June 3, 2024 • 23 mins
Tuesday 4 June 2024
Minimum wage earners to get a 3.75 per cent increase in their wages on July 1, on top of the Stage 3 tax cuts.
And more, including:
- Almost half of all Australians struggle to make loan repayments, yet many don’t ask for help
- The Federal Government orders foreign investors of a rare earths company to sell down their stakes
- And Nvidia announces a new super chip, before it's even sent out the first consignment of its previous super chip
Plus don’t miss the latest episode of How Do They Afford That? - all about mindful spending. Get the episode from APPLE, SPOTIFY, or anywhere you listen to podcasts.
Find out more: https://fearandgreed.com.au/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Minimum wage journers to get a three point seventy five
percent increase in their wages on July one, on top
of the Stage three tax cuts. Almost half of all
Australians struggle to make loan repayments, yet many don't ask
for help. And in video announces a new super chip
before it's even since the first consignment of its previous
super chip. Welcome to Fear and Greed, daily business news
(00:28):
for people who make their own decisions. It is Tuesday,
the fourth of June twenty twenty four. I'm Michael Thompson
and good morning Sean Aylmer.
Speaker 2 (00:35):
Good morning Michael.
Speaker 1 (00:37):
Sean big show coming up. Afterwards, you have an interview
with Tim Lawless, research director at core Logic.
Speaker 2 (00:43):
It is a fantastic chat about all the major property markets,
capital cities, regions. We talk about why Melbourne is so weak,
what Sydney's doing, why Perth Brisbane Adelaide is so strong,
what's going on in hober what's going on in the regions.
It's it's just really it's a deep dive into the
numbers that we talk about all the time with Tim.
(01:03):
No one knows the market better than Tim Lawlas. That's
for sure, and it's just fantastic chat about exactly what's
happening in each of those markets.
Speaker 3 (01:10):
Oh.
Speaker 1 (01:10):
Absolutely, And if you listen to this one interview, you
will automatically be prepared for any barbecues you go to
on the weekend in order just to rattle off facts
about every housing market in the country, and you will
sound like an expert.
Speaker 2 (01:23):
Yeah. I think people won't hang around with you.
Speaker 1 (01:25):
Yeah, No, Sean, you don't need friends when you've got facts.
That's what I always say. True, True, it is worth
sticking around for. It's coming up a bit later on
the main story this morning, though, Sean. The Fair Work
Commission has awarded a three point seventy five percent pay
rise to two point six million minimum wage and Award
reliant workers.
Speaker 2 (01:43):
And it's annual wage decision. The commission full bench, headed
by President Adam Hatcher, said the increase factored in cost
of living pressures felt by households, but he said the
bench did not want to award an increase significantly above inflation,
and the three point seventy five percent rise factored in
the July one tax cuts any superannuation guarantee increase. The
amount is slightly above the inflation rate, and in dollar terms,
(02:06):
the lowest paid workers will receive thirty three dollars and
ten cents more a week. That makes the minimum wage
nine hundred and fifteen dollars.
Speaker 3 (02:13):
Ninety a week.
Speaker 2 (02:14):
The decision directly or indirectly affects about twenty five percent
of the workforce, including those whose wages are set by
industry awards. Mister Hatcher said the increase was consistent with
inflation returning to below three percent. By twenty twenty five,
the ACTU had sort of five percent pay rise, while
employer groups sought to limit the increase to no more
(02:34):
than two point eight percent. The full bench also deferred
an ACTU claimed for a four percent pay rise in
female dominated industries. This is on top of the increase
in the minimum wage. The Fair Work Commission will undertake
a study to address gender undervaluation. This is to look
at inequity in many female dominated industries such as early
(02:54):
childhood education and care workers, disability home care workers, those
working in other social and commuitnunity services, dental assistants, medical technicians,
psychologists and other health professionals, and pharmacists sean.
Speaker 1 (03:07):
A decision like this can often be quite controversial. What
was the reaction like yesterday?
Speaker 2 (03:14):
It was mixed as you would expect, but generally I
think most people welcomed it. In fact, it was probably
met with more applause than any of these decisions in
recent times. The federal government has always pushed for an
increase at least in line with inflation. That happened. Economists
predicted that anything more than four percent would be inflationary.
(03:35):
That didn't happen cos BABA was pretty quickly out of
the box. It said three point seventy five percent on
top of last year's five point seventy five percent, was
putting pressure on its membership. It was particularly harsh for
industries like hospitality, retail and services because labor costs make
up half of a verall operating costs. The Australian Chamber
of Commerce and Industry, which is an employee group, so
(03:55):
the increase tests the acceptable limits for business, but shouldn't
drive up inflation. I reckon that's a tick of approval
the Act. You worked some numbers and said entry level
retail or hospitality workers will be about twenty six hundred
dollars a year better off after taking into account the
Fair Work Commission ruling, and of course the Stage three
tax cuts they kick in on July one. All taxpayers
(04:19):
will get a tax cut from that time, so it's
actually quite a boost to take home pay from July one.
Speaker 1 (04:28):
We did a little video sean on TikTok and Instagram
and Facebook yesterday, follow Fear and gret on all of
those platforms, and you'll see our videos that we put out.
We try to do them pretty much every day, and
this one got quite a reaction on TikTok in particular,
basically people digesting reacting to the decision, and I would
say the initial response was mixed. There's a lot of
(04:49):
people that will never quite be satisfied, I suspect, with
any decision along these lines, but you are right, generally
the decision seems to have been met with a reasonable
amount of positivity.
Speaker 2 (05:02):
Now, Michael, you're going to have to tell a story
about one of the first ones you got who equated
the thirty three dollars.
Speaker 1 (05:09):
That's that's right. Well, this would be almost my favorite
comment so far. Someone's celebrating saying thirty three dollars a week,
which is what it essentially equates to. They used an expletive.
I really shouldn't use it on here because this is
a family podcast. But they said, yeah, that's like two
zinger boxes, which I just love. They have equated the
(05:33):
increase in the minimum wage to what they will buy
at KFC, which that's a very Australian thing.
Speaker 3 (05:40):
It was pretty funny.
Speaker 1 (05:41):
Yes, it's very good, all right. Local markets, what happened
yesterday is a pretty good day for the market, with
yes and PASX two hundred closing up nearly one percent
to seven seven hundred and sixty one points.
