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Speaker 1: Australians will be able to visit China without a visa

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Speaker 1: as old wounds start to heal, politicians get to pay rise,

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Speaker 1: and social media is set to take over from television

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Speaker 1: as the main source of news across age groups. Welcome

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Speaker 1: to Fear and Greed, daily business news for people who

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Speaker 1: make their own decisions. It is Tuesday, the eighteenth of

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Speaker 1: June twenty twenty four. I'm Michael Thompson and good morning

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Sewn the main story this morning. Chinese Premier Le Chung

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Speaker 1: and Prime Minister Anthony Albanezi held what was described as

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Speaker 1: candid talks yesterday over the differences between the two countries,

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Speaker 1: but in the end they were both there smiling pretty

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Speaker 1: happily by the looks of it, for the photo opportunity.

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Speaker 2: The two leaders announced plans to streamline visa access between

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Speaker 2: the two countries and strengthen the free trade agreement. All

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Speaker 2: avenues of government government dialogue will be restored, and the

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Speaker 2: Prime Minister said the two countries renewed and revitalized their engagement.

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Speaker 2: He said the discussion strengthened his view that it is

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Speaker 2: crucial for the countries to talk, particularly given the geographic

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Speaker 2: and economic connections and the bonds between the people's mister

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Speaker 2: Lee said China and Australia could seek common ground while

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Speaker 2: shelving their differences. It's a first trip by a Chinese

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Speaker 2: leader since twenty seventeen, and it came with some angst.

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Speaker 2: Pro and anti Chinese campaigners gathered outside Parliament and there

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Speaker 2: were indeed occasional clashes.

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Speaker 1: Sean clearly, there was plenty of positive sentiment in the meeting,

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Speaker 1: but what does it actually mean when you look at it,

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Speaker 1: What difference is it actually going to make.

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Speaker 2: Well, there were some tangible outcomes. The leaders oversaw the

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Speaker 2: five new agreements, free trade, expanding economic dialogue, cooperation on

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Speaker 2: climate change very important that one, education and research and

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Speaker 2: collaboration and exchanges in the arts. China and Australia also

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Speaker 2: want to improve military to military communication to avoid incidents

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Speaker 2: where we see we've seen a few of those in

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Speaker 2: the last couple of months. Also, the two countries will

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Speaker 2: implement reciprocal access to multi entry visas of up to

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Speaker 2: three to five years for business, tourism and visiting family members.

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Speaker 2: Mister LEAs at Australia would also be included in China's

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Speaker 2: visa waiver program. Now we didn't actually get the details

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Speaker 2: of it, but based on what China did with New

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Speaker 2: Zealand last week, it probably means being able to visit

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Speaker 2: China for up to fifteen days without a visa. There

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Speaker 2: was also some controversy when Australian journalist Chang Li appeared

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Speaker 2: to be blocked from cameras during a signing ceremony yesterday.

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Speaker 2: This Chang was released from a Chinese prison in October

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Speaker 2: last year. She now works for Sky News. A bit

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Speaker 2: to talk about that, misster Abenezi said he didn't see

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Speaker 2: the incident himself.

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Speaker 1: All right, let's take a look at local markets. What

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Speaker 1: happened yesterday?

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Speaker 2: The SMPA six two hundred closed down zero point three

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Speaker 2: percent to seventy seven hundred points in a pretty lackluster day, really, Michael.

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Speaker 2: Of course, it was training ahead of today's Reserve Bank

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Speaker 2: interstraight decision. No one really expects any change in the

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Speaker 2: official cash rate, but everyone wants to know what the

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Speaker 2: Reserve Bank Board thinking on inflation. Back to the market,

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Speaker 2: I'm sounding a bit like a broken record here, but

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Speaker 2: it was another good day for the banks. National Australia

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Speaker 2: Bank led the Big four, rising zero point seven percent

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Speaker 2: to reach its highest level since January twenty fifteen. Chostra

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Speaker 2: shareholders also got some relief, with the telco rising one

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Speaker 2: point seven percent, while Aristocrat Leisure jumped one point eight percent. Otherwise,

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Speaker 2: among the large caps, it was mostly bad news. BHP, Rio, Tinto,

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Speaker 2: Goodman Group, Woodside Energy, Santos all off more than one percent.

