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Speaker 1: Australia's housing sector has become a two speed market, with

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Speaker 1: the smaller capital cities doing much better than the bigger ones.

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Speaker 1: Bunnings named the country's most trusted brand, and China lands

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Speaker 1: a spacecraft on the dark side of the Moon. 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 Monday, the third 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. Good morning Michael, Sean. After the show stick

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Speaker 1: around for two things. First up is the Weak Ahead

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Speaker 1: with our resident economist Stephen Cocoulis. Always worth a list

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Speaker 1: in that. And then your interview with Paul Miliotis, who

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Speaker 1: is the co founder and managing director of m squared Capital,

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Speaker 1: a supporter of Fear and Greed.

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Speaker 2: Yes, all about private credit, and in m Squed's case,

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Speaker 2: it takes security over mortgages and it allows people who

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Speaker 2: might not be able to get a loan from bank

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Speaker 2: to get money otherwise. It has a growing part of

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Speaker 2: the market. In fact, it is absolutely booming private credit

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Speaker 2: at the moment, so it's great to talk to Paul

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Speaker 2: about what's going on there. Steven the chat with Stephen. Well,

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Speaker 2: it's a big week this week. We've got economic growth figures.

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Speaker 2: In fact, we've actually got done minimum wage case today

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Speaker 2: as well, so plenty going on in the economy, so

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Speaker 2: we're worth listening to Stephen as well.

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Speaker 1: Yeah, there's plenty of good listening coming up after the show.

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Speaker 1: But first the show, Sean and the main story this morning.

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Speaker 1: House prices had their strongest month in May since late

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Speaker 1: last year, but there are some big disparities between capital cities,

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Speaker 1: with Perth on a tear and Melbourne struggling.

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Speaker 2: House prices arising in most capital cities despite the cost

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Speaker 2: of living crisis and twelve year higher interest rates, it's

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Speaker 2: the mid sized capitals that are leading the way, with

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Speaker 2: Perth prices up two percent last month at a laid

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Speaker 2: up one point eight percent, in Brisman one point four percent.

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Speaker 2: Sydney reached a new milestone with prices hitting a record high,

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Speaker 2: beating the January twenty twenty two peak. According to core Logic.

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Speaker 2: During May, prices at Row zero point six percent in

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Speaker 2: the harvest citing, however, prices in Hobart and Darwen went backwards,

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Speaker 2: while in Melbourne they were higher, but only just Brisbane

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Speaker 2: is now the second most expensive capital city oiver, taking

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Speaker 2: both Canberra and Melbourne's median dwelling value. Core Logic's research

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Speaker 2: director Tim Lawless said the extremely low level of supply

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Speaker 2: in some of the mid sized capital explains the surgeon

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Speaker 2: prices in those markets. In Perth, Brisbane and Adelaide, the

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Speaker 2: average number of listings is about a third or maybe

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Speaker 2: up to forty percent below the five year average. It's

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Speaker 2: not surprising that you're actually seeing these surgeon house prices

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Speaker 2: in those markets. In Hobart about forty percent more than

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Speaker 2: the five year average, probably hangover from COVID and you're

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Speaker 2: seeing prices go backwards. Supply and demand working very nicely

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Speaker 2: in the housing market.

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Speaker 1: Yeah, Sean, it seems like, I know this is quite

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Speaker 1: a broad statement, but it seems like the housing market

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Speaker 1: in Australia has changed in the past five years and

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Speaker 1: kind of thinking back to perhaps some of the major

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Speaker 1: events that might have occurred over the last half decade,

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Speaker 1: is this it's all COVID related.

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Speaker 2: In part, in part and coming into the pandemic. Melbourne's

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Speaker 2: median dwelling value held around the day thirty seven percent

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Speaker 2: premium over Brisbane. For example, Att's median valume was approximately

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Speaker 2: twenty four percent high. Now we have Brisbane values increased

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Speaker 2: more than both those cities. In fact, Brisbane values have

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Speaker 2: increased at more than five times the pace of Melbourne

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Speaker 2: values since the onset of COVID and substantially outpaced growth

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Speaker 2: in the act. But there are other factors as well.

