1 00:00:04,160 --> 00:00:06,760 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 2 00:00:06,760 --> 00:00:08,600 Speaker 1: where we give you the top five business stories you 3 00:00:08,640 --> 00:00:11,040 Speaker 1: need to know in just five minutes. I'm Michael Thompson 4 00:00:11,080 --> 00:00:12,479 Speaker 1: and good morning, Sean Aylmer. 5 00:00:12,680 --> 00:00:14,280 Speaker 2: Good morning, Michael, Sean. 6 00:00:14,560 --> 00:00:17,119 Speaker 1: Five stories, five minutes, five big stories. Actually, so we 7 00:00:17,239 --> 00:00:19,880 Speaker 1: better get going story number one. It is Federal budget 8 00:00:19,920 --> 00:00:23,759 Speaker 1: week and tomorrow night Treasurer Jim Chalmers will outline the 9 00:00:23,840 --> 00:00:27,360 Speaker 1: government's spending and taxing plans, with the biggest focused on 10 00:00:27,600 --> 00:00:29,960 Speaker 1: cost of living help, followed by what the budget will 11 00:00:29,960 --> 00:00:30,760 Speaker 1: mean for inflation. 12 00:00:31,240 --> 00:00:33,920 Speaker 2: Thus, father governments announced a bunch of spending initiatives and 13 00:00:34,000 --> 00:00:37,120 Speaker 2: not much in terms of savings. EI Chief economist Scheryll 14 00:00:37,240 --> 00:00:39,239 Speaker 2: Murphy has provided a very useful list of what we 15 00:00:39,280 --> 00:00:42,600 Speaker 2: know already. Major policy announcements include eleven point three billion 16 00:00:42,640 --> 00:00:45,120 Speaker 2: dollars in funding for housing, eleven point one billion dollars 17 00:00:45,120 --> 00:00:47,879 Speaker 2: over ten years for a navy fleet, a multi pronged 18 00:00:48,000 --> 00:00:51,040 Speaker 2: Future Made in Australia package plenty in that one. Also 19 00:00:51,120 --> 00:00:55,320 Speaker 2: more money for aged and childcares, including superinnuation for printal leave, 20 00:00:55,600 --> 00:00:59,200 Speaker 2: money for drought relief, for anti money laundering and skills training. 21 00:00:59,400 --> 00:01:01,480 Speaker 2: Of course, is all around twenty three billion dollars of 22 00:01:01,520 --> 00:01:04,280 Speaker 2: Stage three tax cuts. There should be good news on 23 00:01:04,319 --> 00:01:07,319 Speaker 2: the revenue side as well. Migration, lower unemployment than forecasts, 24 00:01:07,319 --> 00:01:10,160 Speaker 2: meaning fewer payments to the jobless, and higher commodity prices 25 00:01:10,200 --> 00:01:13,280 Speaker 2: will boost incomings. The Treasurer has said that some deficits 26 00:01:13,319 --> 00:01:15,840 Speaker 2: going forward will be larger than previously forecast, in some 27 00:01:16,080 --> 00:01:19,600 Speaker 2: smaller I'd be very surprised if it wasn't a budget 28 00:01:19,680 --> 00:01:22,280 Speaker 2: surplus for the next financial year. Mind you, the latest 29 00:01:22,280 --> 00:01:25,480 Speaker 2: projection suggests that the deficit should come in at eighteen 30 00:01:25,800 --> 00:01:27,920 Speaker 2: or nineteen billion dollars, so the government has to make 31 00:01:27,959 --> 00:01:28,319 Speaker 2: that up. 32 00:01:28,640 --> 00:01:31,319 Speaker 1: John, you went through a lot of spending initiatives expected 33 00:01:31,319 --> 00:01:33,880 Speaker 1: in the budget. Are they're likely to be inflationary? And 34 00:01:33,920 --> 00:01:35,959 Speaker 1: I suppose. Then the question is what's it all mean 35 00:01:36,000 --> 00:01:36,800 Speaker 1: for interest rates? 