Speaker 2 (05:51):
Financials, utilities and property stocks did best, while the tech
and telco indices went backwards. It was a day for
the banks. Westpac closed up more than two percent, Comwealth Bank,
National Australian Bank and Amians at All jump more than
one percent. Goodman Group was good. It was two percent higher,
while Ways to Take Global was down more than a
half percent. The big miners were mixed, while the insurers
did well. QBE jumped two point three percent, IAG rose
(06:13):
one point five percent and Suncorp finished one percent higher.
In corporate news, New Zealand dairy group Sinlett's share price
fell more than two percent after it warned of ongoing
week training conditions. In a risk it's unlikely to meet
three of its current banking covenants at the end of
next month. And APM Human Services closed up ten percent.
It's done a deal to be bought by Chicago's Madison
(06:35):
Dearborn Partners and Sean.
Speaker 1 (06:37):
There's a bit happening on international markets, sure is.
Speaker 2 (06:40):
APEC plus members have agreed to extend cuts in oil production,
in some cases to the end of next year, as
they battle the shore up prices amid week global demand
and increased supply from other parts of the world. At
its latest biannual meeting, the cartel conceded that it had
no room yet to change stands on output cuts that
began in November twenty two, only two pleaching to keep
(07:01):
more than three million barrels a day of crude off
the market until the end of next year. Why do
we care about that, Michael, Well, that basically puts a
floor on petrol prices.
Speaker 3 (07:12):
At the moment. They're reasonably cheap in long.
Speaker 2 (07:14):
The East Coast, not so cheap on the West coast.
What OPEK has come out and done. They say we're
going to not put too much oil into the market.
Therefore petrol prices they're not going to get much lower
than what they are now for the foreseeable future. Anyway,
it's good economic news out of China, with the measure
of the manufacturing sector hitting a near two year high.
There has now been four months of growth on the
factory floor in China, and currency markets IZI dollars trading
(07:37):
around sixty six and a half fews cents or currencies
remain pretty strong. Bitcoin's worth sixty eight thousand US dollars
a unit.
Speaker 1 (07:44):
Sean, you used a word when you were talking about
opek Plus. It's just one of those words. It's so
confusing when you say that opek plus held its bi
annual meeting, which of course means that they meet twice
a year. And this is one of those things that
I need to google it. I need to check every
(08:05):
single time. Is it bi annual being twice a year,
or biennial which is every two years?
Speaker 2 (08:11):
Yes, Now I know exactly what you mean, because whenever
I see that word, it's exactly the same. The AA
gives it away like annual by so that's twice annual
and by any all. But I know exactly what you mean.
I have to look twice all the time.
Speaker 1 (08:24):
Yeah, maybe we should start a campaign to have that
changed permanently. I don't know who your campaign campaign the dictionary.
Speaker 2 (08:29):
Oxford Dictionary or somewhere.
Speaker 1 (08:31):
Yeah, it's a grassroots campaign, Sean, I don't know. Maybe
we'll use the newsletter. Perfect time to plug the newsletter.
Head along to Fearangreed dot com dot AU. Put your
email address in and you will get the Fear and
Greed newsletter. It comes out tomorrow morning mid morning, all
of Sean's thoughts on a whole bunch of big business stories,
everything that's happened in the last week that you've heard
(08:53):
the facts, Now get Sean's views on it. I'm talking
about you like you're not even hear.
Speaker 3 (08:58):
Sure, I'm in the room. Yeah, I'm sorry.
Speaker 1 (09:02):
Anyway, head along to Fear and Greed dot com dot you.
Put your email address in and you'll get it in
the morning. We'll be back in a moment with the
rest of the day's business news sewn. Treasury Secretary Stephen
Kennedy yesterday gave a solid defense of the tax system,
saying he's quite comfortable with the current corporate tax rate
(09:24):
and Australia's reliance on income and company tax rates.
Speaker 2 (09:28):
Mister Kennedy said in light of current circumstances, the company
tax rate is appropriate. He also wouldn't be drawn on
whether last month's budget was expansionary or contractionary, but said
the budget was consistent with inflation returning to target. Over
the diplomat, mister Kennedy, the Treasury Secretary, was in front
of standard estimates. He said there's a range of factors
contributing to the shortage of housing, including COVID nineteen related
(09:49):
bottlenecks and high inflation. Not helping has been a lack
of essential infrastructure in some greenfield sites and a shortage
of skilled labor. Mister Kennedy also warned that the March
quarter economic growth figure due out tomorrow will be very weak.
Speaker 1 (10:03):
And just before we leave canbro Sean Former Treasurer Josh
Fridenberg has scotched speculation about his return to Federal Parliament
at the next election.
Speaker 2 (10:11):
Mister Fridenburg said he's backing Emilia Hamar, the current Liberal
Party candidate for his old seat of Couyong. Mister Friedenburg
lost the twenty twenty two poles to Teal independent Menie Grin.
At the moment, at least, he's not interested. I do
just want to point out another great word that you
used there, and you know what it.
Speaker 3 (10:27):
Is, scotched.
Speaker 1 (10:28):
Scotched. Yeah, it's just it's such a rich word, isn't it.
He can almost taste.
Speaker 3 (10:34):
It, Well you can, that's.
Speaker 1 (10:36):
Right, and call me a cynic here, Sean, But do
you just reckon that maybe Josh Fridenburg didn't quite get
the support, the initials rush of support that he was
hoping for, and now goes no, no, no, never even
considered it.
Speaker 3 (10:51):
Yeah.
Speaker 2 (10:52):
Yeah, he didn't exactly rush out to say, because this
was around on Sunday afternoon. It took him a good
twenty four hours or say, before he came out.
Speaker 3 (11:00):
Said I'm not going to do it. He heard a
few voices first.
Speaker 1 (11:04):
Yeah, yeah, just to run it up the flagpole first,
all right, sewn. The federal government has ordered some offshore
shareholders of rare earth hopeful Northern Minerals to sell down
their stakes because it isn't in the national interest.
Speaker 2 (11:19):
This is fascinating and I've got to say the Financial
Review did a great job explaining this story to me,
so all credit to them on this story. Northern Minerals
minds two little known minerals ones called dysprosium the other turbium.
