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

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Speaker 1: Angus Taylor is expected to become leader of the Federal

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Speaker 1: Liberal Party this morning, removing Susan Lee, A and Z

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Speaker 1: announces a strong quarterly result, sending bank shares surging and

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Speaker 1: the Reserve Bank concedes it let the unemployment level fall

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Speaker 1: too low and as a result, inflation crept higher. Plus

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Speaker 1: the boom in high speed internet connections and the number

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Speaker 1: of global Spotify users hit seven hundred and fifty million.

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Speaker 1: It is Friday, the thirteenth of February twenty twenty six.

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Speaker 1: Are Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning Michael.

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Speaker 1: Sean the main story this morning. The Federal Liberals will

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Speaker 1: gather in Canberra today nine o'clock to vote on who

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Speaker 1: will be the leader of the party and challenger. Angus

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Speaker 1: Taylor is favored to emerge victorious.

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Speaker 2: I think so. Taylor supporters resigned on mass from the

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Speaker 2: shadow front bench yesterday, following Taylor doing the same thing

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Speaker 2: on Wednesday night. Finance spokesperson James Patterson, Ham, Affairs spokesman

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Speaker 2: John o' dunningham, and Science spokeswoman Claire Chandler were among

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Speaker 2: the first to step down Jane Hume, Senator Jane Humes.

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Speaker 2: She wasn't on the front bench. She came out yesterday.

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Speaker 2: I said she'll challenged Ted O'Brien for the deputy leadership

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Speaker 2: of the party. Bunch of contenders for that job though,

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Speaker 2: Michael tim Wilson, maybe maybe Zoe McKenzie, Dan Teen, Melissa McIntosh.

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Speaker 2: The reason people want to be deputy is because it's

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Speaker 2: going to be really hard to beat Anthony Alberanezian in

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Speaker 2: the ALP at the next election, so getting the top

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Speaker 2: gig might not be to the person's long term benefit.

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Speaker 2: James Patterson maybe one of the few names most listeners

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Speaker 2: actually recognize. It's amazing how few Libs we recognize. Yesterday

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Speaker 2: James Patterson said the Liberal Party has to change or

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Speaker 2: risk not existing.

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Speaker 1: That's fairly existential, isn't it, Sean When we knew that

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Speaker 1: this was coming, right and you can imagine the last

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Speaker 1: twenty four hours would have just been a frenzy of

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Speaker 1: doing the numbers of phone calls behind the scenes. How's

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Speaker 1: this going to end up? Is the vote going to

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Speaker 1: be close? And I suppose is it almost better that

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Speaker 1: the vote is not close? So it's kind of decisive.

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Speaker 2: So I think yesterday morning it wasn't really clear that

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Speaker 2: Taylor would win the leadership spill. And then if you

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Speaker 2: watch the day, like if she looked at question time yesterday,

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Speaker 2: the leaders are on their phones. It wasn't much kind

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Speaker 2: of focus on what was going on. It was just

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Speaker 2: all about what was on the phone. You know. By

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Speaker 2: the end of the day, I think everyone thinks that

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Speaker 2: Taylor will win. Lee lost some key supporters later in

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Speaker 2: the day yesterday. I mean, ultimately, the Liberals need to

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Speaker 2: have a clear cut winner, someone who can get on

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Speaker 2: with uniting the coalition and providing an alternative to the government.

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Speaker 2: That's something Susan Lee did not start with. She's been

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Speaker 2: hampered the whole way the history of been fighting with parties.

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Speaker 2: You think rud Gillard, Abbott, Turnbull shows that disunity destroys

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Speaker 2: electoral prospects. Taylor probably will win this morning, and hopefully

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Speaker 2: with a clear cut majority, so we have a decent opposition.

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Speaker 2: But wow, politics is brutal.

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Speaker 1: Certainly is well said. Away from politics, Sean in to markets,

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Speaker 1: the ASEX came oh so close to a record high yesterday,

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Speaker 1: just ten points away before closing up zero point three percent.

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Speaker 1: To forty four points.