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Speaker 2: Worst big caps yesterday was Wise Tech Global it fell

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Speaker 2: four percent. Other notables include seven Group. He was down

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Speaker 2: four point two percent. The two Milk Company dropped four

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Speaker 2: point six percent. Best in the day was Sigma Healthcare

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Speaker 2: up four point three percent. But really, without the banks,

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Speaker 2: yesterday would have been a bad day, but they just

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Speaker 2: continue to power along.

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Speaker 1: Sean perfect kind of timing to mention our interview today,

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Speaker 1: because yes, I do acknowledge that you are sounding a

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Speaker 1: little bit like a broken record going on about the

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Speaker 1: bank's perform, but really it is quite spectacular. And you've

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Speaker 1: got an interview today with Nathan Zao, who is the

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Speaker 1: banking analyst at morning Star.

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Speaker 2: I sure do we ask him why the banks are

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Speaker 2: doing so well and what he thinks about them. Interestingly, Nathan,

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Speaker 2: his view on Commonwealth Bank is a bit different to

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Speaker 2: the other three big banks, and he doesn't quite go

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Speaker 2: with the crowd in terms of how he thinks they

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Speaker 2: will perform in the future. But it just tries to

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Speaker 2: explain the reasons why they're just doing so well training

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Speaker 2: on such a high multiple doesn't have all the answer.

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Speaker 2: I mean, no one really has the answers to this.

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Speaker 2: It's quite extraordinary. But Nathan gives us great insight into

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Speaker 2: what's happening.

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Speaker 1: Yeah, it is a great chat. It is coming up

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Speaker 1: after the show, so well worth a listen this morning.

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Speaker 1: What's happening in international markets? Lyon all fell more than

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Speaker 1: two percent yesterday, and copper continued to fall from recent

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Speaker 1: high levels after a mixed bag of economic data out

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Speaker 1: of China. Basically, it highlighted some ongoing weak spots in

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Speaker 1: that country, especially in its metal's intensive property sector. While

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Speaker 1: retail sales was stronger in May, in China, industrial output

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Speaker 1: and fixed asset investment both post and sower growth, and

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Speaker 1: home prices softened further. Metals prices have fallen over the

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Speaker 1: past month, and large part because of concerns that prices

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Speaker 1: had risen too far relative to demand conditions in China.

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Speaker 1: Investors are hoping a major gathering of Chinese leaders next

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Speaker 1: month will do something to boost the world's second largest economy.

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Speaker 1: We'll have to wait and see.

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Speaker 2: On that one. In other commodities news, oil fell slightly,

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Speaker 2: as did gold, and the AUSSI Dolla is buying just

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Speaker 2: under sixty six US cents.

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Speaker 1: All right, Sean, we have a fairbir to get through today.

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Speaker 1: We'll take a quick break and back in a moment

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Speaker 1: with the rest of the day's business news. Sean. The

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Speaker 1: former boss of the AFL, Gilan McLoughlin, has been appointed

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Speaker 1: Chief executive of gaming group TAB Corp.

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Speaker 2: Yes, you wonder whether it's a higher risk play for

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Speaker 2: both TAB Corp and mister Rockland. While he is respected

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Speaker 2: for the way he ran the IFL, running a list

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Speaker 2: of entity is a very different beast. Chair of TAB Corp,

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Speaker 2: Bruce Akhurst said mister McLaughlin was one of Australia's leading

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Speaker 2: CEOs and he has a deep understanding of sport, racing

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Speaker 2: and wagering as well as commercial acumen. He succeeds Adam

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Speaker 2: Wrighten Skilled, who left the group in March after the

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Speaker 2: board launched an investigation into whether he used inappropriate and

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Speaker 2: offensive language. He said he didn't recall making their comments anyway,

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Speaker 2: he left the business. Mister Wright and Skill was the

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Speaker 2: first chief executive of tab Corps since the business was

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Speaker 2: divided into two the other part of it the Lottery Corporation.

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Speaker 2: They split back in twenty twenty two. Mister McLachlan oversaw

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Speaker 2: the AFL for ten years in which revenue more than doubled.

