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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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

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Speaker 1: Sean Aylmer. Hi 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, we still keep it to five minutes,

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Speaker 1: but we're going to pick out the biggest business story,

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Speaker 1: the most remarkable business story, a mystery category that changes

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Speaker 1: every week, and then our favorite business related story. Let's

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Speaker 1: go with the biggest story. What was it for you

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Speaker 1: this week?

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Speaker 2: For me, it was the economy. We heard from the

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Speaker 2: Reserve Bank Governor Michelle Bullock. Basically, she's pretty happy with

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Speaker 2: how things going. Inflation out looks pretty good. Later in

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Speaker 2: the week after she spoke, we got CPI figures that

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Speaker 2: show that the headlight end the underlying rate rates are

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Speaker 2: all within the two to three percent Reserve Bank target banter.

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Speaker 2: That was pretty good. The employment market's pretty good according

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Speaker 2: to Michelle Bullock. Productivity is still a bit of an

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Speaker 2: issue that needs to pick up, and she's a bit

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Speaker 2: worried about equity prices, but overall, really benign outlook on

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Speaker 2: the economy. A few interesting that's from that inflation data,

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Speaker 2: big jumps in electricity as rebates decreased. Eggs those prices

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Speaker 2: went up over the last two months sharply. That's because

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Speaker 2: of the bird flu stuff and coffee Team Kiko also rose,

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Speaker 2: as did tobacco.

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Speaker 1: Yeah, big Sorry. The other big story was really politics

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Speaker 1: on the global stage. We had anything up and easy,

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Speaker 1: finally getting his Trump moment in New York. It wasn't

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Speaker 1: even clear whether he was going to meet Donald Trump.

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Speaker 1: Then finally, finally there was a handshake, There was a

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Speaker 1: selfie and the promise of a White House meeting next

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Speaker 1: month while he was there. This makes it sound as

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Speaker 1: though that the PM was just there for that, but

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Speaker 1: he was actually there to appear at the UN and

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Speaker 1: he made his debut UN speech where he pitched Australia

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Speaker 1: for a Security Council seat, really pushed climate change as

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Speaker 1: an existential threat, called out Iran for fire bombings on

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Speaker 1: Australian soil, and really the week the whole I've done

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Speaker 1: this whole thing backwards, Sean, I'm working backwards in time here.

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Speaker 1: The week started with Australia officially recognizing a Palestinian state

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Speaker 1: at the UN. Massive week for Australia on the world stage.

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Speaker 2: Tell me, Michael, the most remarkable story if the year.

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Speaker 1: The most remarkable story is a really tragic one. Optus

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Speaker 1: it has had yet another crisis. This one is worse

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Speaker 1: than twenty twenty three's outage twenty twenty two cyber attack.

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Speaker 1: This was a network outage that left six hundred people

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Speaker 1: unable to reach triple zero and is tragically linked to

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Speaker 1: four deaths. Massive fallout to this government probe customers obviously

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Speaker 1: very unhappy and independent review led by doctor Kerry Shott.

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Speaker 1: CEO Stephen Rue says he's not going to resign, but

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Speaker 1: the damage here is just enormous and is honestly tragic.

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Speaker 2: My most remarkable story is what's going on at myo

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Speaker 2: as Chare price felled twenty five percent off the department

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Speaker 2: store an now it's their thirty percent drop in profit.

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Speaker 2: The biggest drag on Myer's prophit was apparel brands. This

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Speaker 2: is the bunch of stores they got off Solomon Lo's

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Speaker 2: premier brands earlier in the year. We're talking just Jean's, Portman's, Dottie,

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Speaker 2: JJ's and Jackie. You really wonder whether investors are going

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Speaker 2: to stick with my because they're really struggling to actually

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Speaker 2: make those brands work. The other interesting thing from it,

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Speaker 2: Maya said had been hit with a jump in theft

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Speaker 2: and violent behavior. In fact, instance of threatening behavior as

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Speaker 2: seventy nine percent. Any social behavior was up eleven percent.

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Speaker 2: Victoria is the main problem state.

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Speaker 1: Okay, moving on to our mystery category this week, Sean,

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Speaker 1: which is Outlandis's statements by the US President, Because usually

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Speaker 1: there's a few in any given week, but there were

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Speaker 1: some big ones this week. What did you pick out? Well?