They're used in the production of high performance magnets, batteries
and defense equipment.
Speaker 3 (11:37):
I'd never heard of them.
Speaker 1 (11:38):
It does sound like you made them up.
Speaker 2 (11:41):
I'm sure they're on the periodic table. Didn't never do
chemistry anyway, disprosium and turbium. Northern Minerals minds them. Chinese
businessman Wu Tao bought a nine point nine percent stake
in the company, then a couple of years ago tried
to lift that to nineteen point nine percent. Tao is
a big wig in the Chinese rare earths world. When
(12:02):
he tried to go to nineteen point nine percent, the
Foreign Investment Review Board said, we're not going to allow that.
Speaker 3 (12:08):
Now.
Speaker 2 (12:09):
Mister Tower is accused of orchestrating the buying of shares
in the company via a series of related entities and parties.
When the buying began late last year, the then CEO
of Northern Minerals, a guy called Nick Curtis, thought it's
a bit unusual. He reported that to the Foreign Investment
Review Board soon after. He reported the buying to FERB.
(12:31):
Shareholders then attempted to remove him as a director. Mister
Kurs resigned a week ago, not wanting to go through
that process of the extraordinary General meeting. Now, Federal treasure
Jim Chalmers has ordered one of the associated companies named Yakshow,
to reduce its state from nine point eight percent to
eight point five percent. Four other apparently associated shareholders have
(12:52):
been told to reduce their stakes combined to about nine percent.
Very very unusual for disposed orders like that to happen
in commercial matters. The invocation is that Charmers has used
his power to prevent a surreptitious attempt by Chinese interests
related to Wu Tao to grab control of the promising
(13:16):
Aussie minor, great little tale that's.
Speaker 1 (13:19):
Got all the makings of a movie. I mean, probably
a somewhat honestly quite a dull movie, but a movie
like it's got kind of it may not be top ten,
yeah maybe not, maybe not, but it's got like it's
got turbium and dysprosium and kind of waging to go
wrong foreign interests. Oh goodness me, I'm selling it to
myself here, Sean. Now, the chief executive of Smiggle has
(13:43):
jumped ship and will run fast fashioned jewelry chain Leavisa.
Speaker 2 (13:47):
Well, see that last story was like intrigue in the
mining industry. This is intrigue in the retail sector. Because
in the retail world there are some very high profile,
very rich players. This story is about two those people.
One of them is Solomon Lou who controls Premier Investments,
the owner of Smiggle. The other one is Brett Blundy,
the person who launched Levisa. Now John Cheston, currently at Smiggle,
(14:10):
will take over at Levisa, so he's gone from the
Lou camp to the Blundy camp. Not long ago, Mark McGinnis,
who was expected to take the top job at Meyer
he used to be at David Jones May, of course,
is another Solomon Lou company. Well, he opted to go
and work for mister Blundy's empire.
Speaker 3 (14:26):
So two of them.
Speaker 2 (14:26):
Now I've gone to miss the Blundy's empire. All this
is happening is Premier looks to spin off Smiggle and
Peter Alexander the pajama brand onto the Stock Exchange. Add
to the story the fact that the guy leaving Smiggle,
the guy being replaced, Victor Herrero, is the second highest
paid CEO on the ASX.
Speaker 3 (14:44):
But did you understand did you understand all that Michael
or not.
Speaker 1 (14:47):
I need it feels like gamer Thrones. I actually it
is like I need a little kind of family tree.
But I am following it.
Speaker 2 (14:55):
Yes, yes, yes, what shareholders certainly understood. Because Lisa closed
down a lit percent yesterday. The Premiere also finished down
four percent. It was just to sell off from both
of them. Fascinating to see that the battle between the billionaires.
Perhaps we can put it that way.
Speaker 1 (15:10):
Yeah, that is a great story.
Speaker 3 (15:12):
Now.
Speaker 1 (15:12):
New research from the Corporate Watchdog shows that five point
eight million Australians have struggled to make loan and debt
repayments in the past twelve months.
Speaker 3 (15:21):
That is huge.
Speaker 2 (15:23):
That's nearly half the population with a debt. The top
reasons people fall into debt a cost of living pressures,
reduced income and unexpected expenses. Yet thirty percent of Australians
one in three so they wouldn't seek hardship assistance arrangements
from their lender or credit provider. In fact, they'd rather
sell stuff or get a second job or something rather.
The main reasons people don't seek help from their lender,
(15:44):
according to the Australian Securities and Investments Commission, is anxiety
and stress, shame, or embarrassment, lack of awareness or not
knowing where.
Speaker 3 (15:52):
To go for help.
Speaker 2 (15:53):
The research is part of ESSEX Just Ask Hardship Help
is Available campaign basically telling people if you are struggling,
ring your lender, visit your lender, email your lender, call
your lender, do whatever you want, but just get in
touch with them.
Speaker 3 (16:08):
And I couldn't agree more.
Speaker 1 (16:09):
Yeah, absolutely, Sean. The Super Members Council of Australia is
calling for an end to the ban on older Australians
receiving contributions into retirement phase super accounts. They're arguing that
it penalizes those dipping back into the workforce later in life.
Speaker 2 (16:26):
This is going to get very interesting in the next
few years. The Industry super Lobby group wants the federal
government to lift the rule that forces working retirees people
over the age of sixty five who are working to
open a separate accumulation account for their super contributions to
go into. Under the current rule, working retirees end up
(16:46):
paying two sets of account fees, often slug with more
taxes because they've got the one that they used until
I was sixty five and then now they've got this
other one that they've got to use after their sixty five.
It comes as new research shows one in four Australians
can continue to work into the early seventies and the
retirement of two point five million baby boomers over the
next decade will flood the retiree pool. Many of them
(17:08):
will want to work again. We don't need all these
extra accounts. The Lobby Group made the call yesterday as
it announced its new chair and Sherry Ao will take
over from interim chair Nicola Roxen. According to report in
The Australian.
Speaker 1 (17:22):
Finally, Sean, before we get to international news. Well, I
suppose it's actually almost neatly straddles international news, doesn't it,
Because he's not an Australian citizen anymore. Rupert Murdoch has
married for the fifth time, tying the knot with retired
molecular biologist Elaina Zukova.
