1 00:00:03,640 --> 00:00:06,160 Speaker 1: Welcome to the weekend edition of The Fast Five Business 2 00:00:06,200 --> 00:00:08,720 Speaker 1: News by Fear and Greed. A'm Michael Thompson and Hello 3 00:00:08,840 --> 00:00:12,399 Speaker 1: Sean Aylmer, Hello Michael Sean. On weekdays, it's all about 4 00:00:12,440 --> 00:00:14,560 Speaker 1: the Fast five, the top five business stories in five minutes. 5 00:00:14,600 --> 00:00:16,440 Speaker 1: On the weekend, we still keep it to five minutes, 6 00:00:16,480 --> 00:00:18,520 Speaker 1: but we are picking out the biggest business story of 7 00:00:18,560 --> 00:00:21,680 Speaker 1: the week, the most remarkable business story, a sleeper story, 8 00:00:21,680 --> 00:00:23,840 Speaker 1: one that's flying under the radar a little bit, and 9 00:00:23,920 --> 00:00:28,320 Speaker 1: our favorite story. Can I nominate the biggest story that. 10 00:00:28,280 --> 00:00:29,640 Speaker 2: I please this week? 11 00:00:29,680 --> 00:00:32,280 Speaker 1: Okay? Look, I think it was the labor force figures, 12 00:00:32,320 --> 00:00:35,040 Speaker 1: and it's significant because they came in at four point 13 00:00:35,040 --> 00:00:39,680 Speaker 1: one percent, much much, much stronger than anyone had really expected. 14 00:00:39,880 --> 00:00:43,440 Speaker 1: Sixty four thousand people found jobs in September. Economists had 15 00:00:43,479 --> 00:00:48,040 Speaker 1: predicted twenty five thousand. Unemployment growth has hit a sixteen 16 00:00:48,080 --> 00:00:52,159 Speaker 1: month high, workforce participation a new record underemployment fell. The 17 00:00:52,240 --> 00:00:54,800 Speaker 1: significance of all of this, you put it all together, 18 00:00:55,320 --> 00:00:58,400 Speaker 1: and really, there will be no interest rate cuts anytime soon. 19 00:00:58,440 --> 00:01:00,880 Speaker 1: The economy is still clearly, very very strong, and as 20 00:01:00,920 --> 00:01:02,720 Speaker 1: you pointed out through the week, Sean, that if people 21 00:01:02,720 --> 00:01:04,880 Speaker 1: have a job. They keep spending money, it puts pressure 22 00:01:04,880 --> 00:01:07,759 Speaker 1: on prices and wages hard to get inflation under control. 23 00:01:08,120 --> 00:01:10,440 Speaker 1: At the end of the day, interest rates will stay 24 00:01:10,440 --> 00:01:10,840 Speaker 1: the same. 25 00:01:11,480 --> 00:01:13,959 Speaker 2: I think that is the biggest story. I quick mention though, 26 00:01:14,080 --> 00:01:18,800 Speaker 2: for the revelation that Jodie Hayden and Anthony Alberzi to 27 00:01:18,880 --> 00:01:21,360 Speaker 2: get married soon have bought a house on the New 28 00:01:21,400 --> 00:01:23,559 Speaker 2: South Wales central coast for four point three million dollars. 29 00:01:23,560 --> 00:01:26,080 Speaker 2: Good on them, But I tell you what the timing 30 00:01:26,160 --> 00:01:29,960 Speaker 2: was awful? Is this elbows Hawaii moment? Remember Scott Morrison 31 00:01:30,200 --> 00:01:32,680 Speaker 2: hollidaying in Hawaii. Is New South Wales burned? He never 32 00:01:32,720 --> 00:01:35,720 Speaker 2: really recovered. The latest news poll suggested on a two 33 00:01:35,720 --> 00:01:38,280 Speaker 2: party preferred basis the coalition is the head of labor. 34 00:01:38,400 --> 00:01:41,400 Speaker 2: Now Albanesi has come out bought the house. No one's 35 00:01:41,520 --> 00:01:45,720 Speaker 2: arguing with that. It's just the timing looks awful, big, 36 00:01:45,760 --> 00:01:47,680 Speaker 2: big story. This has got a lot to play. 37 00:01:47,920 --> 00:01:51,040 Speaker 1: Yeah, Indeed, what was your most remarkable story this week? 38 00:01:51,040 --> 00:01:56,800 Speaker 2: Sean? It's Google ordering up to seven small modular nuclear reactors. Basically, 39 00:01:56,840 --> 00:02:00,520 Speaker 2: it's a first tech company to commission its own power 40 00:02:00,520 --> 00:02:04,280 Speaker 2: plants to provide low carbon electricity to power its energy 41 00:02:04,360 --> 00:02:09,079 Speaker 2: hungry data centers. The big tech guys are becoming big 42 00:02:09,560 --> 00:02:13,120 Speaker 2: energy guys. They want green energy. If Google can get 43 00:02:13,120 --> 00:02:17,239 Speaker 2: these small nuclear reactors operating, it could become