1 00:00:03,840 --> 00:00:07,040 Speaker 1: It's Friday, the fourteenth of November twenty twenty five. Welcome 2 00:00:07,040 --> 00:00:09,399 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,440 --> 00:00:11,240 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,560 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,560 --> 00:00:14,840 Speaker 1: and good morning Sean Aylmer. 6 00:00:14,920 --> 00:00:16,320 Speaker 2: Good morning Michael, Sean. 7 00:00:16,440 --> 00:00:19,079 Speaker 1: Five stories to race through in five minutes. Let's get cracking. 8 00:00:19,120 --> 00:00:21,040 Speaker 1: We saw a number one. Hopes of a rate cut 9 00:00:21,239 --> 00:00:24,160 Speaker 1: over the next six months have nosedived after the unemployment 10 00:00:24,239 --> 00:00:27,800 Speaker 1: rate fell to four point three percent last month, adding 11 00:00:27,800 --> 00:00:31,160 Speaker 1: to evidence that inflation pressures remain in the Australian economy. 12 00:00:31,160 --> 00:00:32,960 Speaker 2: The drop on the job was rate from four point 13 00:00:33,000 --> 00:00:35,760 Speaker 2: five percent in September to four point three percent in October, 14 00:00:35,800 --> 00:00:38,200 Speaker 2: came after the number of employed people rose by forty 15 00:00:38,200 --> 00:00:41,000 Speaker 2: two thousand. Now there was a huge fifty five thousand 16 00:00:41,080 --> 00:00:44,360 Speaker 2: jump in full time employees. Part time workers fell by 17 00:00:44,400 --> 00:00:47,480 Speaker 2: thirteen thousand. The participation rate, basically the percentage of working 18 00:00:47,479 --> 00:00:50,440 Speaker 2: Australians in the labor force, held steady at sixty seven percent. 19 00:00:50,720 --> 00:00:53,080 Speaker 2: The Reserve Bank has consistently warned that it felt the 20 00:00:53,159 --> 00:00:56,800 Speaker 2: labor market remained tight. Well, looks like that's the case. 21 00:00:56,960 --> 00:00:59,480 Speaker 2: The Center Bank keeps saying fewer workers are being laid off, 22 00:00:59,520 --> 00:01:03,200 Speaker 2: more people a voluntary quit, voluntarily quitting their jobs to 23 00:01:03,240 --> 00:01:07,240 Speaker 2: take up other employment, and there's less underemployment. Looks like 24 00:01:07,440 --> 00:01:10,399 Speaker 2: they've been vindicated and its decision, or the Reserve Bank's 25 00:01:10,400 --> 00:01:12,880 Speaker 2: decision not to cut interest rates at its board meeting 26 00:01:12,920 --> 00:01:15,080 Speaker 2: early in the month, was a right one. 27 00:01:15,520 --> 00:01:18,240 Speaker 1: How did financial markets react to the news, Well. 28 00:01:18,160 --> 00:01:21,560 Speaker 2: Bond markets reflect interest rate expectations. Before yesterday's data, the 29 00:01:21,600 --> 00:01:24,320 Speaker 2: local market had priced in a better than fifty sixty 30 00:01:24,319 --> 00:01:26,440 Speaker 2: percent chance of a rate cut by the middle of 31 00:01:26,480 --> 00:01:30,080 Speaker 2: next year. After the ABS release, that fell to about 32 00:01:30,120 --> 00:01:32,920 Speaker 2: twenty thirty percent. The local boss took a dive on 33 00:01:32,959 --> 00:01:35,240 Speaker 2: the news. The smpasx two hundred and fourt one percent. 34 00:01:35,280 --> 00:01:37,040 Speaker 2: It peered some of those losses. Later in the day, 35 00:01:37,240 --> 00:01:41,240 Speaker 2: OSSIDOLLA jumped to a sixty five point six US sense. 36 00:01:41,600 --> 00:01:44,240 Speaker 2: Federal Treasurer Jim Chalmers was pretty happy. He said it 37 00:01:44,280 --> 00:01:46,080 Speaker 2: was a very positive result in Australia. It's one of 38 00:01:46,120 --> 00:01:48,040 Speaker 2: the few countries around the world that's kept people in 39 00:01:48,120 --> 00:01:50,640 Speaker 2: jobs in the face of global uncertainty. That four point 40 00:01:50,680 --> 00:01:53,320 Speaker 2: three percent numbers tracking close to the Reserve Bank's forecast. 