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Speaker 2: I mean, earning session is driving the market, and you

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Speaker 2: ran through a bunch of them yesterday. In the afternoon report,

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Speaker 2: the market reached nine one hundred and five points. Now

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Speaker 2: the record high is one hundred and fifteen points. It

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Speaker 2: actually got sold off in the afternoon more around AI

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Speaker 2: fears than anything else. I mean, well, the big banks

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Speaker 2: drove it. We'll talk about then in a moment. But

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Speaker 2: BHPN Rio was strong. Some of the not so strong

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Speaker 2: Sigma Healthcare, Aristocrat Leisure, Goodman Group, they didn't do so well,

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Speaker 2: but very much a results driven market and some big

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Speaker 2: moves going on.

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Speaker 1: Yeah, A and zid Sean released a quarterly profit of

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Speaker 1: one point nine to four billion dollars, highlighted by cost cutting,

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Speaker 1: and we've talked a fair bit about that over the

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Speaker 1: last few months, and that sent its share price up

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Speaker 1: eight percent yesterday.

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Speaker 2: Best of the ASEX two hundred. Not often do you

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Speaker 2: get a bank, one of the big four banks, actually

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Speaker 2: being the best or the worst for that matter, of

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Speaker 2: the ASEX two hundred. Of course, it follows a strong

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Speaker 2: showing by Commonwealth Bank on Wednesday. All the bank shares

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Speaker 2: jumped yesterday, so Comonwealth Bank was up another five percent. Yesterday,

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Speaker 2: For example, ain Zed said that more than sixty percent

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Speaker 2: of its thirty five hundred exiting staff members had gone

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Speaker 2: by December thirty one. Now that really was the story

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Speaker 2: of ain Z. It's a cost cutting story. Analyst love.

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Speaker 2: That isn't a full first half, it's just a quarterly report.

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Speaker 2: But you know, Mattos, the CEO, said that like it's

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Speaker 2: achieving its return and equity, it's achieving its cost targets,

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Speaker 2: its net interest margin, which is basically the key measure

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Speaker 2: of Profitabilly, that's rising. Analyst loved it yesterday with.

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Speaker 1: That jump suggests that analysts were surprised by how effective

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Speaker 1: it had actually been.

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Speaker 2: Yes, so the cost cutting really is the story there.

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Speaker 2: Unless everyone talks about cost cutting. You know, Matos has

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Speaker 2: always said he was going to cost cut, but until

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Speaker 2: it's actually done, you're never sure that it's going to

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Speaker 2: flow through. And it looks like Ainsz's doing it.

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Speaker 1: Yeah wow, okay, just quickly before we leave, The Financials

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Speaker 1: Insurance Australia Group said that severe Queensland whether late last

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Speaker 1: year triggered a surge in claims that the RACQ business

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Speaker 1: that IAG had acquired, and that hit net profit.

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Speaker 2: So between the last quarter of last year that RACG

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Speaker 2: RCQ group that right Q for Queens ad seventeen separate

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Speaker 2: weather events, whether insurance claims. That's quite phenomenal. Basically paid

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Speaker 2: out eight hundred million dollars and they had budgeted seventy

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Speaker 2: two million dollars. Quite amazing. For the first half, IAG

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Speaker 2: said its net profit of just over half eight billion

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Speaker 2: dollars were down thirty five percent. The underlying insurance profit

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Speaker 2: was eight hundred and four million, which was up. It's

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Speaker 2: share price, though fell six percent yesterday.

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Speaker 1: Do you get text messages from your ensurer when whether

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Speaker 1: events are approaching?

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Speaker 2: Yeah, hail approaching?

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Speaker 1: Yeah. See. I don't, and I don't know why, but

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Speaker 1: my neighbor does. So I just watched to see what

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Speaker 1: he's doing. And if I see him running out to

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Speaker 1: put the hail cover over the car, I would clash

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Speaker 1: out as well.

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Speaker 2: Value of your car might have something to do with it.

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Speaker 1: Michael, Yeah, thanks, Sean. We'll be back in a moment

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

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Speaker 1: Bank Governor Michelle Bullock was in front of Senate Estimates yesterday,

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Speaker 1: and while she agreed that the slowdown in productivity in

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Speaker 1: Australia was partly a reflection of the growth in the

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Speaker 1: public sector, As she said, it wasn't the main game.