the blueprint 44 00:02:17,320 --> 00:02:20,639 Speaker 2: for other companies and for other nations. Australia's Peter Dunn, 45 00:02:20,800 --> 00:02:24,600 Speaker 2: he's talking about these small modular nuclear reactors. I think 46 00:02:24,600 --> 00:02:26,760 Speaker 2: it's quite a remarkable story because we're actually having the 47 00:02:26,840 --> 00:02:31,200 Speaker 2: tech giants be very innovative in a different industry to 48 00:02:31,240 --> 00:02:33,880 Speaker 2: help themselves. They're doing better than the government's doing. I 49 00:02:33,880 --> 00:02:36,280 Speaker 2: think it's really a good one to watch. Yeah. 50 00:02:36,280 --> 00:02:38,840 Speaker 1: Indeed, the other remarkable story I thought this week, Sean 51 00:02:38,960 --> 00:02:42,440 Speaker 1: was nine Entertainment and the fact that it is really 52 00:02:42,480 --> 00:02:44,960 Speaker 1: grappling with its culture. It was very much in the 53 00:02:45,000 --> 00:02:49,359 Speaker 1: headlines because the Intersection report was released finding a systemic 54 00:02:49,480 --> 00:02:53,920 Speaker 1: issue with abuse of power and authority at nine, bullying, discrimination, 55 00:02:54,200 --> 00:02:58,480 Speaker 1: sexual harassment made twenty two recommendations. Overall, we're talking kind 56 00:02:58,480 --> 00:03:01,360 Speaker 1: of fifty two percent of employees within the company had 57 00:03:01,400 --> 00:03:04,240 Speaker 1: experienced or witnessed abuse of power or authority, about the 58 00:03:04,280 --> 00:03:08,520 Speaker 1: same for bullying, discriminational harassment, and nearly a quarter of 59 00:03:08,560 --> 00:03:12,120 Speaker 1: employees had experienced sexual harassment. This is kind of across 60 00:03:12,160 --> 00:03:15,440 Speaker 1: the TV side of the business, and radio and newspapers 61 00:03:15,480 --> 00:03:17,840 Speaker 1: and all. This has been playing out very very publicly 62 00:03:17,960 --> 00:03:20,200 Speaker 1: over a number of months now, and the pressure is 63 00:03:20,240 --> 00:03:24,079 Speaker 1: really on the organization itself. They've got the blueprint now 64 00:03:24,120 --> 00:03:26,320 Speaker 1: as to what needs to change and the pressure is 65 00:03:26,400 --> 00:03:29,640 Speaker 1: on to implement those changes and make sure that the 66 00:03:29,720 --> 00:03:31,720 Speaker 1: culture is adjusted to make sure that it is in 67 00:03:31,800 --> 00:03:33,079 Speaker 1: really the twenty first century. 68 00:03:33,400 --> 00:03:35,240 Speaker 2: Yeah, it's a very worrying story. That one. Tell me 69 00:03:35,320 --> 00:03:36,960 Speaker 2: your sleep is story of the Week, Michael. 70 00:03:37,280 --> 00:03:40,160 Speaker 1: I love this one, Sean, because in Australia, you like 71 00:03:40,240 --> 00:03:42,160 Speaker 1: to think that we give everyone a fair go, don't we. 72 00:03:42,160 --> 00:03:44,760 Speaker 1: But we're really a nation of dobbers. Because we learned 73 00:03:44,760 --> 00:03:49,120 Speaker 1: this week that over the last five years, two hundred 74 00:03:49,160 --> 00:03:52,160 Speaker 1: and fifty thousand tip offs to the ATO have been 75 00:03:52,160 --> 00:03:55,440 Speaker 1: made about things like tax avoidance and dodgy behavior, and 76 00:03:55,560 --> 00:03:58,560 Speaker 1: ninety percent of those were deemed worthy by the ATO 77 00:03:58,680 --> 00:04:01,480 Speaker 1: of actually following up. These are things like not declaring 78 00:04:01,520 --> 00:04:04,680 Speaker 1: income and insisting on cash deals and paying stuff in cash. 79 00:04:04,920 --> 00:04:07,120 Speaker 1: You put it all together and it results in sixteen 80 00:04:07,160 --> 00:04:10,760 Speaker 1: billion dollars in stolen taxes each year across the industries 81 00:04:10,800 --> 00:04:13,600 Speaker 1: like building and construction and cafes, and restaurants, and hairdressing 82 00:04:13,640 --> 00:04:16,760 Speaker 1: and beauty services. I think this is a fascinating story 83 00:04:16,800 --> 00:04:20,119 Speaker 1: because not just the fact that there is sixteen billion 84 00:04:20,200 --> 00:04:23,719 Speaker 1: dollars install and taxes each year, but because we think 85 00:04:23,720 --> 00:04:25,680 Speaker 1: we're a laid back, easy going nation, but we