August 25, 2025 • 16 mins
Tuesday 26 August 2025
The boss of plumbing supplies group Reece gives investors a brutal assessment of the former sharemarket darling’s position.
And more, including:
- The federal government fast-tracks its big promise to help first home buyers.
- Sales of plug-in hybrid vehicles surge.
- Compliance training company under police investigation for allegedly spying on workers.
- Why optimism may be the key to career success.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Welcome to Fear and Greed business news you can use Today,
The boss of Plumbing Supplies Group, Reese, gives investors a
brutal assessment of the former share market Darling's position, the
federal government fast tracks it's big promise to help first
home buyers, and sales of plug in hybrid vehicle surge,
Plus why optimism may be the key to career success,
(00:26):
And a compliance training company under police investigation for allegedly
spying on workers. It is Tuesday, the twenty sixth of
August twenty twenty five. IM Michael Thompson and Good morning,
Natalie McDonald.
Speaker 2 (00:37):
Good morning, Michael, Natalie.
Speaker 1 (00:39):
The main story this morning, The boss of Plumbing Supplies Giant,
Reese has offered really a masterclass in transparent leadership in
a very wide ranging investor call after profits tanked twenty
four percent. So it was never going to be an
easy call to begin with.
Speaker 2 (00:55):
No, but the AFI has offered an in depth take
on Reese boss Peter Wilson's forty minute call, with investors
describing the CEO as swinging from emotional to frustrated, to
helpless and even paranoid as he laid bare what the
future looks like for the troubled company once revered amongst
fund managers. Reese's domestic outlook is being impacted by structural
(01:17):
cost pressures and productivity challenges worsened by ongoing remote work.
The bottom line, according to Wilson, they're struggling to get
workers into the office and if productivity doesn't change soon,
all options are on the table.
Speaker 1 (01:30):
Yeah, it was interesting this question of why can't they
get people back into the office, and he was quite
clear in this call that one of their biggest challenges
is actually convincing people to come back post COVID, and
they just can't do it, and that is affecting productivity.
Speaker 2 (01:47):
And that idea around innovation as well. Yeah.
Speaker 1 (01:50):
Indeed, the thing about Race as well is that it's
traditionally been a very very private public company. All Right,
you never used to hear much from the founders and
is you said it, It was really revered by investors
a share market Darling. It had a sixty two fold
increase in a share price across twenty five years that
finished up last year. Now, the CEO has obviously been
(02:13):
very frank with investors, which is great, but it does
go beyond issues with the market here to a problem
with the US market, where it's been trying to expand
since acquiring a company there back in twenty eighteen.
Speaker 2 (02:26):
Reese's one point nine billion US acquisition Morscow was meant
to be a growth driver, but high mortgage rates and
aggressive competition, including a new venture by a former Moscow
executive of Steinmyed Profits, Wilson described the US unit as
a price taker, battling cheap arrivals, leaving him frustrated and uncertain,
(02:46):
And that really came across on that call. Does this
sound familiar? Though, It's impossible not to draw comparisons with
James Hardy, who we've been talking about a lot of late.
It had a massive share price dropped last week after
a poor result linked in part to a weaker US
market and it's fourteen billion dollar purchase of US decking
company Asex. But unlike James Hardy, chief executive Aaron ata Recio,
(03:10):
Wilson is making no effort to dress up an ugly result.
Speaker 1 (03:14):
Yeah, and it was a pretty ugly result in the end,
And I think the share price closed down just over
sixteen percent yesterday. Taking a broader look at the SMPA
sex two hundred. How did the market finish the day?
Speaker 2 (03:26):
Ah, it wasn't who exciting, to be honest. After US
FED ched JO and Power hinted at possible rate cuts
as soon as next month, we were expecting the market
to open to act as a bit of a starting
gun for potentially another rally. Not so. The smpair Sex
two hundred ended little changed at eighty nine hundred and
seventy two, after admittedly touching a briefly touching an intry
(03:49):
day record. While materials and energy rose on higher commodity
prices and a weaker US dollar, Six of eleven sectors
fell as banks and disappointing corporate earnings weighed on the market.
Not disappointing, though, was Ozzie Broadband shares surging off the
back of a deal to offload its digital only brand
Buddy Telco to CBA backed Tangerine Telecom for eight million dollars.