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Speaker 2: Yes, I mean bullets become like a bullet of gate

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Speaker 2: on productivity. I've always wanted to say, bullock like a

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Speaker 2: bulleted gate. Oh well done. In Australia's productivity rates are low.

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Speaker 2: It's a key reason for rising inflation. And basically yesterday

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Speaker 2: she said, you know there is like health and aged

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Speaker 2: care traditionally lower productivity levels. That hasn't helped. I mean

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Speaker 2: there've been the growth areas in this showing economy. Therefore,

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Speaker 2: given their low productivity levels, our productivity performance is a

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Speaker 2: bit average. But it's really about business doing more, is

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Speaker 2: where she's getting at. She said that across the country.

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Speaker 2: In Perth Bank's chief economist Sarah Hunter, she had admitted

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Speaker 2: that unemployment had fallen too low, so he got down

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Speaker 2: to three point six seven percent. I think higher labor

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Speaker 2: costs then kicked in. That's contributing to inflation pressures, which

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Speaker 2: is the first time I think I've heard the Reserve

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Speaker 2: banks say that. Back to the ABA governor, she said,

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Speaker 2: some areas of the economy, like the labor market are

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Speaker 2: doing well, clearly, but the economy isn't in perfect health.

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Speaker 2: She also pushed back at the idea that Treasury Secretary

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Speaker 2: Jenny Wilkinson's membership on the Bank's Monetary Policy Board, so

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Speaker 2: the head of Treasury sits on the board. The argument

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Speaker 2: is that that person poses a threat to Central Bank

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Speaker 2: independence because she kind of works for the government, but

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Speaker 2: Bullock disagreed with that one.

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Speaker 1: She certainly didn't take too kindly to the suggestions as

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Speaker 1: well from I think it was National Senator Matt Canavan

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Speaker 1: that the Reserve Bank was gas lighting the Australian public

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Speaker 1: saying that the economy is good and that no one

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Speaker 1: actually feels like it's very good. And she certainly didn't

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Speaker 1: take that one lying down stupid comment there really yeah, yeah, yeah,

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Speaker 1: And she just explained exactly what the Reserve Bank meant

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Speaker 1: and just like, oh, come on, come on. But you

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Speaker 1: actually felt at that point that she just had enough

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Speaker 1: of some of this commentary, and especially where there's been

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Speaker 1: so many public appearances as well, you must just get

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Speaker 1: so sick of having to answer so many of these

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Speaker 1: questions repeatedly.

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Speaker 2: And they keep trying to get her to be political.

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Speaker 2: Her whole job is to not be political. Yeah. I

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Speaker 2: think she just gets frustrated with it, which is fair enough. Yeah.

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Speaker 1: Absolutely. Now, the NBN reported a three hundred and thirty

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Speaker 1: five million dollar loss last half year, which is better

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Speaker 1: than the year before, and said one in three customers

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Speaker 1: are now on plans with speeds of at least five

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Speaker 1: hundred megabits per second. That's quick.

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Speaker 2: Yeah, So what's happened Australia the one high speed Internet?

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Speaker 2: In September last year, NBN launched launched access to high

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Speaker 2: speeds for customers. Now ten times as many people at

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Speaker 2: five hundred megabits per second than twelve months ago. Another

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Speaker 2: so that's about thirty five percent, say forty another forty

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Speaker 2: percent are at one hundred megabits per second. So broadly

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Speaker 2: three quarters of customers are now on very fast internet service.

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Speaker 2: Also we download much more, not really surprising there about

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Speaker 2: thirteen percent I think, I think is pretty amazing. More

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Speaker 2: than one million customers have upgraded from legacy copper to

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Speaker 2: faster and more resilient fiber, so the whole thing of it. Said,

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Speaker 2: there's about three million fiber to the premises connections now,

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Speaker 2: which when this was all rolled out years and years

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Speaker 2: ago it was always fiber to the node and then

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Speaker 2: copper takes you to the premises. Well, three million people

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Speaker 2: now have it into their house. MBNC also said it

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Speaker 2: remains on track to start testing internet services powered by

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Speaker 2: Amazon's low Earth orbit satellite. It doesn't sound like fiber service,

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Speaker 2: that sounds like Wi Fi. But anyway, we'll see there

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Speaker 2: we go.

