --> 00:00:23,480 Speaker 1: It is a very busy final week of the sitting 9 00:00:23,520 --> 00:00:26,320 Speaker 1: year for Federal Parliament, with the bill to ban social 10 00:00:26,360 --> 00:00:29,280 Speaker 1: media for under sixteen year old's front and center a 11 00:00:29,400 --> 00:00:32,880 Speaker 1: mid seventy six unpassed bills. There's quite an agenda here, 12 00:00:33,200 --> 00:00:33,519 Speaker 1: there is. 13 00:00:33,560 --> 00:00:36,239 Speaker 2: Prime Minister Anthony Alberanezi said. World leaders at the G 14 00:00:36,360 --> 00:00:39,320 Speaker 2: twenty where he was last week, said they're watching Australia's 15 00:00:39,320 --> 00:00:43,000 Speaker 2: effort to limit online platform for under sixteen year olds. 16 00:00:43,000 --> 00:00:45,640 Speaker 2: He hopes the bill, which has bipartisan support, will pass 17 00:00:45,720 --> 00:00:48,440 Speaker 2: this week. It was actually a Parliamentary committee meeting on 18 00:00:48,479 --> 00:00:50,239 Speaker 2: it yesterday. What came out of it was that not 19 00:00:50,280 --> 00:00:53,800 Speaker 2: everyone agrees with the idea, including youth mental health organizations, 20 00:00:54,040 --> 00:00:55,800 Speaker 2: and no one seems to know how it will work. 21 00:00:55,880 --> 00:00:57,880 Speaker 2: Labs also trying to push through some of its housing 22 00:00:57,880 --> 00:01:00,959 Speaker 2: policies that help to buy housing policy that I'll see 23 00:01:00,960 --> 00:01:03,280 Speaker 2: the government co purchase homes with about forty thousand first 24 00:01:03,320 --> 00:01:06,600 Speaker 2: home buys. There's also to build a rent. Legislation introduced 25 00:01:06,600 --> 00:01:09,880 Speaker 2: this week provides new text and centers for investors. Both 26 00:01:09,920 --> 00:01:13,039 Speaker 2: are likely to fail. That provides a trigger for double 27 00:01:13,040 --> 00:01:16,560 Speaker 2: dissolution election. Resources Minister Madeline King urge the Opposition, Greens 28 00:01:16,560 --> 00:01:18,959 Speaker 2: and Cross benches to support tax cut and centers for 29 00:01:19,000 --> 00:01:22,479 Speaker 2: net zero industries. I'm talking about thirteen point seven billion 30 00:01:22,520 --> 00:01:25,360 Speaker 2: dollars worth of tax credits. Opposition leader Peter Dunton previously 31 00:01:25,400 --> 00:01:28,480 Speaker 2: called the changes corporate welfare for billionaires. Not sure how 32 00:01:28,480 --> 00:01:31,000 Speaker 2: that one will go. However, the government is likely to 33 00:01:31,000 --> 00:01:34,280 Speaker 2: get through new legislation on age care and political donations 34 00:01:34,319 --> 00:01:36,839 Speaker 2: and possibly fee free tape. 35 00:01:36,480 --> 00:01:39,480 Speaker 1: And just quickly sean the government is Aside from legislation, 36 00:01:39,600 --> 00:01:41,560 Speaker 1: the government is feeling the heat on everything from the 37 00:01:41,600 --> 00:01:43,880 Speaker 1: cost of living crisis through the international diplomacy. 38 00:01:43,920 --> 00:01:45,960 Speaker 2: At the moment, it's quite possible that this will be 39 00:01:46,000 --> 00:01:48,760 Speaker 2: the final sitting week of this parliament. In fact, you know, 40 00:01:48,800 --> 00:01:50,240 Speaker 2: election could be called. It's got to be won by 41 00:01:50,280 --> 00:01:52,600 Speaker 2: the middle of May next year. We'll get a budget 42 00:01:52,640 --> 00:01:55,559 Speaker 2: update next week. The cost of living crisis is hurting 43 00:01:55,640 --> 00:01:57,840 Speaker 2: the government. According to the polls, they would love to 44 00:01:57,840 --> 00:02:00,600 Speaker 2: see a rate cut by May next year unlikely. Another 45 00:02:00,640 --> 00:02:03,640 Speaker 2: big issue at the moment is the fact that the 46 00:02:03,680 --> 00:02:07,000 Speaker 2: International Criminal Court has issued an arrest warrant for Israel's 47 00:02:07,000 --> 00:02:10,919 Speaker 2: Benjamin Nett and Yahoo. Yesterday, Foreign Minister Penny Wan indicated, 48 00:02:11,040 --> 00:02:13,720 Speaker 2: not said, but indicated that he would be arrested if 49 00:02:13,720 --> 00:02:14,840 Speaker 2: he came to Australia. 