July 8, 2025 • 5 mins
Wednesday 9 July 2025
The top five business stories in five minutes, with Sean Aylmer and Michael Thompson.
- No rate cut, for now
- PM pushing for lower tariffs from the USA
-
MinRes backflip on CEO
- Unions win test case against BHP on wage laws
- Tesla’s share price tumbles over Musk’s political aspirations
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
It's Wednesday, the ninth of July twenty twenty five. Welcome
to the Fast five by Fear and Greed, where we
give you the top five business stories that you need
to know in just five minutes. I'm Adam Lang and
good morning Sean Almer.
Speaker 2 (00:15):
Good morning, Adam Sewn.
Speaker 1 (00:17):
Story number one. The Reserve Bank Board's decision to not
cut interest rates does not preclude further reduction in coming months.
Governor Michelle Bullock says, although the shock decision by the
Central Bank yesterday has certainly fueled uncertainty over monetary policy.
Speaker 2 (00:31):
Almost all market economists thought there would be a rate
cut yesterday. About the RBA opted for caution, saying it
wants to wait for more information to when sure inflation
is heading towards two and a half percent, the midpoint
of its target band. It said monthly inflation data wise
at the margin slightly higher than expected. International uncertainty remains,
especially around US tarifs trade policies expected to have an
(00:51):
adverse effect on global growth that'll hurt Australian growth. Reserve
Bank Board says domestic growth is picking up and there's
been an easing in some measure of financial stress. It
also so the land market remains tight. Michelle Bullock talked
about a fifty base the fifty basis points in cuts
since February this year. The board wants to see how
that flows through the economy. In short, the Reserve Bank
(01:13):
wants to wait and see, though it does sound that
it will cut rates later in the year. A few
things in this The Reserve Bank doesn't like to shop markets.
Normally they telegraph what's going to happen. Well, I have
ahead of it happening. That isn't what happened yesterday. And
for the first time we heard officially that the Monetary
Policy Board was not unanimous. Six members voted for rates
(01:33):
to say the same, three for a cut.
Speaker 1 (01:37):
Sean. How did financial markets and the government react to this.
Speaker 2 (01:40):
Well, immediately after the two thirty pm announcement, the Aussie
dollar jumped to nearly sixty five and a half US
sans market interest rates rose, share market fell. More interesting
response came from Treasure with Jim Charmers. He sounded somewhat
frustrated when in a statement he said, it's not the
result millions of Australians were hoping for, or what the
market was expecting. We have made substantial and since they
in progress on inflation, which is why interest rates have
(02:01):
already been cut twice in five months this year.
Speaker 1 (02:04):
And Sean, will we see rate cuts later in the year.
Speaker 2 (02:06):
Yes, we will. Reserve Bank Governor Michelle Bullock said the
bank wants to take a cautious, gradual approach to easing
monetary policy. Then she said, I quote the decision today
was about timing rather than direction. That's end quote. The
RBA focus on the March quarter inflation in its statement yesterday.
The next quarterly prices data is out at the end
of this month. If that's benign, then a rate cuts likely.
(02:29):
On twelve August.
Speaker 1 (02:30):
Sean story number two, Prime Minister Anthony Alberanezi says Australia
has the best deal possible with the US when it
comes to tariff's, adding that the government will continue to
push Washington for a zero percent impost.
Speaker 2 (02:41):
The PM said Australia has not given up on negotiating
tariff's lower than ten percent, but at least it is
as low as any other country in the world. His
comments came after Donald Trump started sending letters to nations
on tariff levels. The US President then posted those letters
on truth social He set a twenty five percent tax
on goods imported for Japan and South Career for example.
(03:01):
They'll take effect on August one. The letters to the
different countries worn that they must not retaliate by increasing
their own import taxes or else if Trumpet administration would
further increase tariffs.
Speaker 1 (03:14):
Sean Stewy Number three Mineral Resources board is rethinking plans
for founder and managing director Chris Ellison to leave the company.
The decision for Ellison to depart came after he admitted
to involvement in a tax evasion scheme that helped him
personally at the expense of the company.
