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Speaker 1: Today on Fear and Greed. Electricity costs set to jump

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Speaker 1: sharply as providers push to fund investment in energy infrastructure.

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Speaker 1: Prime Minister Anthony Albanezi is back in the country, blasting

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Speaker 1: Israel and fending off criticism of the government's green policies,

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Speaker 1: and a major private hospital operator collapses. Plus meat prices

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Speaker 1: on the rise and Leelo and Stitch beat Tom Cruise.

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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 Tuesday, the twenty

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Speaker 1: seventh of May twenty twenty five. I'm Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning Michael. Until this very moment, I had no

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Speaker 2: idea it was Lee, Loo and Stitch and not Lilo

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Speaker 2: and Stitch.

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Speaker 1: Well, it was only because I saw it on the weekend.

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Speaker 1: Otherwise yeah, I would have said Liloh as well.

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Speaker 2: Sewn.

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Speaker 1: The main story this morning, households face power bill increases

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Speaker 1: of up to ten percent after electricity costs rose faster

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Speaker 1: than anticipated in parts of the car Australian.

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Speaker 2: Energy Regulator sets safety net prices known as a default

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Speaker 2: market offer, as part of its annual review. While the

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Speaker 2: ruling applies to just ten percent of customers. It does

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Speaker 2: set a benchmark for the broader market. Yesterday, it blamed

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Speaker 2: upcoming increases in electricity prices on the cost of producing energy,

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Speaker 2: which varies based on how it's generated and where it

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Speaker 2: is generated in different parts of the country. Chair Clear

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Speaker 2: Savage said there had been cost pressures on almost all

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Speaker 2: components of the electricity supply chain, with network costs rising

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Speaker 2: between one percent and eleven percent and retail costs going

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Speaker 2: up between eight and thirty five percent. The regulator said

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Speaker 2: in New South Wales, customers on standing off of plans

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Speaker 2: could see increases of between eight point three and nine

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Speaker 2: point seven percent. Households in South Australia and Queensland Queensland

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Speaker 2: Southeast including Brisbane, will see increases of around four percent,

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Speaker 2: according to the regulator.

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Speaker 1: Can you explain this one to me because.

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Speaker 2: Maybe maybe sorry, okay, all right, all.

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Speaker 1: I just want to know whether there's any relief coming

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Speaker 1: because it seems like inflation in most other sectors is

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Speaker 1: actually slowing but not an energy costs.

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Speaker 2: Yeah, it's a great question. The problem in Australia is

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Speaker 2: that the sector is spending tens of billions of dollars

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Speaker 2: on transmission infrastructure and the cost of that's blowing out.

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Speaker 2: In fact, the Australian Energy Market Operator says the cost

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Speaker 2: of overhead transmission line projects has jumped fifty five percent

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Speaker 2: and that needs to be fundedow and we're talking tens

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Speaker 2: of billions of dollars here. Fifty five percent of that

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Speaker 2: is a lot of money. Consumers will definitely feel the pain,

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Speaker 2: as much as we want to complain. It's just part

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Speaker 2: of the cost of transitioning to greener energy. We have

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Speaker 2: a bunch of aging coal fired power stations coming to

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Speaker 2: the end of their life. They're being replaced with wind,

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Speaker 2: solar farms, that type of thing. It takes plenty of

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Speaker 2: investing in polls and wires to connect everything up, and

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Speaker 2: that's what's going on now. The ALP's target is to

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Speaker 2: have eighty two percent renewa energy by twenty thirty. Most

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Speaker 2: people are on board on that, but the cost of

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Speaker 2: electricity is the price we're paying for that.

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Speaker 1: What I don't get is how does the cost of

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Speaker 1: a project or multiple projects, in terms of the overhead

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Speaker 1: transmission projects, how does it jump by fifty five percent?

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Speaker 1: What is that? I mean? That sounds as though it

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Speaker 1: has been wildly underestimated in terms of the cost. A

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Speaker 1: lot of blowouts on a whole different front.

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Speaker 2: So every couple of years the regulator provides costings for this. Now,

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Speaker 2: this is the latest costing for that, so it's a

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Speaker 2: couple of years since the previous one. But even so,

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Speaker 2: you know you're right. Twenty five thirty percent increase annually.

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Speaker 2: It's huge.

