1 00:00:06,120 --> 00:00:09,160 Michael Thompson: Today on Fear and Greed. Global markets sore as Donald 2 00:00:09,200 --> 00:00:12,400 Michael Thompson: Trump delays the imposition of large tariffs for ninety days, 3 00:00:12,400 --> 00:00:16,360 Michael Thompson: but uncertainty about what happens next has investors very nervous. 4 00:00:16,800 --> 00:00:20,000 Michael Thompson: Thousands of Virgin passengers are eligible for refunds after a 5 00:00:20,120 --> 00:00:24,000 Michael Thompson: system failure, and Australians have been urged to check their 6 00:00:24,000 --> 00:00:28,160 Michael Thompson: online passwords. Plus, the Coalition promises a twenty billion dollar 7 00:00:28,240 --> 00:00:32,159 Michael Thompson: regional fund and a meta whistleblower unloads on the tech company. 8 00:00:32,320 --> 00:00:34,680 Michael Thompson: Welcome to Fear and Greed, daily business news for people 9 00:00:34,720 --> 00:00:37,480 Michael Thompson: who make their own decisions. It is Friday, the eleventh 10 00:00:37,479 --> 00:00:40,800 Michael Thompson: of April twenty twenty five. I'm Michael Thompson and good morning, 11 00:00:40,880 --> 00:00:41,600 Michael Thompson: Sean Aylmer. 12 00:00:41,800 --> 00:00:42,839 Sean Aylmer: Good morning, Michael. 13 00:00:43,320 --> 00:00:44,839 Michael Thompson: Tell you what sh on? We chose a heck of 14 00:00:44,880 --> 00:00:47,920 Michael Thompson: a week to launch our daily newsletter, didn't We did? 15 00:00:48,280 --> 00:00:51,520 Sean Aylmer: We did. It's a great week to launch it because 16 00:00:51,560 --> 00:00:54,280 Sean Aylmer: there's plenty of news going on, but maybe it would 17 00:00:54,320 --> 00:00:56,959 Sean Aylmer: have been nice just to have a little bit more calm. 18 00:00:57,520 --> 00:01:00,000 Michael Thompson: Maybe I'll tell you what. It has been well received, 19 00:01:00,240 --> 00:01:02,040 Michael Thompson: and thank you to everyone who has signed up for 20 00:01:02,080 --> 00:01:04,959 Michael Thompson: it already. If you haven't signed up for the free 21 00:01:05,080 --> 00:01:07,560 Michael Thompson: daily Fear and Greed newsletter. Head along to our website 22 00:01:07,560 --> 00:01:10,400 Michael Thompson: Fearangreed dot com dot au pop your email addressing. I'll 23 00:01:10,400 --> 00:01:12,479 Michael Thompson: put a link in today's show notes as well, so 24 00:01:12,520 --> 00:01:14,920 Michael Thompson: that you can get the next newsletter out every weekday 25 00:01:14,920 --> 00:01:18,279 Michael Thompson: by six am. Shawn. The main story, though, this morning, 26 00:01:18,400 --> 00:01:22,320 Michael Thompson: uncertainty rains across global markets with the biggest one day 27 00:01:22,440 --> 00:01:26,160 Michael Thompson: bounce in equity markets in five years, aren't able to 28 00:01:26,240 --> 00:01:30,040 Michael Thompson: hide the total chaos in financial markets well put. 29 00:01:30,600 --> 00:01:34,520 Sean Aylmer: In fact, the bounce yesterday morning on Wall Street was 30 00:01:34,560 --> 00:01:37,679 Sean Aylmer: the biggest since two thousand and eight. Locally, it's just 31 00:01:37,800 --> 00:01:40,600 Sean Aylmer: five years. The story as we know it in brief, 32 00:01:41,080 --> 00:01:44,679 Sean Aylmer: Donald Trump introduced Liberation Day tariffs based on a formula 33 00:01:44,680 --> 00:01:49,120 Sean Aylmer: which no one thought made sense. Beijing introduced retaliatory tariffs, 34 00:01:49,400 --> 00:01:51,600 Sean Aylmer: spurring Trump to lift the rate on Chinese inputs to 35 00:01:51,600 --> 00:01:55,280 Sean Aylmer: more than one hundred percent. The trade wars sent equities tumbling. 