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Speaker 2: He will also act as an advisor to Blackstone, the

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Speaker 2: private equity group that owns Crown Resorts. So he's running

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Speaker 2: Tabcorps and advising Crown Resorts. Not sure how that one works.

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Speaker 2: Tabacourt's share price is down forty percent over the past year.

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Speaker 2: Yesterday it closed up nearly one percent.

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Speaker 1: Couple of wages stories today, the first one federal politicians

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Speaker 1: will get a three and a half percent wage increase,

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Speaker 1: lifting the base salary for a backbench MP to two

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Speaker 1: hundred and thirty three thousand, six hundred and fifty one dollars.

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Speaker 2: So the Independent Remuneration Tribunal announced the decision yesterday. As

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Speaker 2: the base goes up, so to do the pay rates

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Speaker 2: for other people such as shadow ministers, Speaker of the

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Speaker 2: House of Representatives, et cetera. Now the three point five

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Speaker 2: percent increase is less than these three point seventy five

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Speaker 2: percent ordered by the Fair Work Commission two weeks ago

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Speaker 2: to Australia's lowest paid workers, also less than the inflation rate,

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Speaker 2: which is three point six percent. For the record, the

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Speaker 2: Prime Minister earns a base rate plus a one hundred

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Speaker 2: and sixty percent additional salary for being Prime Minister. His

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Speaker 2: take home pay is six hundred and six thousand dollars.

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Speaker 2: Opposition leader Peter Dutton he'll receive four hundred and seventeen

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Speaker 2: one thousand dollars just as a comparison President Joe Biden.

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Speaker 2: How much you reckon he'd make.

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Speaker 1: Michael, Oh, I'm going to pluck a figure out of somewhere.

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Speaker 1: I'm going to say of five hundred thousand dollars, and

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Speaker 1: that's just straight out of my backside.

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Speaker 2: That's pretty good, I mean out of your backside. It's

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Speaker 2: very good because it's actually four hundred thousand US six

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Speaker 2: hundred thousand Australian dollars, so he actually earns about the

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Speaker 2: same as Albanzi does. Really.

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Speaker 1: Yeah, you feel like it should be like on a

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Speaker 1: like a per per capital with ten times or something

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Speaker 1: or other. Yeah, yeah, multiples of your population. Yeah yeah,

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Speaker 1: Well actually the leader of Singapore. The Singapore is a

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Speaker 1: tiny nation. He's actually he earns about three point three

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Speaker 1: million AUSSI. Joe Biden is the equivalent of six hundred

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Speaker 1: thousand Ozzy, which is about the same as Anthony Abernezi.

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Speaker 1: There you go, oh, shown the second of our wages

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Speaker 1: stories for today. Surgeons and medical professionals are easily the

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Speaker 1: highest paid occupations, while engineers and the legal profession coming next.

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Speaker 2: Yes, our surgeons took home four hundred and eighty thousand

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Speaker 2: dollars in the twenty twenty one twenty two financial year.

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Speaker 2: That's the last year we have figures four, about six

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Speaker 2: times more than the average Australian worker. According to Tax

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Speaker 2: Office figures released yesterday, amethetists came in next at nearly

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Speaker 2: four hundred and fifty thousand dollars, then financial dealers, internal

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Speaker 2: medicine specialists and psychiatrists. Mining engineers, IT professionals, legal professionals

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Speaker 2: and CEOs also made the top ten. At the other

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Speaker 2: end of the scale, drivers, personal cares, fast food cooks

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Speaker 2: and hospitality apprentices were among the lowest paid people in

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Speaker 2: the country. Now. These are all based on income tax returns.

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Speaker 2: Sydney's Eastern suburbs certainly has the highest average taxable income

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Speaker 2: in the country, while parts of Perth, Cottslow, Pepper mcgrave

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Speaker 2: get an honorable mention, as to do Tuak and Hawksburn

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Speaker 2: in Melbourne.

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Speaker 1: Saw in the latest opinion poll from nine newspapers have

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Speaker 1: given the edge to oppositionally to Peter Dutton over Prime

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Speaker 1: Minister Albanezi, with Labour's primary vote falling to twenty eight percent.