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Speaker 1: Yeah, if you're building a house and the builder came

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Speaker 1: back to you and said, look, it's actually going to

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Speaker 1: cost fifty five percent more than we initially quoted, you'd

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Speaker 1: be asking if you be happy?

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Speaker 2: Would know?

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Speaker 1: Anyway. Prime Minister Anthony albneasy Sean has resurfaced back home

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Speaker 1: following nearly a fortnight overseas. He's had a very big trip.

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Speaker 1: He has had a big trip, think about it. He's

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Speaker 1: been to Indonesia, He's been to the Vatican. It's been

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Speaker 1: all over the place. Anyways, back now, and he has

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Speaker 1: criticized Israel and he has defended the government's green credentials Albanese.

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Speaker 2: He criticized Israel for its partial blockade of Gaza that

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Speaker 2: has left thousands of people on the brink of starvation,

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Speaker 2: revealing he personally protested to Israeli President Isaac Herzog. Earlier

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Speaker 2: this month, Israel's finalizing plans to reoccupy the Strip and

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Speaker 2: resettle two million Palestinians into three zones. This global condemnation

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Speaker 2: of Benjamin Netanyahu and his government. Albanese said the net

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Speaker 2: Newahu government's excuses for denying the entry of food and

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Speaker 2: essential supplies were completely untenable and without credibility. He also

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Speaker 2: yesterday suggested that a potential approval of Woodside's massive Northwest

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Speaker 2: Shelf gas project wouldn't inhibit Australia's efforts to combat climate change.

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Speaker 2: The new Environment Minister Murray Watt is set to decide

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Speaker 2: this week whether to approve that contentious proposal. Albanezy was

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Speaker 2: speaking from the National Emergency Management Agency Situation Room in Canberra,

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Speaker 2: where he was inspecting the management of the New South

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Speaker 2: Wales Mid North Coast flood recovery efforts. He kind of

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Speaker 2: had a busy day yesterday, but we haven't really seen

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Speaker 2: him around the place very much. I mean, he kind

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Speaker 2: of got elected, he took off, as you said, He

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Speaker 2: visited Indonesia and then the inauguration of Pope Leo the fourteenth,

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Speaker 2: came home by Singapore, meeting with the Prime Minister Lawrence Wong.

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Speaker 2: There basically re emerged yesterday, Michael.

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Speaker 1: And on the other side of politics sewn, the Liberal

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Speaker 1: and National Parties are edging closer to reforming the coalition.

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Speaker 2: One of those words edging, edging, edging, Yeah, you got

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Speaker 2: to put the emphasis alliteration. Now there's a word that

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Speaker 2: it's anyway. Liberal Senator James Patterson says the parties are

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Speaker 2: down to the mechanical details of a policy agreement to

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Speaker 2: reform a coalition. Opposition leader Susan Lee is seeking a

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Speaker 2: more cooperative relationship with big business as she was to

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Speaker 2: take the what you say that the edges off Nationals

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Speaker 2: demands and threats to break up supermarkets, telecommunications in the

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Speaker 2: Bush and nuclear power just quickly.

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Speaker 1: Still in politics, the final result of the federal poll,

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Speaker 1: which was more than three weeks ago now, still hasn't

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Speaker 1: been announced, With counting continuing in Victoria's Goldstein and New

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Speaker 1: South Wales's Bradfield, which is extraordinarily close it is.

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Speaker 2: The Australian Electoral Commission has ordered a partial recount in

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Speaker 2: the Victorian seat of Goldstein after a full preference count

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Speaker 2: showed the Liberal Parties Tim Wilson won the seat from

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Speaker 2: Teel Independent Zoey Daniel by two hundred and sixty votes. Now,

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Speaker 2: the AEC's the distribution of final preferences over the weekend highlighted,

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Speaker 2: I quote some discrepancies in the fresh scrutiny for Goldstein

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Speaker 2: end quote. Say they're having another look Bradfield. Now there's

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Speaker 2: an electorate that is close. The final count put Liberal

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Speaker 2: candidate Giselle Capterian just eight votes ahead of tears Nicolette

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Speaker 2: Bowl eight votes. Now you get an automatic recount if

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Speaker 2: it's under one hundred. That's likely to take another couple

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Speaker 2: of weeks. But could you about Nicolett Bowl has now

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Speaker 2: was certainly her second time, it may even be her

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Speaker 2: third time. Could you imagine how disappointed you would be

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Speaker 2: to lose by eight votes.