50 00:02:14,960 --> 00:02:17,760 Speaker 1: Story number two another day, another record for the local 51 00:02:17,800 --> 00:02:20,720 Speaker 1: share market, with the S and p ASX two hundred 52 00:02:20,800 --> 00:02:23,519 Speaker 1: hitting a new intra day high and a closing high. 53 00:02:24,160 --> 00:02:26,440 Speaker 2: So it was on the back of Donald Trump nominating 54 00:02:26,480 --> 00:02:29,720 Speaker 2: a guy called Scott Bessant as Treasury Secretary. He seems 55 00:02:29,760 --> 00:02:32,200 Speaker 2: a more sensible pick than some of Donald Trump's other 56 00:02:32,320 --> 00:02:36,160 Speaker 2: picks that helped the local share market hit a record 57 00:02:36,440 --> 00:02:39,119 Speaker 2: late yesterday morning eighty four hundred and fifty eight point 58 00:02:39,160 --> 00:02:41,560 Speaker 2: nine points. By the close, it was at eight four 59 00:02:41,680 --> 00:02:44,480 Speaker 2: one seven points. That's the first time it's ever closed 60 00:02:44,480 --> 00:02:47,440 Speaker 2: above eighty four hundred points. The interest rate sensitive sectors 61 00:02:47,440 --> 00:02:51,480 Speaker 2: did best, think property, healthcare, consumer discretionary on all prices 62 00:02:51,480 --> 00:02:53,960 Speaker 2: pushed up the big miners higher energy prices help the 63 00:02:54,080 --> 00:02:56,600 Speaker 2: oil and gas stocks, but the bank stocks will. HOWA 64 00:02:56,760 --> 00:03:00,520 Speaker 2: after a ruling from the regulator, one thing you've got 65 00:03:00,560 --> 00:03:03,320 Speaker 2: to mention, or I should mention Commonwealth Bank. It ended 66 00:03:03,400 --> 00:03:06,240 Speaker 2: up lower, but not before it hit a new record 67 00:03:06,320 --> 00:03:08,960 Speaker 2: high yesterday of one hundred and sixty dollars and twenty 68 00:03:09,000 --> 00:03:09,840 Speaker 2: seven cents a share. 69 00:03:10,360 --> 00:03:13,440 Speaker 1: That is quite extraordinary. Story number three. Deputy Prime Minister 70 00:03:13,560 --> 00:03:16,840 Speaker 1: Richard Miles is being sued by his chief of staff 71 00:03:17,200 --> 00:03:20,880 Speaker 1: Joetanovsky under the Fair Work Act, claiming adverse action in 72 00:03:20,919 --> 00:03:22,680 Speaker 1: the form of victimization. 73 00:03:22,520 --> 00:03:26,440 Speaker 2: By her lawyer, Michael Bradley. Miss Tanovsky claims she raised 74 00:03:26,440 --> 00:03:29,760 Speaker 2: concerns of bulling from senior members of staff with mister 75 00:03:29,840 --> 00:03:32,280 Speaker 2: Miles and her treatment as a result of that was 76 00:03:32,360 --> 00:03:35,240 Speaker 2: adverse action, which is unlawful. In a statement, she said, 77 00:03:35,240 --> 00:03:37,760 Speaker 2: and I quite six weeks ago I spoke out publicly 78 00:03:37,760 --> 00:03:39,880 Speaker 2: to reveal what was happening to me behind closed doors. 79 00:03:39,920 --> 00:03:41,840 Speaker 2: As far as I know, there has been no investigation 80 00:03:41,880 --> 00:03:44,800 Speaker 2: into the behaviors I reported, nor regarding the actions taken 81 00:03:44,840 --> 00:03:46,920 Speaker 2: by the Deputy Prime Minister against me. Not a single 82 00:03:46,920 --> 00:03:48,600 Speaker 2: member of government has reached out to check on my 83 00:03:48,640 --> 00:03:50,760 Speaker 2: well being. Three weeks ago. I wrote a letter to 84 00:03:50,760 --> 00:03:52,800 Speaker 2: the Prime Minister asking him to intervene and hold the 85 00:03:52,800 --> 00:03:55,280 Speaker 2: Deputy Prime Minister to account for the way I had 86 00:03:55,320 --> 00:03:58,720 Speaker 2: been treated. The Prime Minister has not responded. She said 87 00:03:58,720 --> 00:04:01,720 Speaker 2: the government needs to learn from her experiences. Miss Taranovsky 88 00:04:01,840 --> 00:04:04,720 Speaker 2: is still employed as mister Miles's chief of staff, but 89 00:04:04,880 --> 00:04:05,400 Speaker 2: on leave. 