1 00:00:03,840 --> 00:00:06,760 Speaker 1: It's Friday, the sixth of February twenty twenty six. Welcome 2 00:00:06,800 --> 00:00:09,080 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,119 --> 00:00:10,920 Speaker 1: where we give you the top five business stories you 4 00:00:10,960 --> 00:00:13,160 Speaker 1: need to know and just five minutes. I'm Michael Thompson 5 00:00:13,200 --> 00:00:17,400 Speaker 1: and good morning Simon Anderson. Good morning, Michael Simon. Five stories, 6 00:00:17,400 --> 00:00:20,000 Speaker 1: five minutes. Let's go. Story number one. The Reserve Bank 7 00:00:20,079 --> 00:00:23,680 Speaker 1: delivered some groom news this week beyond just the rate rise, 8 00:00:24,120 --> 00:00:28,560 Speaker 1: revealing wages won't keep pace with inflation until twenty twenty seven. 9 00:00:29,080 --> 00:00:32,599 Speaker 2: So the RBA's updated forecasts show real wages going backwards 10 00:00:32,680 --> 00:00:35,720 Speaker 2: until mid twenty twenty seven. That's bad news for households, 11 00:00:35,800 --> 00:00:38,599 Speaker 2: and it undermines the government's claim that they've been delivering 12 00:00:38,640 --> 00:00:41,800 Speaker 2: above inflation pay gains. So the maths, it's pretty simple. 13 00:00:41,960 --> 00:00:43,960 Speaker 2: If you get a three and a half percent pay rise, 14 00:00:44,040 --> 00:00:46,720 Speaker 2: you're going backwards when inflation's running at three point eight 15 00:00:46,760 --> 00:00:50,519 Speaker 2: percent and your mortgage payments just jumped Tuesday's rate hike. 16 00:00:50,600 --> 00:00:53,159 Speaker 2: Remember ninety five dollars a month extra on a six 17 00:00:53,280 --> 00:00:55,640 Speaker 2: hundred thousand dollars mortgage. But the real pain is in 18 00:00:55,680 --> 00:00:59,040 Speaker 2: this inflation squeeze. Wages up three percent inflation three point up, 19 00:00:59,120 --> 00:01:01,480 Speaker 2: mortgage coss up, you're materially worse off. 20 00:01:01,640 --> 00:01:03,440 Speaker 1: Yeah, and it kind of highlights the tough spot that 21 00:01:03,480 --> 00:01:05,760 Speaker 1: the government is in because they have campaigned on being 22 00:01:05,760 --> 00:01:09,440 Speaker 1: good economic managers and delivering then for workers, so. 23 00:01:09,440 --> 00:01:12,160 Speaker 2: That narrative is under pressure and it just shows how 24 00:01:12,200 --> 00:01:16,080 Speaker 2: corrosive inflation is for all of us and raises tough 25 00:01:16,160 --> 00:01:19,640 Speaker 2: questions about the government's spending. RBA Governor Michelle Bullock has 26 00:01:19,680 --> 00:01:22,880 Speaker 2: been at pains not to criticize the government for its spending, 27 00:01:22,920 --> 00:01:26,240 Speaker 2: but she says fiscal policies not my business. But economists 28 00:01:26,240 --> 00:01:28,959 Speaker 2: are openly questioning whether it's time for her to push back. 29 00:01:29,240 --> 00:01:32,399 Speaker 2: Higher government spending means higher demand, which lifts prices and 30 00:01:32,480 --> 00:01:35,160 Speaker 2: leaves the RBA doing all the heavy lifting to fight inflation. 31 00:01:35,600 --> 00:01:37,959 Speaker 1: Okay, moving on to story number two now and One 32 00:01:38,040 --> 00:01:41,360 Speaker 1: Nation leader Pauline Hanson has opened the door to working 33 00:01:41,400 --> 00:01:44,360 Speaker 1: with the Liberals and the Nationals, but it's on her terms. 