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Speaker 1: Today on Fear and Greed, Federal Treasurer Jim Chalmers blasts

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Speaker 1: Donald Trump's tariffs and warns there's few new big spending

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Speaker 1: initiatives to be announced ahead of the federal election. Australian

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Speaker 1: Robin Denholm, chair of Tesla, is now a one billion

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Speaker 1: dollar woman and bid announces a five minute charging system

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Speaker 1: for electric vehicles, plus the Reserve Bank says the construction

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Speaker 1: sector should pick up quickly, and Thailand to cut visitor visas.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Wednesday, the nineteenth

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Speaker 1: of March twenty twenty five. I'm Michael Thompson and good morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Morning Michael Sewan.

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Speaker 1: The main story this morning. Federal Treasurer Jim Chalmers has

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Speaker 1: blasted the US administration over the introduction of tariffs's warning

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Speaker 1: of slower economic growth, and he's also confirmed that next

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Speaker 1: week's budget, which is only a week away, six days away. Yeah,

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Speaker 1: isn't that incredible. It's come around very quickly. It's going

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Speaker 1: to show a deficit for many years.

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Speaker 2: So in a major set piece speech in Brisbane ahead

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Speaker 2: of the budget on Tuesday, Jim Chalmers said Australia should

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Speaker 2: focus on resilience over retaliation when it comes to the

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Speaker 2: Trump administration tariffs. He said the US tariffs are self defeating,

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Speaker 2: self sabotaging, and he fears the global economy will grow

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Speaker 2: more slowly thanks to those tariffs. I quote him, in

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Speaker 2: a world of retaliation and escalation, the impacts of tariffs

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Speaker 2: are amplified. They linger for longer, resulting in a bigger

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Speaker 2: reduction in GDP and a bigger increase in prices now.

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Speaker 2: On Monday night, the Paris based OECD issued a more

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Speaker 2: downbeat assessment of the global economy with those tariffs in mind.

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Speaker 2: It forecasts lower growth through the Australian economy next year

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Speaker 2: of one point eight percent. That report also said tariffs

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Speaker 2: will push consumer prices higher and could force central banks

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Speaker 2: to start interest rates. The IACD and Chalmers view was

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Speaker 2: backed up by National Australia boss Andrew Irvine yesterday. Speaking

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Speaker 2: at a conference, he said, if the tariff madness does happen,

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Speaker 2: we may be at the end of the interest rate

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Speaker 2: reduction cycle, which would be very disappointing. Given we've only

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Speaker 2: had one interest rate reduction.

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Speaker 1: It's a very short cycle. Isn't it. What about the budget?

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Speaker 1: Do we get any hints, any kind of indication as

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Speaker 1: to what is going to be in it?

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Speaker 2: Not really apart from the fact that we're going to

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Speaker 2: see the deficits for the next few years. The last

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Speaker 2: two financial years have been surpluses, quite surprisingly in both cases.

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Speaker 2: The last fiscal update forecast a deficit this financial year

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Speaker 2: of twenty six point nine billion dollars. The Treasurer says

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Speaker 2: there won't be much of a change to that bottom line,

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Speaker 2: although it probably will be lower because just for political purposes,

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Speaker 2: the treasure we'll want to look as if they've done

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Speaker 2: something to reduce the budget deficit. Yesterday, doctor Chalmers said

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Speaker 2: there's little extra revenue to fund new demands and the

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Speaker 2: government has already announced the bulk of its pre election spending.

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Speaker 2: Initially is the caveat, always the caveat in the politics

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Speaker 2: is and there cost of living assistance. Next week's budget

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Speaker 2: will have something on that. Now, remember was it last

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Speaker 2: year we got the energy rebate announcement. Yeah, I don't

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Speaker 2: think it'll be as big as that, but there will

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Speaker 2: certainly be something on cost of living next Tuesday.

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Speaker 1: Night, and we will have full and very comprehensive coverage

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Speaker 1: of the budget next Tuesday night, next Wednesday morning. Something

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Speaker 1: to look forward to, Sean definitely speaking of something to

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Speaker 1: look forward to. The newsletter comes out today. Oh yes, yes, yes,

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Speaker 1: Fear and Green newsletter. Head along to Fearangreed dot com

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Speaker 1: today you popular email address in sign up and you

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Speaker 1: get Sean's views on a whole lot of different stories.

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Speaker 1: How do local markets perform yesterday?