Speaker 2 (17:37):
The ninety three year old Murdoch married the sixty seven
year olds of Cova and his Californian vineyard last year.
Mister Murdock was briefly engaged to a former police chaplain.
Prior to that, he was married to former model Jerry
Hall for six years. Anyway, good luck to mister Murdoch
and Zakova.
Speaker 1 (17:52):
Yeah, yeah, indeed turn into international news. Now South Africa's
African National Congress has begun talks with rivals to form
a governmentollowing its worst performance since Nelson Mandela led it
to power at the end of apartheid in nineteen ninety four.
Speaker 2 (18:06):
The A and C obtained at one hundred and fifty
nine or the four hundred seats in the National Assembly
in the May twenty nine elections, a precipitous decline from
the two hundred and thirty seats President Cyril Remberfosa's party
won five years ago. The A and C's slump comes
after years of poor economic management and corruption. South Africa
has one of the world's highest unemployment rates and weak growth.
(18:27):
According to Bloomberg, the A and C is now likely
to be forced to rely on cooperation from rivals if
it is to retain power. The Democratic Alliance scored eighty
seven seats. That'll mean since the main opposition party, interestingly,
a party led by a former ANC leader and National
President Jacob Zuma, was third, It won fifty eight seats
just six months after its launch. Now, the A and
(18:49):
C kicked Zooma out of office after nine scandal tainted years.
Maybe the ANC will have to do a deal with
their former leader. Also, Mexico went to the polls and
the early polling results suggest that Mexico, for the first time,
has a female president. Claudia Shinbaum looks to have won
the presidency. She's a close ally to Andre Manuel Lopez Obrador,
(19:12):
who has been in power for quite a few years.
He wasn't allowed to run again. Away in Mexico has
its first female president.
Speaker 1 (19:20):
Goodness may there's a few elections going on.
Speaker 3 (19:22):
Yeah.
Speaker 2 (19:22):
Remember at the beginning of the year, we did a
story where I'm trying to think that forty percent of
the world's population was voting this year.
Speaker 1 (19:30):
That's a very good point.
Speaker 2 (19:31):
It's phenomics, Indonesia, India, Mexico, the United States of course,
South Africa, these Bangladesh, UK, actually in the UK. Yeah, Like,
it's amazing, these hugely populous nations going to the polls.
Speaker 1 (19:46):
Yeah. Interesting, It's a very, very very big year for democracy, Sean.
Speaker 3 (19:50):
It is a very big year for democracy. Michael.
Speaker 1 (19:53):
Finally, and Video announced the next generation of its artificial
intelligence processes over the weekend, less than three months after
its most recent launch.
Speaker 2 (20:04):
Yes, the Chief executive Jensen Huang unveiled Ruben, the successor
to its Blackwell chips for data centers. Now, the Blackwall
chips were announced in March. They're in production, they none
have yet been shipped, so in Nvidia has announced the
newest chip for the older chip has even left the factory.
Speaker 3 (20:25):
Production cycle.
Speaker 2 (20:26):
Look, I get being first market, but really, maybe is
it just like ooks, we made a mistake on those
other ones, so we're just gonna update them and call
them something different, or just doesn't it just show just
the incredible speed at which it's moving that they suddenly go,
oh my god, we've got another one ready to go, quick,
get it out there.
Speaker 1 (20:43):
I was just looking to see who was named after,
because the Ruben is an interesting name. It was named
after an astronomer, Via Ruben, who made according to according
to Google, Sean made significant contributions to our understanding of
dark matter in the universe and conducted pioneering work on
galaxy rotation rates.
Speaker 3 (21:04):
Oh, I'm very interested in galaxy rotation rates.
Speaker 1 (21:09):
See the thing. At least I pretend to be interested
in what you say. Sometimes you just kind of straight
out just be sarcastic a little bit snide.
Speaker 2 (21:19):
No, no, no, but kind of along these I say,
Jensen Wang said a new computer age you're starting with
talking about that when he unveiled these new chips. He's
also done new AI chip deals with PC makers. The
issue here Ruben is much more Ruben as opposed to Blackwall,
is more efficient than previous chips, and apparently the big
(21:41):
promise from Nvidia is that they will improve power efficiency
the new Reuben chip. Energy efficiency is becoming much more
important because the expansion of AI data centers is putting
huge strain on energy grids all over the place. And
so apparently the big change between Blackwall and Ruben is its.
Speaker 3 (21:59):
Energy of fish.
Speaker 2 (22:00):
And see there you go, which is interesting because that's
sort of about black matter.
Speaker 3 (22:05):
No idea where that's true, but just sort of throwing it.
Speaker 1 (22:07):
And it ties neatly to the galaxy rotation rate, which
is actually quite fast.
Speaker 3 (22:11):
It's very efficient. There you go.
Speaker 1 (22:13):
We have successfully found a link. And I suspect we
finished the show talking absolute nonsense. Sean, Yes, I think
so you know who's not talking nonsense. Tim Lawless, research
director at core Logic, and your guest today on the
Fear and Greed Daily Interview.
Speaker 2 (22:25):
Yes, all about housing prices, what's happening in the capital
cities and the regions.
Speaker 3 (22:29):
Great chat.
Speaker 1 (22:30):
Yeah, it's up next to the Fear and Greed playlist
on your podcast platform or at Fearangreed dot com dot au,
which is where you can sign up for the Fear
and Greed newsletter out tomorrow. Thank you, Sean, Thank you Mike.
Speaker 2 (22:39):
Before I go there, Michael, I've got to have a
quick shout out to my mate Waddo, Greg Watson. He
sent me a photo over the weekend. He lives on
the Central Coast in New South Wales, of Jakito's on
sale dollar fifty.
Speaker 1 (22:52):
That's right, because last week you admitted that Chakito's are
the things that you always buy when you go into
a convenience or on a petrol station, because, of course,
we talked about the fact that convenience doores and petrol
stations are booming because of what people are buying apart
from petrol, and you said that you're basically keeping seven
to eleven afloat because of your obsession with chikechaquitos.
Speaker 2 (23:12):
So he sent me a photo. When I sent me
a photo half priced all twenty five at Woolly's chikitos.
Speaker 1 (23:18):
And did you go out and buy some?
Speaker 3 (23:20):
Absolutely, you must.