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Speaker 1: Lose by a tarago of voters. Just a minivan, it's

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Speaker 1: not even a well it is. I mean, it's just

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Speaker 1: a people mover.

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Speaker 2: It's just a people mover.

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Speaker 1: Toarrago. Sean very quick mentioned before we head to the Yeah,

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Speaker 1: the break of the big event that we have coming

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Speaker 1: up next week we are holding. It's a it's a

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Speaker 1: twofold event, isn't it.

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Speaker 2: We have twofold event. I'm going to I'm going to

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Speaker 2: promote it Michael. So the first is a live recording

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Speaker 2: of our weekend edition. Our weekend edition is very different

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Speaker 2: to our daily show. It's basically Michael and I are

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Speaker 2: discussing the biggest story, most remarkable story of the week,

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Speaker 2: our favorite story. We have a judge, Adam laying. It

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Speaker 2: basically ends up just being an abuse session between the

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Speaker 2: three of us. So that's thirty and it's entertainment. But

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Speaker 2: after that, after that, it is And I've got it

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Speaker 2: in my hand, first copy, the very first copy, the

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Speaker 2: official launch of Michael's second book, All the Perfect Days,

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Speaker 2: and we'll be launching it there. I'll be having a

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Speaker 2: chat to Michael about it. I'm going to ask him

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Speaker 2: specifically why the names of some of the characters seem

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Speaker 2: very very familiar. If any of our children, yours, mine,

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Speaker 2: Adam Lank's children turn up, they're all going to sound

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Speaker 2: very familiar.

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Speaker 1: Oh I certainly will. Yes.

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Speaker 2: But it's fantastic, mean, incredible feat Michael to have launched

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Speaker 2: your second book. It's available in all Good book chops

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Speaker 2: from Tuesdays.

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Speaker 1: From Tuesday next week. If you happen to be listening

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Speaker 1: in the US, it is out in the US at

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Speaker 1: the moment. Yeah, yeah, indeed, and that is your copy, Sean.

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Speaker 1: It's even been signed for you, signed and so yeah, look,

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Speaker 1: if you can come along next Thursday, Thursday the fifth,

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Speaker 1: if you are in Sydney, there is a link in

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Speaker 1: today's show notes to book your free ticket for what

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Speaker 1: is promising to be the event of the year.

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Speaker 2: Agreed at least that's right.

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Speaker 1: It might be overstating a little bit, but please come along, Sean.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news. Sean Healthscopes thirty seven private hospitals

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Speaker 1: will continue to operate after the beleaguered groups bankers, Westpac

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Speaker 1: and Commonwealth Bank agreed to provide funds to keep the

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Speaker 1: medical facilities open.

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Speaker 2: Receivers have been called in to sell to sell the business,

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Speaker 2: which includes the relatively new Northern Beaches Hospital in Sydney's

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Speaker 2: north Shore. The group has thirteen facilities in Victoria, twelve

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Speaker 2: in New South Wales, five in Queensland, four in South

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Speaker 2: Australia and then one in Western Australia. The Act Northern

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Speaker 2: Territory think. I don't think there's any Tasmanium a syndicative

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Speaker 2: Banks and hedge funds that control one point six billion

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Speaker 2: dollars in debt voted to put the company into receivership yesterday,

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Speaker 2: after being handed controlled by its previous owner, Canadian asset

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Speaker 2: management giant Brookfield earlier this month. Mcgart Nickel restructuring was

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Speaker 2: a pointed at receiver and will face considerable pressure from

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Speaker 2: governments that want to avoid the closure of private hospitals

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Speaker 2: at a time when the public system is under significant strain.

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Speaker 2: Federal Health Minister Mark Butlery yesterday said the hospitals will

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Speaker 2: continue to operate throughout this sale process. I mean good

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Speaker 2: on Westpac and Comwealth Bank for stepping up and funding

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Speaker 2: the hospitals. Mind you, it will be a pr disaster

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Speaker 2: if they closed.

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Speaker 1: Yeah. Indeed, this next one's interesting. Sean meat prices are

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Speaker 1: set to rise this year. That's the last thing we

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Speaker 1: need really, As drought conditions in parts of the country

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Speaker 1: reduced livestock herds just as overseas demand as increasing.

