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Speaker 1: Welcome to the Saturday edition of the Fast Five Business

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Speaker 1: News by Fear and Greed. O'm Michael Thompson and Hello

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Speaker 1: Sean Aylmer. Hello Michael Sean. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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Speaker 1: On the weekend, though we're still going to keep it

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Speaker 1: to five minutes, of course, but we are going to

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Speaker 1: pick out the biggest business story of the week, the

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Speaker 1: most remarkable business story, a mystery category we change up

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Speaker 1: on every weekend, then our favorite business related story. I'll

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Speaker 1: go first, if that's all right, Sean Rada, because I

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Speaker 1: think the biggest story this week was all about interest rates,

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Speaker 1: and we knew this was happening because the inflation data

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Speaker 1: pointed towards it, the jobs data at all pointed towards it.

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Speaker 1: But this week the RBA Board increased the official cash

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Speaker 1: rate by twenty five basis points to three point eighty

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Speaker 1: five percent. The banks were all very quick to pass

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Speaker 1: it on to anyone with the Homeland. Savers also benefit though,

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Speaker 1: because they're getting a higher rate on their savings accounts.

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Speaker 1: Is it going to be a one off from the

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Speaker 1: Reserve Bank? Maybe? Governor Michelle Bullet called it an adjustment,

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Speaker 1: but did leave the door open to more hikes potentially

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Speaker 1: this year if needed, because the challenge here is trying

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Speaker 1: to get inflation under control and the forecast suggests that

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Speaker 1: it is going to remain elevated for some time. We

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Speaker 1: knew this week it was coming Sean, and on Tuesday

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Speaker 1: afternoon we saw it happen.

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Speaker 2: Fair enough. Look, I think the well, I mean, that's

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Speaker 2: probably the biggest story of the week. But worth a

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Speaker 2: mention is the proposal that the government's considering to reform

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Speaker 2: capital gains tax concessions for property investors. The Prime Minister

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Speaker 2: Anthony Albernezi says the May budget will be reform budget.

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Speaker 2: He has confirmed that capital gains tax concessions are on

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Speaker 2: the table. Certainly where there's snake, there's fire that it'll

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Speaker 2: be about two hundred and fifty billion dollars in savings

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Speaker 2: out of the next decade. Tax breaks were introduced during

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Speaker 2: the Howard government. Pretty much everyone, the economists, screens, Union's independence,

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Speaker 2: worldfare groups all support peering them back now. Labour's gone

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Speaker 2: to two elections with changes to capital gains tax and

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Speaker 2: lost both elections. Didn't go to the last selection with

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Speaker 2: all the last two elections with it, but the previous

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Speaker 2: two to that hot button issue. However, it is someday

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Speaker 2: we'll look at one idea they're talking about now is

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Speaker 2: actually discounting the concession depending on inflation over the period

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Speaker 2: Ye hold the house. So it's going to be very

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Speaker 2: interesting to watch, certainly will.

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Speaker 1: Most remarkable story, Sean, What did you like because there

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Speaker 1: were a couple of really remarkable things around this week.

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Speaker 2: Yeah. Look just how tough it is to do a

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Speaker 2: mining deal among the majors. The resources giant Rio Tinto

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Speaker 2: has banded. Major talks with rival Glencore would have created

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Speaker 2: the world's biggest mining company. Apparently, was over price and

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Speaker 2: who would run the new business media reports suggesting Rio

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Speaker 2: Tino wanted to be chairman n CEO. They wanted sixty

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Speaker 2: percent of the combined entity. Glenn Coore wasn't going to

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Speaker 2: agree with that. What it was about was Reo bulking

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Speaker 2: up its cop portfolio, taking advantage of searching command for

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Speaker 2: that medal we've seen Anglo American reject BHP. Anglo American

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Speaker 2: then went merged with another group at Canadian called tech Resources.

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Speaker 2: The local miners Beadje Peen Reo are really struggling to

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Speaker 2: find merger partners and more copper. I think pretty remarkable

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Speaker 2: that they haven't done a deal yet. Yeah.