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Speaker 2: In Melbourne, net interstate migration hasn't helped, nor has an

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Speaker 2: increase in land tax for investment properties a government ruling.

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Speaker 2: There also rental vacancy rates aren't quite as low in Melbourne.

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Speaker 2: The bottom line and all this is that the housing

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Speaker 2: market definitely remained strong over the past year. Perth house

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Speaker 2: prices are up twenty two percent, Brisbane sixteen percent, Adelaide's

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Speaker 2: fourteen percent, Sydney's more than seven percent, mol Darwin, Canberra

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Speaker 2: and Melbourne have been around two or three percent. Only

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Speaker 2: Hobart has gone backwards, and very slightly. The combined capital

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Speaker 2: city figure is nearly nine and across the regions it's

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Speaker 2: seven percent. So if you're investing and you're getting a

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Speaker 2: nine percent return or a seven percent return, you'd still

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Speaker 2: be pretty happy, all right.

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Speaker 1: Taking a look at local markets, now, how did things

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Speaker 1: finish up on Friday.

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Speaker 2: S and PA s X two hundred closed up one

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Speaker 2: percent to seven seven hundred and two points. Healthcare stocks

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Speaker 2: did best, while energy and consumer staples also did well.

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Speaker 2: The real estate sector was the worst performer among the

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Speaker 2: large cap CSL was one of the better performance. QB

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Speaker 2: Coals and Aristocrat Leisure also did well. Goodman Group not

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Speaker 2: so much. In fact, it was the worse of the

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Speaker 2: top two hundred for the week. The BOSS fell just

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Speaker 2: twenty points. I'd say that's flat. Futures training suggests the

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Speaker 2: market will open higher today.

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Speaker 1: Okay, Checking international markets now, thanks to blue chip communication,

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Speaker 1: the experts helping financial services companies market communicate and grow

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Speaker 1: and Sean, I know this is really kind of my

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Speaker 1: day for making broad sweeping statements, but it is. It's

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Speaker 1: a pretty important week for international markets.

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Speaker 2: It sure is. On Wednesday night, Australian time, the Canadian

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Speaker 2: Central Bank meets, and then on Thursdays the European Central Bank.

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Speaker 2: Both of those are expected, not guarantee, but expected to

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Speaker 2: start cutting rates. So it'd be the first time that

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Speaker 2: has happened in this current cycle. The date of the

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Speaker 2: first cut in the world's most important economy, the US,

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Speaker 2: keeps getting pushed out. We have to wait and see

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Speaker 2: on that, but it is good to see some central

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Speaker 2: banks now taking action, and I mean I think Australia

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Speaker 2: will follow in six months or so. In terms of

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Speaker 2: the numbers golden oil, I didn't do a lot over

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Speaker 2: the weekend. Brent crude is around eighty one US dollars

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Speaker 2: a barrel and goals around twenty three hundred or twenty

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Speaker 2: three twenty US dollars an ounce. AUSI dollar starts the

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Speaker 2: week at sixty six and a half US since.

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Speaker 1: Sean, I know it's going to be a big week,

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Speaker 1: but you know, I've already picked out what my highlight

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Speaker 1: of the week is going to.

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Speaker 2: Be already, so early, go on, go on.