(04:11):
Launched a year ago with cheaper plans, Budd, he had
around fourteen thousand customers and struggled to reach its goal
of one hundred thousand by twenty twenty eight, losing ten
million dollars in the past year. Ozzie Broadband also delivering
a twenty four percent rise in net profit, which investors liked.
Speaker 1 (04:28):
This is the thing about earning season. There are so
many stories around, really interesting stories about companies, and you
get brands like Buddy Telco and Tangerine Telecom, which are
just fascinating, aren't they? One that everyone is familiar with.
Dan Murphy's BWS, the owner of those brands, Endeavor, still
having a bit of a tough time.
Speaker 2 (04:46):
Endeavor shares fell following what's really a divergence in full
year performance between its hotels and retail. Interim boss Kate
bt pointing to a pub's renaissance drawing patrons out to
hotels for a drink and trivia, but it's not enough
to counterbalance a fall in sales for Dan Murphy's In BWS,
we saw shares finishing the day almost one and a
(05:07):
half percent lower at four dollars fourteen.
Speaker 1 (05:10):
Yeah, it seems like Jane Herdliker the incoming boss at Endeavor.
I just can't wait for her to get there and
get stuck in and try and turn it all around.
Santos as well. Oil and Gas Giant reported its results yesterday,
but they were a little overshadowed by the monster takeover
bid that is still on its way in theory.
Speaker 2 (05:31):
It's all anyone had to ask about on the analyst call.
Santos has granted the XLG consortium backed by ad Knocking Carlisle,
an extension to September nineteen to complete due diligence and
approvals for its thirty six billion dollar takeover bid. Sandos
is halfier. Net profit dropped twenty two percent, weight down
by weak gas prices, but we did see shares finishing
(05:52):
the day zero points six percent higher at seven dollars
and eighty one.
Speaker 1 (05:56):
And one more before we take a quick break. Bendygo Bank.
It seems to be winning over younger Australians. It's got
a digital platform called up and it now has one
point two million users that is forty percent of the
bank's customer base. Mortgages are up, deposits are soaring. It
feels like reading the results yesterday that the bank is
(06:18):
tapping into this next generation of borrowers.
Speaker 2 (06:21):
I really like this as a story as Spiers, I guess,
as you say, the next generation of borrowers future financial literacy.
But it hasn't been all smooth saving. I feel that
it's important to point out, and your cash profit fell
eight point four percent to five hundred and fourteen million dollars,
and the bank in fact posted a ninety seven million
dollars statutory loss. But Up's growth is helping offset the downturn,
(06:44):
with its mortgage book tripling to one point seven billion
dollars and deposits up thirty four percent. CEO Richard Fennell
says second half growth was steady and margins stable, with
a long term goal of ten percent return on equity
shares ending the day up just over one percent.
Speaker 1 (07:00):
All right, we're going to take a quick break. While
we do that, one o'd head along to Fear and
Greed dot com. Totay you sign up for our free
daily newsletter. You get all the headlines, all the news
you need to know in your inbox by six am.
It's entirely free. I'll put a link in today's show
notes as well. Back in a moment with the rest
of the day's business news. Natalie Labor is fast tracking
(07:24):
its big promise to help first home buyers, but economists
are warning that the early advantage could quickly be swallowed
up by higher property prices. The government's five percent deposit scheme,
which lets buyers purchase a home without paying lenders mortgage insurance,
will now start in October, which is three months earlier
than planned.
Speaker 2 (07:42):
Unlike earlier versions, there are no caps on places or
income limits, and the price thresholds are being lifted sharply.
In Sydney the maximum jumps from nine hundred thousand dollars
to one point five million, in Melbourne from eight hundred
thousand to nine hundred and fifty thousand, and in Brisbane
from seven hundred thousand dollars to one million. Prime Minister
Anthony Albanezi says the scheme will make a significant difference
(08:05):
to affordability, helping people move from paying someone else's mortgage
into their own home. But AMP Deputy Chief Economist and
friend of Fear and Greed the Anemy Seat says the
scheme is likely to inflate prices.