36 00:01:37,120 --> 00:01:39,600 Speaker 2: That's the most interesting economic question tomorrow night, and we'll 37 00:01:39,600 --> 00:01:42,120 Speaker 2: know pretty quickly after seven thirty pm. Doctor Chalmers has 38 00:01:42,160 --> 00:01:44,520 Speaker 2: said the budget will be inflation fighting first and a 39 00:01:44,560 --> 00:01:47,120 Speaker 2: growth budget in later years. The challenge is if the 40 00:01:47,120 --> 00:01:49,320 Speaker 2: government provides big handouts over the next twelve months and 41 00:01:49,360 --> 00:01:51,440 Speaker 2: you can pretty much kiss the prospect of lower interest 42 00:01:51,480 --> 00:01:54,760 Speaker 2: rates this year goodbye. The budget is the government's fiscal policy, 43 00:01:54,760 --> 00:01:57,520 Speaker 2: of course, reserve Van Covicy's monetary policy. The need to 44 00:01:57,560 --> 00:02:00,800 Speaker 2: work together. If the fiscal policy is too mansionary, that 45 00:02:00,880 --> 00:02:04,440 Speaker 2: means monastery policy. Eye interest rates have to become tighter, 46 00:02:04,560 --> 00:02:05,800 Speaker 2: which means lifting them. 47 00:02:06,160 --> 00:02:08,840 Speaker 1: Sean story number two. We've talked a lot in the 48 00:02:08,880 --> 00:02:11,440 Speaker 1: last few months about this two hundred and fifty million 49 00:02:11,440 --> 00:02:15,120 Speaker 1: dollars deal that would reshape the Australian radio market. Now 50 00:02:15,280 --> 00:02:18,640 Speaker 1: a deteriorating regional advertising market, the closure of a TV 51 00:02:18,760 --> 00:02:21,520 Speaker 1: station in Mildura and Network ten pulling the pin on 52 00:02:21,520 --> 00:02:25,160 Speaker 1: The Bachelor have all contributed to Anchorage Capital Partner's decision 53 00:02:25,240 --> 00:02:27,520 Speaker 1: to pull out of the deal seven. 54 00:02:27,280 --> 00:02:30,160 Speaker 2: Months after it was announced. Anchorage has withdrawn from the 55 00:02:30,280 --> 00:02:34,960 Speaker 2: deal with ARN Media to acquire ASX listed Southern Crossover Stereo. 56 00:02:35,280 --> 00:02:38,519 Speaker 2: According to the Financial Review, the arn's board that's is 57 00:02:38,560 --> 00:02:41,320 Speaker 2: shown in Radio Networks Board convened for a crisis meeting 58 00:02:41,360 --> 00:02:44,800 Speaker 2: over the weekend. It'll face investors at its AGM tomorrow. 59 00:02:45,160 --> 00:02:48,040 Speaker 2: AARN owns the Kiss and Pure Gold radio networks, as 60 00:02:48,040 --> 00:02:51,119 Speaker 2: well as a network of regional radio stations Southern Crosslands, 61 00:02:51,120 --> 00:02:53,639 Speaker 2: A Triple M and Hit radio brands. Almost one hundred 62 00:02:53,680 --> 00:02:56,800 Speaker 2: regional free to wear TV signals and a larger regional 63 00:02:56,800 --> 00:02:59,760 Speaker 2: network of radio stations. Now under the deal, Arn was 64 00:02:59,760 --> 00:03:01,560 Speaker 2: going to take Kiss and Triple A M and eighty 65 00:03:01,600 --> 00:03:04,600 Speaker 2: eight regional radio stations. Anchorage was going to get Pure 66 00:03:04,600 --> 00:03:06,760 Speaker 2: Gold and Hit brands, as well as thirty five regional 67 00:03:06,800 --> 00:03:10,360 Speaker 2: stations and Southern Crosses regional TV network. Anyway, looks like 68 00:03:10,400 --> 00:03:11,519 Speaker 2: it's all come apart. 