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Speaker 2: Yet for the first time, mister Dunton has gained a

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Speaker 2: narrow leaders preferred Prime minister thirty six percent to thirty

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Speaker 2: five percent. The result Strategic Survey shows at forty percent

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Speaker 2: ranked the coalition better at managing the economy compared to

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Speaker 2: twenty four percent that nominated Labor. On national security and

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Speaker 2: defense forty two percent for the coalition twenty three percent

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Speaker 2: for Labor. The government had only a slight lead over

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Speaker 2: the coalition when it came to managing the environment perhaps

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Speaker 2: a surprise there, and a substantial lead around immigration and refugees.

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Speaker 2: Core support for the coalition is thirty six percent for

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Speaker 2: Labour's twenty eight percent, the lowest level since Attainian government.

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Speaker 2: The Greens lifted their support from twelve to fourteen percent.

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Speaker 1: Social media mentioned this one at the top of the show.

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Speaker 1: Sean is poised to overtake traditional media as people's main

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Speaker 1: source of news across all age groups.

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Speaker 2: The University of Canberra's Digital News Report survey two thousand Australians,

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Speaker 2: and fifty six percent said television had been a source

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Speaker 2: of news in the prior week, while forty nine percent

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Speaker 2: said social media. TV's down two percentage points. Both socials

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Speaker 2: are up four percentage points. You repeat that again and

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Speaker 2: you end up pretty much neck and neck next year.

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Speaker 2: The report's lead author, Saa Park said social media is

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Speaker 2: becoming a major way for accessing news for everyone, not

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Speaker 2: just young people. In terms of Facebook and YouTube, the

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Speaker 2: majority said they looked for journalists and news media, but

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Speaker 2: people looking and TikTok and x although paying attention to

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Speaker 2: ordinary people rather than mainstream news. Among Gen Z, defined

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Speaker 2: as those born between nineteen ninety seven and twenty twelve,

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Speaker 2: seventy four percent say social media is a source of

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Speaker 2: news a force of fifty seven percent for the millennials.

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Speaker 2: By the time you get to the baby boomers it's

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Speaker 2: about a third. Facebook is most used for news, ahead

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Speaker 2: of YouTube, Instagram and x Yeah. Something about that story.

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Speaker 2: If I was going to look for news Facebook first,

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Speaker 2: then YouTube, than Instagram, than X, I'd actually go to

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Speaker 2: X first, because people announce stuff on X.

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Speaker 1: Yeah, maybe two or three years ago. But X has

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Speaker 1: changed an awful lot, and it feels as though there

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Speaker 1: has been this exodus funnily enough from X particularly kind

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Speaker 1: of a lot of the X really seem to be

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Speaker 1: kind of the journalists platform where you are right. There

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Speaker 1: used to be a lot of announcements made by politicians

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Speaker 1: and businesses and everything on there. But it does feel

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Speaker 1: as though there is now so much other stuff, a

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Speaker 1: lot of spam, a lot of just unpleasant material on there,

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Speaker 1: that a lot of people have just kind of moved elsewhere.

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Speaker 1: And it does seem like TikTok has just grown and

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Speaker 1: grown and grown, And of course Fear and greeders on.

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Speaker 2: TikTok it is and on X for that matter.

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Speaker 1: We're on X, and we're on kind of Instagram and

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Speaker 1: Facebook and everything. Just follow Fear and Greed podcast. And

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Speaker 1: it actually reminds me of the fact that recently you

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Speaker 1: promised to when we're talking about people getting kind of

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Speaker 1: their serious news from social media channels, so you promised

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Speaker 1: to dance for us on TikTok.

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Speaker 2: Yeah, I did, I did, and it's coming. I promise

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Speaker 2: you it's coming. It's like the mea cup on fear

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Speaker 2: and greed, the most enthusiastic advocate cup, it's coming.

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Speaker 1: The mug It's on its way.

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Speaker 2: It's on its way, It's on its one.

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Speaker 1: Maybe those two will coincide spectacularly. That will have the

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Speaker 1: me and mug on the same day that Sean dances

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Speaker 1: on TikTok. Horrifying prospect. Anyway, we must move on. Landlords,

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Speaker 1: holiday homes and businesses in New South Wales will be

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Speaker 1: hit by an increase in land taxes, which the real

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Speaker 1: estate industry says could cost owners thousands of dollars a year,

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Speaker 1: which in turn could be passed on too renters.