Speaker 1 (08:18):
Now this next one, it's something that we've talked about
on this podcast in the past. It is the great
mystery of Australian aviation. It might be overstating it a
little bit, but it is something that I think we're
all curious about. Why do politicians and public servants overwhelmingly
fly quantus when the government rules are very very clear
they require the cheapest seat.
Speaker 2 (08:40):
All right, let's get into it. Let's get this answered.
A Finance Department review found Quantus gets eighty percent of
taxpayer funded travel, adding an extra thirty nine million dollars
to the bill last year. Virgin says its fairs are
on average eighty dollars cheaper, but status credits, lounge perks,
and quote practical needs means that Quantus wins out because
(09:02):
and here's the reason. Government rules say that public servants
must book the lowest cost practical fair, not always the
absolute cheapest, but the cheapest that still suits their work needs.
And that, Michael is a bit that is open to interpretation.
The review, perhaps unsurprisingly, recommends tighter rules, including banning upgrades,
limiting business class, and forcing officials to justify those pricey affairs,
(09:27):
but questions remain about elite perks like the secretive Quantus
chairman's lounge.
Speaker 1 (09:32):
We haven't heard a lot about the chairman's that it
was a big, big, big stir what six months ago
or twelve months ago. It's really kind of been flying
under the radar.
Speaker 2 (09:39):
For a little bit because they're all terrified it's going
to get taken away.
Speaker 1 (09:42):
Yeah, that's a very good like flight club.
Speaker 2 (09:43):
You don't talk about it.
Speaker 1 (09:44):
Yeah, exactly, exactly. Now, one of Australia's top compliance training companies, SafeTrack,
is under police investigation, accused of spying on staff working
from home. This is extraordinary, this story.
Speaker 2 (09:58):
This I appreciate that it's only Tuesday, but this is
taking my story of the week. SafeTrack allegedly used software
to secretly turn employee laptops into listening devices, recording up
to ten hours a day of meetings, private conversations, and
even family discussions. I don't think anyone needs to hear
about my family's conversations over the dinner table, to be honest.
(10:20):
The company's CEO, admitting the surveillance went on for weeks.
SafeTrack claims workers consented under its surveillance policy, workers refuting
this claim and claiming that some were in fact sacked
after raising concerns. Victoria police, regulators and unions are now
probing the case, which has already led to one worker
receiving compensation for anxiety and depression.
Speaker 1 (10:42):
God, there's a lot in that.
Speaker 2 (10:44):
And then you've got Reese group who are like, oh,
we can't get our workers to come into the office.
But I think what it does highlight examples of is
the work from home conversation that we've been talking about
persistently now for weeks and months. There's no simple way
to do it, and there is no one size fits all.
And then you also have a lot of focus placed
(11:05):
on employees and they're slacking off. And on the flip side,
you've got employers they're using tactics like digital surveillance.
Speaker 1 (11:13):
M it is. This is one that I suspect a
lot of people are going to be watching quite closely now,
Like your thoughts on this one. Optimism, not intelligence, apparently
maybe the strongest predictor of career success, with research showing
that happy employees perform better, earn more, and receive stronger
evaluations and they're less positive peers.
Speaker 2 (11:35):
It's interesting, isn't it, I say, with a really big
smile on my face. The comments follow a series of studies,
For instance, a nineteen ninety five study of MetLife salespeople
which found that the most optimistic recruits sold up to
eighty eight percent more than the most pessimistic. Meanwhile, a
twenty to twenty one seve of about nine hundred thousand
US soldiers found the happiest were more likely to win
(11:57):
performance awards even more than those with the highest skill
or IQ. Happier people apparently tend to be more ambitious,
more creative, more collaborative, more resilient. The big question, of course,
can we become more positive and therefore more successful. Experts
have suggested that about forty percent of happiness is actually
within our control and advocate a couple of simple steps
(12:19):
to boosting successes, like keeping a gratitude journal, recording three
daily highlights, or even just picturing your best future where
we're big fans of manifesting here.
Speaker 1 (12:30):
Yes, and it also just sounds like it's an argument
for being nice at work, right, Well, that's the point.
Speaker 2 (12:35):
You've got your more collaborative, you've got better work relationships,
so surely, yeah, that is going to favor you somewhat.