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Speaker 1: It is going to be the Fear and Read newsletter

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Speaker 1: which comes out, which comes out on Wednesday. And I

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Speaker 1: don't mean to put a whole lot of pressure on

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Speaker 1: you to really really deliver, but I'm expecting great things

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Speaker 1: from the newsletter this week. And of course now is

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Speaker 1: a fantastic time to get on the mailing list for

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Speaker 1: the newsletter. Head along to Fearangreed dot com dot au,

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Speaker 1: pop your email address in there and you get it

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Speaker 1: on Wednesday morning about mid morning. After Sean's had a

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Speaker 1: chance to really digest all of the big stories of

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Speaker 1: the week, and then you just unload and tell us

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Speaker 1: what you really think, how you think of it. Maybe Yeah,

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Speaker 1: big big unload from Sean Aylmer excellent, which is actually

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Speaker 1: a terrible way to sell it. It is definitely worth

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Speaker 1: it's you know what it's been going off in the

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Speaker 1: last few weeks. We've been getting terrific growth in the

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Speaker 1: newsletter and terrific feedback from people who have been enjoying

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Speaker 1: it and enjoying the spin on stories that your particular

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Speaker 1: view on stories, and you really don't hold back, and

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Speaker 1: I like that. So head along to fearangreed dot com

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Speaker 1: dot you pop your email address in and you can

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Speaker 1: get it on Wednesday morning and ignore everything I've just

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Speaker 1: said about it. If it makes you feel a little

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Speaker 1: bit icky when thinking about the newsletter, ikey, No, why

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Speaker 1: would a newsletter make you feel icky? Just the thought

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Speaker 1: of you like the I just We'll be back in

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Speaker 1: a moment with the rest of the day's business news, Shawn.

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Speaker 1: There's plenty of speculation this morning that former federal Treasurer

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Speaker 1: Josh Fridenberg will put his hand up to run at

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Speaker 1: the next poll in his old Melbourne seat of Couyong.

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Speaker 2: He lost the last election to high profile Teel independent

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Speaker 2: Minick Ryan, and the current candidate is Emilia Hamer. Following

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Speaker 2: the Australian Electoral Commission's draft boundary determination that was released

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Speaker 2: on Friday, Keyyjong is considered more liberal friendly, apparently prompting

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Speaker 2: mister Fridenberg's rethink about politics. He's currently chair of Golden

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Speaker 2: Sacks Australia. Victorian Libs aren't all in favor, though some

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Speaker 2: have come out and basically said put up or shut up.

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Speaker 2: The Libs in Victoria are very factionalized, of course, so

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Speaker 2: it would be interesting to see how that one plays out.

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Speaker 1: Oh yeah, certainly will be. Defense Minister Richard Marles says

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Speaker 1: he had a quote very frank conversation with his Chinese

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Speaker 1: counterpart over Beijing's backing of Russia in the Ukraine War,

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Speaker 1: among other matters.

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Speaker 2: While refusing to go into these specifics of the conversation

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Speaker 2: with Chinese Defense Minister Dong Yung at the Shangrila Dialogue

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Speaker 2: in Singapore, mister Miles said he covered a lot of

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Speaker 2: territory in the discussion, including unsafe incidents at sea which

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Speaker 2: mister Miles called both unsafe and unprofessional. He told Sky

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Speaker 2: News that Aucus was not raised.

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Speaker 1: West Farmers backed Bunnings has retained the top spot among

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Speaker 1: the most trusted brands in the nation, while the two

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Speaker 1: big supermarkets this is interesting have actually fallen out of

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Speaker 1: the top twenty entirely. Yes, so, Woolworths went from second

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Speaker 1: spot in December down to thirty fourth at the end

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Speaker 1: of March.

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Speaker 2: That is quite a fall. According to Roy Morgan, rival

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Speaker 2: Coles fell from the fifth most trusted brand to the

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Speaker 2: ninth most distrusted brand in the current rankings. Aldi is

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Speaker 2: now Australia's second most trusted brand See who's winning in

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Speaker 2: that serve market war, at least on the pr front,

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Speaker 2: marginally ahead of discount department store Kmart in third place.