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Speaker 2: New South Wales becomes the third state labor government to

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Speaker 2: target multiple property owners with higher taxes, following a bigger

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Speaker 2: land tax increase in Victoria and a tax hike attempt

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Speaker 2: in Queensland that was eventually abandoned. The tax hike in Victoria,

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Speaker 2: though it's been blamed as one reason why house prices

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Speaker 2: in that state haven't risen as much as in most

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Speaker 2: other states. Ahead of handing down the New South Wales

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Speaker 2: state budget this week. Treasurer Daniel Murky said the tax

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Speaker 2: free thresholds for land tax will be frozen at the

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Speaker 2: twenty twenty four levels of one point oh seventy five

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Speaker 2: million dollars and no longer indexed annually. Therefore it sits

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Speaker 2: at that level and as inflation pushed up the prices

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Speaker 2: of these properties, then people have to start paying tax.

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Speaker 2: It means more investment properties, holiday homes and commercial real

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Speaker 2: estate will be captured by new South Wales land tax

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Speaker 2: and existing land tax payers will progressively have to pay more.

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Speaker 2: Principal places of residents and farms will generally continue to

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Speaker 2: be exempted.

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Speaker 1: All right. Turning to international news now, in a Chinese

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Speaker 1: vessel collided with a Philippine supply ship in the South

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Speaker 1: China Sea on Monday morning. According to a statement from

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Speaker 1: China's Coast Guard, the.

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Speaker 2: Collision took place in waters around the second Thomas Shoal

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Speaker 2: said the Coast Guard, which blamed the Philippines for the incident,

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Speaker 2: supply ship and I quote approached a normally navigating Chinese

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Speaker 2: ship in a deliberately dangerous and unprofessional manner, resulting in

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Speaker 2: a collision. According to the Coastguard. China claims a large

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Speaker 2: portion of the South China Sea, including the Second Thomas Schell,

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Speaker 2: as part of its territory. A Chinese Coastguard rule allowing

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Speaker 2: it to detain foreign nationals in the disputed areas of

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Speaker 2: the South China Sea only came into effect on Saturday. Now,

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Speaker 2: the Philippines, for its parts, has claimed China is a

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Speaker 2: bully and the two nations are locked in the territorial

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Speaker 2: dispute over regions of the South China Sea. The fact

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Speaker 2: that the two vessels actually collided is a very significant

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Speaker 2: deterioration in relations between the two countries.

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Speaker 1: Finally, Sean, don't know what to make of this story.

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Speaker 1: Wells Fargo has fired more than a dozen employees last

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Speaker 1: month after investigating claims that they were faking work from

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Speaker 1: their desks.

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Speaker 2: You should know exactly what to make of this one, Michael.

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Speaker 1: Let's do the story and then I need to hang on.

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Speaker 1: Is that a sledge? Is that a sledge?

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Speaker 2: No? No, let me do the story fair enough. The safas,

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Speaker 2: all in the firm's Wealth and Investment management unit, were

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Speaker 2: charged after eight or review of allegations involving simulation of

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Speaker 2: keyboard activity creating impression of active work, according to disclosures

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Speaker 2: filed with the Financial Industry Regulatory Authority. Now there are

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Speaker 2: these devices and software that imitate employee activity, sometimes known

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Speaker 2: as mousemovers or mouse jigglers. They took off during the pandemic,

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Speaker 2: particularly when people were working from home. People were swapping

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Speaker 2: tips on how best to use them. These gadgets are

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Speaker 2: available on Amazon dot Com for about twenty bucks or so,

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Speaker 2: according to Bloomberg. Anyway, these employees were using them, and

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Speaker 2: now it's not quite clear whether they were doing it

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Speaker 2: from home or not. That wasn't disclosed. But god, imagine

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Speaker 2: it would be home, because it'd be very difficult to

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Speaker 2: fake it in the office.

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Speaker 1: It must be, otherwise the manager would just walk up

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Speaker 1: to the desk and go, there's no one there. They

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Speaker 1: left their mouse jiggler jiggling away, which sounds very kind.

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Speaker 2: Of yes, Michael, what does it sound like, you.