Speaker 1 (12:42):
Yeah, here's a tip, just don't be a thundercloud just
storming around at work, and you'll probably go a little
bit further.
Speaker 2 (12:47):
Anyway, A radiator not a drain.
Speaker 1 (12:51):
Is that a real saying.
Speaker 2 (12:52):
That is a real saying. I just said it.
Speaker 1 (12:53):
I'm going to get that on a bumper sticker. That
is fantastic. Now plug in hybrid vehicles, Maybe that's what
I can put the bumper stick her on. They are
surging in Australia, defying predictions that full battery evs would dominate.
Speaker 2 (13:07):
In just two years, plugin vehicles have risen from about
ten percent to a quarter of EV sales, with over
sixty thousand now on Australian roads. I was surprised by this,
but utes and SUVs actually account for most sales, wondering
what the difference is. Well, Unlike full battery evs, plug
in hybrids can run on fuel or battery, offering more
(13:29):
flexibility and definitely easing that range anxiety. While supporters say
that phivs are a stepping stone to full electrification for
those not quite ready to make the leap, critics warn
they prolong reliance on fuel and may undermine emissions reduction goals.
Speaker 1 (13:45):
Okay. Turning to international news now, Israeli aircraft and tanks
have intensified strikes on Gaza City's outskirts, as leaders vow
to push ahead with the major offensive despite calls from
Israel's military chief to accept a ceasefire deal with her.
Speaker 2 (14:00):
Lieutenant General Zamir has warned hostages could be killed if
forces storm gars a city, sending a message to Israeli
Prime Minister Benjamin Netanyahoo that there is a deal on
the table it must be taken now. Hamas has signal
support for a sixty day true swapping prisoners for hostages,
and opening talks on our lasting peace.
Speaker 1 (14:20):
The Trump administration is drawing fire over plans to send
National Guard troops now into Chicago, with critics accusing the
president of quote manufacturing a crisis.
Speaker 2 (14:32):
Pentagon officials confirmed preparations are underway, with up to seventeen
hundred Guard members mobilizing across nineteen states to back the
president's immigration crackdown. Democrats blasted the move's unconstitutional and politically motivated,
again comments around manufacturing a crisis. The Chicago mayor, Brandon
Johnson has called it the most flagrant violation of our
(14:53):
constitution in the twenty first century. The US president insists
that troops are needed to come back crime, despite data
showing shootings in Chicago actually fell nearly forty percent in
the past year. It also follows earlier deployments to Washington
and Los Angeles.
Speaker 1 (15:08):
All right. Last one, Europe sweltering under hate waves and wildfires.
Tourists are increasingly swapping the Mediterranean for what they call
coolcations in Nordic countries.
Speaker 2 (15:22):
Norway, Sweden, Denmark, they're all seeing record arrivals driven by
climate concerns, sanctions, rerouting cruise ships, and growing interest in
Scandinavian culture, not least of all because I actually keep
telling everyone to visit Copenhagen.
Speaker 1 (15:35):
It is the best well in Sean Aylmer is in
that whole region at the moment, Like he just keeps
popping up everywhere, doesn't he enjoying his euro vacation. He's
cool caation now it's location.
Speaker 2 (15:47):
But come the crowds like Sewan Aylmer. Come the problems
over tourism, environmental damage and tension between residents' needs and
tourism revenue. Governments are pushing back by rolling out tourist
taxes and sustain ability schemes, and even planning zero emission
rules for cruise ships.
Speaker 1 (16:03):
Yeah, there was a ship that wanted to get into
the harbor at Oslo and they said Norway.
Speaker 2 (16:09):
Oh, that's that's really bad.
Speaker 1 (16:10):
That was terror. I'm sorry. Up next is fear and
greed Q And a our guest today is Noel Williams
from PwC. It is about the three key takeaways from
the big bank results with one the one that I
found most interesting was about the role of AI and
what is happening with AI and the potential for smaller
startups essentially to come in, be really aggressive in the
(16:32):
way that they are using AI and really steal a
significant market share away from the big banks if they
are not responding more quickly. It is a great conversation.
It's coming up next in the Fear and Greed playlist
on your podcast platform. Thank you very much, Natalie, Thank you, Michael.