41 00:01:53,840 --> 00:01:56,320 Speaker 2: Whilst the labor market is probably slowing, it's probably not 42 00:01:56,400 --> 00:01:58,960 Speaker 2: doing enough for the Reserve Bank to cut interest rates. 43 00:01:59,760 --> 00:02:03,520 Speaker 1: On story number two, now, the coalition would repeal Australia's 44 00:02:03,560 --> 00:02:06,680 Speaker 1: near and long term climate targets from legislation if it 45 00:02:06,720 --> 00:02:07,680 Speaker 1: returns to government. 46 00:02:07,760 --> 00:02:10,880 Speaker 2: Opposition leader Susan Lee confirmed that the Liberal Party will 47 00:02:10,880 --> 00:02:13,680 Speaker 2: abandon its policy commitment to achieve net zero emissions by 48 00:02:13,680 --> 00:02:17,000 Speaker 2: twenty fifty, joining coalition partner the Nationals. Send your Liberals. 49 00:02:17,000 --> 00:02:19,400 Speaker 2: After a three hour meeting yesterday morning, agreed to remain 50 00:02:19,400 --> 00:02:23,360 Speaker 2: in the Paris Agreement if elected, and would set interim 51 00:02:23,360 --> 00:02:27,360 Speaker 2: mission reduction targets, but the Libs wouldn't commit Australia to 52 00:02:27,480 --> 00:02:29,960 Speaker 2: any long term aspiration to reach at zero. Of course, 53 00:02:29,960 --> 00:02:33,280 Speaker 2: this is all if they're elected. Yesterday, Lee said Australians 54 00:02:33,320 --> 00:02:35,960 Speaker 2: deserve affordable energy and responsible the mission's reduction, and the 55 00:02:35,960 --> 00:02:38,760 Speaker 2: Liberal Party could do both without net zero commitments. The 56 00:02:38,840 --> 00:02:41,440 Speaker 2: next step is the Libs, and that's to negotiate a 57 00:02:41,520 --> 00:02:44,480 Speaker 2: shared position on climate change that scheduled to occur over 58 00:02:44,480 --> 00:02:45,000 Speaker 2: the weekend. 59 00:02:45,280 --> 00:02:47,800 Speaker 1: Story number three. How about this one. Sean a Sydney 60 00:02:47,840 --> 00:02:50,200 Speaker 1: woman who claimed to be a fortune teller and Fung 61 00:02:50,320 --> 00:02:54,320 Speaker 1: Schwei Master and her daughter have been charged over an 62 00:02:54,360 --> 00:02:57,919 Speaker 1: alleged seventy million dollar fraud and money laundering scheme. 63 00:02:58,000 --> 00:03:02,959 Speaker 2: Incredible story please said. The pair duped vulnerable clients into 64 00:03:03,000 --> 00:03:06,800 Speaker 2: taking out large loans based on false predictions that they'd 65 00:03:06,840 --> 00:03:10,680 Speaker 2: soon meet a billionaire. The woman allegedly pocketed the proceeds 66 00:03:10,720 --> 00:03:14,120 Speaker 2: through a sophisticated network of fake companies and bank accounts. 67 00:03:14,440 --> 00:03:19,119 Speaker 2: Officers seized luxury goods and gold bars casino chips worth 68 00:03:19,160 --> 00:03:22,720 Speaker 2: about thirteen million dollars in the pair's home. It's part 69 00:03:22,760 --> 00:03:26,160 Speaker 2: of an investigation into a broader syndicate by Strikeforce Middleton, 70 00:03:26,600 --> 00:03:30,440 Speaker 2: set up to investigate investigate a criminal group allegedly using 71 00:03:30,480 --> 00:03:33,200 Speaker 2: stolen identities to get loans for ghost cars. 72 00:03:34,320 --> 00:03:36,440 Speaker 1: A couple. There's a story number four. A couple in 73 00:03:36,480 --> 00:03:39,560 Speaker 1: northern New South Wales, Sean has paid one dollar for 74 00:03:39,640 --> 00:03:42,480 Speaker 1: a house located on the floodplains of Lismore. 