69 00:03:11,600 --> 00:03:15,079 Speaker 1: Story number three. The number of auctions remain high, though 70 00:03:15,120 --> 00:03:17,959 Speaker 1: the preliminary clearance rate has fallen to seventy two point 71 00:03:18,080 --> 00:03:20,280 Speaker 1: six percent, which is the lowest since Easter. 72 00:03:20,880 --> 00:03:23,799 Speaker 2: Still pretty solid in Sydney came in at seventy five 73 00:03:23,800 --> 00:03:26,480 Speaker 2: point nine percent, Welbyn came in at sixty eight percent, 74 00:03:26,800 --> 00:03:29,799 Speaker 2: adelaide A standout ninety one point seven percent, second highest 75 00:03:29,800 --> 00:03:32,200 Speaker 2: of the year. Brisbane was just under seventy seven percent, 76 00:03:32,240 --> 00:03:35,640 Speaker 2: Camera about seventy one percent. The finalized clearance rate as 77 00:03:35,680 --> 00:03:38,760 Speaker 2: opposed to the preliminary clearance rate is around sixty five percent, 78 00:03:38,800 --> 00:03:41,360 Speaker 2: which is about long run average. What's interesting is that 79 00:03:41,360 --> 00:03:44,120 Speaker 2: the number of auctions remains high, about twenty five to 80 00:03:44,160 --> 00:03:46,080 Speaker 2: thirty percent more than a year ago. In terms of 81 00:03:46,080 --> 00:03:50,520 Speaker 2: prices overall creeping higher perse doing really well, not so 82 00:03:50,680 --> 00:03:52,800 Speaker 2: much Melbourne. That's actually gone backwards a bit over the 83 00:03:52,880 --> 00:03:53,600 Speaker 2: last four weeks. 84 00:03:54,240 --> 00:03:56,760 Speaker 1: Story number four. This is an interesting one. New data 85 00:03:56,960 --> 00:04:00,240 Speaker 1: shows that the average time spent on social media the 86 00:04:00,240 --> 00:04:04,360 Speaker 1: past three months has declined, and Australians generally spend less 87 00:04:04,400 --> 00:04:07,000 Speaker 1: time online than people from other countries. 88 00:04:07,360 --> 00:04:09,840 Speaker 2: The average daily time spent on social media is one 89 00:04:09,880 --> 00:04:12,080 Speaker 2: hour fifty four minutes. Still seems like a lot to may, 90 00:04:12,080 --> 00:04:15,560 Speaker 2: but the global average is two twenty. Platform preferences vary 91 00:04:15,600 --> 00:04:18,280 Speaker 2: by age and gender. Younger women and younger men both 92 00:04:18,360 --> 00:04:21,120 Speaker 2: like Instagram best, Younger women quite like TikTok as well. 93 00:04:21,320 --> 00:04:23,400 Speaker 2: About twenty seven percent of Australians to get their news 94 00:04:23,400 --> 00:04:26,760 Speaker 2: from social media. The research from social and media intelligence 95 00:04:26,760 --> 00:04:29,520 Speaker 2: group milk Water shows more broadly that the average daily 96 00:04:29,640 --> 00:04:32,360 Speaker 2: Internet usage in Australia is a little over six hours 97 00:04:32,680 --> 00:04:34,800 Speaker 2: two in five wizzies to Kai and cookies, about the 98 00:04:34,839 --> 00:04:37,480 Speaker 2: same proportion of people who are worried about personal data. 99 00:04:37,839 --> 00:04:41,720 Speaker 2: What do we do on the internet? Stream video, stream music? Also, 100 00:04:41,800 --> 00:04:43,200 Speaker 2: we're big online gamblers. 