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Speaker 1: Good morning and welcome to today's episode of The Daily Oz.

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Speaker 1: It is Friday, the tenth of June. Hope you've had

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Speaker 1: a fantastic weekend for a lot of us. We are

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Speaker 1: heading into a long weekend, good timing. There's plenty of

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Speaker 1: sport on. It's nice and cold, feels like winter. But

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Speaker 1: today we're going to warm you up with a conversation

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Speaker 1: with Maddie and Sophie from You're in Good Company. We're

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Speaker 1: going to be exploring Top Gun, why it has been

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Speaker 1: such a phenomenal financial success and what it means for

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Speaker 1: the future of the film industry. But first, I'm joined

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Speaker 1: today by our editor Belief at Simon's to help us

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Speaker 1: through the news. Billy, what is the top story today?

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Speaker 2: The New South Wales government has committed to spending seven

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Speaker 2: hundred and forty three million dollars on palliative care in

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Speaker 2: this month's state budget, after Parliament voted to legalize voluntary

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Speaker 2: assisted dying last month. The package would include employing extra nurses, doctors,

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Speaker 2: support staff and health professionals, and will also improve access

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Speaker 2: to pain management resources for patients with life limiting illnesses.

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Speaker 1: The act government has endorsed a proposed law that would

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Speaker 1: find people with small amounts of illicit drugs such as

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Speaker 1: cocaine and speed, rather than charge them with a criminal offense.

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Speaker 1: Under the proposal, police would continue to target dealers and

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Speaker 1: suppliers carrying quantities of illicit drugs that can be trafficked.

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Speaker 2: The European Parliament has approved a draft law that would

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Speaker 2: ban the sale of new carbon dioxide emitting vehicles from

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Speaker 2: twenty thirty five. The Parliament is a directly elected institution

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Speaker 2: of the European Union, which plans to cut greenhouse gas

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Speaker 2: emissions to at least fifty five percent below nineteen ninety

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Speaker 2: levels by twenty thirty.

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Speaker 1: And today's good news. Both houses of the New York

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Speaker 1: State legislature have passed a bill that would ban the

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Speaker 1: retail sale of dogs, cats, and rabbits in pet stores.

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Speaker 1: The bill promises to stop the flow of cruelly bred

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Speaker 1: animals into New York and now awaits the approval of

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Speaker 1: Governor Kathy Hockel. We're joined in the studio this morning

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Speaker 1: by Mads and Sophie from your In Good Company, a

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Speaker 1: spectacularly good podcast I would recommend checking out after you've

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Speaker 1: listened to today's episode of The Daily Oz. Mads let's

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Speaker 1: start with you today. I want to feel the need

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Speaker 1: the need to talk about movies. It's been a pretty

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Speaker 1: good return to the cinema for a lot of us,

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Speaker 1: and there's one movie that's really capturing the world's attention

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Speaker 1: right now. What can you tell me about Top Gun?

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Speaker 3: I'm a bit distracted because Sam, we actually kind of

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Speaker 3: look like buzz like you. But the babac is reporting

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Speaker 3: that Top Gun Maverick has broken at box office records

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Speaker 3: this week. So for those of you who haven't seen

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Speaker 3: the og, Top Gun myself included up until very recently,

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Speaker 3: much to my housemates horror. It is a nineteen eighty

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Speaker 3: six film starring Tom Cruise, and it really is the

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Speaker 3: greatest symbol of pro America peak Empire, sort of US

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Speaker 3: soft power, and the film really flaunts the strength and

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Speaker 3: skill of the US Navy, and it does so in

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Speaker 3: an extremely glamorous way. It's safe to say the sequel

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Speaker 3: has not disappointed, giving Tom Cruise his first US tit

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Speaker 3: one hundred million US dollar opening weekend in cinemas.

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Speaker 1: And it's actually now Tom Cruise's first film to gross

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Speaker 1: over a billion dollars, So by that mentric, it's really

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Speaker 1: Tom Cruise's most successful film ever, which is a pretty

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Speaker 1: remarkable achievement. This soon after its release. Matt's when a

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Speaker 1: movie does this, well, what are the financial impacts of

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Speaker 1: their success?