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Speaker 1: Know, Sean? It sounds vaguely erotic, non professional.

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Speaker 2: I think it's probably yes.

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Speaker 1: Non professional is a good way.

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Speaker 2: I might count the number of times you use the

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Speaker 2: word erotic in a business podcast in one week. I

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Speaker 2: reckon you'd be five or six times at least.

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Speaker 1: If if I'm not using it five to six times,

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Speaker 1: then I'm not doing.

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Speaker 2: My job making business sexy Sean.

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Speaker 1: Does this story? Does this story remind you of The

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Speaker 1: Simpsons at all? Do you remember the episode where it's

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Speaker 1: it's quite an old episode where Homer gained an awful

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Speaker 1: lot of weight because he wants to I think I

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Speaker 1: qualify for a disability benefit and he realizes the easiest

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Speaker 1: way is to kind of hit three hundred pounds or so, right,

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Speaker 1: and and he does so, and he's allowed to then

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Speaker 1: work from home, and he's there just typing away, working

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Speaker 1: on his computer, and all he has to do is

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Speaker 1: type yes kind of to kind of keep the nuclear

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Speaker 1: power plant venting its gases and everything. And then he

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Speaker 1: realizes that he doesn't have to type why. Yes, he

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Speaker 1: can just type the why and that would be enough.

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Speaker 1: And then he realizes that he can get one of

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Speaker 1: those little that bird that's kind of that dips its

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Speaker 1: head and is kind of counterweighted by the water on

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Speaker 1: the other end, and so he teased that up just

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Speaker 1: to kind of just keep on kind of bobbing its

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Speaker 1: head and hitting the why button. And of course, then

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Speaker 1: he goes to the movies and the bird gets knocked

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Speaker 1: over while he's away, and of course nearly leads to

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Speaker 1: a nuclear meltdown. And this reminds me of that that

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Speaker 1: is kind of like the precursor to the modern mouse jiggler.

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Speaker 1: Is the bird that was drinking the water from the Simpsons.

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Speaker 1: Please tell me you remember at least some of this

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Speaker 1: a sort of yeah, no, yes, you have no idea.

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Speaker 1: You're just still stuck on mouse jiggling, on mouse jiggling.

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Speaker 1: I like the Simpsons. You know, the Simpsons was great,

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Speaker 1: but it's been going for so many years it's actually

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Speaker 1: hard to remember. Well, it amazes me. How will you

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Speaker 1: remember how many episodes?

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Speaker 2: Many?

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Speaker 1: Oh? Yeah, I mean it's part of your kind of

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Speaker 1: formative years. And really most of the things I find

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Speaker 1: amusing now I realize that actually come from the Simpsons,

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Speaker 1: and most of the jokes that I make I probably

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Speaker 1: kind of poached from them at various times. Anyway, let's

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Speaker 1: move on. Up Next is the Fear and Greed Daily Interview.

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Speaker 1: You're speaking today with Nathan Zayer, banking analyst at morning Star.

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Speaker 1: This is a great chat.

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Speaker 2: Yeah, sure, is all about why the big four banks

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Speaker 2: are doing so well? Will it continue? Then? We also

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Speaker 2: talk about how difficult. It is for the smaller banks

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Speaker 2: Banks of Queensland, Adelaide and Bendigo to compete with them.

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Speaker 2: So it is a great chat for anyone interested in

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Speaker 2: banking and he investors out there, anyone that likes Fear

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Speaker 2: and Greed really.

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Speaker 1: Yes, well said. It is up next to the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

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Speaker 1: dot com tod au, which is also where you can

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Speaker 1: sign up for the Fear and Greed weekly newsletter. Sean,

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Speaker 1: it is out mid morning tomorrow. Any tease us with

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Speaker 1: anything that you're going to be talking about.

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Speaker 2: Ah, it'll be full of rip roaring stuff, which maybe

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Speaker 2: you should ask me tomorrow morning about it. That one.

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Speaker 1: All right, all right, clearly that's a that's a tomorrow problem.

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Speaker 1: All right, Thank you, Sean, Thank you, Michael. It is Tuesday,

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Speaker 1: the eighteenth of June twenty twenty four. Make sure following

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Speaker 1: the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was

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Speaker 1: Fear and Greed. Have a great day.