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Speaker 2: It's in PASX two hundred closed up just a touched

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Speaker 2: to seven eight hundred and sixty points. It started the

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Speaker 2: day sharply highed than pretty much retraced its way back

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Speaker 2: to its opening. Utility stocks did best on a rather

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Speaker 2: quiet day, at least in terms of share price movements.

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Speaker 2: It kind of a mixed session. Michael Westpac was up,

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Speaker 2: National Australian Bank was down. Ford Escue that fell, so

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Speaker 2: too did some of the US facing companies like mcquarie

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Speaker 2: Group and Aristocrat Leisure. Goodman Group was a strong performer,

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Speaker 2: more than one percent.

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Speaker 1: Speaking a Goodman Group, You've got a great interview coming

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Speaker 1: up after the show today. You are speaking with lou

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Speaker 1: Parank from Jardin Australia.

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Speaker 2: So we talk about where the real estate investment trust

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Speaker 2: sector is up to in Australia. Goodman is the leader

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Speaker 2: in that group and it's sort of shifting from a

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Speaker 2: logistics company to logistics slash data center. So we talked

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Speaker 2: to him about that and the difference between the two.

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Speaker 2: He's also got good news for investors in retail, less

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Speaker 2: good news but not bad news on office and kind

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Speaker 2: of the same deal, less good news but not bad

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Speaker 2: news on residential. So it's been a while since we've

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Speaker 2: had a really good look at the property sector. Loue

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Speaker 2: does a great job of explaining it to us.

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Speaker 1: Yeah, in like twelve minutes flat. Yeah, we will hear

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Speaker 1: the best kind of description of all those components.

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Speaker 2: Of the sect.

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Speaker 1: So it's coming up after the show. What's happening in

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Speaker 1: international market?

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Speaker 2: It's very exciting, Michael big Eyes.

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Speaker 1: Is this about gold?

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Speaker 2: It is, but it's them bigger than news that their

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Speaker 2: goal is exciting.

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Speaker 1: Oh, hang on, goal is exciting. I'm sorry it took

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Speaker 1: me so long to this. Okay, it's something to do

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Speaker 1: with the Aussie dollar, isn't, as it turns out, says

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Speaker 1: the person traveling overseas in a few months time.

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Speaker 2: So I have got quite a bit of feedback in

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Speaker 2: the line. In fact, guess on the show one we

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Speaker 2: had very recently yesterday morning, kind of made a comment

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Speaker 2: to me about the fact that he quite enjoyed the

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Speaker 2: you know me in the exchange rate discussion because he

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Speaker 2: is heading to Europe this year too, and he's quite

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Speaker 2: interested in what the dollar's doing. Michael.

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Speaker 1: Yeah, See, it's just everybody's motivated by self interest. The

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Speaker 1: only problem is that when the person who is deciding

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Speaker 1: what goes into the show is also motivated by self

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Speaker 1: interesting literally, and it sends us in slightly unusual directions.

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Speaker 1: What has happened with the Aussie.

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Speaker 2: Dollar back above sixty four US since very exciting? It

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Speaker 2: is still incredibly low. I mean, the long term average

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Speaker 2: for the Aussie against the US is that seventy seventy one,

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Speaker 2: seventy two. So we are still under Now, it's not

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Speaker 2: fair to say we are underperforming, but just the way

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Speaker 2: the market works, the investors obviously think that that's what

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Speaker 2: the Aussie is worth at the moment. Spot Gold hit

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Speaker 2: another new record yesterday is.

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Speaker 1: What I'm excited about.

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Speaker 2: Yeah, I mean all that jewelry you've got at home, well, no,

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Speaker 2: I just.

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Speaker 1: Like milestones being passed.

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Speaker 2: So we mean we'll pushed through the three that this

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Speaker 2: is Spot gold. So we talk about futures and Spot

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Speaker 2: gold prices. Future is what people are paying in the

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Speaker 2: future spot right now. So Spot has now gone through

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Speaker 2: three thousand dollars, set a new record yesterday US dollars

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Speaker 2: three zero one three point nine three, So almost three

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Speaker 2: thousand and fourion dollars and outs.

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Speaker 1: There's a lot of money.

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Speaker 2: Pretty exciting copper. We talk about copper as a benchmark

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Speaker 2: for potential economic growth. It's reason to be five month high.

