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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the twelfth of August twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happens today that you need to know about. So let's

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Speaker 1: get going. Story number one. The SMPASEX two hundred hit

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Speaker 1: another all time high today after the Reserve Bank Board

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Speaker 1: cut the official cash rate by a quarter of one percent.

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Speaker 1: The ASX climbed after the announcement. The rates were falling

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Speaker 1: to three point six percent, that is the lowest in

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Speaker 1: more than two years, with the BOSS hitting a new

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Speaker 1: intra day high of eight thousand, eight hundred and eighty

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Speaker 1: five point seven points. It came back ever so slightly

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Speaker 1: before the close, but still set a new closing high

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Speaker 1: of eight thousand, eight hundred and eighty point eight points.

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Speaker 1: It's a lot of eights, up zero point four percent.

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Speaker 1: The banks were the best performing sector. A and D

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Speaker 1: was up more than two percent. NAB and Westpac both

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Speaker 1: climbed around one percent, and Commonwealth, which wasn't having a

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Speaker 1: great day to start with, reversed its earlier losses to

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Speaker 1: end up just a touch. Iron Ore prices all so

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Speaker 1: climbed late in the day, BHP, Rio, Tinto and Fortescue

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Speaker 1: were all closing about one percent higher. JB HI Fi

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Speaker 1: reversed yesterday's losses up five point six percent, fueled perhaps

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Speaker 1: by hopes that households will spend some of those interest

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Speaker 1: rate cut savings. The single best performer, though was Life

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Speaker 1: three point sixty, with the tracking app jumping seven point

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Speaker 1: eight percent after it reported better than expected second quarter results.

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Speaker 1: Under story number two, now and Reserve Bank Governor Michelle

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Speaker 1: Bullock highlighted Australia's ongoing problems with productivity as being a

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Speaker 1: key challenge for the economy, good timing with the Productivity

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Speaker 1: round Table happening next week, and to that end, Treasure

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Speaker 1: Jim Chalmers has declared that Australia must find a quote

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Speaker 1: responsible middle path in using artificial intelligence to unlock productivity gains.

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Speaker 1: The Productivity Commission last week released a report suggesting that

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Speaker 1: a light touch on AI regulation could boost the Australian

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Speaker 1: economy by well over one hundred billion dollars over the

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Speaker 1: next decade. The report has courted controversy with its recis

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Speaker 1: commendations around removing copyright protections for creative works, but doctor

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Speaker 1: Chalmers says, there are this is a quote, people who

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Speaker 1: say just let it rip, and people who pretend that

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Speaker 1: we can turn back the clock. None of those are

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Speaker 1: realistic options for Australia. We're working very hard to make

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Speaker 1: sure that we find that responsible middle path so we

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Speaker 1: can capture the tremendous upsides of AI at the same

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Speaker 1: time as we manage the very real risks, whether that

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Speaker 1: is too creators or workers and the like. Sounds like

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Speaker 1: there's plenty more to come on this one. Story number three.

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Speaker 1: Deloitte disciplined more than one hundred personnel last year for misconduct,

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Speaker 1: from harassment and rude behavior to setting unfair work demands. Overall,

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Speaker 1: one hundred and forty six staff were investigated, down from

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Speaker 1: two hundred and six complaints recorded in twenty twenty four.

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Speaker 1: Most behavioral breaches involved poor leadership or policy violations, with

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Speaker 1: some staff sent to counseling or training and fourteen sacked.

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Speaker 1: Rival KPMG reported thirty seven misconduct complaints last year, including

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Speaker 1: twelve sexual harassment cases, and disciplined multiple staff. Onto story

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Speaker 1: number four and SBS boss James Taylor is calling it

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Speaker 1: quits at the Public broadcaster and doubling his pay in

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Speaker 1: the process to take over a CEO of outdoor advertising

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Speaker 1: giant OH Media. Taylor has been with SBS for thirteen years,

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Speaker 1: first a CFO and then seven years in the hot seat,

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Speaker 1: but is leaving the public broadcaster despite having three years

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Speaker 1: remaining on his contract. He leaves the network in what

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Speaker 1: the acting chair called remarkable health, freshof record audiences, more

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Speaker 1: original local content, and exclusive rights to the twenty twenty

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Speaker 1: six FIFA Men's World Cup. But how about this number?

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Speaker 1: In this new role, James Taylor will earn more than

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Speaker 1: one point eight million dollars at OH Media. That's nearly

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Speaker 1: double his SBS package. And finally, story number five, the

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Speaker 1: only thing almost capable of stealing the RBAS thunder this

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Speaker 1: afternoon was an announcement from Taylor Swift, with the pop

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Speaker 1: star using a countdown timer on her website to reveal

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Speaker 1: her new album, which was announced just eighteen mins min

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Speaker 1: It's before the RBA decision. Now why am I mentioning

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Speaker 1: this on a business podcast? Well, Taylor Swift's business prowess

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Speaker 1: is undeniable. Really, her world tour brought in three point

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Speaker 1: four billion dollars across two years and five continents, the

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Speaker 1: highest grossing tour of all time. Associated Press reports the

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Speaker 1: new album is the first since Swift purchased back her

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Speaker 1: catalog of recordings from its most recent owner, the private

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Speaker 1: equity firm Shamrock Capital, for an undisclosed sum, and the

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Speaker 1: new record, for what it's worth, is called The Life

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Speaker 1: of a Showgirl. That's it for the Afternoon Report for Tuesday,

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Speaker 1: the twelfth of August twenty twenty five. Make sure you

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Speaker 1: hit follow on the podcast and we'll be back tomorrow

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Speaker 1: morning with the Wednesday edition of Fear and Greed. I'm

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Speaker 1: Michael Thompson. Enjoy your evening,