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Speaker 3: Yeah, so if we go back to the original film,

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Speaker 3: not only have references and quotes from the film really

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Speaker 3: emanated into culture to the point that I didn't even

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Speaker 3: know that some of these references were actually made famous

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Speaker 3: by Top Gun. So the need for speed, I could

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Speaker 3: tell you, but I'd have to kill you. But at

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Speaker 3: the time of release, rayband sales exploded because everyone wanted

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Speaker 3: to look like Tom Cruise. So fast forward thirty six years,

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Speaker 3: a lot of people wanted to see Top Gun Maverick

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Speaker 3: to find out if fifty nine year old Tom Cruise

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Speaker 3: has still got it. This is a news podcast, so

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Speaker 3: I will reserve my judgment. But this week The Wall

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Speaker 3: Street Journal published an interesting piece on another reason why

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Speaker 3: the film has been garnering a lot of attention, and

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Speaker 3: that is the flags on Tom Cruise's iconic bomber jacket.

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Speaker 3: So back in twenty nineteen, there was an early trailer

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Speaker 3: released for the film showing Tom Cruise putting on his

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Speaker 3: jackets with two flags on the back of it. And

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Speaker 3: in the original film, these were the flags of Japan

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Speaker 3: and Taiwan, but the patches appeared to have been replaced

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Speaker 3: with two obscure symbols in the same colors. Now, some

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Speaker 3: critics were not happy, saying that the change was to

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Speaker 3: appease Chinese sensors and avoid jeopardizing the release of the

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Speaker 3: movie in China, which has come to be one of

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Speaker 3: Hollywood's most important foreign markets. But it gets even more

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Speaker 3: interesting because one of the film's largest investors also happened

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Speaker 3: to be the Chinese multinational technology and entertainment conglomerate Tencent.

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Speaker 1: That's really interesting speaking more broadly about the film industry globally,

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Speaker 1: is there sense at the moment that to really make

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Speaker 1: it as a film you need to make it in China?

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Speaker 3: Yeah, I mean, I think that really was the thought

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Speaker 3: going into this film. However, it sort of maybe has

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Speaker 3: proven itself otherwise. But since the original film, we really

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Speaker 3: have seen the rapid growth and expansion of the Chinese economy,

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Speaker 3: and there was a point in time in which China

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Speaker 3: was building twenty seven new movie screens a day, and

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Speaker 3: in twenty twenty, the Chinese film market actually officially surpassed

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Speaker 3: the US as the world's biggest box office, so every

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Speaker 3: movie in Chinese cinemas has to be approved by the

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Speaker 3: Ministry of Propaganda in Beijing. So it's pretty fair enough

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Speaker 3: that sort of filmmakers in the US would be willing

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Speaker 3: to do what they can to make sure that their

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Speaker 3: film can end up in Chinese cinemas.

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Speaker 1: Thanks for that, Mads. Now to you, Sophie. I'm really

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Speaker 1: keen to hear what you have to say about this

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Speaker 1: idea of greenwashing, particularly in the context of investment banking,

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Speaker 1: because I know there's been some interesting developments this week,

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Speaker 1: firstly for me as much as for everyone listening. What

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Speaker 1: is green washing?

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Speaker 4: Yeah, so greenwashing is when a company will mislead its

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Speaker 4: customers about the sustainability of their products or services. So

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Speaker 4: this can really refer broadly to ESG principles, which can

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Speaker 4: be either environmental, social or governance issues. Some good examples

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Speaker 4: would be, you know McDonald's introducing paper straws and they

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Speaker 4: were saying that they're better for the environment, but they

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Speaker 4: weren't actually recyclable, or someone like H and M coming

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Speaker 4: out with their H and M Conscious brand when we

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Speaker 4: all know that H and M is notorious for burning

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Speaker 4: its clothes. So on Tuesday this week, fifty German police

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Speaker 4: rated Frankfurt's office of Deutsche Bank's asset management arm, their

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Speaker 4: DWS group. Now it's not every day that an investment

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Speaker 4: bank gets raided, but it was all because of allegations

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Speaker 4: by the former head of sustainability that the fund manager

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Speaker 4: had made false and misleading claims about its ESG credentials

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Speaker 4: and in fact had been greenwashing.

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Speaker 1: So obviously these are still allegations at this point, and

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Speaker 1: now there's going to be a lengthy formal investigation into

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Speaker 1: the bank's activities. But I guess, speaking more broadly, what

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Speaker 1: does ESG mean in today's contexts, and more so, when

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Speaker 1: a bank does not fulfill its ESG obligations, what does

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Speaker 1: that actually look like?