Speaker 1 (23:23):
Be the only person in the world who's going out
and stocking up on chaquitos. Anyway, thank you, Sean. It
is Tuesday, the fourth of June twenty twenty four. Make
sure you're following the podcast and please join us online
on LinkedIn, Instagram, x TikTok, and Facebook. Michael Thompson and
that was fear and greed. Have a great day.
Minimum wage journers to get a three point seventy five
percent increase in their wages on July one, on top
of the Stage three tax cuts. Almost half of all
Australians struggle to make loan repayments, yet many don't ask
for help. And in video announces a new super chip
before it's even since the first consignment of its previous
super chip. Welcome to Fear and Greed, daily business news
(00:28):
for people who make their own decisions. It is Tuesday,
the fourth of June twenty twenty four. I'm Michael Thompson
and good morning Sean Aylmer.
Speaker 2 (00:35):
Good morning Michael.
Speaker 1 (00:37):
Sean big show coming up. Afterwards, you have an interview
with Tim Lawless, research director at core Logic.
Speaker 2 (00:43):
It is a fantastic chat about all the major property markets,
capital cities, regions. We talk about why Melbourne is so weak,
what Sydney's doing, why Perth Brisbane Adelaide is so strong,
what's going on in hober what's going on in the regions.
It's it's just really it's a deep dive into the
numbers that we talk about all the time with Tim.
(01:03):
No one knows the market better than Tim Lawlas. That's
for sure, and it's just fantastic chat about exactly what's
happening in each of those markets.
Speaker 3 (01:10):
Oh.
Speaker 1 (01:10):
Absolutely, And if you listen to this one interview, you
will automatically be prepared for any barbecues you go to
on the weekend in order just to rattle off facts
about every housing market in the country, and you will
sound like an expert.
Speaker 2 (01:23):
Yeah. I think people won't hang around with you.
Speaker 1 (01:25):
Yeah, No, Sean, you don't need friends when you've got facts.
That's what I always say. True, True, it is worth
sticking around for. It's coming up a bit later on
the main story this morning, though, Sean. The Fair Work
Commission has awarded a three point seventy five percent pay
rise to two point six million minimum wage and Award
reliant workers.
Speaker 2 (01:43):
And it's annual wage decision. The commission full bench, headed
by President Adam Hatcher, said the increase factored in cost
of living pressures felt by households, but he said the
bench did not want to award an increase significantly above inflation,
and the three point seventy five percent rise factored in
the July one tax cuts any superannuation guarantee increase. The
amount is slightly above the inflation rate, and in dollar terms,
(02:06):
the lowest paid workers will receive thirty three dollars and
ten cents more a week. That makes the minimum wage
nine hundred and fifteen dollars.
Speaker 3 (02:13):
Ninety a week.
Speaker 2 (02:14):
The decision directly or indirectly affects about twenty five percent
of the workforce, including those whose wages are set by
industry awards. Mister Hatcher said the increase was consistent with
inflation returning to below three percent. By twenty twenty five,
the ACTU had sort of five percent pay rise, while
employer groups sought to limit the increase to no more
(02:34):
than two point eight percent. The full bench also deferred
an ACTU claimed for a four percent pay rise in
female dominated industries. This is on top of the increase
in the minimum wage. The Fair Work Commission will undertake
a study to address gender undervaluation. This is to look
at inequity in many female dominated industries such as early
(02:54):
childhood education and care workers, disability home care workers, those
working in other social and commuitnunity services, dental assistants, medical technicians,
psychologists and other health professionals, and pharmacists sean.
Speaker 1 (03:07):
A decision like this can often be quite controversial. What
was the reaction like yesterday?
Speaker 2 (03:14):
It was mixed as you would expect, but generally I
think most people welcomed it. In fact, it was probably
met with more applause than any of these decisions in
recent times. The federal government has always pushed for an
increase at least in line with inflation. That happened. Economists
predicted that anything more than four percent would be inflationary.
(03:35):
That didn't happen cos BABA was pretty quickly out of
the box. It said three point seventy five percent on
top of last year's five point seventy five percent, was
putting pressure on its membership. It was particularly harsh for
industries like hospitality, retail and services because labor costs make
up half of a verall operating costs. The Australian Chamber
of Commerce and Industry, which is an employee group, so
(03:55):
the increase tests the acceptable limits for business, but shouldn't
drive up inflation. I reckon that's a tick of approval
the Act. You worked some numbers and said entry level
retail or hospitality workers will be about twenty six hundred
dollars a year better off after taking into account the
Fair Work Commission ruling, and of course the Stage three
tax cuts they kick in on July one. All taxpayers
(04:19):
will get a tax cut from that time, so it's
actually quite a boost to take home pay from July one.
Speaker 1 (04:28):
We did a little video sean on TikTok and Instagram
and Facebook yesterday, follow Fear and gret on all of
those platforms, and you'll see our videos that we put out.
We try to do them pretty much every day, and
this one got quite a reaction on TikTok in particular,
basically people digesting reacting to the decision, and I would
say the initial response was mixed. There's a lot of
(04:49):
people that will never quite be satisfied, I suspect, with
any decision along these lines, but you are right, generally
the decision seems to have been met with a reasonable
amount of positivity.
Speaker 2 (05:02):
Now, Michael, you're going to have to tell a story
about one of the first ones you got who equated
the thirty three dollars.
Speaker 1 (05:09):
That's that's right. Well, this would be almost my favorite
comment so far. Someone's celebrating saying thirty three dollars a week,
which is what it essentially equates to. They used an expletive.
I really shouldn't use it on here because this is
a family podcast. But they said, yeah, that's like two
zinger boxes, which I just love. They have equated the
(05:33):
increase in the minimum wage to what they will buy
at KFC, which that's a very Australian thing.
Speaker 3 (05:40):
It was pretty funny.
Speaker 1 (05:41):
Yes, it's very good, all right. Local markets, what happened
yesterday is a pretty good day for the market, with
yes and PASX two hundred closing up nearly one percent
to seven seven hundred and sixty one points.
Speaker 2 (05:51):
Financials, utilities and property stocks did best, while the tech
and telco indices went backwards. It was a day for
the banks. Westpac closed up more than two percent, Comwealth Bank,
National Australian Bank and Amians at All jump more than
one percent. Goodman Group was good. It was two percent higher,
while Ways to Take Global was down more than a
half percent. The big miners were mixed, while the insurers
did well. QBE jumped two point three percent, IAG rose
(06:13):
one point five percent and Suncorp finished one percent higher.