34 00:01:44,880 --> 00:01:47,560 Speaker 2: So One Nation's pulling at a record twenty two percent 35 00:01:47,600 --> 00:01:50,160 Speaker 2: that's ahead of the coalition for the first time. Hanson's 36 00:01:50,160 --> 00:01:53,400 Speaker 2: told Sky News that she'd support them to form government, 37 00:01:53,600 --> 00:01:56,200 Speaker 2: and she added that a three way coalition between one 38 00:01:56,320 --> 00:01:58,480 Speaker 2: nation the Libs and the Nats might be the only 39 00:01:58,560 --> 00:02:02,640 Speaker 2: way to move forward Amida's massive majority. Now, she says 40 00:02:02,640 --> 00:02:05,320 Speaker 2: she's not likely to be in government anytime soon, adding 41 00:02:05,520 --> 00:02:07,640 Speaker 2: neither is, by the looks of it, the coalition or 42 00:02:07,680 --> 00:02:11,720 Speaker 2: the National Party. Little Proud, the National's leader, David Little Proud, 43 00:02:11,720 --> 00:02:15,000 Speaker 2: has described the prospect of a one nation Liberal National 44 00:02:15,080 --> 00:02:18,640 Speaker 2: alliance is quote purely hypothetical and suggested everyone takes a 45 00:02:18,680 --> 00:02:21,919 Speaker 2: cold shower. But Hanson says she's a conservative at heart. 46 00:02:22,080 --> 00:02:23,919 Speaker 2: She'd work with the Libs and the Gnats to give 47 00:02:23,960 --> 00:02:26,839 Speaker 2: them supply. She has taken a swipe, she says, would 48 00:02:26,840 --> 00:02:28,799 Speaker 2: I join up to the rabble they are at the moment? 49 00:02:29,000 --> 00:02:31,320 Speaker 2: No way in the wide world, all right. 50 00:02:31,440 --> 00:02:35,239 Speaker 1: Story number three, the Bondai stabbing inquest has handed down 51 00:02:35,320 --> 00:02:38,760 Speaker 1: findings calling out a major failing in mental health care. 52 00:02:39,639 --> 00:02:43,600 Speaker 2: Remember Joel Cauchi stabbed sixteen people and killed six at 53 00:02:43,680 --> 00:02:46,960 Speaker 2: Westfield and Bondai junction in Sydney in April twenty twenty 54 00:02:46,960 --> 00:02:49,679 Speaker 2: four before he was shot by police. So the coroner 55 00:02:49,919 --> 00:02:53,120 Speaker 2: has found that he was experiencing psychosis during the attack 56 00:02:53,160 --> 00:02:56,520 Speaker 2: and had a long history of schizophrenia and wasn't receiving 57 00:02:56,600 --> 00:03:00,639 Speaker 2: adequate treatment. So the Coroner's referred his former psychiress two 58 00:03:00,760 --> 00:03:04,600 Speaker 2: Queensland health authorities for review, and she's made recommendations for 59 00:03:04,680 --> 00:03:07,320 Speaker 2: reform of the mental health system. She's calling on the 60 00:03:07,320 --> 00:03:10,840 Speaker 2: New South Wales government to improve mental health outreach services 61 00:03:10,919 --> 00:03:13,680 Speaker 2: and to provide short term housing for people with mental 62 00:03:13,680 --> 00:03:14,400 Speaker 2: health issues. 