Speaker 2 (03:29):
It was one of the biggest corporate governance scandals in
recent years and seemed settled, and the board an ounce
Elison would depart next year. Now. Since then, min Resi's
share prices tumble in part due to operational difficulties, and
now the chair of the company, Malcolm Bundy, says he'll
review the leadership transition plan. Elison, who founded the company
in nineteen ninety two, has divided min res shareholders. He
(03:50):
has considerable support from some big investors, but not everyone.
Mineral Resources share price finished down one percent yesterday.
Speaker 1 (03:58):
Storing number four h VP has lost its landmark challenge
to union same job, same pay claims for thousands of
its in house labor High workers in a decision the
union says will cost the mining giant tens of millions
of dollars a year.
Speaker 2 (04:12):
The Fair Work Commission Full Bench ruled that BHP subsidiary
Operation Services that's the name of it, Operation Services is
not an exempted service contractor and twenty two hundred of
its workers across three mines in Queensland are covered by
the Albanesi government's new labor High laws. The Mining and
Energy Union estimate the decision, which effectively means Operation Services
(04:33):
will have to pay its workers the same as direct
Tires on their union agreement, will deliver pay rises of
thirty thousand dollars a year. The long running case was
a major test of the legislation's criteria to exempt service contractors,
with broader imifications for the cold industry and contractors in
the rest of the economy.
Speaker 1 (04:51):
Sean story number five. Elon Musk's political ambitions are doing
little for Tesla's share price, with the ev makers prices
falling more than seven percent yesterday.
Speaker 2 (05:00):
Over the weekend Musk announced that he's forming a new
political party, of the America Party, focusing on House and
Senate seats for the next twelve months. After that, backing
a candidate for president isn't out of the question, Musk
Rape Now shareholders and Testa much prefer when Elon Musk
is focusing on the carmaker rather than politics, and the
news about the new political party sent the share price down,
(05:23):
wiping about twenty six billion dollars from Musk's net worth.
The stock has to climb more than twenty percent this year,
in part on the back of Musk's focus on politics.
Speaker 1 (05:34):
That's it, the top five business stories in just five minutes.
Speaker 2 (05:37):
Thank you Sean, Thank you Adam.
Speaker 1 (05:38):
It's Wednesday, the ninth of July twenty twenty five. Remember
to hit follow on the podcast, and if five minutes
is not enough for you, then find our longer podcast
called Fear and Greed on your favorite podcast platform. I'm
Adam Lang and that was the fast five by Fear
and Greed. Have a great Dake,
It's Wednesday, the ninth of July twenty twenty five. Welcome
to the Fast five by Fear and Greed, where we
give you the top five business stories that you need
to know in just five minutes. I'm Adam Lang and
good morning Sean Almer.
Speaker 2 (00:15):
Good morning, Adam Sewn.
Speaker 1 (00:17):
Story number one. The Reserve Bank Board's decision to not
cut interest rates does not preclude further reduction in coming months.
Governor Michelle Bullock says, although the shock decision by the
Central Bank yesterday has certainly fueled uncertainty over monetary policy.
Speaker 2 (00:31):
Almost all market economists thought there would be a rate
cut yesterday. About the RBA opted for caution, saying it
wants to wait for more information to when sure inflation
is heading towards two and a half percent, the midpoint
of its target band. It said monthly inflation data wise
at the margin slightly higher than expected. International uncertainty remains,
especially around US tarifs trade policies expected to have an
(00:51):
adverse effect on global growth that'll hurt Australian growth. Reserve
Bank Board says domestic growth is picking up and there's
been an easing in some measure of financial stress. It
also so the land market remains tight. Michelle Bullock talked
about a fifty base the fifty basis points in cuts
since February this year. The board wants to see how
that flows through the economy. In short, the Reserve Bank
(01:13):
wants to wait and see, though it does sound that
it will cut rates later in the year. A few
things in this The Reserve Bank doesn't like to shop markets.
Normally they telegraph what's going to happen. Well, I have
ahead of it happening. That isn't what happened yesterday. And
for the first time we heard officially that the Monetary
Policy Board was not unanimous. Six members voted for rates
(01:33):
to say the same, three for a cut.
Speaker 1 (01:37):
Sean. How did financial markets and the government react to this.