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Speaker 2: For me the fact that he at the UN General

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Speaker 2: Assembly denied climate change, calling it the greatest con job

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Speaker 2: ever perpetrated on the world. He refuted the use of

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Speaker 2: renewable energy. He claimed that clean energy sources such as

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Speaker 2: solar and wind don't work and a more expensive than

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Speaker 2: fossil fuel option. So far for incorrect statements in what

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Speaker 2: I've said so far. He also said the United Nations

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Speaker 2: was incorrect in its predictions about the consequences of climate change.

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Speaker 2: Wrong again. And the President repeatedly warned that the economics

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Speaker 2: of renewable energy are harming the economy and resulting in

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Speaker 2: higher energy costs. That one's probably wrong to What about you, Michael,

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Speaker 2: what do you think Donald Trump said this week that

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Speaker 2: was totally outlandish?

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Speaker 1: Well, he has said some strange things, so this one

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Speaker 1: I think was actually just bordering on dangerous. At the

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Speaker 1: White House, he had Robert F. Kennedy Junior at his side.

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Speaker 1: He claimed that Tyler and Old essentially paneed all the

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Speaker 1: key ingredients of paracetamol is linked to autism. He ordered

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Speaker 1: the FDA to slap a warning on the label. He

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Speaker 1: told pregnant women, don't take it, there's no downside. The

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Speaker 1: problem here is that the science doesn't necessarily back him up.

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Speaker 1: The studies are inconclusive at best. Major medical groups are furious.

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Speaker 1: They are warning that Trump's words could actually scare women

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Speaker 1: away from the only safe painkiller during pregnancy. And we

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Speaker 1: have had doctors groups and medical advisory boards coming out

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Speaker 1: saying that no, still take it if you need it

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Speaker 1: while during pregnancy, and doctors are trying to really undo

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Speaker 1: some of the damage that's been done here. And the

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Speaker 1: thing that got me when the President said, you know,

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Speaker 1: I'm just making these statements from me, I'm not making

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Speaker 1: them from these doctors, because when they talk about you know,

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Speaker 1: different results, different studies, I just talk about a lot

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Speaker 1: of common sense.

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Speaker 2: There you go, incredible. Your favorite story, Michael.

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Speaker 1: Favorite story, just a quick one. Trust. The Roy Morgan

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Speaker 1: Trust Survey is out and once again Bunnings is a

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Speaker 1: number one, followed by Aldi Kmart, Apple, Toyo to the

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Speaker 1: banks are sneaking back Cominwealth Bank is back into the

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Speaker 1: top ten. But the extraordinary parts, Sewan, is that Coles

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Speaker 1: and Woolies are still at the top of our most

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Speaker 1: distrusted brands, which is extraordinary when you think about it,

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Speaker 1: because behind them on the list and therefore more trusted

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Speaker 1: a company is like X riddled with misinformation. Timu, a

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Speaker 1: company that's believed to potentially supply products that are made

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Speaker 1: with forced labor, yet we still trust them more than

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Speaker 1: Colson Woolies. Shows that if you lose trust, it's very

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Speaker 1: hard to get it back. What did you like this week?

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Speaker 2: Very quickly big study using from the Harvard and Dick Universities,

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Speaker 2: using millions of none of my requests on chap GPT,

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Speaker 2: more than seventy percent of users are now asking about

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Speaker 2: personal matters less than thirty percent twenty seven percent, in fact,

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Speaker 2: are asking about work matters. Love that some of the

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Speaker 2: prompts that we normal. One my wife is mad at

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Speaker 2: me and I don't know what to do. Two ho

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Speaker 2: to black holes work? Three does ice reduce pimples? That's

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Speaker 2: where chap GPT is value adding.

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Speaker 1: There we go five minutes and pretty much everything you

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

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Speaker 1: very much, Sean, Thanks Michael. We'll be back Monday morning

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Speaker 1: with the top five business stories in five minutes. Don't

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Speaker 1: forget to hit follow on the podcast and head to

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Speaker 1: Fearandgreed dot com dot au to sign up for our

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Speaker 1: free daily newsletter. I'm Michael Thompson and this is the

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Speaker 1: past five business news by Fear and Greed