1 00:00:04,120 --> 00:00:06,560 Speaker 1: Welcome to the weekend edition of The Fast Five. Business 2 00:00:06,559 --> 00:00:09,000 Speaker 1: News by Fear and Greed. Are Michael Thompson and Hello 3 00:00:09,119 --> 00:00:12,039 Speaker 1: Natalie McDonald's Good morning Michael Natalie. On weekdays, it's all 4 00:00:12,039 --> 00:00:14,400 Speaker 1: about the Fast Five, the top five business stories in 5 00:00:14,560 --> 00:00:16,799 Speaker 1: just five minutes. On the weekend, we still keep it 6 00:00:16,840 --> 00:00:18,119 Speaker 1: to five minutes, but we're going to pick out the 7 00:00:18,120 --> 00:00:21,200 Speaker 1: biggest business story of the week, the most remarkable business story, 8 00:00:21,480 --> 00:00:23,960 Speaker 1: a mystery category that changes every week, and then our 9 00:00:24,079 --> 00:00:29,640 Speaker 1: favorite business related story. Let's get straight into the biggest story, though, 10 00:00:29,720 --> 00:00:31,200 Speaker 1: what did you pick out? 11 00:00:31,480 --> 00:00:33,440 Speaker 2: Oh, for me, it's got to be GDP. It grew 12 00:00:33,520 --> 00:00:35,879 Speaker 2: point six percent in the June quarter, one point eight 13 00:00:35,920 --> 00:00:39,600 Speaker 2: percent over the year, fueled by household splashing out on travel, dining, 14 00:00:39,600 --> 00:00:43,040 Speaker 2: those big ticket buys. Consumption jumped point nine percent, helped 15 00:00:43,040 --> 00:00:45,400 Speaker 2: by end of financial year sales, easter and a Zac 16 00:00:45,479 --> 00:00:48,159 Speaker 2: Day landing so close together, and even the launch of 17 00:00:48,159 --> 00:00:51,720 Speaker 2: the new Nintendo Switch. But Ozzie's aren't spending with spare cash, 18 00:00:51,760 --> 00:00:54,800 Speaker 2: they're raiding savings. The household saving ratio fell from five 19 00:00:54,840 --> 00:00:57,440 Speaker 2: point two to four point two percent, with annual growth 20 00:00:57,480 --> 00:01:00,600 Speaker 2: now the strongest in almost two years. We saw the 21 00:01:00,640 --> 00:01:03,800 Speaker 2: spending booms showing up in retail two, with ABS figures 22 00:01:03,840 --> 00:01:06,959 Speaker 2: revealing that sales hit thirty seven point seven billion dollars, 23 00:01:07,040 --> 00:01:10,280 Speaker 2: up four point six percent on last year. Cafes, restaurants, 24 00:01:10,319 --> 00:01:13,360 Speaker 2: takeaways they're leading the charge, up nearly seven percent, while 25 00:01:13,360 --> 00:01:16,240 Speaker 2: household goods, fashion, and food all climbed too. Now this 26 00:01:16,280 --> 00:01:18,319 Speaker 2: is all great for retailers, of course, but it does 27 00:01:18,360 --> 00:01:21,040 Speaker 2: parle pressure on the Reserve Bank. Hopes of a September 28 00:01:21,120 --> 00:01:24,120 Speaker 2: rate cut are pretty much gone, with analyst tipping November 29 00:01:24,160 --> 00:01:25,040 Speaker 2: at the earliest. 30 00:01:25,920 --> 00:01:28,440 Speaker 1: Yeah, the economy, big, big, big week for the economy. 