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Speaker 2: The biggest mover in the top twenties Ossie Post, which

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Speaker 2: improved four spots, drank sixth, just behind tech giant Apple

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Speaker 2: and car manufacturer Toyota. Telco Optus remains the most distrusted

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Speaker 2: brand in Australia after their Shoka last year. That's the

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Speaker 2: third straight quarter that's happened. Followed by this is the

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Speaker 2: distrusted brands, followed by social media giant, Facebook, Meta, Embattled Airline, Quantus,

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Speaker 2: private health insurer Medibank, Telco, Giant, Telstra and media company

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Speaker 2: News Corp. Roy Morgan CEO Michelle Levine said Australian's distrust

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Speaker 2: for companies has grown significantly in the past year as

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Speaker 2: costs of living concerns and high inflation have raised concerns

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Speaker 2: about companies being motivated by higher profits and excessive price increases,

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Speaker 2: and not being focused on putting the customer first.

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Speaker 1: I know you frequently accused me of just focusing on

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Speaker 1: one thing from within a report.

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Speaker 2: Yes, I have done that.

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Speaker 1: I'm afraid I'm about to prove you correct once again. Aldi,

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Speaker 1: being the second most trusted brand, got a bit of

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Speaker 1: a gripe with Aldi at the moment.

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Speaker 2: Oh really yeah, yeah.

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Speaker 1: I have spoken at length, if not on this podcast,

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Speaker 1: then definitely on how do they afford that. I tend

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Speaker 1: to spout off a little bit on occasions, and one

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Speaker 1: thing that I love about Aldi has been their logics.

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Speaker 1: Dishwashing tablets.

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Speaker 2: Have you ever used them?

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Speaker 1: Oh? They are the best. They are absolutely the best

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Speaker 1: dishwashing tablets. Oh these are not They cost a fraction

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Speaker 1: of the price of other brands and they do an

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Speaker 1: infinitely better job, and I'm a bit of a dishwasher enthusiast.

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Speaker 1: I'm a fanatic anyway, I have a bad feeling that

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Speaker 1: Aldi may have discontinued these. I've checked multiple Aldis over

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Speaker 1: the weekend and I can't find them anymore. I can't

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Speaker 1: even find a spot ours on the shelf. So this

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Speaker 1: is just a little message to Aldi. This is not

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Speaker 1: me using fear and greeders as I personal to push

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Speaker 1: a personal agenda. But please Aldi, you're the second most

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Speaker 1: trusted brand. I trust you will make the right decision

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Speaker 1: and restore the Logic's platinum tablets to the shelves.

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Speaker 2: I've never used them, but if they work well and

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Speaker 2: they're cheap, I'm all for it.

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Speaker 1: Oh fantastic, thank you. Now, Australian investors are more engaged

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Speaker 1: in activism than at any time in more than a decade.

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Speaker 1: Is active campaign surge and companies merely bow to pressure

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Speaker 1: from agitating shareholders.

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Speaker 2: I reckon. Australian podcasters are more engaged in activism than

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Speaker 2: ever before too, after what we've heard in the last minute.

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Speaker 1: Yeah, if we just judge it on the last sixty

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Speaker 1: seconds alone, I think.

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Speaker 2: You might be right. This year is the biggest for

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Speaker 2: activist campaigns on record acclulding to data compiled by Bloomberg

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Speaker 2: Intelligence that goes back to twenty eleven. So far in

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Speaker 2: twenty twenty four, there have been twenty seven campaigns launched

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Speaker 2: on listed companies, more than double the average over the

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Speaker 2: past decade for the same period. Then at least, of course,

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Speaker 2: as the latest Australian company you too can see to

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Speaker 2: investor demands after the real estate firm last week said

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Speaker 2: it will sell its international assets. Activist shareholders including Tenara

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Speaker 2: Capital and Alan Gray have been pushing the firm to

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Speaker 2: overhaul its global ambitions, and the move will leave Lenley's

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Speaker 2: very much focused on Australia. Five of this year's campaigns

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Speaker 2: are targeting companies worth over one and a half billion dollars,

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Speaker 2: including campaigns against oil and gas giant Woodside Energy and

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Speaker 2: agricultural firm Grain Corp. There have been some high profile

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Speaker 2: stauches over the past few years. Probably the biggest was

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Speaker 2: twenty twenty two tech billionaire Mike canon Brooks blocked a

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Speaker 2: de merger by AGL Energy citing climate concerns. Then gena

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Speaker 2: Ryan Hart later scuttled Albemarle six point six billion dollar

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Speaker 2: takeover of lithium minor Liontown Resources. There was also Australian

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Speaker 2: super bocked a brook Field Asset Management led multi billion

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Speaker 2: dollar acquisition of Origin Energy. I think it's a good

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Speaker 2: thing that we have more activist shareholders rather than these

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Speaker 2: discussions going on behind closed doors now.