In corporate news, New Zealand dairy group Sinlett's share price
fell more than two percent after it warned of ongoing
week training conditions. In a risk it's unlikely to meet
three of its current banking covenants at the end of
next month. And APM Human Services closed up ten percent.
It's done a deal to be bought by Chicago's Madison
(06:35):
Dearborn Partners and Sean.
Speaker 1 (06:37):
There's a bit happening on international markets, sure is.
Speaker 2 (06:40):
APEC plus members have agreed to extend cuts in oil production,
in some cases to the end of next year, as
they battle the shore up prices amid week global demand
and increased supply from other parts of the world. At
its latest biannual meeting, the cartel conceded that it had
no room yet to change stands on output cuts that
began in November twenty two, only two pleaching to keep
(07:01):
more than three million barrels a day of crude off
the market until the end of next year. Why do
we care about that, Michael, Well, that basically puts a
floor on petrol prices.
Speaker 3 (07:12):
At the moment. They're reasonably cheap in long.
Speaker 2 (07:14):
The East Coast, not so cheap on the West coast.
What OPEK has come out and done. They say we're
going to not put too much oil into the market.
Therefore petrol prices they're not going to get much lower
than what they are now for the foreseeable future. Anyway,
it's good economic news out of China, with the measure
of the manufacturing sector hitting a near two year high.
There has now been four months of growth on the
factory floor in China, and currency markets IZI dollars trading
(07:37):
around sixty six and a half fews cents or currencies
remain pretty strong. Bitcoin's worth sixty eight thousand US dollars
a unit.
Speaker 1 (07:44):
Sean, you used a word when you were talking about
opek Plus. It's just one of those words. It's so
confusing when you say that opek plus held its bi
annual meeting, which of course means that they meet twice
a year. And this is one of those things that
I need to google it. I need to check every
(08:05):
single time. Is it bi annual being twice a year,
or biennial which is every two years?
Speaker 2 (08:11):
Yes, Now I know exactly what you mean, because whenever
I see that word, it's exactly the same. The AA
gives it away like annual by so that's twice annual
and by any all. But I know exactly what you mean.
I have to look twice all the time.
Speaker 1 (08:24):
Yeah, maybe we should start a campaign to have that
changed permanently. I don't know who your campaign campaign the dictionary.
Speaker 2 (08:29):
Oxford Dictionary or somewhere.
Speaker 1 (08:31):
Yeah, it's a grassroots campaign, Sean, I don't know. Maybe
we'll use the newsletter. Perfect time to plug the newsletter.
Head along to Fearangreed dot com dot AU. Put your
email address in and you will get the Fear and
Greed newsletter. It comes out tomorrow morning mid morning, all
of Sean's thoughts on a whole bunch of big business stories,
everything that's happened in the last week that you've heard
(08:53):
the facts, Now get Sean's views on it. I'm talking
about you like you're not even hear.
Speaker 3 (08:58):
Sure, I'm in the room. Yeah, I'm sorry.
Speaker 1 (09:02):
Anyway, head along to Fear and Greed dot com dot you.
Put your email address in and you'll get it in
the morning. We'll be back in a moment with the
rest of the day's business news sewn. Treasury Secretary Stephen
Kennedy yesterday gave a solid defense of the tax system,
saying he's quite comfortable with the current corporate tax rate
(09:24):
and Australia's reliance on income and company tax rates.
Speaker 2 (09:28):
Mister Kennedy said in light of current circumstances, the company
tax rate is appropriate. He also wouldn't be drawn on
whether last month's budget was expansionary or contractionary, but said
the budget was consistent with inflation returning to target. Over
the diplomat, mister Kennedy, the Treasury Secretary, was in front
of standard estimates. He said there's a range of factors
contributing to the shortage of housing, including COVID nineteen related
(09:49):
bottlenecks and high inflation. Not helping has been a lack
of essential infrastructure in some greenfield sites and a shortage
of skilled labor. Mister Kennedy also warned that the March
quarter economic growth figure due out tomorrow will be very weak.
Speaker 1 (10:03):
And just before we leave canbro Sean Former Treasurer Josh
Fridenberg has scotched speculation about his return to Federal Parliament
at the next election.
Speaker 2 (10:11):
Mister Fridenburg said he's backing Emilia Hamar, the current Liberal
Party candidate for his old seat of Couyong. Mister Friedenburg
lost the twenty twenty two poles to Teal independent Menie Grin.
At the moment, at least, he's not interested. I do
just want to point out another great word that you
used there, and you know what it.
Speaker 3 (10:27):
Is, scotched.
Speaker 1 (10:28):
Scotched. Yeah, it's just it's such a rich word, isn't it.
He can almost taste.
Speaker 3 (10:34):
It, Well you can, that's.
Speaker 1 (10:36):
Right, and call me a cynic here, Sean, But do
you just reckon that maybe Josh Fridenburg didn't quite get
the support, the initials rush of support that he was
hoping for, and now goes no, no, no, never even
considered it.
Speaker 3 (10:51):
Yeah.
Speaker 2 (10:52):
Yeah, he didn't exactly rush out to say, because this
was around on Sunday afternoon. It took him a good
twenty four hours or say, before he came out.
Speaker 3 (11:00):
Said I'm not going to do it. He heard a
few voices first.
Speaker 1 (11:04):
Yeah, yeah, just to run it up the flagpole first,
all right, sewn. The federal government has ordered some offshore
shareholders of rare earth hopeful Northern Minerals to sell down
their stakes because it isn't in the national interest.
Speaker 2 (11:19):
This is fascinating and I've got to say the Financial
Review did a great job explaining this story to me,
so all credit to them on this story. Northern Minerals
minds two little known minerals ones called dysprosium the other turbium.
They're used in the production of high performance magnets, batteries
and defense equipment.
Speaker 3 (11:37):
I'd never heard of them.
Speaker 1 (11:38):
It does sound like you made them up.
