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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The Albanezi government claims it can reach home building targets

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Speaker 1: after Treasury advice said it's unlikely. By Minister Anthony Alberzi

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Speaker 1: pushes Australia and China to work together on decarbonizing steel,

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Speaker 1: and bitcoin surges hitting a new record, plus the Bureau

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Speaker 1: of Statistics readies for the next five year survey and

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Speaker 1: measle cases surge in the United States. It's Tuesday, the

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Speaker 1: fifteenth of July twenty twenty five. I'm Adam Lang and

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Speaker 1: good morning Sean Almer.

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Speaker 2: Good morning a Danski. I do believe you're in Canberra today.

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Speaker 2: Fresh this morning, I would.

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Speaker 1: Imagine, so fresh and dark, very clear.

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Speaker 2: Skuys though, will you be going for your normal twenty

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Speaker 2: k run that you've seen to do in the morning,

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Speaker 2: so I hope.

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Speaker 1: So meanwhile, let's get on with the main story this morning.

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Speaker 1: The Albanezi government has been told by the Treasury that

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Speaker 1: the budget cannot be fixed without raising taxes and cutting spending,

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Speaker 1: and that its housing target is unachievable.

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Speaker 2: The advice, which the ABC obtained via a Freedom of

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Speaker 2: information request, came after Labour's re election and what was

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Speaker 2: the government's signature pledge to build one point two million

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Speaker 2: homes over five years to address the housing crisis will

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Speaker 2: not be met, it says treasure Jim Chalmers will need

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Speaker 2: to find additional revenue and spending reductions to meet his

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Speaker 2: objective of a sustainable budget. Improvements to the budget will

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Speaker 2: need to come from economic growth, additional revenue and spending reductions,

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Speaker 2: and tax should be raised as part of broader tax reform.

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Speaker 2: The advice doesn't recommend which taxes should be raised, but

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Speaker 2: suggests that Treasury canvasses in direct taxes and superannuation tax

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Speaker 2: as possible targets. It also appears to favor lower taxes

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Speaker 2: on companies to help boost investment, and on personal incomes

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Speaker 2: to encourage workforce participation and give workers a fair go. Now.

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Speaker 2: The information came from Treasury's Incoming Government Brief. It's called

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Speaker 2: it Goes to the Incoming Government after the election went

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Speaker 2: to mister Charmers and Housing Minister Clara O'Neill. Under freedom

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Speaker 2: of information rules, media outlet's normally get a heavily redacted version,

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Speaker 2: but basically Treasury appears to have mistakenly provided the ABC

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Speaker 2: with a fuller than normal version with all this information.

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Speaker 1: That is stunning and much to our benefit. Seawn, it

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Speaker 1: was leaked yesterday. So what was the government's response.

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Speaker 2: Federal treasure Jim Chalmers said he was relaxed about the league.

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Speaker 2: He said the government had already said it needs to

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Speaker 2: do more to hit its housing targets. He reckons he

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Speaker 2: can achieve the target, or at least the government can

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Speaker 2: achieve that target. Charmers said the government broadly would like

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Speaker 2: to simplify the tax system. He wouldn't be drawn on

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Speaker 2: the GST, but it just seems, based on his comments

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Speaker 2: and things that the Prime Minister has said over the

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Speaker 2: past couple of weeks, the gst's off the table. Charmers

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Speaker 2: also said the government had conservatives assumptions on the price

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Speaker 2: of iron ore, assuming iron ore prices stay around that

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Speaker 2: one hundred US dollars a ton mark, which is where

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Speaker 2: at the moment, that should help the budget bottom line.

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Speaker 2: The treasure is heading to South Africa later in the

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Speaker 2: week for the g twenty summit. He said that global

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Speaker 2: economic conditions will be the primary influence on the local economy.

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Speaker 2: He also called the current state of affairs I'll quote

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Speaker 2: him extreme global economic uncertainty compounded by conflict and trade

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Speaker 2: tensions around the world end quote.

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Speaker 1: Sean Prime Minister Anthony Alberonizi, who is currently visiting China,

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Speaker 1: talked up the partnership between Ossie iron ore miners and

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Speaker 1: Chinese steelmakers yesterday, highlighting that Australian iron ore comprises about

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Speaker 1: sixty percent of all all imports into China.

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Speaker 2: And that lead to a discussion about the need to

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Speaker 2: decarbonize steel making. Steel making value chains are responsible for

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Speaker 2: about seven to nine percent of global emissions, a big

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Speaker 2: chunk of what's going into the air. Albernez. He said

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Speaker 2: decarbonization of steel value chains presents an opportunity for Australia

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Speaker 2: and China to progress long term economic interests. The Prime

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Speaker 2: Minister mentioned Fortesqu's ambitious green Metals project, Hancock Prospecting's research

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Speaker 2: projects in the low carbon processing technology, and collaborations between

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Speaker 2: BHP RIO and Chinese firms. Mister Albernezi also agreed that

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Speaker 2: the strong economic relationship between China and Australia can improve

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Speaker 2: peace instability in the region. The PM will be meeting

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Speaker 2: President Jijing Pin today. That's at least the plan at

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Speaker 2: this point. Decarbonization and free trade are two main areas

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Speaker 2: of interest. He wants to discuss.