101 00:04:43,880 --> 00:04:48,040 Speaker 1: Last one, story number five sean insiders at the Magnificent 102 00:04:48,080 --> 00:04:51,799 Speaker 1: seven tech companies are following Jeff Bezos and Mark Zuckerberg 103 00:04:51,880 --> 00:04:54,520 Speaker 1: in selling shares while stock prices are high. 104 00:04:54,800 --> 00:04:57,560 Speaker 2: Follow the money. Almost a dozen executives and directors of 105 00:04:57,640 --> 00:05:00,400 Speaker 2: the companies have sold shares since late last year. They 106 00:05:00,480 --> 00:05:03,360 Speaker 2: made about one hundred and sixty million US dollars for themselves. 107 00:05:03,720 --> 00:05:06,360 Speaker 2: Prior to that, they really hadn't sold much, according to 108 00:05:06,440 --> 00:05:10,280 Speaker 2: data compiled by Bloomberg, Alphabet chief executive officers Sundopitcha has 109 00:05:10,320 --> 00:05:13,080 Speaker 2: already sold more stock in Google's parent company this year 110 00:05:13,400 --> 00:05:16,160 Speaker 2: than all of last year, about thirty million US dollars worth. 111 00:05:16,360 --> 00:05:19,320 Speaker 2: And Vidia director Mark Perry he sold more stocks so 112 00:05:19,400 --> 00:05:21,599 Speaker 2: far this year than in the previous two years. Apple 113 00:05:21,680 --> 00:05:25,360 Speaker 2: chair Arthur Levinson in February File twelfload he's biggest chunk 114 00:05:25,920 --> 00:05:28,919 Speaker 2: of Apple stock in more than two decades. It just 115 00:05:28,960 --> 00:05:32,160 Speaker 2: shows how Silicon Valley insiders people on the board are 116 00:05:32,200 --> 00:05:34,880 Speaker 2: monetizing their holders after the tech stocks have rallied to 117 00:05:34,920 --> 00:05:38,720 Speaker 2: new highs. Australia's and Robin Denholm, who's chair of Tesla. 118 00:05:39,000 --> 00:05:42,320 Speaker 2: She's also sold about fifty two million US dollars in 119 00:05:42,360 --> 00:05:46,000 Speaker 2: the ev maker stock after not touching her stake last 120 00:05:46,080 --> 00:05:48,760 Speaker 2: year at all. Biggest ever all winner from the Magnificent 121 00:05:48,760 --> 00:05:51,440 Speaker 2: seven's recent rally is Amazon found a Bezos he needed 122 00:05:51,440 --> 00:05:54,640 Speaker 2: about eight point five billion US dollars unloading stock over 123 00:05:54,720 --> 00:05:56,080 Speaker 2: less than two weeks in February. 124 00:05:56,360 --> 00:05:58,799 Speaker 1: There we go the top five business stories in five minutes. 125 00:05:58,839 --> 00:06:02,000 Speaker 1: Thank you Sean, Thank you Michael. It's Monday, the thirteenth 126 00:06:02,040 --> 00:06:04,520 Speaker 1: of May twenty twenty four. Remember to hit follow on 127 00:06:04,560 --> 00:06:06,440 Speaker 1: the podcast and in five minutes isn't enough. You can 128 00:06:06,480 --> 00:06:09,160 Speaker 1: find our longer daily show called Fear and Greed wherever 129 00:06:09,200 --> 00:06:12,000 Speaker 1: you listen to podcasts, and the quick mention of our 130 00:06:12,040 --> 00:06:14,560 Speaker 1: sister podcast, How Do They Afford That, which usually comes 131 00:06:14,560 --> 00:06:17,400 Speaker 1: out every Wednesday. There is a bonus episode out today. 132 00:06:17,800 --> 00:06:19,760 Speaker 1: It's all about making your money work harder for you. 133 00:06:19,920 --> 00:06:22,680 Speaker 1: It is about stretching the household budget. I'll put a 134 00:06:22,720 --> 00:06:25,040 Speaker 1: link in today's show notes. I'm Michael Thompson and that 135 00:06:25,160 --> 00:06:27,239 Speaker 1: was the fast five business news by Fear and Greed. 136 00:06:27,520 --> 00:06:28,200 Speaker 1: Have a great day.