are 86 00:04:25,720 --> 00:04:27,840 Speaker 1: a nation of knacks Sean, and I'm proud to be 87 00:04:27,880 --> 00:04:28,280 Speaker 1: a nark. 88 00:04:29,400 --> 00:04:31,200 Speaker 2: I'm proud to be a dobber as well. Can I 89 00:04:31,240 --> 00:04:33,920 Speaker 2: tell you my favorite story of the week. So much 90 00:04:33,960 --> 00:04:36,039 Speaker 2: going on around asset values at the moment. The ASEX 91 00:04:36,080 --> 00:04:38,560 Speaker 2: hit a new record this week. Tech Talks, like Wise, 92 00:04:38,600 --> 00:04:41,000 Speaker 2: tech Global, and Promdicas have led the way. Over the 93 00:04:41,000 --> 00:04:44,000 Speaker 2: past year. We've had companies like Buying Our pay Later group, Zipco, 94 00:04:44,600 --> 00:04:48,040 Speaker 2: Clarity Pharmaceuticals doing really well. The big banks are moving 95 00:04:48,080 --> 00:04:50,320 Speaker 2: the index most because of their size. It's great to 96 00:04:50,320 --> 00:04:53,640 Speaker 2: see the realistate investment trusts back as well. House prices 97 00:04:53,920 --> 00:04:56,080 Speaker 2: are slowing, or at least the growth in house prices 98 00:04:56,120 --> 00:04:58,360 Speaker 2: is slowing clear and straights are falling. I just think 99 00:04:58,360 --> 00:05:01,200 Speaker 2: that's a good thing that will help people get into 100 00:05:01,200 --> 00:05:03,120 Speaker 2: the market. This week, in fact, we've got twenty six 101 00:05:03,240 --> 00:05:05,560 Speaker 2: hundred options, so we'll know more about that by tomorrow night. 102 00:05:05,880 --> 00:05:08,400 Speaker 2: Super fun returns have been strong. I just think it's 103 00:05:08,440 --> 00:05:11,039 Speaker 2: really good story. How act value is performing at the moment. 104 00:05:11,120 --> 00:05:12,880 Speaker 2: What about you, Michael? Your favorite story? 105 00:05:13,160 --> 00:05:15,359 Speaker 1: My favorite story was all about Elon Musk and his 106 00:05:15,400 --> 00:05:17,880 Speaker 1: big week. He started the week with the Wee Robot event, 107 00:05:18,040 --> 00:05:21,159 Speaker 1: unveiling the Robotaxi and the Optimus robots. If you haven't 108 00:05:21,160 --> 00:05:22,839 Speaker 1: seen the videos of those, you need to go online 109 00:05:22,880 --> 00:05:26,440 Speaker 1: and check them out. Though the highlight I suspect for 110 00:05:26,520 --> 00:05:28,359 Speaker 1: a lot of people, not just for Elon Musk, but 111 00:05:28,400 --> 00:05:33,200 Speaker 1: for everyone who watched videos of the SpaceX rocket booster 112 00:05:33,640 --> 00:05:37,680 Speaker 1: tumbling back to Earth and being caught snatched out of 113 00:05:37,680 --> 00:05:42,480 Speaker 1: the air by the Mechazilla landing pad. Elon Musk described 114 00:05:42,520 --> 00:05:45,360 Speaker 1: it through the week as like catching a fifteen story 115 00:05:45,400 --> 00:05:47,560 Speaker 1: building that was falling out of the sky, and it 116 00:05:47,640 --> 00:05:49,839 Speaker 1: is just remarkable. If you haven't seen the videos, you 117 00:05:49,960 --> 00:05:53,400 Speaker 1: must do it. It is one of the most spectacular 118 00:05:53,440 --> 00:05:55,800 Speaker 1: things you will ever see just watching it reposition itself 119 00:05:55,839 --> 00:05:58,960 Speaker 1: as it approaches the landing pad. Massive, massive week for 120 00:05:59,040 --> 00:06:01,320 Speaker 1: Elon Musk and for space travel more broadly. 121 00:06:01,400 --> 00:06:04,080 Speaker 2: Short, Ah, that was a great, great story, that one. 122 00:06:04,160 --> 00:06:06,119 Speaker 1: Indeed, all right, there we go five minutes and pretty 123 00:06:06,160 --> 00:06:07,679 Speaker 1: much everything you need to know in the world of business. 124 00:06:07,720 --> 00:06:10,039 Speaker 1: Thank you very much, Sean, Thank you, Michael. We'll be 125 00:06:10,080 --> 00:06:12,159 Speaker 1: back on Monday morning with the top five business stories 126 00:06:12,160 --> 00:06:14,160 Speaker 1: in five minutes. Don't forget to hit follow, join us 127 00:06:14,160 --> 00:06:18,039 Speaker 1: online on Instagram, TikTok, LinkedIn, Facebook and X. I'm Michael 128 00:06:18,080 --> 00:06:20,039 Speaker 1: Thompson and this is the fast five business news by 129 00:06:20,120 --> 00:06:20,680 Speaker 1: Fear and Greed.