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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. I'm Michael Thompson and hello

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Speaker 1: Sean ale Mullow Michael Sean. On weekdays, it's all about

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

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Speaker 1: minutes on the weekend, though we still keep it to

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Speaker 1: five minutes, of course, but we're going to pick out

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Speaker 1: the biggest business story of the week, the most remarkable story,

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Speaker 1: a mystery category as well, and then our favorite business

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Speaker 1: related story. I'll go first show the kind of two

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Speaker 1: parts Reserve Bank met this week as expected, interest rates

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Speaker 1: left on hold. Are we going to get another rate

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Speaker 1: cut next year? Who knows. Mark's a bit nervous though,

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Speaker 1: about the potential that we're not going to see anymore.

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Speaker 1: And so we did see the ASX a six week low.

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Speaker 1: It a lot actually happening this week for investors. But

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Speaker 1: gold was sold off and bitcoin was sold off, and

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Speaker 1: there was some few big moves on Wall Street just

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Speaker 1: an overall. I know, I'm not really selling this.

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Speaker 2: Any glum week given what happened with the Reserve Bank,

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Speaker 2: though I think that's a fair pare.

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Speaker 1: That's a fair core. I wanted to give it a

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Speaker 1: bit more pep, but I just don't have the pep

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Speaker 1: for that story, Sean.

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Speaker 2: My biggest story of the week was ASSEK coming out

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Speaker 2: and giving its take on public and private markets. Released

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Speaker 2: a bunch of reports. Basically on public markets equities, things

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Speaker 2: are fairly well, lots of bits and pieces that could improve,

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Speaker 2: but the big stick came out for private markets and

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Speaker 2: for private credity. Credity don't even know what that is.

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Speaker 1: Private credits.

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Speaker 2: Well. Private credit done well is a good thing. It

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Speaker 2: ain't done well in Australia. There are a bunch of

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Speaker 2: things from governance and transparency through to valuation, conflicts of interest, fees,

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Speaker 2: marketing that need improvement. Otherwise the sector faces a Minsky

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Speaker 2: moment basically a moment where you're going to do much

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Speaker 2: debt and all goes south. Huge amount of detail, I

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Speaker 2: won't get into that, but ESSEX pretty much set out

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Speaker 2: its guiding principles and private credit operators beware, You've been warned.

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Speaker 1: That's a big story. What was most remarkable for you?

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Speaker 2: My most remarkable story is the number of public servants

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Speaker 2: we have here in Australia. We two hundred and fifty

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Speaker 2: billion dollars is paid to remunerate public servants up sixteen

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Speaker 2: percent in the last couple of years. Two million people

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Speaker 2: work for state and territory governments. That's about seventy seven

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Speaker 2: percent of the public sector. The Commonwealth wages bill is

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Speaker 2: growing fast. Camber now employs three hundred and eighty six

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Speaker 2: thousand people cost of forty one billion dollars. That's up

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Speaker 2: twenty percent over the last couple of years. Local governmploys

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Speaker 2: about two undred and eighteen thousand. If you put that

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Speaker 2: all together, one in eight jobs in this country is

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Speaker 2: a government job. That is big government.

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Speaker 1: That is that is certainly big, remarkable story. Sean for me,

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Speaker 1: you might want to sit down for this because this

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Speaker 1: is staggering. Tesla shareholders have approved the biggest executive pay

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Speaker 1: deal in history, which could see Elon Musk become the

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Speaker 1: world's first trillionaire. The vote pass for seventy five percent support.

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Speaker 1: It'll give Mask up to four hundred and twenty three

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Speaker 1: million Tesla shares the next decade. He has to hit

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Speaker 1: a string of milestones that include lifting Tesla's market value

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Speaker 1: from one and a half trillion U S dollars to

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Speaker 1: eight and a half trillion by the end of the decade.