36 00:01:55,520 --> 00:02:00,880 Sean Aylmer: More importantly, though, Michael, More importantly, bond markets crashed. The 37 00:02:01,080 --> 00:02:05,920 Sean Aylmer: US bond market crashed. Lower bond yeels, Sorry, I'll say 38 00:02:05,960 --> 00:02:09,120 Sean Aylmer: that again, lower bond prices. People don't want bonds. The 39 00:02:09,200 --> 00:02:13,639 Sean Aylmer: price falls sends it yields much higher, and that is 40 00:02:13,680 --> 00:02:17,920 Sean Aylmer: the cost of debt now the US in the last 41 00:02:17,919 --> 00:02:19,600 Sean Aylmer: thirty six hours has been trying to raise tens of 42 00:02:19,639 --> 00:02:22,640 Sean Aylmer: billions of dollars just to fund their spending. The cost 43 00:02:22,760 --> 00:02:26,240 Sean Aylmer: was getting higher and higher, and that's I think when 44 00:02:26,280 --> 00:02:29,760 Sean Aylmer: Donald Trump thought, Okay, we need to quarterize this. Or 45 00:02:29,800 --> 00:02:31,560 Sean Aylmer: if it wasn't Donald Trump, it might have been Treasury 46 00:02:31,600 --> 00:02:35,040 Sean Aylmer: Secretary Scott Bessant who said we need to quarterize what's 47 00:02:35,080 --> 00:02:39,600 Sean Aylmer: going on? What was quite incredible the global financial system. 48 00:02:39,720 --> 00:02:44,639 Sean Aylmer: The absolute foundation of it is US bonds, US ten 49 00:02:44,720 --> 00:02:48,000 Sean Aylmer: year bonds. They are about as secure as you could 50 00:02:48,000 --> 00:02:51,440 Sean Aylmer: possibly get. You are never going to lose your money 51 00:02:51,919 --> 00:02:55,160 Sean Aylmer: on ten year bonds US ten year bonds. However, given 52 00:02:55,200 --> 00:02:58,560 Sean Aylmer: what Trump's done, there were questions about it that triggered 53 00:02:58,600 --> 00:03:01,000 Sean Aylmer: what happened in bond markets and what happened in equity 54 00:03:01,000 --> 00:03:07,440 Sean Aylmer: markets phenomenal. What, Yes, you're excited about the bond market, Michael, 55 00:03:07,440 --> 00:03:08,359 Sean Aylmer: I can see it in your eyes. 56 00:03:08,440 --> 00:03:10,520 Michael Thompson: I was actually about to make a point about that, 57 00:03:10,639 --> 00:03:14,800 Michael Thompson: because this has pushed bonds into the headlines in a 58 00:03:14,800 --> 00:03:16,960 Michael Thompson: way that they have not been for a long time. 59 00:03:17,080 --> 00:03:19,880 Michael Thompson: All of a sudden, you have got multiple stories out 60 00:03:19,880 --> 00:03:24,640 Michael Thompson: there and people suddenly asking about bonds, trying to understand 61 00:03:24,680 --> 00:03:26,960 Michael Thompson: how it all works, and Donald Trump is talking about 62 00:03:27,040 --> 00:03:31,800 Michael Thompson: bonds in detail that we have not really seen in 63 00:03:31,880 --> 00:03:33,559 Michael Thompson: recent years. It's quite extraordinary. 64 00:03:33,639 --> 00:03:36,400 Sean Aylmer: Yeah, they are like the risk free or as close 65 00:03:36,480 --> 00:03:40,280 Sean Aylmer: to risk free investment that you could ever have. And 66 00:03:40,320 --> 00:03:43,240 Sean Aylmer: when people start thinking they're getting a bit risky, well 67 00:03:43,400 --> 00:03:47,680 Sean Aylmer: everything else gets worse. Basically, when Donald Trump did his backflip, 68 00:03:47,800 --> 00:03:50,680 Sean Aylmer: Wall Street was higher, s and P five hundred, ten percent, 69 00:03:50,840 --> 00:03:54,640 Sean Aylmer: Tech heavy, Naisdak twelve percent, All the big magnificent seven 70 00:03:54,720 --> 00:03:58,560 Sean Aylmer: tech stocks r up by more than ten percent. The 71 00:03:59,320 --> 00:04:02,280 Sean Aylmer: Wall Street actually we added about four point three trillion 72 00:04:02,360 --> 00:04:04,360 Sean Aylmer: US dollars and that's come back a bit last night, 73 00:04:04,400 --> 00:04:08,800 Sean Aylmer: but like the twenty four hours before that quite incredible. Locally, 74 00:04:08,800 --> 00:04:11,360 Sean Aylmer: the AIX rows four and a half percent, led by 75 00:04:11,400 --> 00:04:14,000 Sean Aylmer: the tech stocks, the big miners, and the energy companies. 