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Speaker 1: Sean alongside this. How did local markets perform yesterday?

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Speaker 2: There's in pasx two hundred closed down ever so slightly

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Speaker 2: to eight thousand, five hundred and seventy points. The banks

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Speaker 2: were mixed so to the big miners, almost like the

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Speaker 2: investors are on school holidays. At the moment. It's a

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Speaker 2: pretty good day for the gold stocks. In the back

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Speaker 2: of the geo political uncertainty, Northern Star, Newmont and Evolution

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Speaker 2: Mining all rows. That same uncertainty hurt some of the

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Speaker 2: mid cap textoks, Zip Appen Block, they all fell.

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Speaker 1: Sean Bitcoin has not yet another record, pushing beyond US

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Speaker 1: one hundred and twenty thousand dollars a unit. This is incredible.

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Speaker 2: Yes, it certainly has plenty of friends out there. At

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Speaker 2: the moment, it's now training around one hundred and eighty

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Speaker 2: thousand Ossie dollars a unit. Pretty amazing. It's up nearly

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Speaker 2: sixty percent since it's low in April, eighty seven percent

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Speaker 2: over the past year. Overnight, the US House of Representatives

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Speaker 2: were set to debate a series of bills to provide

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Speaker 2: the digital asset industry with a national regulatory framework, which

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Speaker 2: advocates for the currency have long wanted. Helping is the

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Speaker 2: fact that Donald Trump has called himself the crypto President.

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Speaker 2: Of course, Bitcoin's renewed momentum has also spilled over to

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Speaker 2: smaller tokens, with ether, XRP and Solana au rising.

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Speaker 1: If you want to keep on top of all of

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Speaker 1: these stats and the information on cryptos, sign up to

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Speaker 1: the newsletter now go to our website. Sign up. You'll

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Speaker 1: get that newsletter in your inbox every weekday. We'll be

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news. Sean. The first census questions on sexual orientation

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Speaker 1: and gender will be sent out to sixty thousand households

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Speaker 1: as part of a practice version of the twenty twenty

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Speaker 1: six nationwide serve.

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Speaker 2: The Bureau of Statistics said the homes have been chosen

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Speaker 2: to take part in a census on August five to

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Speaker 2: make sure the real event runs without incident. Now the

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Speaker 2: real event is next year. It will include questions so

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Speaker 2: that the test event will include questions which hopefully run

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Speaker 2: in the real event, and they include things about sexual

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Speaker 2: orientation and gender for people over at sixteen. The abs

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Speaker 2: SAT homes in Melbourne Perth, as well as locations in

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Speaker 2: Regional Queensland, New South Wales and Western Australia were chosen

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Speaker 2: for the voluntary test run. The Census is a nationwide

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Speaker 2: count of household information is conducted every five years. Basically

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Speaker 2: provides a snapshot of Australia's population and helps inform government

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Speaker 2: decisions about spending, resource allocation and policy development.

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Speaker 1: Sean bidders for Abacus Storage king I've upped their offer

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Speaker 1: for the group by almost fifteen percent to two point

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Speaker 1: two billion dollars.

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Speaker 2: Tell us about that, Well, it's enough to convince the

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Speaker 2: ASX listed company's board to open the books to the

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Speaker 2: bidders now. Those bidders are led by a South African

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Speaker 2: businessman and a Wall Street listed company. In April, Abicus

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Speaker 2: rejected a dollar forty seven security bid, saying it's port

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Speaker 2: Foiholio is valued at dollars seventy three. The latest offer

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Speaker 2: is about a dollar sixty five. I think it closed

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Speaker 2: last night at about a buck fifty six or thereabouts.

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Speaker 2: Apicus owns two hundred and ten self storage sites in

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Speaker 2: Australia and New Zealand. Adding to the intrigue, another storage

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Speaker 2: operator ASX listed National Storage rate actually owns nine percent

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Speaker 2: of Abicus. It owned just under five percent when the

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Speaker 2: bid was made in April by the offshore guy's National

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Speaker 2: Storage Up. It's increased to nine percent. We're going to

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Speaker 2: hear a lot more about this one.

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Speaker 1: Sean Diversified minus South thirty two has put its production

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Speaker 1: guidance under review, flagging an unquantified expense on its Moses

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Speaker 1: aluminium smelter in Mozambique.

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Speaker 2: The problem here is getting energy to the mine. So

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Speaker 2: electricity is supplied to MASL under an agreement due to

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Speaker 2: expire in March next year. Historically, the majority of the

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Speaker 2: electricity for MASL has been generated in Mozambiak by a

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Speaker 2: hydro electric power generation which is majority owned by the

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Speaker 2: Mozambacon government. Negotiations on that seem to have stalled. They're

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Speaker 2: looking obviously South thirty two wants affordable power after March

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Speaker 2: next year. It just seems that he's not confident that

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Speaker 2: negotiations as they stand again to get it that way.