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Speaker 1: Mexican fast food chain GUZMANI Gomez plans to list on

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Speaker 1: the AX later this month with a two point two

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Speaker 1: billion dollar valuation.

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Speaker 2: Goosman confirmed it will proceed with a fully underwritten float

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Speaker 2: of eleven point one million shares at twenty two dollars

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Speaker 2: apiece that we know general public offer, so you can't

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Speaker 2: get in ahead of the float, but once it lists

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Speaker 2: you can. The money raised will be used to fund growth,

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Speaker 2: primarily expanding its restaurant network in Australia. In April, Goosman

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Speaker 2: raised one hundred and thirty five million dollars in private

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Speaker 2: markets and said current shareholders are generally keen to subscribe

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Speaker 2: again obviously not going to struggle to find the money.

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Speaker 2: Co founder and co CEO Stephen Marks, will control about

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Speaker 2: nine point nine percent of the company. I reckon that's

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Speaker 2: two point two billion ten percent and twenty million dollars.

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Speaker 2: Nice work, Sean.

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Speaker 1: Quantas has reached a multi billion dollar agreement with Perth

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Speaker 1: Airport for a new terminal and runway which will create

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Speaker 1: a new long haul aviation harbor in western Australia.

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Speaker 2: Under the twelve year deal, Perth Airport will invest about

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Speaker 2: three billion dollars in the new infrastructure. In return, Qantas

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Speaker 2: and its low cost carrier Jetstar will relocate to the

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Speaker 2: new terminal and add four point four million seats each

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Speaker 2: year to and from the city by the time the

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Speaker 2: site opens in twenty thirty one. That's according to Quantus.

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Speaker 2: Management said that the new harbor wood strength and travel

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Speaker 2: options between Australia and Asia, Africa, India and Europe. According

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Speaker 2: to a report and the finn Review, Quantus and Perth

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Speaker 2: Airport have long been at commercial loggerheads, including a year's

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Speaker 2: long court battle over fees and capital costs and stuff

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Speaker 2: like that. Under Quantus's former CEO Alan Joyce said, this

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Speaker 2: is something of a breakthrough.

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Speaker 1: Hey about this one, Sean. The Mona Gallery in Tasmania

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Speaker 1: is about to exhibit an album so rare and so

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Speaker 1: valuable that only a few people have ever listened to it.

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Speaker 2: Yeah, So when we're talking about an album, we're talking

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Speaker 2: about a record. We're talking about music. So housed in

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Speaker 2: an ornate silver box, Once upon a Time in Shaolin,

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Speaker 2: recorded in secret by the Wu Tang Clan over six years,

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Speaker 2: was designed to be a piece of fine art. Only

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Speaker 2: a single CD copy exists. The record by the pioneering

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Speaker 2: hip hop group is the most expensive ever sold. It's

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Speaker 2: now been loaned to Tasmani's Museum of Old and New

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Speaker 2: Art MONA. Over ten days this month, MONA will host

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Speaker 2: small listing parties where members of the public can here

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Speaker 2: a curated thirty minute sample of the album It's Pretty Incredible,

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Speaker 2: recorded in New York City and produced in Marrakesh between

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Speaker 2: twenty six and twenty thirteen. The album includes the nine

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Speaker 2: surviving members of the group. It includes a handcarved nickel

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Speaker 2: box and a leather bound manuscript containing lyrics and a

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Speaker 2: certificate of authenticity and a legal condition that the owner

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Speaker 2: cannot release for thirty one tracks for eighty eight years.