90 00:04:06,120 --> 00:04:08,320 Speaker 1: Just a quick one for story number four, Shawn Private 91 00:04:08,320 --> 00:04:10,880 Speaker 1: equity group Pacific Equity Partners has made a bid for 92 00:04:11,040 --> 00:04:13,440 Speaker 1: SG Fleet Group, sending its share price up more than 93 00:04:13,440 --> 00:04:14,040 Speaker 1: twenty percent. 94 00:04:14,400 --> 00:04:17,239 Speaker 2: Always good to get a deal in these stories, Michael. 95 00:04:17,279 --> 00:04:19,520 Speaker 2: The one point two billion dollar bid provides an exit 96 00:04:19,800 --> 00:04:23,680 Speaker 2: for South African based Supergroup, which owns fifty three percent 97 00:04:23,800 --> 00:04:26,720 Speaker 2: of SG Fleet Group. Yesterday, the board said it's in 98 00:04:26,760 --> 00:04:30,400 Speaker 2: the best interests to engage with Pacific Equity Partners and 99 00:04:30,480 --> 00:04:34,080 Speaker 2: granted them exclusive due diligence of binding offers expected at 100 00:04:34,080 --> 00:04:36,360 Speaker 2: some point after this week last one. 101 00:04:36,520 --> 00:04:39,720 Speaker 1: Story number five bad news for coffee drinkers. Prices are 102 00:04:39,839 --> 00:04:43,120 Speaker 1: soaring on the back of expected poor crops in Vietnam 103 00:04:43,240 --> 00:04:43,800 Speaker 1: and Brazil. 104 00:04:44,200 --> 00:04:47,040 Speaker 2: They're the two biggest coffee producers and Brazil is the 105 00:04:47,040 --> 00:04:50,800 Speaker 2: biggest exporter. Mindin Michael, the biggest drinkers number one the 106 00:04:50,880 --> 00:04:55,320 Speaker 2: Dutch than the finish million. Tens of millions of cups 107 00:04:55,320 --> 00:04:58,400 Speaker 2: of coffee consumed every day. Last year, one hundred and 108 00:04:58,440 --> 00:05:02,520 Speaker 2: sixty four million sixty key banks were produced around the world. 109 00:05:03,240 --> 00:05:06,360 Speaker 2: Arabica futures are up sixty percent this year and at 110 00:05:06,400 --> 00:05:09,719 Speaker 2: a thirteen year high now. Arabica coffee beans are the 111 00:05:09,800 --> 00:05:13,480 Speaker 2: style that most Australians consume. Some of the big buyers, 112 00:05:13,480 --> 00:05:16,800 Speaker 2: like Nesle, have worned that it will up prices. Unfavorable 113 00:05:16,839 --> 00:05:21,039 Speaker 2: weather in Brazil also in Vietnam, has hurt the crops, 114 00:05:21,240 --> 00:05:24,760 Speaker 2: but also people in our consuming groups that require more coffee. 115 00:05:24,760 --> 00:05:28,239 Speaker 2: Forget the singles shot flat white. We're talking double shots 116 00:05:28,240 --> 00:05:29,000 Speaker 2: all over the place. 117 00:05:29,080 --> 00:05:30,640 Speaker 1: There we go to the top five business stories in 118 00:05:30,680 --> 00:05:31,120 Speaker 1: five minutes. 119 00:05:31,120 --> 00:05:32,800 Speaker 2: Thank you very much, Sean, Thank you, Michael. 120 00:05:32,960 --> 00:05:36,120 Speaker 1: It is Tuesday, the twenty sixth of November twenty twenty four. 121 00:05:36,160 --> 00:05:38,480 Speaker 1: Remember to hit follow on the podcast and five minutes 122 00:05:38,520 --> 00:05:40,560 Speaker 1: isn't enough. You can find our longer daily show called 123 00:05:40,560 --> 00:05:43,479 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 124 00:05:43,480 --> 00:05:45,560 Speaker 1: Thompson and that was the fast five business news by 125 00:05:45,560 --> 00:05:47,279 Speaker 1: Fear and Greed. It's a great day.