It is Tuesday, the twenty sixth of August twenty twenty five.
Make sure you're following the podcast and please join us
online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael
(16:54):
Thompson and that was Fear and Greed. Have a great day.
Welcome to Fear and Greed business news you can use Today,
The boss of Plumbing Supplies Group, Reese, gives investors a
brutal assessment of the former share market Darling's position, the
federal government fast tracks it's big promise to help first
home buyers, and sales of plug in hybrid vehicle surge,
Plus why optimism may be the key to career success,
(00:26):
And a compliance training company under police investigation for allegedly
spying on workers. It is Tuesday, the twenty sixth of
August twenty twenty five. IM Michael Thompson and Good morning,
Natalie McDonald.
Speaker 2 (00:37):
Good morning, Michael, Natalie.
Speaker 1 (00:39):
The main story this morning, The boss of Plumbing Supplies Giant,
Reese has offered really a masterclass in transparent leadership in
a very wide ranging investor call after profits tanked twenty
four percent. So it was never going to be an
easy call to begin with.
Speaker 2 (00:55):
No, but the AFI has offered an in depth take
on Reese boss Peter Wilson's forty minute call, with investors
describing the CEO as swinging from emotional to frustrated, to
helpless and even paranoid as he laid bare what the
future looks like for the troubled company once revered amongst
fund managers. Reese's domestic outlook is being impacted by structural
(01:17):
cost pressures and productivity challenges worsened by ongoing remote work.
The bottom line, according to Wilson, they're struggling to get
workers into the office and if productivity doesn't change soon,
all options are on the table.
Speaker 1 (01:30):
Yeah, it was interesting this question of why can't they
get people back into the office, and he was quite
clear in this call that one of their biggest challenges
is actually convincing people to come back post COVID, and
they just can't do it, and that is affecting productivity.
Speaker 2 (01:47):
And that idea around innovation as well. Yeah.
Speaker 1 (01:50):
Indeed, the thing about Race as well is that it's
traditionally been a very very private public company. All Right,
you never used to hear much from the founders and
is you said it, It was really revered by investors
a share market Darling. It had a sixty two fold
increase in a share price across twenty five years that
finished up last year. Now, the CEO has obviously been
(02:13):
very frank with investors, which is great, but it does
go beyond issues with the market here to a problem
with the US market, where it's been trying to expand
since acquiring a company there back in twenty eighteen.
Speaker 2 (02:26):
Reese's one point nine billion US acquisition Morscow was meant
to be a growth driver, but high mortgage rates and
aggressive competition, including a new venture by a former Moscow
executive of Steinmyed Profits, Wilson described the US unit as
a price taker, battling cheap arrivals, leaving him frustrated and uncertain,
(02:46):
And that really came across on that call. Does this
sound familiar? Though, It's impossible not to draw comparisons with
James Hardy, who we've been talking about a lot of late.
It had a massive share price dropped last week after
a poor result linked in part to a weaker US
market and it's fourteen billion dollar purchase of US decking
company Asex. But unlike James Hardy, chief executive Aaron ata Recio,
(03:10):
Wilson is making no effort to dress up an ugly result.
Speaker 1 (03:14):
Yeah, and it was a pretty ugly result in the end,
And I think the share price closed down just over
sixteen percent yesterday. Taking a broader look at the SMPA
sex two hundred. How did the market finish the day?
Speaker 2 (03:26):
Ah, it wasn't who exciting, to be honest. After US
FED ched JO and Power hinted at possible rate cuts
as soon as next month, we were expecting the market
to open to act as a bit of a starting
gun for potentially another rally. Not so. The smpair Sex
two hundred ended little changed at eighty nine hundred and
seventy two, after admittedly touching a briefly touching an intry
(03:49):
day record. While materials and energy rose on higher commodity
prices and a weaker US dollar, Six of eleven sectors
fell as banks and disappointing corporate earnings weighed on the market.
Not disappointing, though, was Ozzie Broadband shares surging off the
back of a deal to offload its digital only brand
Buddy Telco to CBA backed Tangerine Telecom for eight million dollars.
