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

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Speaker 1: National Cabinet set to meet amid soaring fuel prices and

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Speaker 1: falling equity markets. Auction clearance rates hit their lowest levels

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Speaker 1: since twenty twenty two, and electric vehicle purchases in Australia

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Speaker 1: almost doubles since the outbreak of the Middle East conflict.

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Speaker 1: Blast Wall Street textocs plummet on the back of AI

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Speaker 1: concerns and Ozzie's eighty three billion dollar online splurge. It

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Speaker 1: is Monday, the thirtieth of March twenty twenty six. I'm

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Speaker 1: Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: The main story this morning, National Cabinet meets today amid

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Speaker 1: soaring fuel prices and is tumbling equity markets, says the

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Speaker 1: reality of what is becoming a prolonged war in the

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Speaker 1: Middle East starts hitting main street Australians. We've got National

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Speaker 1: Cabinet focusing today on fuel security and supply, particularly for

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Speaker 1: regional Australia, because this is the issue that the people

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Speaker 1: are talking about, this is the one that they see

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Speaker 1: on the street. But petrol rationing is unlikely. According to

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Speaker 1: media reports.

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Speaker 2: It comes after the alb and Easy government over the

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Speaker 2: weekend said it will underwrite purchases of fuel by private companies,

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Speaker 2: effectively acting as an insurer of those purchases. Porters should

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Speaker 2: be less worried about buying fuel at sky high prices

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Speaker 2: under the scheme, given the government is basically giving them

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Speaker 2: a safety net, but the government itself won't actually have

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Speaker 2: to pay out any money upfront.

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Speaker 1: It's interesting you've got some states actually moving ahead with

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Speaker 1: their own plans to essentially try and reduce reliance on

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Speaker 1: petrol and diesel. Victorian Premier Justinto Allen has announced free

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Speaker 1: public transport in the state from tomorrow and it wouldn't

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Speaker 1: be surprising, right if other states do something similar. Yesday,

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Speaker 1: Federal Environment Minister Murray Watt said, and this is a quote,

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Speaker 1: even if this conflict was to end tomorrow, there is

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Speaker 1: going to be a long long tail Australia. It's got

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Speaker 1: what thirty nine days worth of petrol and thirty days

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Speaker 1: worth of diesel and jet fuel.

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Speaker 2: That hasn't actually gone backwards. That's actually more than we

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Speaker 2: thought a week ago. But of course it isn't only

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Speaker 2: at the petrol bowser where there's problems fertilizer deliveries are

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Speaker 2: likely to disrupt winter plantings. That will hit the food supply.

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Speaker 2: Airfares of sword in recent weeks, disrupting travel plans for

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Speaker 2: thousands of Australians. Freight costs are on the rise and

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Speaker 2: that will directly feed through to inflation. There's a potential

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Speaker 2: for pharmaceutical products to be delayed. Australia imports about ninety

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Speaker 2: percent of its medicine, so that could be a problem.

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Speaker 2: And that's before we really talk about the economy, inflation.

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Speaker 2: Economic Growth Treasure Jim Chalmers has already said the conflict

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Speaker 2: will eat into the National GDP. We know the Reserve

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Speaker 2: Bank has lifted interest rates already. This is going to

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Speaker 2: be I don't know the long haul, but certainly the

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Speaker 2: medium hall.

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Speaker 1: Yeah, yeah, it certainly seems that way. Like you look

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Speaker 1: at this, there isn't an end in. It doesn't seem

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Speaker 1: like there's an end inside.

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Speaker 2: Right.

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Speaker 1: The US is preparing for weeks of ground operations in Iran,

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Speaker 1: potentially including raids on Kharj Island and coastal sites near

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Speaker 1: the Strait of Humuz, though President Donald Trump has not

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Speaker 1: yet approved any deployment, according to the Washington Post, so

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Speaker 1: that can change quickly.

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Speaker 2: Yeah, and military strikes continue across the region. There were

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Speaker 2: reports for multiple explosions across Tehran over the weekend. Hurty

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Speaker 2: militants launched ballistic missiles at Israel, marking their entry into

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Speaker 2: the conflict. The Islamic Revolutionary Guard Corps issued a statement

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Speaker 2: threatening to target American and Israeli universities in the region.

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Speaker 2: Aluminum Bahrain so its facilities were targeted in an attack,

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Speaker 2: and Israeli forces killed three Lebanese journalists in southern Lebanon

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Speaker 2: in an air strike at Israel's military said had targeted

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Speaker 2: one of those reporters than a follow up strike on

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Speaker 2: the rescue workers sent to assist them also caused fatalities.