31 00:01:29,000 --> 00:01:31,679 Speaker 1: The other big story I think was one from politics, 32 00:01:31,720 --> 00:01:33,039 Speaker 1: and there are a few things that happened, but if 33 00:01:33,040 --> 00:01:35,480 Speaker 1: I was just to pick out one, immigration was a 34 00:01:35,600 --> 00:01:38,120 Speaker 1: big issue through the week. On the weekend last weekend, 35 00:01:38,200 --> 00:01:41,039 Speaker 1: we saw anti immigration rallies take place right across the 36 00:01:41,080 --> 00:01:44,160 Speaker 1: country and there were some ugly scenes with a lot 37 00:01:44,200 --> 00:01:47,480 Speaker 1: of these things were basically hijacked almost by neo Nazis 38 00:01:47,560 --> 00:01:50,440 Speaker 1: and extremists. There was a lot of pressure on the 39 00:01:50,440 --> 00:01:53,280 Speaker 1: government to perhaps pause intakes. They came out instead and 40 00:01:53,320 --> 00:01:56,200 Speaker 1: confirmed the migration number for this year one hundred and 41 00:01:56,240 --> 00:01:59,440 Speaker 1: eighty five thousand permanent visas. The priority here is skills. 42 00:01:59,560 --> 00:02:02,640 Speaker 1: We have a skill shortage in this country. We've got 43 00:02:02,640 --> 00:02:05,640 Speaker 1: a tight labor market. We need workers coming from overseas. 44 00:02:05,880 --> 00:02:08,560 Speaker 1: In turn, that is putting pressure on infrastructure, it is 45 00:02:08,560 --> 00:02:11,560 Speaker 1: putting pressure on the housing market. And Prime Minister Anthony 46 00:02:11,560 --> 00:02:16,640 Speaker 1: Abernezi was very careful not to dismiss those concerns and trying, 47 00:02:16,680 --> 00:02:20,280 Speaker 1: I think, to lead a constructive discussion about this, but 48 00:02:20,360 --> 00:02:23,399 Speaker 1: still with this priority of we need people coming into 49 00:02:23,440 --> 00:02:26,280 Speaker 1: this country and working to keep the economy moving. So 50 00:02:26,400 --> 00:02:29,519 Speaker 1: a big week in politics. Most remarkable story can I 51 00:02:29,600 --> 00:02:33,320 Speaker 1: suggest one here? It is all about China, right. China 52 00:02:33,360 --> 00:02:37,000 Speaker 1: held its largest ever military parade this week. It was 53 00:02:37,160 --> 00:02:40,720 Speaker 1: a show of power, an extraordinary show. There was all 54 00:02:40,760 --> 00:02:44,920 Speaker 1: these soldiers marching and hypersonic missiles and these robotic dogs. 55 00:02:45,680 --> 00:02:49,680 Speaker 1: The lineup though of guests obviously had President Jijin Ping there, 56 00:02:50,600 --> 00:02:53,760 Speaker 1: the Russian President of Vladimir Putin was there. The North 57 00:02:53,840 --> 00:02:58,359 Speaker 1: Korean dictator Kim Jong lun was there. The former Victorian 58 00:02:58,400 --> 00:03:01,680 Speaker 1: Premier Daniel Andrews was also there. He was invited and 59 00:03:01,720 --> 00:03:04,600 Speaker 1: he went along and he has been hammered for that decision. 60 00:03:04,639 --> 00:03:06,239 Speaker 1: It is not a great look for the Prime Minister 61 00:03:06,360 --> 00:03:11,080 Speaker 1: Anthony Albaneze force to distance himself. It is probably an 62 00:03:11,280 --> 00:03:14,800 Speaker 1: unwelcomed distraction. And this is a story that has generated 63 00:03:14,840 --> 00:03:16,799 Speaker 1: a lot of headlines through the week, and I just 64 00:03:16,800 --> 00:03:18,720 Speaker 1: thought the whole thing was actually remarkable. It was a 65 00:03:18,760 --> 00:03:21,280 Speaker 1: spectacle and one with a political angle to it as well. 66 00:03:21,480 --> 00:03:22,160 Speaker 1: What did you like? 67 00:03:22,560 --> 00:03:24,480 Speaker 2: You're totally right, there's not a day that's gone past, 68 00:03:24,520 --> 00:03:27,200 Speaker 2: and we haven't spoken about China. Also where we haven't 69 00:03:27,240 --> 00:03:29,600 Speaker 2: spoken about the