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Speaker 2: Elders said the drought in southern Australia had resulted in

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Speaker 2: a hit to earnings in the six months to March

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Speaker 2: thirty one. All our higher cattle and sheep prices had

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Speaker 2: helped deliver a rebound and profit compared to the same

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Speaker 2: period a year ago. It warned Elders is that there's

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Speaker 2: a potential for cattle and cheap sale year prices to

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Speaker 2: rise over the next six months or so. Experts to

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Speaker 2: Japan and South Korea are particularly strong to demand, while

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Speaker 2: we have the supply issue because of the drought. Elders

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Speaker 2: reported a half unt profit of thirty four million dollars.

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Speaker 2: It was below expectations. That share price closed down six

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Speaker 2: point five percent, the worst of the top two hundred yesterday.

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Speaker 1: Just quickly, How did local markets perform?

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Speaker 2: Me so well? Donald Trump's back down on fifty percent

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Speaker 2: tariffs on the EU helped the local market, Having said

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Speaker 2: that by the close it was flat. The big movers

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Speaker 2: that the uranium stocks over the weekend. Trump pushed to

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Speaker 2: loosen regulations around nuclear power in the US that could

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Speaker 2: help uranium suppliers from Australia. Deep Yellow jumped fourteen percent,

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Speaker 2: Paladin was up nine percent, Boss was up eight percent.

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Speaker 2: The other interesting one yesterday wystet Global share price jump

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Speaker 2: five percent after confirming it'd had bought US based e

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Speaker 2: to open for three point three billion dollars.

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Speaker 1: What about international markets?

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Speaker 2: Dollar or something like that. Isn't that the worst?

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Speaker 1: It's it is a cringe. Cress it just like it

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Speaker 1: was fun when it first started, however long years ago.

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Speaker 1: Yeah you born, yes, just I am thirty nine, thank you, Sean.

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Speaker 1: I was nine when it started. No it, but now

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Speaker 1: it's just like, come on, we can do better, Yeah,

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Speaker 1: we can do better than this.

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Speaker 2: Right anyway? The Aussie dollar here six month high sixty

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Speaker 2: five point twenty five US cents can't followed a drop

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Speaker 2: in the US dollar goals up well, it was up

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Speaker 2: five cent last week and it had to skipped back

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Speaker 2: just to touch since SNS about thirty three fifty US

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Speaker 2: announced brankruds about sixty five US dollars a barrel, enjoying

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Speaker 2: those cheap petrol prices at the moment, and Bitcoin just

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Speaker 2: under one hundred and ten thousand US dollars a unit.

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Speaker 2: You don't think they're cheap petrol price?

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Speaker 1: Oh no, no, no, completely aground. I saw a fuel for

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Speaker 1: a dollar fifty something the end of the day, and

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Speaker 1: I like I nearly took a photo of it. That

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Speaker 1: is how boring I have become that I get excited

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Speaker 1: when I say and I need to memorialize it. In

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Speaker 1: my phone. That's dull. Yeah, it is. That's worse when

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Speaker 1: I send it to you and you give me a

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Speaker 1: thumbs up, we're equally dull. Turning to international news, President

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Speaker 1: Donald Trump said he is quote absolutely considering new sanctions

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Speaker 1: against Russia after Moscow launched a second night of deadly

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Speaker 1: missile and drone strikes really across much of Ukraine.

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Speaker 2: Donald Trump is clearly frustrated with Russian President Vladimir Putin

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Speaker 2: in the state of talks meant to deliver a CIEs

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Speaker 2: for our Ukraine, Trump said, and I, quote, I'm not

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Speaker 2: happy with what Pertin is doing. He's killing a lot

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Speaker 2: of people. And I don't know what the hell happened

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Speaker 2: to Putin. I've known him a long time, always gotten

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Speaker 2: along with him. But he's sending rockets into cities and

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Speaker 2: killing people, and I don't like it at all. End quote. Later,

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Speaker 2: in a truth social post, he said that Putin quote

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Speaker 2: has gone absolutely crazy. End quote.

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Speaker 1: Last one, Sean, and I'm always wary talking about movies

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Speaker 1: with you.

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Speaker 2: I don't go to them.

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Speaker 1: Yeah, And if we're talking streaming services and kind of

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Speaker 1: watching Severance or something like that, then Europe generally across that, right,

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Speaker 1: movies anyway. Tom Cruise's Mission Impossible has garnered much of

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Speaker 1: the media attention, obviously with the big release, but it's

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Speaker 1: actually Disney's live action Letho and Stitch remake that has

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Speaker 1: made all the money, taking one hundred and forty six

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Speaker 1: million US dollars over the Memorial Day long weekend in the.