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Speaker 2: I suppose the only good news was that Iran has

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Speaker 2: agreed to allow twenty more ships under the Hakastani flag

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Speaker 2: to pass through the Strait of Homuz.

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Speaker 1: We were talking about equity markets before, on Wall Street

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Speaker 1: is really bearing the brunt of it right. The Dow Jones,

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Speaker 1: which measures the top thirty stocks on the burs, fell

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Speaker 1: into correction territory over the weekend, while the broad based

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Speaker 1: S and P five hundred ended its fifth straight down week.

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Speaker 1: That's the worst losing streak since twenty twenty two, which

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Speaker 1: is pretty extraordinary, right.

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Speaker 2: Yeah, I mean all about rising energy prices and the

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Speaker 2: possibility of a prolonged war. Tech stocks are feeling it most.

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Speaker 2: The tech heavy NASDAK closed down more than two percent

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Speaker 2: over the weekend. The index had its worst week in

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Speaker 2: nearly a year. The NASDAK is now down eleven percent

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Speaker 2: since it peaked in October. Two of the worst performers

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Speaker 2: are two of the biggest AI spenders since late October,

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Speaker 2: Microsoft is down thirty four percent. Meta is off twenty

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Speaker 2: nine percent. Even Nvidia, the street's favorite stock, it's off

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Speaker 2: twenty percent. So those tech stocks are being absolutely hammered.

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Speaker 2: All right.

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Speaker 1: Locally, then, what does it mean for us? What can

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Speaker 1: we expect today?

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Speaker 2: Well, futures training suggests the sharp drop on opening. In

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Speaker 2: many ways, the local market's been less volatile than Wall

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Speaker 2: Street our market, the SMP or the ax S and

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Speaker 2: P twoe hundred. It's down seven percent since its peak,

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Speaker 2: albeit that peak was only four weeks ago. In fact,

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Speaker 2: last week, though, the index actually finished up one percent

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Speaker 2: for the week, so we have been much more stable.

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Speaker 1: Indeed, Okay, plenty is still to come. Sean back in

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

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Speaker 1: the housing market is slowing appreciably, with the preliminary clearance

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Speaker 1: rate for auctions over the past week at its lowest

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Speaker 1: level now since twenty twenty two. These Sydney and Brisbane

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Speaker 1: markets have been hit hardest. Rising interest rates and see

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Speaker 1: a certain amount of economic uncertainty, along with a sharp

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Speaker 1: increase as well and in the number of homes that

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Speaker 1: are actually for sale, have combined to push the national

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Speaker 1: preliminary clearance rate to sixty point nine percent.

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Speaker 2: Here, I doubled over the word preliminary.

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Speaker 1: There is so much pressure on me to get that right,

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Speaker 1: because it's you that normally stumbles over that, and I've

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Speaker 1: always been all high and mighty with my pronunciation. In

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Speaker 1: recent weeks, the final clearance rate SEAN has been about

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Speaker 1: six percentage points below the preliminary rate, meaning what, nearly

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Speaker 1: one in two homes across the country are not selling.

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Speaker 2: Yeah, it's pretty incredible. Confirmation of the slowdown is expected

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Speaker 2: on Wednesday when house price figures for the month of

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Speaker 2: March are released. Nearly four thousand homes went to auction

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Speaker 2: across the country. That is a very, very big week

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Speaker 2: for our market, Melbourne was busiest nearly nineteen hundred homes

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Speaker 2: when under the hammer mas since December twenty twenty one.

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Speaker 2: Its preliminary clearance rate of sixty three and a half

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Speaker 2: percent actually suggest that market is holding up reasonably well.

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Speaker 2: It has been the laggard for the last couple of years,

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Speaker 2: but Melbourne looks to beholding up best. Sydney clearance rate

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Speaker 2: came in at fifty eight percent, about fifteen hundred auctions.

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Speaker 2: Last time that city had to rate that low was

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Speaker 2: December twenty twenty four. Brisbane came into fifty nine percent.

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Speaker 2: Adelaide nearly eighty percent. That's always been a bit of

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Speaker 2: a high flyer. Adelaide Perth a sixty two and a

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Speaker 2: half percent.

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Speaker 1: Interesting one out of politics store on Coalition front bencher

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Speaker 1: Andrew Hasty has broken ranks with his colleagues by supporting

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Speaker 1: a major overhaul of the tax system, including possible changes

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Speaker 1: to the capital gains tax discount, changes to negative gearing,

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Speaker 1: and a windfall profit tax on gas exporters.