76 00:04:14,280 --> 00:04:18,200 Sean Aylmer: Where we've landed. As we stand here this morning, all 77 00:04:18,320 --> 00:04:20,640 Sean Aylmer: nations faced ten percent tariff, except for China, where that's 78 00:04:20,640 --> 00:04:22,919 Sean Aylmer: one hundred and twenty five percent. And the reason Trump 79 00:04:22,920 --> 00:04:25,359 Sean Aylmer: did that, he said it reflects a lack of respect 80 00:04:25,360 --> 00:04:29,599 Sean Aylmer: from Beijing. It's just a ninety day pause, according to Trump, 81 00:04:29,960 --> 00:04:33,240 Sean Aylmer: that gives nations time to negotiate with the US. Seventy 82 00:04:33,240 --> 00:04:37,120 Sean Aylmer: five been touched already. He said it's a temporary reprieve though, 83 00:04:37,160 --> 00:04:41,080 Sean Aylmer: as Beta shares David BASINSI put it. I liked Bass's 84 00:04:41,080 --> 00:04:44,480 Sean Aylmer: comment yesterday. I quote him, the good Ship USA has 85 00:04:44,480 --> 00:04:46,520 Sean Aylmer: still been hit by an iceberg and is taking on 86 00:04:46,600 --> 00:04:49,320 Sean Aylmer: water up. All that's happened is Captain Trump has told 87 00:04:49,320 --> 00:04:53,600 Sean Aylmer: the crew to stop the engines. Well put David BASINESI. 88 00:04:55,160 --> 00:05:00,799 Michael Thompson: That's a great line, isn't it. Incredible movements in fiveinancial markets. 89 00:05:00,880 --> 00:05:03,640 Michael Thompson: The response from around the world, Sean has been loud, 90 00:05:04,400 --> 00:05:06,320 Michael Thompson: very loud. What's next? 91 00:05:07,560 --> 00:05:10,000 Sean Aylmer: So you're asking me, what's Donald Trump going to do next? 92 00:05:10,240 --> 00:05:10,960 Sean Aylmer: Is that right? Okay? 93 00:05:11,080 --> 00:05:13,120 Michael Thompson: So I could probably ask Donald Trump what he's going 94 00:05:13,160 --> 00:05:14,120 Michael Thompson: to do next, he wouldn't be. 95 00:05:14,120 --> 00:05:16,600 Sean Aylmer: Able to announce it. Look, he just hasn't been predictable. 96 00:05:16,720 --> 00:05:20,000 Sean Aylmer: Plenty of questions over how negotiations over the next ninety 97 00:05:20,080 --> 00:05:23,000 Sean Aylmer: days will proceed. What's really interesting, places like Canada, Mexico, 98 00:05:23,120 --> 00:05:25,520 Sean Aylmer: really close friends. They had the twenty five percent tariff. 99 00:05:25,600 --> 00:05:29,000 Sean Aylmer: I think, I think because you never share with this administration, 100 00:05:29,360 --> 00:05:32,680 Sean Aylmer: they've gone down to ten percent. Markets atom bottom line. 101 00:05:32,720 --> 00:05:36,760 Sean Aylmer: Markets hate uncertainty. What's going on adds the uncertainty. Having 102 00:05:36,800 --> 00:05:38,640 Sean Aylmer: said that investors feel a lot better about the state 103 00:05:38,680 --> 00:05:41,600 Sean Aylmer: of plate now than they did forty eight hours ago. 104 00:05:41,800 --> 00:05:45,760 Sean Aylmer: Some relatively riskier assets like the Aussie dollar have bounced. 105 00:05:46,000 --> 00:05:48,680 Sean Aylmer: It's now training just under sixty two US since, having 106 00:05:48,720 --> 00:05:51,200 Sean Aylmer: had the best day since the two thousand and seven 107 00:05:51,240 --> 00:05:54,400 Sean Aylmer: global financial crisis, at least in terms of appreciation against 108 00:05:54,440 --> 00:05:58,520 Sean Aylmer: the green back. Bitcoin rose Michael, the one you're going 109 00:05:58,560 --> 00:06:01,640 Sean Aylmer: to ask me. Some market economists have already started pulling 110 00:06:01,640 --> 00:06:06,480 Sean Aylmer: back forecasts of rate cuts in Australia, though bond markets 111 00:06:06,520 --> 00:06:09,880 Sean Aylmer: still have priced in four cuts by Christmas this year. 112 00:06:10,320 --> 00:06:13,280 Michael Thompson: God just shows how quickly things can change. Sean, Can 113 00:06:13,320 --> 00:06:15,400 Michael Thompson: I ask you about something else that happened as part 114 00:06:15,440 --> 00:06:17,120 Michael Thompson: of all of this, And There's been a lot of 115 00:06:17,160 --> 00:06:23,400 Michael Thompson: commentary around it, around Donald Trump's post on truth Social 116 00:06:24,040 --> 00:06:27,200 Michael Thompson: a couple of hours before he made the announcement to 117 00:06:27,360 --> 00:06:31,800 Michael Thompson: pause tariffs, where he actually said in a tweet or 118 00:06:31,800 --> 00:06:34,720 Michael Thompson: whatever they call it on truth, this is a great 119 