Afternoon Report | ASX drops, ANZ job cuts

This is the Fear and Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.

1. ASX falls, ANZ job cuts, Murdoch deal

2. Aus Post to resume US services

3. PM weighs in on Price furore

4. BHP settles class action

5. Radio ratings

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Tuesday, the ninth of September twenty twenty five. Ah
Michael Thompson. Every afternoon, We've got the five stories that
happened today that you need to know about. Let's go
story number one. The S and p ASX two hundred
fell zero point five percent today to eight hundred and
four points eight of the eleven sectors losing ground today,

(00:24):
headlined by the banks. Commonwealth Bank was off one point
three percent, Westpac zero point eight percent after Morgan Stanley
called it the least preferred major bank. A and Z
was off zero point two percent after the bank confirmed
it would cut three and a half thousand jobs as
part of new CEO Nunomatos's structural overhaul. A good day
for the gold miners, pushed higher by strong gold prices,

(00:47):
and energy stocks dipped, led by Woodside, still off the
back of that decision by OPEC plus to increase oil
production next month. CSL fell one point six percent after
announcing a share buyback, and News Co Operations share price
dropped one point four percent. There's a lot in this one.
It came after a breakthrough in the battle for the
future of the Murdoch media empire, Lachlan Murdoch effectively buying

(01:11):
out his siblings in a five billion dollar deal. We
will have more on that one in tomorrow's show. Story
number two Australia Post will resume postal services to the
United States in the next fortnight after reaching an agreement
with Zonos, an authorized provider of the US Customs and
Border Protection Agency, to develop systems to accept and pay

(01:31):
President Donald Trump's new tariffs. We've talked about this in
the past. Australia Post was forced to suspend most US
postal services on August twenty six because it was unable
to prepare its systems in time to adapt to Trump's
new tariff regime that came into effect then on August
twenty nine, so three days later. Gary Starr, who is

(01:51):
the executive general Manager of Parcel Post and e Commerce
Services for Australia Post, said Australia Posts had been caught
in a fast moving situation and has prioritized providing a
solution as soon as possible. Story number three. Prime Minister
Anthony Albanezi has weighed into the ongoing storm around comments
last week from Liberal senator to Center non Perjumper Price,

(02:13):
saying that the ALP was allowing large groups of Indian
migrants to boost Labour's vote. The Prime Minister called on
Senator Price to apologize. With pressure growing on the Senator,
she said she regretted the lack of clarity in her comments,
but argued that she'd been trying to criticize the way
that Labour quote aggressively caught the migrant community while raising

(02:34):
wider concerns about the pressures of mass migrations on the
nation services and infrastructure. Meanwhile, the Indian government is seeking
assurances from Canberra about the welfare Indians in Australia after
raising alarm about the recent nationwide March for Australia protests
against migration from countries including India on to story number four.

(02:54):
Now and BHP will pay one hundred and ten million
dollars to settle a shareholder class action here in Australia
over the twenty fifteen Somaco dam collapse in Brazil, which
killed nineteen people and caused catastrophic environmental damage. The deal
was struck just hours before trial and still needs federal
court approval, includes no admission of liability. BHP says it

(03:16):
expects ensure As will cover most of the settlement, with
a large share of the payout expected to go to
lawyers and the US litigation funder backing the case, with
investors to receive the balance, and that comes after the
share price for BHP fell significantly more than twenty percent
after the disaster occurred back in twenty fifteen. The miner
still faces a far larger UK class action that was

(03:38):
originally pitched at seventy billion dollars, but it's now under
pressure as many Brazilian claimants switched to a forty five
billion dollar local compensation scheme. BHP share price closed one
percent lower today and finally Story number five, the fifth
radio ratings of the year have been released today and
Kiss FM duo Kyle and JACKIEO have taken out the

(03:58):
top spot in Sydney break Bakfast overtaking two GB's ben
Fordham easy listening station. Smooth FM held onto the number
one spot overall, but both two GB and KISSFM are
relatively close behind, and the Signs of Life too For
Kyl and Jackie O's Melbourne expansion, the show recording an
increase in audience in the city. It is still a
very long way behind the market leaders, though, with the

(04:21):
breakfast show on news talk station three AW having a
big jump in audience, now nearly double the audience share
of any other station. Three airw itself returned to the
number one spot overall, taking back its title from Gold
after a shock result last time. And that's it for
the afternoon report for Tuesday, the ninth of September twenty
twenty five. Make sure you hit follow on the podcast

(04:43):
and we'll be back tomorrow morning with the Wednesday edition
of Fear and Greed. I'm Michael Thompson. Enjoy your evening