(04:11):
Launched a year ago with cheaper plans, Budd, he had
around fourteen thousand customers and struggled to reach its goal
of one hundred thousand by twenty twenty eight, losing ten
million dollars in the past year. Ozzie Broadband also delivering
a twenty four percent rise in net profit, which investors liked.
Speaker 1 (04:28):
This is the thing about earning season. There are so
many stories around, really interesting stories about companies, and you
get brands like Buddy Telco and Tangerine Telecom, which are
just fascinating, aren't they? One that everyone is familiar with.
Dan Murphy's BWS, the owner of those brands, Endeavor, still
having a bit of a tough time.
Speaker 2 (04:46):
Endeavor shares fell following what's really a divergence in full
year performance between its hotels and retail. Interim boss Kate
bt pointing to a pub's renaissance drawing patrons out to
hotels for a drink and trivia, but it's not enough
to counterbalance a fall in sales for Dan Murphy's In BWS,
we saw shares finishing the day almost one and a
(05:07):
half percent lower at four dollars fourteen.
Speaker 1 (05:10):
Yeah, it seems like Jane Herdliker the incoming boss at Endeavor.
I just can't wait for her to get there and
get stuck in and try and turn it all around.
Santos as well. Oil and Gas Giant reported its results yesterday,
but they were a little overshadowed by the monster takeover
bid that is still on its way in theory.
Speaker 2 (05:31):
It's all anyone had to ask about on the analyst call.
Santos has granted the XLG consortium backed by ad Knocking Carlisle,
an extension to September nineteen to complete due diligence and
approvals for its thirty six billion dollar takeover bid. Sandos
is halfier. Net profit dropped twenty two percent, weight down
by weak gas prices, but we did see shares finishing
(05:52):
the day zero points six percent higher at seven dollars
and eighty one.
Speaker 1 (05:56):
And one more before we take a quick break. Bendygo Bank.
It seems to be winning over younger Australians. It's got
a digital platform called up and it now has one
point two million users that is forty percent of the
bank's customer base. Mortgages are up, deposits are soaring. It
feels like reading the results yesterday that the bank is
(06:18):
tapping into this next generation of borrowers.
Speaker 2 (06:21):
I really like this as a story as Spiers, I guess,
as you say, the next generation of borrowers future financial literacy.
But it hasn't been all smooth saving. I feel that
it's important to point out, and your cash profit fell
eight point four percent to five hundred and fourteen million dollars,
and the bank in fact posted a ninety seven million
dollars statutory loss. But Up's growth is helping offset the downturn,
(06:44):
with its mortgage book tripling to one point seven billion
dollars and deposits up thirty four percent. CEO Richard Fennell
says second half growth was steady and margins stable, with
a long term goal of ten percent return on equity
shares ending the day up just over one percent.
Speaker 1 (07:00):
All right, we're going to take a quick break. While
we do that, one o'd head along to Fear and
Greed dot com. Totay you sign up for our free
daily newsletter. You get all the headlines, all the news
you need to know in your inbox by six am.
It's entirely free. I'll put a link in today's show
notes as well. Back in a moment with the rest
of the day's business news. Natalie Labor is fast tracking
(07:24):
its big promise to help first home buyers, but economists
are warning that the early advantage could quickly be swallowed
up by higher property prices. The government's five percent deposit scheme,
which lets buyers purchase a home without paying lenders mortgage insurance,
will now start in October, which is three months earlier
than planned.
Speaker 2 (07:42):
Unlike earlier versions, there are no caps on places or
income limits, and the price thresholds are being lifted sharply.
In Sydney the maximum jumps from nine hundred thousand dollars
to one point five million, in Melbourne from eight hundred
thousand to nine hundred and fifty thousand, and in Brisbane
from seven hundred thousand dollars to one million. Prime Minister
Anthony Albanezi says the scheme will make a significant difference
(08:05):
to affordability, helping people move from paying someone else's mortgage
into their own home. But AMP Deputy Chief Economist and
friend of Fear and Greed the Anemy Seat says the
scheme is likely to inflate prices.
Speaker 1 (08:18):
Now this next one, it's something that we've talked about
on this podcast in the past. It is the great
mystery of Australian aviation. It might be overstating it a
little bit, but it is something that I think we're
all curious about. Why do politicians and public servants overwhelmingly
fly quantus when the government rules are very very clear
they require the cheapest seat.