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Speaker 1: I've got to sell twelve twelve more. Bet you he

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Speaker 1: wishes he just had to sell twelve more, twelve million

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Speaker 1: more electric vehicles, a one million vehicle robotaxi fleet, one

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Speaker 1: million humanoid robots. Kind of these are some big targets,

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Speaker 1: but it's a big paypacket if he succeeds, and that

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Speaker 1: will kind of roll out. Investors aren't all happy. There's

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Speaker 1: been a few that are disappointed, but you wouldn't have

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Speaker 1: known that at the AGM where they're dancing robots and

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Speaker 1: Elon Muscat on stage saying I super appreciate it. Good

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Speaker 1: vibes in Austin, Sean.

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Speaker 2: Good vibes in Austin. Can't tell you the mystery category

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Speaker 2: our favorite health stories. My favorite health story without a doubt.

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Speaker 2: The use of smart watches to diagnose heart conditions. Using

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Speaker 2: an Apple watch and AI tool, scientists have been able

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Speaker 2: to uncover structural heart problems, things like weakened pumping ability,

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Speaker 2: damaged vow thickened to muscles. Where use are wearable, you

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Speaker 2: can detect rhythm disorders. Add a bit of AI voila,

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Speaker 2: you actually have a diagnosis. Hasn't been peered reviewed this study,

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Speaker 2: but it was presented to the American Heart Associations and

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Speaker 2: your scientific sessions. Imagine how exciting that'd be. It's out there,

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Speaker 2: smart watchers, AI making a difference. Your favorite health story, Michael, the.

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Speaker 1: Mold eves Sean becoming the first country on Earth to

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Speaker 1: ban smoking for an entire generation. Anyone born after January one,

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Speaker 1: two thousand and seven will never be allowed to smoke.

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Speaker 1: New Zealand tried it, Change the government, change the rules.

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Speaker 1: UK is attempting to do the same thing. I say

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Speaker 1: well done to the Maldives and bring it on here.

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Speaker 2: Absolutely, my favorite story, not so much as the great story,

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Speaker 2: is just a bit of a car wash. A car wash,

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Speaker 2: car crash, flow motion, car crash, can't take your eyes

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Speaker 2: off it. The Liberal Party in Australia and the Coalition

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Speaker 2: in Australia that that word might be generous to the

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Speaker 2: parties involved. It's all about climate change. The Net's already

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Speaker 2: dropped their net zero policy. The Libs are looking at

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Speaker 2: doing so. Wadrates in the party are not happy. Opposition

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Speaker 2: leader Susan Lee is a moderate. Now the Libs will

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Speaker 2: junkets and at zero policy. Don't know what will replace it,

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Speaker 2: but certainly the wagons are circling around Susan Lee's leadership.

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Speaker 2: She'll probably make it to Christmas, but who knows after that.

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Speaker 1: Yeah, big week as well for US President Donald Trump. Sean,

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Speaker 1: it feels like the tide might be turning a little bit.

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Speaker 1: Had the Democrats win. They basically just swept through four

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Speaker 1: key elections, governorships in two states, the mayoral race in

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Speaker 1: New York, Pennsylvania, Supreme Court, with a lot of the

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Speaker 1: candidates actually framing their campaigns as a vote against Trump.

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Speaker 1: Trump's approval ratings sliding below forty percent. The Supreme Court

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Speaker 1: justices were apparently seeming to question the legality of Trump's tariffs,

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Speaker 1: got the government shut down, dragging on, becoming the longest ever,

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Speaker 1: forcing flight cuts at forty airports. A lot to go

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Speaker 1: wrong for the president in a very short period of time,

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Speaker 1: and we've just passed. It's now three years till the

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Speaker 1: next election.

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Speaker 2: It feels how much has happened in one year.

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Speaker 1: Yeah, gosh, it's going to be a very long three years.

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Speaker 1: I suspect that's it. Five minutes and pretty much everything

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Speaker 1: 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: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to follow on

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Speaker 1: the podcast and head to Fear and Greed dot com

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Speaker 1: dot au to sign up for our free daily newsletter.

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Speaker 1: I'm Michael Thompson and is the past five business news

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Speaker 1: by Fear and Greed.