00:06:34,760 --> 00:06:37,880 Michael Thompson: time to buy and he signed it off DJT. A 120 00:06:37,920 --> 00:06:41,240 Michael Thompson: lot of questions about kind of what was that sending 121 00:06:41,279 --> 00:06:43,880 Michael Thompson: a message to people to buy in because it was 122 00:06:43,880 --> 00:06:46,120 Michael Thompson: about it was about to make an announcement and the 123 00:06:46,160 --> 00:06:48,839 Michael Thompson: market was about to shoot up. A lot of questions 124 00:06:48,839 --> 00:06:51,120 Michael Thompson: about the optics of it, that it doesn't look good 125 00:06:51,200 --> 00:06:53,719 Michael Thompson: even if there was nothing intended by it. What do 126 00:06:53,760 --> 00:06:54,360 Michael Thompson: you make of it? 127 00:06:55,880 --> 00:07:02,880 Sean Aylmer: I think Donald Trump's credibility on truth social is not 128 00:07:03,080 --> 00:07:06,719 Sean Aylmer: great in terms of he says stuff that he's trying 129 00:07:06,720 --> 00:07:09,400 Sean Aylmer: to ramp up the market and what he's doing all 130 00:07:09,440 --> 00:07:12,800 Sean Aylmer: the time. So the fact that he said it's a 131 00:07:12,800 --> 00:07:16,720 Sean Aylmer: great time to buy ahead of the change in tariffs, 132 00:07:17,200 --> 00:07:20,320 Sean Aylmer: everyone would have DiscId, Oh, that's just Donald Trump talking 133 00:07:20,760 --> 00:07:24,040 Sean Aylmer: things up. Now the fact that he then changed his decision, 134 00:07:24,520 --> 00:07:29,040 Sean Aylmer: the inference is that he's leaking information to some people 135 00:07:29,120 --> 00:07:32,040 Sean Aylmer: and not everyone with regards to what's going to happen 136 00:07:32,040 --> 00:07:36,600 Sean Aylmer: in financial markets. That's a real problem. But to be honest, 137 00:07:37,200 --> 00:07:39,760 Sean Aylmer: I can't get stuck up on that. I just think 138 00:07:39,800 --> 00:07:42,000 Sean Aylmer: that was Donald Trump saying what Donald Trump says. 139 00:07:43,080 --> 00:07:45,800 Michael Thompson: Can you believe it's even a conversation though involving the 140 00:07:45,800 --> 00:07:47,239 Michael Thompson: President of the United States? 141 00:07:47,600 --> 00:07:50,400 Sean Aylmer: It's a king with no clients, you know, it's exactly 142 00:07:50,400 --> 00:07:52,920 Sean Aylmer: the same tale. He just sort of says so much 143 00:07:52,960 --> 00:07:56,120 Sean Aylmer: stuff that you kind of end up bypassing most of it. 144 00:07:57,400 --> 00:07:59,160 Sean Aylmer: And it's a real problem because you don't know what 145 00:07:59,200 --> 00:07:59,640 Sean Aylmer: to listen to. 146 00:08:00,200 --> 00:08:04,960 Michael Thompson: Yeah. Anyway, massive, massive effect then on the local market 147 00:08:05,080 --> 00:08:07,840 Michael Thompson: as well. Yesterday take us through what happened here. 148 00:08:07,920 --> 00:08:11,800 Sean Aylmer: Well about up about four and a half percent. The 149 00:08:11,840 --> 00:08:14,840 Sean Aylmer: tech stocks led the way. The big miners did well, 150 00:08:14,920 --> 00:08:20,120 Sean Aylmer: so to the energy stocks yesterday. From memory, well, yesterday 151 00:08:20,360 --> 00:08:22,880 Sean Aylmer: was the first time I can remember that all two 152 00:08:23,000 --> 00:08:28,240 Sean Aylmer: hundred of the ASEX two hundred stocks ended higher. So 153 00:08:28,360 --> 00:08:31,640 Sean Aylmer: two hundred out of two hundred, sea of green. That 154 00:08:31,800 --> 00:08:34,040 Sean Aylmer: is a sea of green. Forget the red, it's a 155 00:08:34,360 --> 00:08:38,480 Sean Aylmer: sea of green. The most the worst performing companies were 156 00:08:38,480 --> 00:08:40,719 Sean Aylmer: the ones that we were saying were the best performers 157 00:08:40,760 --> 00:08:43,800 Sean Aylmer: a week ago. You call them boring companies, not me. 158 00:08:43,880 --> 00:08:48,280 Sean Aylmer: I'd never say that. The steady companies retailers, telcose, utilities, 159 00:08:48,480 --> 00:08:50,000 Sean Aylmer: mind you, they are all up, you know, two to 160 00:08:50,080 --> 00:08:51,720 Sean Aylmer: three percent, so they still did pretty well. 161 00:08:52,200 --> 00:08:55,040 Michael Thompson: I didn't call them. I love how you rewrite history here. 162 00:08:55,000 --> 00:08:57,959 Sean Aylmer: Michael, move on. Don't try and reprosecute something. 