75 00:03:42,960 --> 00:03:44,560 Speaker 2: Yes, I'd say this would be one of the cheaper 76 00:03:44,600 --> 00:03:48,840 Speaker 2: homes we've discussed. Eleven properties sold at the auction this 77 00:03:49,000 --> 00:03:53,440 Speaker 2: week at Mwillumba RSL. Four homes sold for five dollars each, 78 00:03:53,480 --> 00:03:55,280 Speaker 2: another for two hundred dollars. In fact, The couple that 79 00:03:55,320 --> 00:03:57,320 Speaker 2: bought the two hundred dollars house used it. They used 80 00:03:57,320 --> 00:03:59,360 Speaker 2: to rent it, they went to the RSL to see 81 00:03:59,360 --> 00:04:01,800 Speaker 2: what would go for they ended up owning it. It's 82 00:04:01,840 --> 00:04:04,600 Speaker 2: part of the New South Wales government's buy back scheme 83 00:04:04,680 --> 00:04:07,480 Speaker 2: for fight affected housing. The government has purchased the homes 84 00:04:07,480 --> 00:04:10,720 Speaker 2: and land and basically they're just selling the houses. So 85 00:04:10,760 --> 00:04:13,080 Speaker 2: the catches. The buyers must sort of cut the houses 86 00:04:13,080 --> 00:04:15,280 Speaker 2: in half, load them on a truck or re stump 87 00:04:15,320 --> 00:04:18,320 Speaker 2: them on their own land. Then they probably need to 88 00:04:18,400 --> 00:04:21,640 Speaker 2: put them together, you know, renovate whatever. That's probably one 89 00:04:21,720 --> 00:04:24,360 Speaker 2: hundred thousand dollars plus renovation costs, so that is cheaper, 90 00:04:24,480 --> 00:04:27,360 Speaker 2: Michael than sort of the four hundred thousand new build. 91 00:04:27,160 --> 00:04:30,280 Speaker 1: Cost I suspect. So last one story, number five, the 92 00:04:30,400 --> 00:04:33,799 Speaker 1: very last penny in the US worth one cent, of course, 93 00:04:33,880 --> 00:04:37,200 Speaker 1: has been minted after President Donald Trump ordered the coin 94 00:04:37,279 --> 00:04:38,960 Speaker 1: discontinued earlier this year. 95 00:04:39,080 --> 00:04:41,520 Speaker 2: While the penny will remain legal tender, it won't be 96 00:04:41,680 --> 00:04:46,960 Speaker 2: manufactured anymore. There are over three hundred billion pennies in circulation, 97 00:04:47,160 --> 00:04:51,800 Speaker 2: that's three billion US dollars worth of pennies. The public 98 00:04:51,839 --> 00:04:54,320 Speaker 2: have been encouraged to keep using them. Some retailers the 99 00:04:54,360 --> 00:04:57,200 Speaker 2: way that the discontinuation of the penny will lead to 100 00:04:57,279 --> 00:04:59,840 Speaker 2: confusion in stores. Some outlets have started to round cash, 101 00:05:00,040 --> 00:05:02,320 Speaker 2: which is up or down already. We did this about 102 00:05:02,320 --> 00:05:05,760 Speaker 2: twenty years ago. Retailers went Congress to authorize rounding up 103 00:05:05,760 --> 00:05:08,520 Speaker 2: of prices, otherwise they're going to run into all sorts 104 00:05:08,560 --> 00:05:11,120 Speaker 2: of state and local law issues. For the last time, 105 00:05:11,160 --> 00:05:16,400 Speaker 2: the US discontinued to currency Michael, eighteen fifty seven, when 106 00:05:16,400 --> 00:05:19,240 Speaker 2: the half sent which I didn't know had existed, the 107 00:05:19,320 --> 00:05:21,160 Speaker 2: half scent was discontinued. 108 00:05:21,640 --> 00:05:23,240 Speaker 1: It's a great story. All right, there we go the 109 00:05:23,240 --> 00:05:25,400 Speaker 1: top five business stories in five minutes. Thank you Sean, 110 00:05:25,440 --> 00:05:28,000 Speaker 1: Thank you Michael. It's Friday, the fourteenth of November twenty 111 00:05:28,000 --> 00:05:30,680 Speaker 1: twenty five. Remember to hit follow on the podcast, and 112 00:05:30,720 --> 00:05:32,960 Speaker 1: if five minutes isn't enough, you can find our longer 113 00:05:33,040 --> 00:05:35,320 Speaker 1: daily show called Fear and Greed wherever you listen to 114 00:05:35,320 --> 00:05:38,400 Speaker 1: podcasts our head along to our website as well Fearangreed 115 00:05:38,480 --> 00:05:40,360 Speaker 1: dot com dot au and sign up for our free 116 00:05:40,440 --> 00:05:42,599 Speaker 1: daily newsletter. I'll put a link in today's show notes. 117 00:05:42,720 --> 00:05:44,800 Speaker 1: I'm Michael Thompson, and that was the fast five business 118 00:05:44,839 --> 00:05:46,840 Speaker 1: news by Fear and greed had a great day.