63 00:03:15,200 --> 00:03:20,680 Speaker 1: Story number four. These figures are staggering. Google's parent company, Alphabet, 64 00:03:20,880 --> 00:03:23,760 Speaker 1: has announced plans to spend up to one hundred and 65 00:03:24,000 --> 00:03:27,560 Speaker 1: eighty five billion US dollars on AI this year. That 66 00:03:27,680 --> 00:03:30,040 Speaker 1: is double what they spent in twenty twenty five. 67 00:03:30,680 --> 00:03:33,080 Speaker 2: So this is, as if we needed one, yet another 68 00:03:33,160 --> 00:03:36,480 Speaker 2: signal that big tech's going all in on AI. Alphabet 69 00:03:36,560 --> 00:03:39,600 Speaker 2: spending plans are well ahead of anything Wall Street expected, 70 00:03:39,760 --> 00:03:42,160 Speaker 2: so most of the money goes to servers, data centers, 71 00:03:42,280 --> 00:03:46,760 Speaker 2: networking equipment powering their Gemini AI models, and their cloud business. 72 00:03:46,880 --> 00:03:49,120 Speaker 2: They also posted results which were strong. Revenue of one 73 00:03:49,200 --> 00:03:52,800 Speaker 2: hundred and thirteen billion US dollars beat expectations for the quarter, 74 00:03:53,280 --> 00:03:57,440 Speaker 2: and the cloud business surged forty eight percent. CEO Sunda 75 00:03:57,480 --> 00:04:00,560 Speaker 2: Pachaya said the company seeing AI investments drive revenue and 76 00:04:00,600 --> 00:04:01,920 Speaker 2: growth across the board. 77 00:04:02,480 --> 00:04:04,840 Speaker 1: All right, last one story number five, A good news 78 00:04:04,880 --> 00:04:09,880 Speaker 1: story to finish here, Simon. Finally the Winter Olympics has arrived. 79 00:04:10,440 --> 00:04:13,360 Speaker 2: Finally. The opening ceremony is early tomorrow morning our time. 80 00:04:13,560 --> 00:04:15,600 Speaker 2: Some events have already kicked off. The curling has been 81 00:04:15,680 --> 00:04:18,080 Speaker 2: underway for a day or two. Australia is sending its 82 00:04:18,160 --> 00:04:21,200 Speaker 2: largest team ever to these Winter Olympics, most of them 83 00:04:21,240 --> 00:04:24,080 Speaker 2: now based in the tiny and tax free ski town 84 00:04:24,080 --> 00:04:27,120 Speaker 2: of Lavigno High and the Italian Alps. Our flag bearers 85 00:04:27,160 --> 00:04:29,960 Speaker 2: for the opening ceremony a moguls skier Jacara Anthony, an 86 00:04:29,960 --> 00:04:33,520 Speaker 2: aerial skier Matt Graham. And Anthony is the defending Olympic champion. 87 00:04:33,600 --> 00:04:36,159 Speaker 2: She won gold and Beijing and she's going for something 88 00:04:36,200 --> 00:04:39,080 Speaker 2: no Australian has ever done at a Winter Olympics, defending 89 00:04:39,120 --> 00:04:39,599 Speaker 2: her title. 90 00:04:40,120 --> 00:04:42,040 Speaker 1: You can tell this as a business podcast because you 91 00:04:42,080 --> 00:04:43,880 Speaker 1: managed to sneak in there the fact that it's a 92 00:04:44,040 --> 00:04:47,240 Speaker 1: tax free, a tax free town. All right, there we go, 93 00:04:47,279 --> 00:04:49,600 Speaker 1: the top five business stories in five minutes. Thank you 94 00:04:49,720 --> 00:04:52,320 Speaker 1: very much, Simon. Thank you Michael. It is Friday, the 95 00:04:52,360 --> 00:04:55,320 Speaker 1: fifth of February twenty twenty six. Remember to hit follow 96 00:04:55,400 --> 00:04:57,640 Speaker 1: on the podcast and five minutes just isn't enough. You 97 00:04:57,680 --> 00:05:00,279 Speaker 1: can find our longer daily show called Fear and Read 98 00:05:00,520 --> 00:05:03,000 Speaker 1: wherever you listen to podcasts. I'm Michael Thompson and that 99 00:05:03,120 --> 00:05:05,080 Speaker 1: was the Fast five business news by Fear and Greed. 100 00:05:05,400 --> 00:05:08,720 Speaker 1: Had a great day.