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Speaker 2: US, so good weekend for theaters all round, with the

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Speaker 2: top six flicks taking in two hundred and fifty two

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Speaker 2: million dollars in North America on Saturday and Sunday. Now,

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Speaker 2: a year ago, the top six movies took in about

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Speaker 2: to about one hundred and sixty million, so people are

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Speaker 2: going back to theaters. Disney said Lelo and Stitch, which

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Speaker 2: cost around one hundred million dollars to make, not including

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Speaker 2: marketing expenses, which would be large, It's on track to

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Speaker 2: sell one hundred and eighty three million dollars in tickets

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Speaker 2: at domestic theaters from Friday through Monday. It's a long

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Speaker 2: weekend in the US the Memorial weekend. Tom Cruiser's three

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Speaker 2: hour Mission Impossible the final reckoning It came in second

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Speaker 2: place seventy seven million dollars over the long weekend, according

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Speaker 2: to com Score. It's the eighth and final installment of

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Speaker 2: the Mission Impossible series, and worldwide, it's expected to take

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Speaker 2: two hundred million dollars in its first three days. Sounds

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Speaker 2: like a lot, but it's a long way from being profitable.

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Speaker 2: It got caught up in the twenty twenty three Hollywood strikes.

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Speaker 2: There's also a bunch of stunts, and we've all seen

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Speaker 2: them on social media. It costs about half a billion

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Speaker 2: dollars to make and market, according to the New York Times,

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Speaker 2: so it has to make a lot of money to

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Speaker 2: turn a profit.

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Speaker 1: He know, he does his own stunts, don't I've heard yes, Yeah,

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Speaker 1: which is pretty impressive. It is sixty two or something.

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Speaker 2: Yeah, I mean it's incredible. Actually, some of the kids

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Speaker 2: went to it last night, four of them did. It's huge.

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Speaker 2: They went at nine point thirty and altho they were

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Speaker 2: home well after. I've got a beat, so I don't

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Speaker 2: know what time, but they're very excited about it.

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Speaker 1: I've got to say, that's incredible. On the way, Leelo

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Speaker 1: and Stitch saw that one over the weekend, so the

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Speaker 1: kids loved it.

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Speaker 2: I said to Michael, why did you see Lelo and Stitch?

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Speaker 2: And Michael's partner Shan has been away and he just goes,

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Speaker 2: what else am I going to do with the kids? Right?

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Speaker 1: It wasn't quite like that, but I mean the general

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Speaker 1: sentiment was there. Up next, Sewan is the Fear and

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Speaker 1: Greed Daily Interview. Your guest today you had a chat

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Speaker 1: in the studio with Susan Wilden, who is the Australian

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Speaker 1: boss of Airbnb.

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Speaker 2: That's right, Australia, New Zealand and Oceania. Thank you, thank

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Speaker 2: you. We had a discussion. Michael struggles with the word Oceania.

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Speaker 2: Some of us struggle with the word preliminary. Michael's ocean

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Speaker 2: place irrelevant, irrelevant. We spoked this Susan about airbnbs push

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Speaker 2: into the business market, so we all know it for

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Speaker 2: leisure travel. It's pushing into the business market. And then

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Speaker 2: some of the extraordinary things you can get while at

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Speaker 2: an Airbnb now, so you can order in the chef

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Speaker 2: to come and do things. It's fantastic. I've got a

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Speaker 2: whole new admiration for Airbnb.

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Speaker 1: I love that you used this interview just to voice

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Speaker 1: a very personal grap about your rating that you have

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Speaker 1: received as a guest on Airbnb. It's worth listening just

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Speaker 1: for that it is a great chat. It just coming

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Speaker 1: up next to the Fear and Greed players on your

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Speaker 1: podcast platform or at Fearangreed dot com today you which

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Speaker 1: is also where you sign up for our free daily newsletter,

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Speaker 1: which Sean has just been going gangbusters.

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Speaker 2: It has weeks, I mean more and more people signing

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Speaker 2: up all the time.

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Speaker 1: This is great and it is entirely free. So I

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Speaker 1: signed up today. It is on the website and a

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Speaker 1: linkin show notes. Thank you very much, Sean.

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Speaker 2: Thank you, Michael.

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Speaker 1: It is Tuesday, the twenty seventh of May twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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