Speaker 2 (01:40):
Well, immediately after the two thirty pm announcement, the Aussie
dollar jumped to nearly sixty five and a half US
sans market interest rates rose, share market fell. More interesting
response came from Treasure with Jim Charmers. He sounded somewhat
frustrated when in a statement he said, it's not the
result millions of Australians were hoping for, or what the
market was expecting. We have made substantial and since they
in progress on inflation, which is why interest rates have
(02:01):
already been cut twice in five months this year.
Speaker 1 (02:04):
And Sean, will we see rate cuts later in the year.
Speaker 2 (02:06):
Yes, we will. Reserve Bank Governor Michelle Bullock said the
bank wants to take a cautious, gradual approach to easing
monetary policy. Then she said, I quote the decision today
was about timing rather than direction. That's end quote. The
RBA focus on the March quarter inflation in its statement yesterday.
The next quarterly prices data is out at the end
of this month. If that's benign, then a rate cuts likely.
(02:29):
On twelve August.
Speaker 1 (02:30):
Sean story number two, Prime Minister Anthony Alberanezi says Australia
has the best deal possible with the US when it
comes to tariff's, adding that the government will continue to
push Washington for a zero percent impost.
Speaker 2 (02:41):
The PM said Australia has not given up on negotiating
tariff's lower than ten percent, but at least it is
as low as any other country in the world. His
comments came after Donald Trump started sending letters to nations
on tariff levels. The US President then posted those letters
on truth social He set a twenty five percent tax
on goods imported for Japan and South Career for example.
(03:01):
They'll take effect on August one. The letters to the
different countries worn that they must not retaliate by increasing
their own import taxes or else if Trumpet administration would
further increase tariffs.
Speaker 1 (03:14):
Sean Stewy Number three Mineral Resources board is rethinking plans
for founder and managing director Chris Ellison to leave the company.
The decision for Ellison to depart came after he admitted
to involvement in a tax evasion scheme that helped him
personally at the expense of the company.
Speaker 2 (03:29):
It was one of the biggest corporate governance scandals in
recent years and seemed settled, and the board an ounce
Elison would depart next year. Now. Since then, min Resi's
share prices tumble in part due to operational difficulties, and
now the chair of the company, Malcolm Bundy, says he'll
review the leadership transition plan. Elison, who founded the company
in nineteen ninety two, has divided min res shareholders. He
(03:50):
has considerable support from some big investors, but not everyone.
Mineral Resources share price finished down one percent yesterday.
Speaker 1 (03:58):
Storing number four h VP has lost its landmark challenge
to union same job, same pay claims for thousands of
its in house labor High workers in a decision the
union says will cost the mining giant tens of millions
of dollars a year.
Speaker 2 (04:12):
The Fair Work Commission Full Bench ruled that BHP subsidiary
Operation Services that's the name of it, Operation Services is
not an exempted service contractor and twenty two hundred of
its workers across three mines in Queensland are covered by
the Albanesi government's new labor High laws. The Mining and
Energy Union estimate the decision, which effectively means Operation Services
(04:33):
will have to pay its workers the same as direct
Tires on their union agreement, will deliver pay rises of
thirty thousand dollars a year. The long running case was
a major test of the legislation's criteria to exempt service contractors,
with broader imifications for the cold industry and contractors in
the rest of the economy.
Speaker 1 (04:51):
Sean story number five. Elon Musk's political ambitions are doing
little for Tesla's share price, with the ev makers prices
falling more than seven percent yesterday.
Speaker 2 (05:00):
Over the weekend Musk announced that he's forming a new
political party, of the America Party, focusing on House and
Senate seats for the next twelve months. After that, backing
a candidate for president isn't out of the question, Musk
Rape Now shareholders and Testa much prefer when Elon Musk
is focusing on the carmaker rather than politics, and the
news about the new political party sent the share price down,
(05:23):
wiping about twenty six billion dollars from Musk's net worth.
The stock has to climb more than twenty percent this year,
in part on the back of Musk's focus on politics.
Speaker 1 (05:34):
That's it, the top five business stories in just five minutes.
Speaker 2 (05:37):
Thank you Sean, Thank you Adam.
Speaker 1 (05:38):
It's Wednesday, the ninth of July twenty twenty five. Remember
to hit follow on the podcast, and if five minutes
is not enough for you, then find our longer podcast
called Fear and Greed on your favorite podcast platform. I'm
Adam Lang and that was the fast five by Fear
and Greed. Have a great Dake,
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