banks, and not necessarily for the good 70 00:03:29,639 --> 00:03:32,040 Speaker 2: reasons either. We had reports emerging that A and Z 71 00:03:32,240 --> 00:03:35,119 Speaker 2: is considering somewhere between two thousand and five thousand job 72 00:03:35,160 --> 00:03:38,400 Speaker 2: cuts as part of these radical restructures. And in case 73 00:03:38,440 --> 00:03:40,400 Speaker 2: that wasn't enough, work has learned that their pay could 74 00:03:40,400 --> 00:03:42,280 Speaker 2: be cut if they failed to return to the office 75 00:03:42,320 --> 00:03:45,160 Speaker 2: at least half the time. It's perhaps no surprise and 76 00:03:45,280 --> 00:03:47,760 Speaker 2: that staff morale is slipping at A and said an 77 00:03:47,760 --> 00:03:51,640 Speaker 2: internal survey of thirty seven thousand employees showed metrics like engagement, 78 00:03:51,720 --> 00:03:55,560 Speaker 2: inclusion and well being falling since March this year. CEO 79 00:03:55,640 --> 00:03:58,400 Speaker 2: Nuness Matters took over the top job in May. Just 80 00:03:58,400 --> 00:04:02,240 Speaker 2: to put that in context. While Naboss Andrew Irvine has 81 00:04:02,520 --> 00:04:07,920 Speaker 2: fired shots really at businesses that may ignore AI, saying 82 00:04:07,960 --> 00:04:10,480 Speaker 2: that people using AI will take the jobs of those 83 00:04:10,480 --> 00:04:13,680 Speaker 2: who don't, and that for organizations failing to adopt new 84 00:04:13,680 --> 00:04:17,640 Speaker 2: technology is like Kodak or Blockbuster irrelevance in waiting. 85 00:04:18,320 --> 00:04:20,600 Speaker 1: Now moving on to our mystery category. This is our 86 00:04:20,640 --> 00:04:24,560 Speaker 1: favorite sector specific category, a story where we're picking a 87 00:04:24,600 --> 00:04:27,760 Speaker 1: particular sector. The challenge here though we each only have 88 00:04:27,839 --> 00:04:30,800 Speaker 1: twenty seconds to do this, I'm going to go first. 89 00:04:30,960 --> 00:04:33,800 Speaker 1: For the first time ever, four Chinese car brands have 90 00:04:33,880 --> 00:04:36,360 Speaker 1: cracked austrauld this top ten. They are ranked six, eight, 91 00:04:36,480 --> 00:04:38,400 Speaker 1: nine and ten, but just have four in the top 92 00:04:38,400 --> 00:04:43,440 Speaker 1: ten is incredible. Byd GWMMG and Cherry. Chinese made vehicles 93 00:04:43,480 --> 00:04:45,920 Speaker 1: made up almost twenty percent of all sales last month. 94 00:04:46,160 --> 00:04:50,680 Speaker 1: The growth trajectory trajectory. Why when I'm under a time limit, 95 00:04:50,760 --> 00:04:53,039 Speaker 1: What I picked the hardest word in the world to say, 96 00:04:53,680 --> 00:04:56,520 Speaker 1: is huge. We are seeing a massive influx of Chinese 97 00:04:56,520 --> 00:04:58,320 Speaker 1: made vehicles and it's going to keep going. What was 98 00:04:58,320 --> 00:04:58,640 Speaker 1: it for you? 99 00:04:59,200 --> 00:05:01,120 Speaker 2: It might be that I'm flying to England next week, 100 00:05:01,160 --> 00:05:03,280 Speaker 2: but it's got me thinking a lot about farming. We're 101 00:05:03,279 --> 00:05:07,800 Speaker 2: seeing Australia's farm sector breaking records. Agriculture, fisheries, forestry production's 102 00:05:07,839 --> 00:05:09,760 Speaker 2: tipped to hit a whopping at one hundred and one 103 00:05:09,800 --> 00:05:13,160 Speaker 2: billion dollars this financial year, with livestock alone making up 104 00:05:13,200 --> 00:05:16,480 Speaker 2: forty one billion dollars. Wheat yields are also set for 105 00:05:16,600 --> 00:05:20,440 Speaker 2: a monster sixty two million ton harvest. Good news fruit 106 00:05:20,480 --> 00:05:23,400 Speaker 2: growers as well. Australian apples can now head to Canada 107 00:05:23,480 --> 00:05:27,720 Speaker 2: without costly fumigation or freezing, but it is a competitive market. 