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Speaker 2: Quite an incredible story.

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Speaker 1: It certainly is. And I can guarantee one thing, which

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Speaker 1: is that our fear and greed colleague Adam Lang, who

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Speaker 1: is our judge on the Fear and Greed weekend edition,

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Speaker 1: who is an absolute music nut, will be doing his

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Speaker 1: very best to try and get tickets to one of

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Speaker 1: those public listening sessions.

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Speaker 2: Hi Bety will be eh, Oh my god.

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Speaker 1: He will just be so excited he won't sleep for

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Speaker 1: a year. Turning to International News Now, Sean exit polls

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Speaker 1: in India's six week election indicate a resounding victory for

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Speaker 1: Prime Minister or Andromodi's party.

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Speaker 2: Voting finished over the weekend, counting has begun. The exit

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Speaker 2: pole suggests mister Mody's BJP party will easy clinch the

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Speaker 2: two hundred and seventy two seats needed for victory. The

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Speaker 2: vote counting will commence tomorrow. A big win would enable

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Speaker 2: the party to push through policies that are seen as

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Speaker 2: crucial for boosting India's economic growth, which is already among

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Speaker 2: the world's fastest. According to Bloomberg.

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Speaker 1: Sean, I appreciate you including this story India. It does

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Speaker 1: feel like it's for me. A Chinese spacecraft has landed

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Speaker 1: on the far side of the Moon, boosting the nation's

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Speaker 1: efforts to compete with the US in a race to

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Speaker 1: send people back to the lunar surface for the first time.

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Speaker 1: In more than half a century.

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Speaker 2: The China National Space Imustration announced that Chang E six

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Speaker 2: that's Cha n g apostrophe e dash six Chang E

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Speaker 2: six successfully landed at the designated landing area. According to

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Speaker 2: the Shinhua News agency, Chang E six will attempt to

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Speaker 2: be the first to collect sample from the Moon's far

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Speaker 2: side and transport them back to Earth. The mission is

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Speaker 2: China's second to the far side, following landing by the

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Speaker 2: Chang E four spacecraft in twenty nineteen. No other country

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Speaker 2: has landed on that half of the moon. It's much

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Speaker 2: more difficult area for communications because it never actually faces

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Speaker 2: the Earth. That explains why no one else has gone there.

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Speaker 2: But quite an achievement for the Chinese spacecraft to land

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Speaker 2: on the far side of the Moon's very sort of

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Speaker 2: Pink floydish or something, isn't it? Yeah, the dark side

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Speaker 2: of the moon. But same deal, Oh.

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Speaker 1: Gary Larson to remember those comics the far side collection side? Yes, yeah,

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Speaker 1: that's great. What does that tell you, Sean about the

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Speaker 1: two of us that you go straight to Pink Floyd

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Speaker 1: and I go to Gary.

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Speaker 2: Larsten comics go flains us to it.

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Speaker 1: It actually does, doesn't it?

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Speaker 2: All right?

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Speaker 1: Up next is two Things, Fear and Greed The week

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Speaker 1: Ahead with our resident economist Stephen Coucoulis.

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Speaker 2: Yep, all about what's happening this week, particularly economic growth

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Speaker 2: figure is very important.

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Speaker 1: And then after that Paul miliotis your interview with the

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Speaker 1: co founder and managing director of m squared Capital.

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Speaker 2: Yeah, private credit, who uses it? Who funds it? Great

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Speaker 2: chat with Paul.

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Speaker 1: Yeah, plenty of good listening for your Monday morning. They

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Speaker 1: are both coming up in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dot

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Speaker 1: Auwe can sign up for that newsletter I've mentioned a

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Speaker 1: dozen times. Thank you Sean, Thank you Michael. It's Monday,

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Speaker 1: the third of June twenty twenty four. Make sure you're

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

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Speaker 1: x TikTok and Facebook. Michael Thompson and that was Fear

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Speaker 1: and Greed. Have a great day.