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Speaker 1: Yeah, Project Kaiper remember talking a lot about that last year. Yes,

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Speaker 1: it might have been a little bit over enthusiastic about it,

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Speaker 1: just because I love satellites. Sean. People are making more

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Speaker 1: coffees at home, especially in the US actually, and that's

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Speaker 1: helped Bevel Group reach record revenue in the December half.

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Speaker 2: Yeah, strong demand. Also newer markets including Mexico, China, Middle East,

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Speaker 2: and South Korea. The appliance maker post at a ten

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Speaker 2: percent jump and earnings, though net profit was flat. It's

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Speaker 2: push into direct sale of coffee beans is working as too,

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Speaker 2: is its bevel Iq tasted. Do you remember this? This

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Speaker 2: is this space age so it toasts bread based on

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Speaker 2: color rather than time, so it can sense the color

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Speaker 2: change in the bread jeans when it stops it. Genius.

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Speaker 1: See that's what technology should be used for. H There

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Speaker 1: we go now onto our corporate briefs. We started this

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Speaker 1: yesterday because so many results around no.

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Speaker 2: More than a minute. Michael, Let's do like six in

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Speaker 2: a minute, eight in a minute.

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Speaker 1: It was such a huge success well in that there

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Speaker 1: were no complaints. We're going to keep going with this, okay.

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Speaker 1: Amp share price SEAN tumbled twenty eight percent after investors

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Speaker 1: were left disappointed by the lack of a share buyback

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Speaker 1: or any other capital return. This was chief executive Alexis

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Speaker 1: George's final result in charge of the bank.

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Speaker 2: Twenty eight percent. Temple and Webster felt thirty one percent

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Speaker 2: after announcing a slump in net profit a big myth

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Speaker 2: on expectations.

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Speaker 1: Yeah, makes twenty three percent actually sound quite good, but

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Speaker 1: that's what Medical Imaging Group Promedicus took it to twenty

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Speaker 1: three percent dive yesterday after earning's disappointed for the December half.

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Speaker 1: Even though SEAN profit in the December half was up

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Speaker 1: two hundred and thirty one percent, Well had expectations.

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Speaker 2: Michael A Sex Limited, the troubled market operator Rose slightly

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Speaker 2: has it change, isn't it? It's net profit jumped eight percent.

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Speaker 2: A strong jump in revenue was somewhat diminished by twenty

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Speaker 2: percent rise and expenses. They've had all sorts of costs

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Speaker 2: based on the fact that I've had these outages and

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Speaker 2: regular tree shues.

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Speaker 1: Lendles was flat after chief executive Tony Lombardo announced that

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Speaker 1: he'd stepped down in August. He's taking out a job

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Speaker 1: in Southeast Age. That's what you want to see. You

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Speaker 1: wanted to be flat when you leave. You don't want

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Speaker 1: to suddenly that the share price to shoot up because

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Speaker 1: you're leaving.

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Speaker 2: That's true. Origin Energy is Net proper halved after a

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Speaker 2: drop in the gas business. Boss Frank Calebria upgraded guidance

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Speaker 2: the energy market business overall, which includes retailing end generation.

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Speaker 2: It's share price rose five percent.

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Speaker 1: A surge in demand for drinks in aluminium cans has

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Speaker 1: helped Aurora offset drop in sales of glass bottles for

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Speaker 1: wine and spirits. The company announced a big jump in

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Speaker 1: profits for the December half, sending its share price up

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Speaker 1: a measly four percent. Measly by the standards we've discussed

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Speaker 1: so far.

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Speaker 2: That's right and diversified minus South thirty two share price

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Speaker 2: fell three percent after it delivered a result which is

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Speaker 2: actually better than expected. Like strong gold, copper, manganese prices

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Speaker 2: drove the result. Still the share price was down. Ah

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Speaker 2: what a round, Michael.

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Speaker 1: Now that another sterling success there on international news. Now,

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Speaker 1: the Trump administration will dump rules that allows the US's

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Speaker 1: Environmental Protection Agency, the EPA, to curb pollution through regulation.