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Speaker 2: That might be a bit of a surprise given everything

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Speaker 2: that's going on in the US. This has come on

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Speaker 2: the back of the recent stimulus package. Is out of

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Speaker 2: China though iron all though not. I mean it's still

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Speaker 2: above one hundred US dollars a ton, which is good,

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Speaker 2: but it's back to about one hundred and one US

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Speaker 2: dollars a ton.

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Speaker 1: All right, Seawan, We've got a lot still to cover,

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Speaker 1: plenty coming up. We'll be back in a moment with

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

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Speaker 1: Bank's chief economist, Sarah Hunter is confident of an almost

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Speaker 1: immediate pickup in the building industry following the recent cut

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Speaker 1: in interest rates, so.

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Speaker 2: The Reserve Bank cut interest rates in February. Doctor Hunter

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Speaker 2: said the full impact on growth takes nine to twelve

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Speaker 2: months by the time it feeds through the economy. The

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Speaker 2: full impact on inflation though, is eighteen months. The good

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Speaker 2: news is the building industry is one of those sectors

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Speaker 2: that actually feels the benefits almost immediately, much sooner than

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Speaker 2: the full economic growth littlelne inflation. Doctor Hunt said the

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Speaker 2: recent pickup in household spinning is also real, very important

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Speaker 2: because the household spinning is about two thirds of the economy.

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Speaker 2: The fact that that is picking up and there've been

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Speaker 2: loss of signs of that, Observank think that's really happening.

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Speaker 2: That's good news for economic growth.

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Speaker 1: In politics, Opposition that to Peter Dutton, is pushing a

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Speaker 1: referendum to give the government powers to deport criminal dual nationals.

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Speaker 2: Mister Dutton said spending four hundred and fifty million dollars

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Speaker 2: on a referendum would be good value for money. The

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Speaker 2: Coalition is thinking about promising a referendum on deportation powers,

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Speaker 2: which would potentially hand the government the ability to cancel

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Speaker 2: the citizenship of anyone found guilty of serious crimes. Such

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Speaker 2: as terrorism offenses. Now, in twenty twenty two, the High

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Speaker 2: Court found ministerial powers to strip dual citizens of their

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Speaker 2: right to live in Australia was unconstitutional because removal from

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Speaker 2: the nation was a form of punishment in the sense

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Speaker 2: of retribution. The voice referendum cost four hundred and fifty

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Speaker 2: million dollars. Only eight of forty five referendums since federation

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Speaker 2: have passed. Do you really think Peter Dunton is going

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Speaker 2: to use political capital on this one. Yeah.

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Speaker 1: It's a big claim to make to say that it

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Speaker 1: is value for money and it's a very hard one

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Speaker 1: to actually just keep pushing through, especially when cost of

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Speaker 1: living crisis people are seeing their taxpayer dollars go into

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Speaker 1: something like a referendum.

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Speaker 2: Probably going I will do the whole show in lycra

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Speaker 2: if this goes ahead. If this referendum goes ahead, yep.

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Speaker 1: But you probably want to do that anyway, because you

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Speaker 1: are in fact raising money for a very good cause.

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Speaker 1: We are head along to our social media. Actually just

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Speaker 1: go to Instagram or go to LinkedIn and a couple

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Speaker 1: of I'm saying this, have a look at Sean and

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Speaker 1: lycra and see the excellent cause the ride for country kids,

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Speaker 1: trying to raise a whole lot of money to help

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Speaker 1: out country kids. Sean, let's move away from you in

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Speaker 1: Lycra with haste. Steel making will temporarily stop at the

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Speaker 1: Wayala Steel Works after a specialist team of engineers from

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Speaker 1: rival steel Make a Blue Scope advised administrative Corda meant

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Speaker 1: that that urgent capital spending was needed.

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Speaker 2: He shut down of the blast. Ferness will last for

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Speaker 2: two days begins today. According the fin review, it really

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Speaker 2: does show the tough time Quard Amantha faces in stabilizing

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Speaker 2: the plant, let alone finding a new buyer. What I

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Speaker 2: thought was really interesting in this story, though, is that

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Speaker 2: coured a mentor hide a competitor blue Scope, which runs

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Speaker 2: Astray's bigger steel plane at Port Kembler in New South

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Speaker 2: Wales as technical advisors to kind of understand what's going

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Speaker 2: on at the Wayalie Steel Works. I suppose, I mean,

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Speaker 2: who else would know better than what's going on the

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Speaker 2: steelmakers than another steelmakers, But just interesting that they've done that.