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Speaker 1: The other remarkable one I thought this week was the

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Speaker 1: government's plan, the federal government's plan to sell off sixty

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Speaker 1: seven defense sites across Australia because they're really it is

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Speaker 1: going to upset a lot of people. We are already

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Speaker 1: seeing that because some of these are very historic sites,

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Speaker 1: the historic Victoria Barracks sites in Sydney, Melbourne, Brisboe. But

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Speaker 1: then you've got rifle ranges, a golf course, you've got

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Speaker 1: office blocks, you've got an island in Sydney Harbor. A

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Speaker 1: lot of these they are either not necessarily being used

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Speaker 1: to their full capacity, or they are just sitting there

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Speaker 1: and they need to be maintained and it cost a

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Speaker 1: lot of money to maintain them. Anyway, the government says

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Speaker 1: we're going to sell all of these off. They might

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Speaker 1: be used in the future for housing potentially, it's going

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Speaker 1: to make hopefully about two billion dollars that will go

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Speaker 1: back into modernizing defense and making it a more fit

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Speaker 1: for whatever we need in the future. I just think

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Speaker 1: it is pretty remarkable that they would go for a

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Speaker 1: big picture plan like that that is probably going to

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Speaker 1: upset quite a few people. Yeah.

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Speaker 2: Look and mister Createigrey this week the fickleness of markets,

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Speaker 2: Can I give you mine?

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Speaker 1: Oh?

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Speaker 2: Please, go on, it's just gyrations in commodities market. Goldfell

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Speaker 2: eleven percent one session, then foul more then bounce. Silver

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Speaker 2: prices down thirty percent in the session. Copper prices also bounced.

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Speaker 2: That helped BHP and Railway. As we were talking about

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Speaker 2: a moment ago, the Big Australian's share price hit a

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Speaker 2: fifty two week high. This week, price of oils higher.

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Speaker 2: Coal companies are having a good time in the back

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Speaker 2: of news that China's opening up record numbers of new

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Speaker 2: coal fired power stations. Commodity girations, Michael, you think it

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Speaker 2: sounds erotic. I just think it's incredible.

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Speaker 1: Just girations just sounds like something that happens on a

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Speaker 1: dance floor. Sure, and that's the only thing. And I

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Speaker 1: always find it amusing to hear it referred to with markets.

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Speaker 1: But can I just say, in terms of the fickleness

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Speaker 1: of markets, what on earth has happened to crypto? Because

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Speaker 1: it has, Sure, it's moved around a lot over the

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Speaker 1: last decade. That's it's nothing compared to what it's done

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Speaker 1: over the last week. Right, half a trillion dollars was

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Speaker 1: wiped off cryptocurrencies in just a few days, led by Bitcoin.

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Speaker 1: Then it got worse, a whole lot worse when below

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Speaker 1: seventy thousand US dollars. Then got worse again. Didn't help

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Speaker 1: that the Treasury Secretary in the US got best and

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Speaker 1: suggested that the government would not bail out the cryptocurrency.

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Speaker 1: It dipped below sixty six thousand US dollars. It's lower

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Speaker 1: since twenty twenty four. This was supposed to be kind

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Speaker 1: of the new goal, a hedge against inflation. People bought,

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Speaker 1: if anyone bought in last year when it was at

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Speaker 1: its peak of one hundred and twenty six thousand dollars.

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Speaker 1: It's now lost nearly fifty percent of its value, had

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Speaker 1: plenty of turmoil, plenty of disruption, and it didn't look

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Speaker 1: much like a safe haven over the last few months.

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Speaker 2: Sean Ouch, I think we agree in the favorite story,

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Speaker 2: Michael take it away.

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Speaker 1: It is the business of sport. Sean, It's been an

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Speaker 1: extraordinary week. And say, if we look back to last

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Speaker 1: end of last weekend, last Sunday night, at the end

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Speaker 1: of the Australian Open. The men's final between our Karaz

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Speaker 1: and Djokovic was terrific and the whole event brings in

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Speaker 1: so much money six hundred million dollars to the Victorian economy.

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Speaker 1: It's just a feature of summer. It's not somewher without

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Speaker 1: the Australian Open. But Sean, then the week ends with

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Speaker 1: the start of the Winter Olympics in Italy, and the

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Speaker 1: economic impact of that one is huge, five point three

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Speaker 1: billion euros for the Italian economy. Some great TV coming

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Speaker 1: up over the next couple of weeks. And I just

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Speaker 1: love the fact that the little town where the Australian

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Speaker 1: Olympians are staying as this little tax free town. It's

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Speaker 1: had a special tax status since the sixteen hundreds, so

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Speaker 1: they can do all the duty free shopping they want.

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Speaker 1: And I just love that.

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Speaker 2: Yeah, fantastic story, that one.

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Speaker 1: All Right, there we go five minutes and pretty much

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Speaker 1: everything you need to know in the world of business.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: Don't forget to hit follow on the podcast and head

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Speaker 1: to Fearangreed dot com dot au to sign up for

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Speaker 1: our free daily newsletter. I'll put a link in todays

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Speaker 1: show notes as well. I'm Michael Thompson and this is

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Speaker 1: the Fast five business news by Fear and Breed