163 00:08:58,400 --> 00:09:00,760 Michael Thompson: Fine, fine, we'll just accept the We agreed that they 164 00:09:00,760 --> 00:09:04,920 Michael Thompson: were steady, though, right, very steady at best. Indeed, look 165 00:09:04,960 --> 00:09:06,719 Michael Thompson: after the show, Sean, we've still got plenty to come. 166 00:09:07,040 --> 00:09:09,240 Michael Thompson: But you got an interview coming up afterwards with John 167 00:09:09,320 --> 00:09:11,600 Michael Thompson: Howie from trading platform Steak. 168 00:09:12,080 --> 00:09:15,520 Sean Aylmer: So Steak is a great training platform for retail investors, 169 00:09:15,960 --> 00:09:17,640 Sean Aylmer: and there's been a few stories around the place how 170 00:09:17,679 --> 00:09:20,640 Sean Aylmer: retail investors have been buying and selling in the market 171 00:09:20,679 --> 00:09:22,440 Sean Aylmer: over the past week, So we thought we'd ask John 172 00:09:22,880 --> 00:09:27,720 Sean Aylmer: exactly what's happening. Fascinating chat what they're buying, what retail 173 00:09:27,720 --> 00:09:31,520 Sean Aylmer: investors are buying when they're buying. So there is this 174 00:09:31,760 --> 00:09:34,560 Sean Aylmer: view out there that retail investors always missed the boat, 175 00:09:35,040 --> 00:09:37,920 Sean Aylmer: the institutional investors get in first. Well, John will argue. 176 00:09:38,040 --> 00:09:40,200 Sean Aylmer: John argues against that and he makes some very good 177 00:09:40,200 --> 00:09:44,160 Sean Aylmer: points on that. So it's just a really fascinating insight 178 00:09:44,320 --> 00:09:47,280 Sean Aylmer: into exactly how trading's going on and how it has 179 00:09:47,320 --> 00:09:48,840 Sean Aylmer: gone on over the past five days. 180 00:09:49,120 --> 00:09:51,400 Michael Thompson: Yeah, absolutely, all right, that's coming up after the show. 181 00:09:51,440 --> 00:09:53,040 Michael Thompson: Sean will be back in a moment with the rest 182 00:09:53,040 --> 00:10:04,040 Michael Thompson: of the day's business news. Sean. In politics, the Coalition 183 00:10:04,200 --> 00:10:08,720 Michael Thompson: yesterday unveiled plans to establish two new regional investment funds 184 00:10:08,800 --> 00:10:13,640 Michael Thompson: totaling twenty billion dollars seeded by windfall gains from commodity prices. 185 00:10:13,760 --> 00:10:16,800 Sean Aylmer: The Coalition says it will dedicate eighty percent of positive 186 00:10:16,960 --> 00:10:21,319 Sean Aylmer: windfall commodity receipts each year to a Future Generation funded 187 00:10:21,360 --> 00:10:25,559 Sean Aylmer: on Regional Australian Future Fund. Now, what's a positive windfall 188 00:10:25,679 --> 00:10:30,240 Sean Aylmer: commodity receipt It's the difference between the forecast revenue from 189 00:10:30,240 --> 00:10:34,599 Sean Aylmer: commodities like iron ore and that that is actually received. 190 00:10:34,880 --> 00:10:39,320 Sean Aylmer: There's almost always a revenue windfall because iron ore in particular, 191 00:10:39,360 --> 00:10:42,319 Sean Aylmer: Treasury assumes a very conservative price vin ore. I think 192 00:10:42,320 --> 00:10:45,000 Sean Aylmer: it's about eighty bucks at the moment's training about ninety 193 00:10:45,000 --> 00:10:47,480 Sean Aylmer: six ninety seven, so that seventeen dollars a ton is 194 00:10:47,559 --> 00:10:51,559 Sean Aylmer: the windfall. The Opposition are saying, if elected, they will 195 00:10:51,600 --> 00:10:54,640 Sean Aylmer: put that into a twenty billion dollars really to spend 196 00:10:54,679 --> 00:10:58,040 Sean Aylmer: on Regional Australia. It'll be managed the Region Australia Future 197 00:10:58,040 --> 00:11:00,240 Sean Aylmer: Fund will be managed by the Future Generation Fund. Its 198 00:11:00,240 --> 00:11:03,600 Sean Aylmer: proceeds will be dedicated to regional programs in addition to 199 00:11:03,640 --> 00:11:06,559 Sean Aylmer: what's already been budgeted for regions in rural Australia. 