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Speaker 2: Yeah, it's a bit of a change here, the opposition

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Speaker 2: industry spokesman and one time Liberal Party leadership aspirant. So

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Speaker 2: the current tax system had left too many people feeling

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Speaker 2: it was rigged. Speaking on ABC's Insiders program, he said

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Speaker 2: people don't feel like aspiration matters anymore, they don't see

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Speaker 2: reward for their effort. Hasty said he was open minded

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Speaker 2: on wind four profits for gas exports, which the Greens

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Speaker 2: and One Nation are pushing. It'll be interesting to see

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Speaker 2: what Angus Taylor says about this in the next couple

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Speaker 2: of days.

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Speaker 1: Yeah. I mean, of course, Andrew Hasey isn't the leader,

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Speaker 1: but he is still a frontbencher and he's quite influential

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Speaker 1: within the party as well. And all of a sudden

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Speaker 1: you've got a prominent Liberal front bencher talking about things

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Speaker 1: that the government is potentially raising as well. It almost

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Speaker 1: sounds like there's the potential for bipartisanship on something. Sean, Oh,

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Speaker 1: you jessed, Michael, you just I know. I'm an optimist now.

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Speaker 1: Almost ten million households spent eighty three billion dollars online

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Speaker 1: last year in Australia, a significant increase from a year earlier.

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Speaker 1: The latest Australian Post e Commerce report says the rise

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Speaker 1: in spend was fourteen percent in twenty twenty five, and

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Speaker 1: two in five households that shop online do so at

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Speaker 1: least fortnightly. I know that's certainly the case in our house.

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Speaker 1: The report found that shopper promiscuity it's a term I

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Speaker 1: haven't heard before. Promiscuous shoppers. It's rising.

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Speaker 2: We are, how much always said we promiscuous people are rising.

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Speaker 1: The shoppers are more selective, with a greater focus on value,

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Speaker 1: and we are increasingly happy to use AI. While individual

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Speaker 1: basket size is falling, online spending is growing, and so

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Speaker 1: people are shopping more regularly.

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Speaker 2: Millennials are the biggest online shoppers. Sound familiar, Michael.

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Speaker 1: It certainly does.

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Speaker 2: More than half are interested in buying secondhand items online,

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Speaker 2: which I thought was really fascinating. I'd never buy anything

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Speaker 2: secondhand unless I could see it. Jan Zas are most

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Speaker 2: likely to consult AI when researching what to buy. They're

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Speaker 2: also heavy users of social media for product discovery. The

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Speaker 2: really really cool guys, the gen X's. We're pragmatic, happy

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Speaker 2: to wait for longer delivery times if it means we're

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Speaker 2: paying less delivery experience, and this is I suppose where

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Speaker 2: Australia Post fits in is improving. Seventy three percent of

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Speaker 2: shoppers said a good delivery experience makes them more likely

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Speaker 2: to shop online instead of install.

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Speaker 1: I don't think I ever expected to use the word

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Speaker 1: promiscuous in fear and greed.

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Speaker 2: I'll get over at Michael, move move on.

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Speaker 1: It's just fun write new words. It's fun under the show.

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Speaker 1: Interest in electric vehicle purchases is almost doubled in recent

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Speaker 1: weeks Sean, with finance inquiries up eighty eight percent this

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Speaker 1: month alone. National Australia Bank has recorded a one hundred

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Speaker 1: percent increase in ev loans, driven of course by fuel

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Speaker 1: pressures and business costs as well, and the eighty eight

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Speaker 1: percent jump in finance inquiries that was from them ahead

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Speaker 1: of the spike in fuel prices. Battery electric vehicles accounted

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Speaker 1: for twelve percent of the market, which was a record

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Speaker 1: high at that point. You've got to say the soaring

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Speaker 1: cost of fuel is likely to push that level a

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Speaker 1: fair bit higher.

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Speaker 2: Yes, So, Cherry Motors to make it affordable evs or

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Speaker 2: more affordable e EVS said, take up in their vehicles

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Speaker 2: in the last few weeks has increased dramatically. The Cherry

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Speaker 2: Tigo four Pro is it Ti doubleg t Go four

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Speaker 2: proe February was the country's number three selling car. It's

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Speaker 2: actually double sales from a year earlier. National Australia Bank

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Speaker 2: said the top financed options for EVS in March so

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Speaker 2: far byd Cherry, GWM and Tesla NAB. Executive for Business

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Speaker 2: Banking Shane Ditcham said the bank was experiencing more SMEs

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Speaker 2: and larger operators exploring EVS and electrication as a way

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Speaker 2: to manage running costs and future proof their operations. A Jolt,

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Speaker 2: one of the country's largest fast largest fast charging networks,

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Speaker 2: has recorded a thirty percent jump in sign ups over March.