108 00:05:27,760 --> 00:05:30,800 Speaker 2: Australia produces just three hundred thousand tons a year, while 109 00:05:30,880 --> 00:05:34,280 Speaker 2: China pumps out more than forty three million tons. And 110 00:05:34,360 --> 00:05:37,719 Speaker 2: that is before we get to this incredible story around 111 00:05:37,839 --> 00:05:42,400 Speaker 2: a vegetable cartel, the a Triple C accusing four major 112 00:05:42,520 --> 00:05:47,000 Speaker 2: suppliers of agile pricing agreements for staples like broccoli, lettuce, 113 00:05:47,120 --> 00:05:51,760 Speaker 2: cucumbers and zucchini. While Aldi itself isn't accused of wrongdoing, 114 00:05:52,120 --> 00:05:55,839 Speaker 2: it comes amid broader scrutiny of supermarket pricing practices, with 115 00:05:56,000 --> 00:05:58,200 Speaker 2: Coals and Woolworths also facing legal action. 116 00:05:58,400 --> 00:06:01,320 Speaker 1: I love that you completely ignore the twenty second rule. 117 00:06:01,480 --> 00:06:03,440 Speaker 2: That they didn't ignore it, you. 118 00:06:03,520 --> 00:06:06,160 Speaker 1: Just chose not to. Yeah, that's okay, all right, Well, 119 00:06:06,200 --> 00:06:08,800 Speaker 1: I think you and I can unite behind one favorite 120 00:06:08,800 --> 00:06:11,600 Speaker 1: story of the week, and it is It's an agricultural story. 121 00:06:11,760 --> 00:06:14,040 Speaker 1: It is about the way you heifer that's sold at 122 00:06:14,120 --> 00:06:16,840 Speaker 1: auction for three hundred and fifty thousand dollars, the third 123 00:06:16,839 --> 00:06:20,919 Speaker 1: most expensive sale ever. The thirteen month old was purchased 124 00:06:20,920 --> 00:06:24,080 Speaker 1: by a Cattile IVF company that's going to collect embryos 125 00:06:24,120 --> 00:06:27,880 Speaker 1: and produce up to thirty carves annually. Just an incredible 126 00:06:28,000 --> 00:06:29,200 Speaker 1: sum of money, isn't it. 127 00:06:29,200 --> 00:06:31,039 Speaker 2: It is, especially when you look at some of the 128 00:06:31,080 --> 00:06:33,440 Speaker 2: trade details behind it now and the fact that the 129 00:06:33,600 --> 00:06:36,280 Speaker 2: US is now the top customer. 130 00:06:36,400 --> 00:06:38,400 Speaker 1: Yeah, it is incredible. All right, Thank you very much, Natalie, 131 00:06:38,400 --> 00:06:40,160 Speaker 1: Thank you Michael. There will go five minutes and pretty 132 00:06:40,240 --> 00:06:41,839 Speaker 1: much everything you need to know in the world of business. 133 00:06:42,080 --> 00:06:43,920 Speaker 1: We'll be back on Monday morning with the top five 134 00:06:43,920 --> 00:06:46,240 Speaker 1: business stories in five minutes. Don't forget to hit follow 135 00:06:46,279 --> 00:06:48,240 Speaker 1: and head along with Fearangreed dot com Today you and 136 00:06:48,240 --> 00:06:50,920 Speaker 1: sign up for our free daily newsletter. I'm Michael Thompson 137 00:06:50,920 --> 00:06:52,719 Speaker 1: and this is the fast five business news by Fear 138 00:06:52,760 --> 00:06:53,159 Speaker 1: and Greed.