200 00:11:07,280 --> 00:11:10,319 Michael Thompson: Can you imagine trying to forecast revenue from iron ore 201 00:11:10,360 --> 00:11:13,080 Michael Thompson: at the moment, just trying to figure out what on 202 00:11:13,120 --> 00:11:15,640 Michael Thompson: earth is going to happen when things are changing on 203 00:11:15,679 --> 00:11:20,160 Michael Thompson: a daily basis. Both leaders were also asked yesterday about 204 00:11:20,240 --> 00:11:24,160 Michael Thompson: China's proposal that we quote join hands to defend global 205 00:11:24,200 --> 00:11:26,079 Michael Thompson: trade in response to American tariffs. 206 00:11:26,400 --> 00:11:28,920 Sean Aylmer: I don't think Anthony Albanezi or Peter Dutton was sort 207 00:11:28,920 --> 00:11:32,600 Sean Aylmer: of putting their hands forward, so both running from that one. 208 00:11:32,679 --> 00:11:34,720 Michael Thompson: They have the hands in their pockets of that very much. 209 00:11:35,440 --> 00:11:36,000 Michael Thompson: Not holding this. 210 00:11:36,400 --> 00:11:39,400 Sean Aylmer: The Prime ministers of our relationship with China's important, responsible 211 00:11:39,440 --> 00:11:41,840 Sean Aylmer: for many jobs. The opposition leader said, it's important to 212 00:11:41,880 --> 00:11:43,960 Sean Aylmer: have a good relationship with Beijing, but they kind of 213 00:11:44,040 --> 00:11:47,800 Sean Aylmer: left it there. Meanwhile, the European Union has agreed to 214 00:11:47,840 --> 00:11:51,920 Sean Aylmer: revisit free trade negotiations with Australia against the backtop of 215 00:11:51,960 --> 00:11:53,400 Sean Aylmer: these Trump tariffs. 216 00:11:53,800 --> 00:11:56,160 Michael Thompson: And just one last one. In politics, at the National 217 00:11:56,160 --> 00:11:58,920 Michael Thompson: Press Club in Canberra, Energy Minister Chris Bowlen faced off 218 00:11:58,920 --> 00:12:00,640 Michael Thompson: against his counterpart d O'Brien. 219 00:12:00,880 --> 00:12:03,360 Sean Aylmer: Bowen said that energy prices will be cheaper under labor. 220 00:12:04,040 --> 00:12:05,880 Sean Aylmer: Brian said that the Coalition and Government would deliver a 221 00:12:05,880 --> 00:12:09,760 Sean Aylmer: three percent reduction electricity bills based on modeling by Frontier Economics, 222 00:12:09,960 --> 00:12:10,680 Sean Aylmer: and that's about it. 223 00:12:11,480 --> 00:12:13,560 Michael Thompson: Okay mentioned this one at the top of the show. 224 00:12:13,600 --> 00:12:17,240 Michael Thompson: Shown thousands of Virgin Australia customers are eligible for a 225 00:12:17,280 --> 00:12:21,800 Michael Thompson: refund after being overcharged for itinerary changes dating as far 226 00:12:21,840 --> 00:12:25,000 Michael Thompson: back as April twenty twenty. This is going back five years. 227 00:12:25,240 --> 00:12:27,640 Sean Aylmer: Yes, so sixty one thousand people have been identified as 228 00:12:27,679 --> 00:12:31,200 Sean Aylmer: being overcharged due to a coding issue within Virgin Australia's 229 00:12:31,200 --> 00:12:34,720 Sean Aylmer: online booking system. Virgin Australia pick it up itself. It 230 00:12:35,000 --> 00:12:37,760 Sean Aylmer: told the Australian Competition and Consumer Commission as it should, 231 00:12:38,120 --> 00:12:41,120 Sean Aylmer: and the hblec's assessing were there any further actions required. 