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Speaker 2: Be confusing here, but essentially the administration is disavowing an

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Speaker 2: Obama era scientific finding used for federal climate regulations. According

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Speaker 2: to The Wall Street Journal, what's known as the Endangerment

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Speaker 2: Finding determined that greenhouse gases threatened public health. Now, because

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Speaker 2: of that finding, the EPA was allowed to regulate emission

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Speaker 2: standards for cars and trucks, as well as power plants.

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Speaker 2: The Trump administration is basically saying that finding doesn't hold.

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Speaker 2: It's billing it as the largest act of deregulation in

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Speaker 2: US history, valued at a trillion US dollars, expected to

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Speaker 2: reduce vehicle costs by an average of twenty four hundred

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Speaker 2: US dollars. Now only applies to transport at the moment.

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Speaker 2: The point that they're not talking about is what it

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Speaker 2: does to the environment. Basically said, we just don't believe

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Speaker 2: that finding anymore. Now, the Trumpe administration has already removed

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Speaker 2: incentives to encourage ev usage. This really goes a step further,

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Speaker 2: and a big step further, by removing federal restrictions on

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Speaker 2: internal combustion engines.

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Speaker 1: All right, last one sean, Spotify added a record thirty

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Speaker 1: eight million new listeners during the That's a huge number

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Speaker 1: during one quarter, the December quarter. It takes monthly active

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Speaker 1: users to seven hundred and fifty one million people.

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Speaker 2: It's got two hundred million paid subscribers. And you know

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Speaker 2: what one of the most used features is, Michael, It's

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Speaker 2: Spotify wrapped. Yeah. It tells what you listen to. Your

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Speaker 2: taste in music says you are eighty five or something

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Speaker 2: ridiculous like that. Rosy my daughter, seveneen year old. She

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Speaker 2: came in at fifty eight or something.

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Speaker 1: Yeah. Remember out of you Me and Adam, our colleague

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Speaker 1: on Fear and Greed. I'm the youngest of the three

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Speaker 1: of us by far, but I was twenty years older

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Speaker 1: in my musical taste.

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Speaker 2: Spotify reckons it'll latter another eight million years. Is this

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Speaker 2: quarter listed on the stock Exchange? The Swedish Stock Exchange

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Speaker 2: share probably jump fifteen per cent yesterday. In terms of

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Speaker 2: apps or platforms, biggest globally remains Facebook, Instagram, WhatsApp all

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Speaker 2: around three billion users, which I think is about like

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Speaker 2: one in three people across the world, which pretty phenomenal.

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Speaker 1: Yeah, that is an amazing, amazing result. Okay, Sean, quick

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Speaker 1: shout out to our Fear and Greed Q and a

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Speaker 1: coming up next. Doctor Zach Turner is your guest. We

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Speaker 1: spoke to him a couple of weeks ago. Is back again.

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Speaker 2: Yeah, we spoke to him a couple of weeks ago

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Speaker 2: bout go about weight loss strikes, and this morning we're

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Speaker 2: talking to him about exogenous testosterone and sleep.

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Speaker 1: They go together, so a bit more sleep shot.

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Speaker 2: I think. So testa astraine is a real issue for

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Speaker 2: men and women, not just men, and sleep has a

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Speaker 2: lot to do with it, and so we go into

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Speaker 2: the science and that it's fascinating.

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Speaker 1: Yeah, it really is interesting. It's coming up next to

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Speaker 1: the Fear and Gred player on your podcast platform or

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Speaker 1: at Fearandgreed dot com doodau, which is where you sign

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Speaker 1: up for the free daily newsletter in your inbox every

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Speaker 1: morning by six am. If you are not signed up

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Speaker 1: to it, you are missing out. I'll put a link

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Speaker 1: in the show notes. Thanks Sean, Thanks Michael. It's Friday,

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Speaker 1: the thirteenth of February. Make sure you're following the podcast

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Speaker 1: and join us online on LinkedIn and Instagram. Oh, Michael Pumpson,

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Speaker 1: that was fear and greed. Have a great day.