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Speaker 1: Fascinating. New Hope Coal has reported a thirty five percent

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Speaker 1: rise in half year profit, and chief executive Rob Bishop

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Speaker 1: said he expects coal prices to stabilize over the next

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Speaker 1: few months.

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Speaker 2: That was enough to true grade nine percent jump in

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Speaker 2: New Hope's share price. Thermal coal prices have fallen sharply

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Speaker 2: over the past couple of years. That's forced some companies

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Speaker 2: to curtail production, which is actually good for New Hope.

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Speaker 2: New Hope yesterday announced a higher profit, a bigger dividend,

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Speaker 2: and a one one hundred million dollars share buy back.

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Speaker 2: Mister Bishop said he expects Asian Bias to rebuild their

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Speaker 2: cold stockpiles in coming months, which should be good for demand.

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Speaker 1: This next story is truly remarkable. Yeah, John Robin Denholme,

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Speaker 1: the Australian chair of Tesla and ostensibly the boss of

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Speaker 1: Elon Musk. I don't think anyway.

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Speaker 2: Could you do that? No, Donald Trump is in the

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Speaker 2: boss of Elon Musk.

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Speaker 1: Elon Musk does not have a boss. But Robin Denholm

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Speaker 1: has made so far close to seven hundred million US

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Speaker 1: dollars in pay and stock during her time at the

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Speaker 1: ev macap's that's staggering.

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Speaker 2: Staggering. It is Denham was picked by Musk to run

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Speaker 2: the Tesla board and is the best paid chair of

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Speaker 2: any public company in the US. Routers has calculated her

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Speaker 2: compensation since she first joined the board in twenty fourteen

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Speaker 2: at six hundred and eighty two million dollars, that's going

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Speaker 2: to be about one point one billion Ossie dollars now

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Speaker 2: today she's cashed in about five hundred and thirty two

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Speaker 2: million Tesla shares. What eight hundred nine hundred million dollars

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Speaker 2: worth of shares. It is quite phenomenal. Her previous jobs

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Speaker 2: in a bunch of technology companies, including Telstra, I think

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Speaker 2: her highest paid job was about three million dollars US annually.

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Speaker 2: She's gone from three million this is all the US

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Speaker 2: dollars three million annually to an average pay of let's

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Speaker 2: say sixty million. Not bad. A former accountant relatively unknown

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Speaker 2: until taking the chair's job at Tesla, Denholm has been

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Speaker 2: criticized for defending a fifty six billion dollar payout for Musk,

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Speaker 2: a payout which was rejected by courts, though that's the

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Speaker 2: still legal action on that one. Now she's under a

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Speaker 2: lot of pressure as Musk spends more time with the

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Speaker 2: Trump administration and the share price of Tesla tanks. She's

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Speaker 2: also been criticized in a Delaware court, with a judge

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Speaker 2: saying her lucrative board pay has hindered her ability to

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Speaker 2: form her duties. Now, she did say that it was

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Speaker 2: life changing the amount of money she has. Yeah, and

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Speaker 2: she's brought a couple of local basketball teams things like that.

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Speaker 2: But you know, one point one billion over ten to

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Speaker 2: eleven years outrageous.

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Speaker 1: That is extraordinary.

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Speaker 2: Wow.

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Speaker 1: Turning to international news, now Shaw and very serious story

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Speaker 1: this one. Israel has launched extensive strikes, it says, in Gaza,

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Speaker 1: saying it was hitting her must targets in what appears

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Speaker 1: to be the most intense assault on the enclove since

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Speaker 1: a ceasefire took effect in January.

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Speaker 2: Israeli Prime Minister benjamintnas office said that the country's military

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Speaker 2: launched the attacks after the Palestinian militant group's repeated refusal

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Speaker 2: to release our hostages and rejection of all the proposals

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Speaker 2: it has received from US Presidential Envoy Steve Whitkoff and

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Speaker 2: from the mediators. Israel will from now on act against

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Speaker 2: TAMAS with increasing military strength that Nyah, his office said.

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Speaker 2: The Hamas run health ministry in Gaza said more than

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Speaker 2: two hundred people have been killed in those Israeli air strikes.

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Speaker 2: The first stage of the Seas five between Israel and Hamas,

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Speaker 2: which involved the return of Israeli hostages in Gaza in

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Speaker 2: exchange for Israel's release of Palestinian prisoners, ended on March one.