232 00:12:41,400 --> 00:12:44,080 Sean Aylmer: The problem was only recently identified when Virgin Australia are 233 00:12:44,120 --> 00:12:46,520 Sean Aylmer: in tests across all of its booking systems while adding 234 00:12:46,520 --> 00:12:50,080 Sean Aylmer: a new product. The average refund to be paid fifty 235 00:12:50,080 --> 00:12:52,959 Sean Aylmer: five bucks. About fifteen percent of those are in like 236 00:12:53,040 --> 00:12:55,839 Sean Aylmer: to pocket more than one hundred dollars. So if you've 237 00:12:55,880 --> 00:12:59,200 Sean Aylmer: flown Virgin in the last five years or so, just 238 00:12:59,640 --> 00:13:01,400 Sean Aylmer: keep any on your emails now. 239 00:13:01,400 --> 00:13:03,079 Michael Thompson: If you're one of those people that still uses their 240 00:13:03,080 --> 00:13:08,479 Michael Thompson: birthday as their password, listen up because Australia's National Cybersecurity Coordinator, 241 00:13:08,600 --> 00:13:13,240 Michael Thompson: Lieutenant General Michelle McGinness has urged people to be vigilant 242 00:13:13,240 --> 00:13:17,079 Michael Thompson: about their passwords, saying Australians need to use password managers 243 00:13:17,440 --> 00:13:22,040 Michael Thompson: and different complex phrases to gain access to every single account. 244 00:13:22,720 --> 00:13:27,720 Sean Aylmer: Yes, Lieutenant, Lieutenant Leeftenant, great words, isn't it. 245 00:13:27,720 --> 00:13:29,520 Michael Thompson: It's one of those ones. Whenever I get to it, 246 00:13:29,559 --> 00:13:32,240 Michael Thompson: I'm like, I say, Lieutenant, like, Lieutenant. 247 00:13:32,840 --> 00:13:37,640 Sean Aylmer: Yes, yes, Lieutenant. So. Lieutenant McGinnis says her team is 248 00:13:37,679 --> 00:13:40,520 Sean Aylmer: still assisting with some of the big super annuation funds 249 00:13:40,520 --> 00:13:43,800 Sean Aylmer: involved in last week's industry wide breach of that sector. 250 00:13:44,200 --> 00:13:47,840 Sean Aylmer: She said financial agencies are also monitoring the situation. She said, 251 00:13:47,840 --> 00:13:51,640 Sean Aylmer: it's really important and enable multi factor authentication where it's offered. 252 00:13:52,400 --> 00:13:56,160 Sean Aylmer: Don't click on suspect links and or respond to unsolicited text. 253 00:13:56,480 --> 00:13:58,640 Sean Aylmer: But the thing that I thought was really interesting was 254 00:13:58,679 --> 00:14:01,160 Sean Aylmer: the fact that you actually need a different password for 255 00:14:01,360 --> 00:14:05,480 Sean Aylmer: all your online products. And her quote, cyber criminals often 256 00:14:05,520 --> 00:14:07,920 Sean Aylmer: take advantage of uncertainty and try to couplize on fear 257 00:14:07,960 --> 00:14:12,320 Sean Aylmer: and anxiety around known incidents. Please be alert for opportunistic scammers. 258 00:14:12,559 --> 00:14:15,040 Sean Aylmer: What she's saying is, right now, there are scammers out 259 00:14:15,080 --> 00:14:20,320 Sean Aylmer: there trying to access people's passwords and personal information. So 260 00:14:20,440 --> 00:14:21,760 Sean Aylmer: be very vigilant right now. 261 00:14:22,360 --> 00:14:27,160 Michael Thompson: Yeah, one last one sean. A new report warns that 262 00:14:27,200 --> 00:14:30,560 Michael Thompson: the golden era for industrial property has come to an 263 00:14:30,680 --> 00:14:33,520 Michael Thompson: end and rents will fall as much as eleven percent 264 00:14:33,720 --> 00:14:36,600 Michael Thompson: across the Eastern Seaboard as new warehouses and to the market. 265 00:14:36,840 --> 00:14:40,000 Sean Aylmer: That's the prediction of Oxford Economics Australia, which there's developers 266 00:14:40,000 --> 00:14:42,280 Sean Aylmer: are due to estimate to complete an estimated three and 267 00:14:42,280 --> 00:14:44,280 Sean Aylmer: a half million square meters of space this year, another 268 00:14:44,280 --> 00:14:47,320 Sean Aylmer: two and a half million square meters next year. Industrial 269 00:14:47,400 --> 00:14:50,120 Sean Aylmer: or profit property has that not been the golden child 270 00:14:50,160 --> 00:14:53,760 Sean Aylmer: of real estate? We've loved it, you know, people buying online, 271 00:14:53,840 --> 00:14:57,160 Sean Aylmer: those big fulfillment centers in the outer suburbs. Companies like 272 00:14:57,240 --> 00:15:00,120 Sean Aylmer: Goldman Group have boomed as a result. Now more recent 273 00:15:00,240 --> 00:15:03,640 Sean Aylmer: the booms in data centers, which is part of industrial property. 274 00:15:03,640 --> 00:15:05,880 Sean Aylmer: They're probably big enough nowadays to have its own category. 