Speaker 2 (11:41):
I'm sure they're on the periodic table. Didn't never do
chemistry anyway, disprosium and turbium. Northern Minerals minds them. Chinese
businessman Wu Tao bought a nine point nine percent stake
in the company, then a couple of years ago tried
to lift that to nineteen point nine percent. Tao is
a big wig in the Chinese rare earths world. When
(12:02):
he tried to go to nineteen point nine percent, the
Foreign Investment Review Board said, we're not going to allow that.
Speaker 3 (12:08):
Now.
Speaker 2 (12:09):
Mister Tower is accused of orchestrating the buying of shares
in the company via a series of related entities and parties.
When the buying began late last year, the then CEO
of Northern Minerals, a guy called Nick Curtis, thought it's
a bit unusual. He reported that to the Foreign Investment
Review Board soon after. He reported the buying to FERB.
(12:31):
Shareholders then attempted to remove him as a director. Mister
Kurs resigned a week ago, not wanting to go through
that process of the extraordinary General meeting. Now, Federal treasure
Jim Chalmers has ordered one of the associated companies named Yakshow,
to reduce its state from nine point eight percent to
eight point five percent. Four other apparently associated shareholders have
(12:52):
been told to reduce their stakes combined to about nine percent.
Very very unusual for disposed orders like that to happen
in commercial matters. The invocation is that Charmers has used
his power to prevent a surreptitious attempt by Chinese interests
related to Wu Tao to grab control of the promising
(13:16):
Aussie minor, great little tale that's.
Speaker 1 (13:19):
Got all the makings of a movie. I mean, probably
a somewhat honestly quite a dull movie, but a movie
like it's got kind of it may not be top ten,
yeah maybe not, maybe not, but it's got like it's
got turbium and dysprosium and kind of waging to go
wrong foreign interests. Oh goodness me, I'm selling it to
myself here, Sean. Now, the chief executive of Smiggle has
(13:43):
jumped ship and will run fast fashioned jewelry chain Leavisa.
Speaker 2 (13:47):
Well, see that last story was like intrigue in the
mining industry. This is intrigue in the retail sector. Because
in the retail world there are some very high profile,
very rich players. This story is about two those people.
One of them is Solomon Lou who controls Premier Investments,
the owner of Smiggle. The other one is Brett Blundy,
the person who launched Levisa. Now John Cheston, currently at Smiggle,
(14:10):
will take over at Levisa, so he's gone from the
Lou camp to the Blundy camp. Not long ago, Mark McGinnis,
who was expected to take the top job at Meyer
he used to be at David Jones May, of course,
is another Solomon Lou company. Well, he opted to go
and work for mister Blundy's empire.
Speaker 3 (14:26):
So two of them.
Speaker 2 (14:26):
Now I've gone to miss the Blundy's empire. All this
is happening is Premier looks to spin off Smiggle and
Peter Alexander the pajama brand onto the Stock Exchange. Add
to the story the fact that the guy leaving Smiggle,
the guy being replaced, Victor Herrero, is the second highest
paid CEO on the ASX.
Speaker 3 (14:44):
But did you understand did you understand all that Michael
or not.
Speaker 1 (14:47):
I need it feels like gamer Thrones. I actually it
is like I need a little kind of family tree.
But I am following it.
Speaker 2 (14:55):
Yes, yes, yes, what shareholders certainly understood. Because Lisa closed
down a lit percent yesterday. The Premiere also finished down
four percent. It was just to sell off from both
of them. Fascinating to see that the battle between the billionaires.
Perhaps we can put it that way.
Speaker 1 (15:10):
Yeah, that is a great story.
Speaker 3 (15:12):
Now.
Speaker 1 (15:12):
New research from the Corporate Watchdog shows that five point
eight million Australians have struggled to make loan and debt
repayments in the past twelve months.
Speaker 3 (15:21):
That is huge.
Speaker 2 (15:23):
That's nearly half the population with a debt. The top
reasons people fall into debt a cost of living pressures,
reduced income and unexpected expenses. Yet thirty percent of Australians
one in three so they wouldn't seek hardship assistance arrangements
from their lender or credit provider. In fact, they'd rather
sell stuff or get a second job or something rather.
The main reasons people don't seek help from their lender,
(15:44):
according to the Australian Securities and Investments Commission, is anxiety
and stress, shame, or embarrassment, lack of awareness or not
knowing where.
Speaker 3 (15:52):
To go for help.
Speaker 2 (15:53):
The research is part of ESSEX Just Ask Hardship Help
is Available campaign basically telling people if you are struggling,
ring your lender, visit your lender, email your lender, call
your lender, do whatever you want, but just get in
touch with them.
Speaker 3 (16:08):
And I couldn't agree more.
Speaker 1 (16:09):
Yeah, absolutely, Sean. The Super Members Council of Australia is
calling for an end to the ban on older Australians
receiving contributions into retirement phase super accounts. They're arguing that
it penalizes those dipping back into the workforce later in life.
Speaker 2 (16:26):
This is going to get very interesting in the next
few years. The Industry super Lobby group wants the federal
government to lift the rule that forces working retirees people
over the age of sixty five who are working to
open a separate accumulation account for their super contributions to
go into. Under the current rule, working retirees end up
(16:46):
paying two sets of account fees, often slug with more
taxes because they've got the one that they used until
I was sixty five and then now they've got this
other one that they've got to use after their sixty five.
It comes as new research shows one in four Australians
can continue to work into the early seventies and the
retirement of two point five million baby boomers over the
next decade will flood the retiree pool. Many of them
(17:08):
will want to work again. We don't need all these
extra accounts. The Lobby Group made the call yesterday as
it announced its new chair and Sherry Ao will take
over from interim chair Nicola Roxen. According to report in
The Australian.
Speaker 1 (17:22):
Finally, Sean, before we get to international news. Well, I
suppose it's actually almost neatly straddles international news, doesn't it,
Because he's not an Australian citizen anymore. Rupert Murdoch has
married for the fifth time, tying the knot with retired
molecular biologist Elaina Zukova.
Speaker 2 (17:37):
The ninety three year old Murdoch married the sixty seven
year olds of Cova and his Californian vineyard last year.
Mister Murdock was briefly engaged to a former police chaplain.
Prior to that, he was married to former model Jerry
Hall for six years. Anyway, good luck to mister Murdoch
and Zakova.