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Speaker 4: Yeah, so ESG is in regards to environmental, social and governance,

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Speaker 4: and with greenwashing, it really comes down to the fact

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Speaker 4: that you are greenwashing when you say you're doing something

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Speaker 4: in that space and then you're not doing it. So

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Speaker 4: in the case of DWS, they've been accused of making

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Speaker 4: misleading statements in their twenty twenty annual report that it

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Speaker 4: was supposedly had more than half of its nine hundred

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Speaker 4: billion dollars of assets invested under ESG criteria. Now, for

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Speaker 4: a lot of asset managers, ESG can mean a lot

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Speaker 4: of different things, you know, it can mean that you're

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Speaker 4: not investing in fossil fuel stocks, or others might be

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Speaker 4: wanting to hit green targets. But when I did a

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Speaker 4: little bit of digging into DWS, I found a couple

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Speaker 4: of examples. You know, on their nicely pictured background of

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Speaker 4: a beautiful global world, there's a policy about their controversial

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Speaker 4: conventional weapons, and they have getting into any contracts or

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Speaker 4: relationships with people that have links to these types of weapons.

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Speaker 4: But this is also the bank that was nearly fined

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Speaker 4: seven hundred million dollars for money laundering claims with Russia.

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Speaker 4: So it kind of does take a little bit of

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Speaker 4: looking under the hood with this one.

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Speaker 1: In Australia, whose job is it to regulate the ESG

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Speaker 1: promises of banks, financial institutions and the corporate sector.

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Speaker 4: It's a bit of a gray space, and maybe in

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Speaker 4: Australia ASSEK has some power to do some green washing reviews.

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Speaker 4: But Europe is definitely leading the way in creating sustainability

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Speaker 4: reporting directives and creating ESG standards and given its popularity

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Speaker 4: with retail and professional investors. I think it's an area

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Speaker 4: that will come under a lot more scrutiny and hopefully

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Speaker 4: there'll be more clarity for investors in the near future.

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Speaker 1: It's actually going to be a really interesting period for

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Speaker 1: this part of the economy because we now have a

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Speaker 1: labor government that's going to be very focused on climate

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Speaker 1: emissions and the promises the private sector are making. They're

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Speaker 1: also going to be interested in a tough regulation on

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Speaker 1: things like the Moderns Slavery Act and other sort of

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Speaker 1: metrics of how companies are treating their employees and their customers.

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Speaker 1: So we'll keep an eye on this space. Matt's coming

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Speaker 1: back to you, now, what is one story you have

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Speaker 1: your eye on this week?

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Speaker 3: So this week, the RBA has risen interest rates by

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Speaker 3: fifty basis points, or zero point five percent. This is

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Speaker 3: the second increase in a row, and I think it's

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Speaker 3: been eleven years since we've seen two increases, or maybe

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Speaker 3: even twelve years since we've seen two increases in a row.

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Speaker 3: So banks will be pretty quick to pass that onto

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Speaker 3: their mortgage customers because it means that the banks will

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Speaker 3: get more money through the door. But they are traditionally

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Speaker 3: a little bit slower to pass on to savings accounts

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Speaker 3: because that means that the banks have to pay us

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Speaker 3: for the money that we deposit with them.

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Speaker 1: That's right. I'm definitely keeping my eye out to see

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Speaker 1: if we can get ourselves some higher interest rates on

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Speaker 1: our savings account. It's a long way off buying a

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Speaker 1: home for a lot of us, so that's the best

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Speaker 1: we're going to get right now.

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Speaker 4: What about you, Sophie, definitely applel interest you seeing a

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Speaker 4: buy now, pay later. I think this space comes under

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Speaker 4: a lot of scrutiny, and a lot of those big

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Speaker 4: companies in that space have come under scrutiny, so it's

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Speaker 4: really interesting that such a big company is also backing

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Speaker 4: this kind of credit line of payments. So it's when

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Speaker 4: I'll be watching, and I also will be interested to

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Speaker 4: watch what happens to buy now later stocks with such

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Speaker 4: a big company coming into the space.

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Speaker 1: Maddie and Sophie, thank you so much for listening, and

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Speaker 1: hope to see you back on the Daily OS as

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Speaker 1: soon as we can. For everyone listening at home, have

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Speaker 1: a wonderful long weekend. For those in states that are

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Speaker 1: celebrating the Queen's birthday. We'll see you on Tuesday, or

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Speaker 1: give everyone a bit of a break over the long

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Speaker 1: weekend if you want to catch up with the news

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Speaker 1: though over the long weekend, we're going to be active

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Speaker 1: all weekend on Instagram. It's where you can find the

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Speaker 1: news that three hundred and seventy thousand Australians follow. We'll

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Speaker 1: see you there. Have a great one.