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Speaker 2: So while we haven't got the official figures yet, certainly

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Speaker 2: EV sales are on the rise.

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Speaker 1: Just quickly shown. BHP is facing the prospect of industrial

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Speaker 1: action in Western Australia's Pilbro for the first time in

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Speaker 1: decades after high voltage electrical workers voted for protected industrial

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Speaker 1: action with potential action from April one.

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Speaker 2: That's right. The dispute is over pay adjustment, transparency, conditions,

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Speaker 2: promotion pathways in recognition of travel time and on call duties.

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Speaker 2: The Pilarrah look's not just another workplace. It's basically the

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Speaker 2: engine room of Australies export earnings. So you don't want

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Speaker 2: disruption there because it hits not just the workers and

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Speaker 2: the companies, but also state and national revenue. It also lands.

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Speaker 2: This is happening in the new industrial relations environment, where

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Speaker 2: unions are more willing to test their strength and where

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Speaker 2: big employers are trying to avoid setting precedents that spread

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Speaker 2: across sites. I mean, ABC last week was an example.

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Speaker 2: We're just seeing a few more strikes at the moment.

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Speaker 1: Yeah turned into international news. Sawn, large protests against the

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Speaker 1: Trump administration took place in dozens of cities across the US,

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Speaker 1: drawing millions of protesters, marking the third iteration of the

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Speaker 1: No Kings rallies. Organizers say they are protesting against policies

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Speaker 1: imposed by US President Donald Trump, including the war in Iran,

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Speaker 1: federal immigration enforcement, and the rising cost of living as well.

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Speaker 1: House spokesperson called the protests trump derangement therapies, therapy sessions,

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Speaker 1: and so the only people who care are the reporters

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Speaker 1: who are paid to cover them throughout the day.

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Speaker 2: On Saturday, demonstrations took place in nearly every major US city,

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Speaker 2: including places like New York, Washington, Los Angeles, Chicago. Like

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Speaker 2: in previous iterations of No King's, protesters held up effigies

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Speaker 2: of Trump, Jade Evans, the Vice President, and other officials

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Speaker 2: in the administration, calling for their ousting and arrest. According

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Speaker 2: to the BBC on a flagship, No King's protests this

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Speaker 2: year took place in Minnesota, where two American citizens renamed

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Speaker 2: Nicole Good and Alex Pretty were killed by federal immigration

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Speaker 2: agents in January. Their death sparked outrage nationwide protests against

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Speaker 2: the Trump administration's immigration tactics. Bruce Springsteen was at that one,

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Speaker 2: very very rowdy, and millions of people marching.

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Speaker 1: Basically, I don't know if you heard the Afternoon Report

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Speaker 1: on Friday afternoon. I was talking about Sean the Trump

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Speaker 1: administration's decision to put Donald Trump's signature on the dollar bills,

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Speaker 1: so it'd be the first sitting president ever to have

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Speaker 1: a signature on the dollar bills, I think, replacing perhaps

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Speaker 1: the Treasury secretaries signature, and the potential for those notes

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Speaker 1: to actually become collectibles if a future administration reverses the decision,

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Speaker 1: so suddenly you've got potentially valuable notes going out there.

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Speaker 1: But it all kind of feeds into one of these

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Speaker 1: things that these protests are about, which is this the

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Speaker 1: focus of Donald Trump kings. Yeah, exactly, I was trying

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Speaker 1: to think of a diplomatic way to put it, and

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Speaker 1: I think in the end the name of the rallies

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Speaker 1: does it best. All right? Up next Sean is Fear

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Speaker 1: and Greed Q and A with Stephen Coculis, our resident economist.

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Speaker 1: It is Fear and Greed. The week ahead. Of course

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Speaker 1: a bit coming up this week, got building a rubles,

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Speaker 1: house prices, job vacancies, and the RBA minutes are coming

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Speaker 1: out tomorrow and this is one that I think we'll

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Speaker 1: be watching very closely because this was the five to

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Speaker 1: four split decision on the interest rate hike. So plenty

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Speaker 1: to chat about this morning with Steven. It's coming up

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Speaker 1: next to the Fear and Gred playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com dot au.

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Speaker 2: Thank you very much, Sean, dang you. Michael.

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Speaker 1: It's Monday, the thirtieth of March twenty twenty six. Make

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Speaker 1: sure you're following the podcast and join us online on

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Speaker 1: LinkedIn and Instagram on Michael Thompson. That was Fear and Greed.

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Speaker 1: Have a great day.