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Speaker 2: Therefore made that warning. Yesterday. South thirty two share price

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Speaker 2: for more than five percent Sean.

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Speaker 1: Yesterday there were quite a few bits and pieces of

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Speaker 1: corporate news around Drone Shield will invest a thirteen million

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Speaker 1: dollars sum in a major new research, development and manufacturing facility,

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Speaker 1: and that is triple the size of its current facility.

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Speaker 2: That pushed its share price up as much as twelve

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Speaker 2: percent yesterday to a record high. Retailer City Chic Collective

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Speaker 2: said it will make a profit for the last financial

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Speaker 2: year after losing money the previous year, but the forecast

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Speaker 2: bottom line disappointed at investors. Its share price closed down

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Speaker 2: one percent, and some technologies upgraded its underlying profit outlooks,

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Speaker 2: sending its share price up eleven percent. Coal minor Bowen

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Speaker 2: Cochin resumed trading on the AX after a three week

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Speaker 2: suspension sparked by growing concerns about its liquidity. Its share

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Speaker 2: price closed up four percent, and finally, mcquarie Technology Group

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Speaker 2: said its Data center arm had entered into an option

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Speaker 2: to purchase a parcel of land for a new data

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Speaker 2: center campus in Sydney. It's share price jump ten percent,

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Speaker 2: the best of the top two hundred yesterday.

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Speaker 1: Sean It's been another big twenty four hours. In international news,

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Speaker 1: the fallout from Donald Trump's announcement of tariffs on the

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Speaker 1: European Union continues with a German Chancellor, Friedrich Mertz saying

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Speaker 1: thirty percent tariffs would hit exporters in Europe's largest economy

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Speaker 1: to the core.

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Speaker 2: Mertz is hoping to find a negotiated solution in coming weeks.

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Speaker 2: He said. If the tariffs are introduced, they will overshadow

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Speaker 2: domestic policy in Germany's government may you need to postpone

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Speaker 2: parts of its own policy efforts. The European Union will

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Speaker 2: extend the suspension of trade counter measures against the US

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Speaker 2: until August one, in the hope that further talks will

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Speaker 2: kind of come to some sort of arrangement between the

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Speaker 2: EU and the US. However, according to Italy's foreign minister,

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Speaker 2: the EU has already prepared a list of tariffs on

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Speaker 2: US goods if the two regions fail to reach a deal. Meanwhile,

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Speaker 2: Bloomberg is reporting that the EU will step up its

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Speaker 2: engagement with other countries hit by US tariffs. Both Canada

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Speaker 2: and Japan are included in those plans.

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Speaker 1: Shwn measles in the US, the number of reported measles

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Speaker 1: cases in the US has reached a thirty three year high,

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Speaker 1: with nearly thirteen hundred confirmed infections across the country, marking

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Speaker 1: a new milestone in the outbreak of the highly contagious

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Speaker 1: and vaccine preventable disease.

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Speaker 2: The John Hopkins University data shows measles cases have been

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Speaker 2: reported in thirty eight states and the District of Columbia

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Speaker 2: this year. At least three people have died from the illness.

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Speaker 2: One hundred and fifty five others were in hospital. A

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Speaker 2: vast majority of the measle cases ninety two percent, wherein

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Speaker 2: people who were either unvaccinated or whose vaccination status was unknown,

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Speaker 2: according to the Center for Disease Control. The outbreak comes

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Speaker 2: as anti vaccine sentiment in the US and elsewhere has

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Speaker 2: grown in recent years. Health Secretary Robert F. Kennedy Junior

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Speaker 2: had previously spread misinformation about childhood vaccinations and had minimized

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Speaker 2: the outbreak. He later endorsed the measles months and rubella

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Speaker 2: vaccine as the illness spread, saying in a post on

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Speaker 2: x that it is the most effective way to prevent

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Speaker 2: the spread of measles.

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Speaker 1: Sean immediately after the show, we'd love everyone to keep

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Speaker 1: listening for your chat with Jocelyn Martin, who's the managing

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Speaker 1: director of the Housing Industry Association.

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Speaker 2: Very timely because it comes on the back of the

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Speaker 2: discussion between Jim Chalmers and the Treasury advice about whether

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Speaker 2: or not Australia can reach that one point two million

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Speaker 2: homes over five years starting from this year this calendar year.

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Speaker 2: Join basically says no, we can't, and we go through

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Speaker 2: some of the reasons we can't, but what could make

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Speaker 2: it difference and she's very frank upfront about what the

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Speaker 2: government needs to do and what the industry needs to do.

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Speaker 2: So it's certainly well worth.

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Speaker 1: A listen, frank and direct.

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Speaker 2: We need that we do, Adam, We do always. Thank you, Sean,

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Speaker 2: Thanks Adam.

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Speaker 1: It's Tuesday, the fifteenth of July twenty twenty five. Make

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Speaker 1: sure you're following this podcast. Join us online on LinkedIn, Instagram, Pecks,

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Speaker 1: TikTok and Facebook, and please have a great day.