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Speaker 2: International mediators, including the US, have been trying to extend

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Speaker 2: the truth secure the release of the remaining hostages held

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Speaker 2: by Hamas.

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Speaker 1: Thailand plans to have the number of days that it

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Speaker 1: allows foreign tourists to stay without visas to thirty days,

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Speaker 1: as the nation cracksdown on travelers who have been exploiting

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Speaker 1: the waiver to engage in illegal businesses. This is all

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Speaker 1: according to a report on Bloomberg.

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Speaker 2: This is interesting, it is and anecdotally, I think we

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Speaker 2: all know someone who's gone to Thailand and stayed for

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Speaker 2: a little bit longer than four weeks.

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Speaker 1: Well, you only need to watch the new season of

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Speaker 1: The White Lotus, which is set in Thailand, and this

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Speaker 1: is all kind of referenced in that. So it is right,

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Speaker 1: I'll tell you what is it?

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Speaker 2: Good season?

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Speaker 1: Yes, yeah, it's not as good as season two. Season

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Speaker 1: two was definitely the peak of that show. But there

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Speaker 1: will be a tourism boom in Thailand off the back

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Speaker 1: of this, particularly coming from the US as well. I

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Speaker 1: mean a lot of Australians already go to Thailand, but

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Speaker 1: this is global exposure. Make that looks spectacular.

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Speaker 2: Thailand allows past portholders from ninety three countries to enter

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Speaker 2: the country for tourism for a period not exceeding sixty days.

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Speaker 2: I think I've done that myself. In the last twelve

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Speaker 2: months or so, that's gone down to thirty days. The

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Speaker 2: Association of Tied Travel Agents is worried about the growing

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Speaker 2: number of foreigners illegally working or doing business in the country.

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Speaker 2: The Thai Hotels Association said the long visa free period

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Speaker 2: may be partly to blame for the increasing condominium units

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Speaker 2: being illegally rented out to foreign guests. Now, tourism remains

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Speaker 2: a key driver of Thailand's economy, which is the second

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Speaker 2: largest in the region. The government's targeting foreign tourist arrivals

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Speaker 2: to top forty million this year, which would break a

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Speaker 2: pre COVID record.

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Speaker 1: Last one sewn byd has unveiled a new system for

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Speaker 1: a trick cars that the Chinese automaker says will allow

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Speaker 1: them to charge almost as fast as it takes a

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Speaker 1: regular car to refuel. When we first saw this story,

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Speaker 1: you turned to me and you said, this is a

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Speaker 1: game changer. Yeah, this is this is big.

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Speaker 2: Yes. So we have had guests on who have work

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Speaker 2: in this industry or they don't anymore because their company

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Speaker 2: went broke. But who actually said, you know? The holy

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Speaker 2: grail of the game changer is for someone to pull

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Speaker 2: their ev into a charging station and effectively fill up

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Speaker 2: in the same amount of time as someone fills up

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Speaker 2: their tank. And that's what this promises. BYD's new battery

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Speaker 2: and charging system it's capable of providing four hundred kilometers

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Speaker 2: of range in five minutes in tests on his new

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Speaker 2: hahn El sedan. The manufacturer will start selling vehicles with

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Speaker 2: the new technology next month. According to Reuter's, BYD's market

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Speaker 2: value on the Hong Kong Stock Exchange now more than

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Speaker 2: Forward General Motors False Wagon. It's about quarter the size

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Speaker 2: of Tesla, though it does sell more evs worldwide than

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Speaker 2: the US manufacturer. But just being able to charge your

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Speaker 2: car and the time takes the combustion engine vehicle to

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Speaker 2: pull in and out of a petrol station pretty much

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Speaker 2: the holy grail.

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Speaker 1: Yeah, feel like a turning point, all right, Sean. Up

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Speaker 1: next is the Fear and Greed Daily interview with Lou

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Speaker 1: Parenk from Jardin Australia. Great chat and it is available

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Speaker 1: at Fearangreed dot com dot au, which is also where

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Speaker 1: you sign up for the free weekly news that are

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Speaker 1: coming out in a couple of hours. Thank you very much, Sean,

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Speaker 1: Thank you, Michael. It is Wednesday, the nineteenth of March

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Speaker 1: twenty twenty five. Make sure you're following the podcast and

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Speaker 1: please join us online on LinkedIn, Instagram, ex TikTok and Facebook.

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Speaker 1: Michael Thompson. That was Fear and Greed. Have a great day.