Speaker 1 (17:52):
Yeah, yeah, indeed turn into international news. Now South Africa's
African National Congress has begun talks with rivals to form
a governmentollowing its worst performance since Nelson Mandela led it
to power at the end of apartheid in nineteen ninety four.
Speaker 2 (18:06):
The A and C obtained at one hundred and fifty
nine or the four hundred seats in the National Assembly
in the May twenty nine elections, a precipitous decline from
the two hundred and thirty seats President Cyril Remberfosa's party
won five years ago. The A and C's slump comes
after years of poor economic management and corruption. South Africa
has one of the world's highest unemployment rates and weak growth.
(18:27):
According to Bloomberg, the A and C is now likely
to be forced to rely on cooperation from rivals if
it is to retain power. The Democratic Alliance scored eighty
seven seats. That'll mean since the main opposition party, interestingly,
a party led by a former ANC leader and National
President Jacob Zuma, was third, It won fifty eight seats
just six months after its launch. Now, the A and
(18:49):
C kicked Zooma out of office after nine scandal tainted years.
Maybe the ANC will have to do a deal with
their former leader. Also, Mexico went to the polls and
the early polling results suggest that Mexico, for the first time,
has a female president. Claudia Shinbaum looks to have won
the presidency. She's a close ally to Andre Manuel Lopez Obrador,
(19:12):
who has been in power for quite a few years.
He wasn't allowed to run again. Away in Mexico has
its first female president.
Speaker 1 (19:20):
Goodness may there's a few elections going on.
Speaker 3 (19:22):
Yeah.
Speaker 2 (19:22):
Remember at the beginning of the year, we did a
story where I'm trying to think that forty percent of
the world's population was voting this year.
Speaker 1 (19:30):
That's a very good point.
Speaker 2 (19:31):
It's phenomics, Indonesia, India, Mexico, the United States of course,
South Africa, these Bangladesh, UK, actually in the UK. Yeah, Like,
it's amazing, these hugely populous nations going to the polls.
Speaker 1 (19:46):
Yeah. Interesting, It's a very, very very big year for democracy, Sean.
Speaker 3 (19:50):
It is a very big year for democracy. Michael.
Speaker 1 (19:53):
Finally, and Video announced the next generation of its artificial
intelligence processes over the weekend, less than three months after
its most recent launch.
Speaker 2 (20:04):
Yes, the Chief executive Jensen Huang unveiled Ruben, the successor
to its Blackwell chips for data centers. Now, the Blackwall
chips were announced in March. They're in production, they none
have yet been shipped, so in Nvidia has announced the
newest chip for the older chip has even left the factory.
Speaker 3 (20:25):
Production cycle.
Speaker 2 (20:26):
Look, I get being first market, but really, maybe is
it just like ooks, we made a mistake on those
other ones, so we're just gonna update them and call
them something different, or just doesn't it just show just
the incredible speed at which it's moving that they suddenly go,
oh my god, we've got another one ready to go, quick,
get it out there.
Speaker 1 (20:43):
I was just looking to see who was named after,
because the Ruben is an interesting name. It was named
after an astronomer, Via Ruben, who made according to according
to Google, Sean made significant contributions to our understanding of
dark matter in the universe and conducted pioneering work on
galaxy rotation rates.
Speaker 3 (21:04):
Oh, I'm very interested in galaxy rotation rates.
Speaker 1 (21:09):
See the thing. At least I pretend to be interested
in what you say. Sometimes you just kind of straight
out just be sarcastic a little bit snide.
Speaker 2 (21:19):
No, no, no, but kind of along these I say,
Jensen Wang said a new computer age you're starting with
talking about that when he unveiled these new chips. He's
also done new AI chip deals with PC makers. The
issue here Ruben is much more Ruben as opposed to Blackwall,
is more efficient than previous chips, and apparently the big
(21:41):
promise from Nvidia is that they will improve power efficiency
the new Reuben chip. Energy efficiency is becoming much more
important because the expansion of AI data centers is putting
huge strain on energy grids all over the place. And
so apparently the big change between Blackwall and Ruben is its.
Speaker 3 (21:59):
Energy of fish.
Speaker 2 (22:00):
And see there you go, which is interesting because that's
sort of about black matter.
Speaker 3 (22:05):
No idea where that's true, but just sort of throwing it.
Speaker 1 (22:07):
And it ties neatly to the galaxy rotation rate, which
is actually quite fast.
Speaker 3 (22:11):
It's very efficient. There you go.
Speaker 1 (22:13):
We have successfully found a link. And I suspect we
finished the show talking absolute nonsense. Sean, Yes, I think
so you know who's not talking nonsense. Tim Lawless, research
director at core Logic, and your guest today on the
Fear and Greed Daily Interview.
Speaker 2 (22:25):
Yes, all about housing prices, what's happening in the capital
cities and the regions.
Speaker 3 (22:29):
Great chat.
Speaker 1 (22:30):
Yeah, it's up next to the Fear and Greed playlist
on your podcast platform or at Fearangreed dot com dot au,
which is where you can sign up for the Fear
and Greed newsletter out tomorrow. Thank you, Sean, Thank you Mike.
Speaker 2 (22:39):
Before I go there, Michael, I've got to have a
quick shout out to my mate Waddo, Greg Watson. He
sent me a photo over the weekend. He lives on
the Central Coast in New South Wales, of Jakito's on
sale dollar fifty.
Speaker 1 (22:52):
That's right, because last week you admitted that Chakito's are
the things that you always buy when you go into
a convenience or on a petrol station, because, of course,
we talked about the fact that convenience doores and petrol
stations are booming because of what people are buying apart
from petrol, and you said that you're basically keeping seven
to eleven afloat because of your obsession with chikechaquitos.
Speaker 2 (23:12):
So he sent me a photo. When I sent me
a photo half priced all twenty five at Woolly's chikitos.
Speaker 1 (23:18):
And did you go out and buy some?
Speaker 3 (23:20):
Absolutely, you must.
Speaker 1 (23:23):
Be the only person in the world who's going out
and stocking up on chaquitos. Anyway, thank you, Sean. It
is Tuesday, the fourth of June twenty twenty four. Make
sure you're following the podcast and please join us online
on LinkedIn, Instagram, x TikTok, and Facebook. Michael Thompson and
that was fear and greed. Have a great day.
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