275 00:15:06,680 --> 00:15:10,080 Sean Aylmer: But what Oxford Economics is saying is that that golden 276 00:15:10,160 --> 00:15:14,240 Sean Aylmer: run for industrial property is over because so much supply 277 00:15:14,480 --> 00:15:15,400 Sean Aylmer: is coming on the market. 278 00:15:16,280 --> 00:15:20,480 Michael Thompson: Turn into international news now, Sean, this is really interesting. 279 00:15:20,480 --> 00:15:25,000 Michael Thompson: A Meta whistleblower told US senators that the company undermined 280 00:15:25,240 --> 00:15:29,960 Michael Thompson: national security in order to build an eighteen billion US 281 00:15:30,000 --> 00:15:31,480 Michael Thompson: dollar business in China. 282 00:15:31,920 --> 00:15:35,280 Sean Aylmer: At a congressional hearing, Sarah win Williams, a former global 283 00:15:35,320 --> 00:15:39,720 Sean Aylmer: public policy director at Facebook, said she watched as executives 284 00:15:39,880 --> 00:15:43,440 Sean Aylmer: decided to provide the Chinese Communist Party with access to 285 00:15:43,520 --> 00:15:47,600 Sean Aylmer: data of Meta users, including that of Americans. Now, Meta 286 00:15:47,680 --> 00:15:52,400 Sean Aylmer: has disputed win William's statements, saying they're divorced from reality 287 00:15:52,760 --> 00:15:56,680 Sean Aylmer: and riddled with false claims during her testimony before a 288 00:15:56,720 --> 00:16:00,400 Sean Aylmer: Senate Judiciary subcommittee. Ms win Williams, also a lech. The 289 00:16:00,440 --> 00:16:03,600 Sean Aylmer: parent company of Facebook and Instagram, worked hand in glove 290 00:16:04,000 --> 00:16:08,200 Sean Aylmer: with Beijing to build censorship tools aimed at silencing critics 291 00:16:08,240 --> 00:16:10,800 Sean Aylmer: of the Chinese Communist Party, according to a report in 292 00:16:10,840 --> 00:16:14,280 Sean Aylmer: the BBC Now. In March, she released a memoir called 293 00:16:14,360 --> 00:16:17,040 Sean Aylmer: Careless People, about her experience at the company, which was 294 00:16:17,080 --> 00:16:23,360 Sean Aylmer: then called Facebook. This particularly particular testimony is some of 295 00:16:23,360 --> 00:16:27,600 Sean Aylmer: the most damning against the company ever to have come out, 296 00:16:27,840 --> 00:16:30,240 Sean Aylmer: at least in terms of relations with China. But I 297 00:16:30,280 --> 00:16:33,960 Sean Aylmer: do also emphasize that we haven't heard from Meta and 298 00:16:34,000 --> 00:16:35,760 Sean Aylmer: it disputes the statements. 299 00:16:36,280 --> 00:16:39,440 Michael Thompson: Okay, Up next Sean is the Fear and Greed Daily Interview. 300 00:16:39,480 --> 00:16:42,480 Michael Thompson: John Howie, the CEO of trading platform Steak, is your 301 00:16:42,520 --> 00:16:44,640 Michael Thompson: guest today. You can find that in the Fear and 302 00:16:44,680 --> 00:16:47,560 Michael Thompson: Greed playlist on your podcast platform or at Fearandgreed dot 303 00:16:47,640 --> 00:16:49,600 Michael Thompson: com dot a. You which of course is where you 304 00:16:49,640 --> 00:16:52,800 Michael Thompson: sign up for the free daily newsletter. Head along to 305 00:16:52,840 --> 00:16:55,760 Michael Thompson: the website, pop your email addressing and you will get 306 00:16:55,960 --> 00:16:57,680 Michael Thompson: a quick hit of all the news you need to 307 00:16:57,720 --> 00:17:00,600 Michael Thompson: know by six o'clock every single weekday morning. Thank you 308 00:17:00,680 --> 00:17:03,240 Michael Thompson: very much, Sean, Thank you, Michael. It is Friday, the 309 00:17:03,280 --> 00:17:05,800 Michael Thompson: eleventh of April twenty twenty five. Make sure you're following 310 00:17:05,800 --> 00:17:09,040 Michael Thompson: the podcast and join us online on Instagram, LinkedIn, ex 311 00:17:09,119 --> 00:17:10,200 Michael Thompson: TikTok and Facebook. 312 00:17:10,400 --> 00:17:11,240 Sean Aylmer: I'm Michael Thompson. 313 00:17:11,280 --> 00:17:13,600 Michael Thompson: That was Fear and Greed. Have a great day.