Speaker 2 (08:40):
All right, let's get into it. Let's get this answered.
A Finance Department review found Quantus gets eighty percent of
taxpayer funded travel, adding an extra thirty nine million dollars
to the bill last year. Virgin says its fairs are
on average eighty dollars cheaper, but status credits, lounge perks,
and quote practical needs means that Quantus wins out because
(09:02):
and here's the reason. Government rules say that public servants
must book the lowest cost practical fair, not always the
absolute cheapest, but the cheapest that still suits their work needs.
And that, Michael is a bit that is open to interpretation.
The review, perhaps unsurprisingly, recommends tighter rules, including banning upgrades,
limiting business class, and forcing officials to justify those pricey affairs,
(09:27):
but questions remain about elite perks like the secretive Quantus
chairman's lounge.
Speaker 1 (09:32):
We haven't heard a lot about the chairman's that it
was a big, big, big stir what six months ago
or twelve months ago. It's really kind of been flying
under the radar.
Speaker 2 (09:39):
For a little bit because they're all terrified it's going
to get taken away.
Speaker 1 (09:42):
Yeah, that's a very good like flight club.
Speaker 2 (09:43):
You don't talk about it.
Speaker 1 (09:44):
Yeah, exactly, exactly. Now, one of Australia's top compliance training companies, SafeTrack,
is under police investigation, accused of spying on staff working
from home. This is extraordinary, this story.
Speaker 2 (09:58):
This I appreciate that it's only Tuesday, but this is
taking my story of the week. SafeTrack allegedly used software
to secretly turn employee laptops into listening devices, recording up
to ten hours a day of meetings, private conversations, and
even family discussions. I don't think anyone needs to hear
about my family's conversations over the dinner table, to be honest.
(10:20):
The company's CEO, admitting the surveillance went on for weeks.
SafeTrack claims workers consented under its surveillance policy, workers refuting
this claim and claiming that some were in fact sacked
after raising concerns. Victoria police, regulators and unions are now
probing the case, which has already led to one worker
receiving compensation for anxiety and depression.
Speaker 1 (10:42):
God, there's a lot in that.
Speaker 2 (10:44):
And then you've got Reese group who are like, oh,
we can't get our workers to come into the office.
But I think what it does highlight examples of is
the work from home conversation that we've been talking about
persistently now for weeks and months. There's no simple way
to do it, and there is no one size fits all.
And then you also have a lot of focus placed
(11:05):
on employees and they're slacking off. And on the flip side,
you've got employers they're using tactics like digital surveillance.
Speaker 1 (11:13):
M it is. This is one that I suspect a
lot of people are going to be watching quite closely now,
Like your thoughts on this one. Optimism, not intelligence, apparently
maybe the strongest predictor of career success, with research showing
that happy employees perform better, earn more, and receive stronger
evaluations and they're less positive peers.
Speaker 2 (11:35):
It's interesting, isn't it, I say, with a really big
smile on my face. The comments follow a series of studies,
For instance, a nineteen ninety five study of MetLife salespeople
which found that the most optimistic recruits sold up to
eighty eight percent more than the most pessimistic. Meanwhile, a
twenty to twenty one seve of about nine hundred thousand
US soldiers found the happiest were more likely to win
(11:57):
performance awards even more than those with the highest skill
or IQ. Happier people apparently tend to be more ambitious,
more creative, more collaborative, more resilient. The big question, of course,
can we become more positive and therefore more successful. Experts
have suggested that about forty percent of happiness is actually
within our control and advocate a couple of simple steps
(12:19):
to boosting successes, like keeping a gratitude journal, recording three
daily highlights, or even just picturing your best future where
we're big fans of manifesting here.
Speaker 1 (12:30):
Yes, and it also just sounds like it's an argument
for being nice at work, right, Well, that's the point.
Speaker 2 (12:35):
You've got your more collaborative, you've got better work relationships,
so surely, yeah, that is going to favor you somewhat.
Speaker 1 (12:42):
Yeah, here's a tip, just don't be a thundercloud just
storming around at work, and you'll probably go a little
bit further.
Speaker 2 (12:47):
Anyway, A radiator not a drain.
Speaker 1 (12:51):
Is that a real saying.
Speaker 2 (12:52):
That is a real saying. I just said it.
Speaker 1 (12:53):
I'm going to get that on a bumper sticker. That
is fantastic. Now plug in hybrid vehicles, Maybe that's what
I can put the bumper stick her on. They are
surging in Australia, defying predictions that full battery evs would dominate.
Speaker 2 (13:07):
In just two years, plugin vehicles have risen from about
ten percent to a quarter of EV sales, with over
sixty thousand now on Australian roads. I was surprised by this,
but utes and SUVs actually account for most sales, wondering
what the difference is. Well, Unlike full battery evs, plug
in hybrids can run on fuel or battery, offering more
(13:29):
flexibility and definitely easing that range anxiety. While supporters say
that phivs are a stepping stone to full electrification for
those not quite ready to make the leap, critics warn
they prolong reliance on fuel and may undermine emissions reduction goals.
Speaker 1 (13:45):
Okay. Turning to international news now, Israeli aircraft and tanks
have intensified strikes on Gaza City's outskirts, as leaders vow
to push ahead with the major offensive despite calls from
Israel's military chief to accept a ceasefire deal with her.
Speaker 2 (14:00):
Lieutenant General Zamir has warned hostages could be killed if
forces storm gars a city, sending a message to Israeli
Prime Minister Benjamin Netanyahoo that there is a deal on
the table it must be taken now. Hamas has signal
support for a sixty day true swapping prisoners for hostages,
and opening talks on our lasting peace.
Speaker 1 (14:20):
The Trump administration is drawing fire over plans to send
National Guard troops now into Chicago, with critics accusing the
president of quote manufacturing a crisis.
Speaker 2 (14:32):
Pentagon officials confirmed preparations are underway, with up to seventeen
hundred Guard members mobilizing across nineteen states to back the
president's immigration crackdown. Democrats blasted the move's unconstitutional and politically motivated,
again comments around manufacturing a crisis. The Chicago mayor, Brandon
Johnson has called it the most flagrant violation of our
(14:53):
constitution in the twenty first century. The US president insists
that troops are needed to come back crime, despite data
showing shootings in Chicago actually fell nearly forty percent in
the past year. It also follows earlier deployments to Washington
and Los Angeles.
Speaker 1 (15:08):
All right. Last one, Europe sweltering under hate waves and wildfires.
Tourists are increasingly swapping the Mediterranean for what they call
coolcations in Nordic countries.
Speaker 2 (15:22):
Norway, Sweden, Denmark, they're all seeing record arrivals driven by
climate concerns, sanctions, rerouting cruise ships, and growing interest in
Scandinavian culture, not least of all because I actually keep
telling everyone to visit Copenhagen.
Speaker 1 (15:35):
It is the best well in Sean Aylmer is in
that whole region at the moment, Like he just keeps
popping up everywhere, doesn't he enjoying his euro vacation. He's
cool caation now it's location.
Speaker 2 (15:47):
But come the crowds like Sewan Aylmer. Come the problems
over tourism, environmental damage and tension between residents' needs and
tourism revenue. Governments are pushing back by rolling out tourist
taxes and sustain ability schemes, and even planning zero emission
rules for cruise ships.
Speaker 1 (16:03):
Yeah, there was a ship that wanted to get into
the harbor at Oslo and they said Norway.
Speaker 2 (16:09):
Oh, that's that's really bad.
Speaker 1 (16:10):
That was terror. I'm sorry. Up next is fear and
greed Q And a our guest today is Noel Williams
from PwC. It is about the three key takeaways from
the big bank results with one the one that I
found most interesting was about the role of AI and
what is happening with AI and the potential for smaller
startups essentially to come in, be really aggressive in the
(16:32):
way that they are using AI and really steal a
significant market share away from the big banks if they
are not responding more quickly. It is a great conversation.
It's coming up next in the Fear and Greed playlist
on your podcast platform. Thank you very much, Natalie, Thank you, Michael.
It is Tuesday, the twenty sixth of August twenty twenty five.
Make sure you're following the podcast and please join us
online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael
(16:54):
Thompson and that was Fear and Greed. Have a great day.
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