Afternoon Report | ASX's biggest fall in 3 weeks

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 slumps

2. Super Retail settles dispute

3. Chalmers eyes tax red tape

4. Trump attacks at UN

5. Kimmel returns after suspension

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Wednesday, the twenty fourth of September twenty twenty five.
Are Michael Thompson. Every afternoon, We've got the five stories
that happened today that you need to know about. Let's
go with story number one. It is all about markets.
The S and PA SEX two hundred fell zero point
nine percent today to eighty seven hundred and sixty five points.

(00:24):
That's the biggest drop actually in three weeks. Nine of
the eleven sectors lost ground today. There are a couple
of factors weighing on markets. First, there was some very
neutral language from Fed chair Jerome Powell in the US
about when the Fed would cut rates next. That saw
wall streets soften. Then here at home, we had higher
than expected inflation data for August. That's the monthly inflation

(00:47):
figure coming in at three percent, which was above consensus.
As a result, market's then priced in just one more
cut this cycle instead of the two interest rate cuts
that were previously expected. The banks were hit hardest, led
by Westpac that slumped three point two percent today after
it became the latest bank to cut jobs. Two hundred

(01:08):
jobs are set to go there, NAB lost two point
three percent, A and Z down one point eight percent.
Commonwealth Bank share price is one point four percent lower,
so a lot of movement there for the banks. Department
Store Mayer Well it continued its slide after yesterday's big loss,
down another two point one percent. Investors still processing that
huge drop in profit that Meyer announced yesterday. Wasn't much

(01:30):
better elsewhere in retail. Actually, West Farmers down one point
one percent, JB hi Fi one point four percent lower.
Bad day for the tech stocks. It sounds like it's
all bad news. Really. That Wall Street lead in did
not help the local tech stocks by now pay Later Group,
zip Wise Tech Global zero, block tracking, app Life three

(01:50):
sixty all of those lost ground. Was a good day
for the lithium miners, though at least there was a
bright spot Pilber Minerals and Mineral Resources up five point
five percent four point three percent respectively. Alright, moving on
now to story number two. Super Retail Group has settled
with two former employees who sued the company over bullying
and harassment claims. This is a saga that helped bring

(02:12):
down former chief executive Anthony Herety last week. Super Retail
owns brands including BCF, Revel Sports, Super Chief Auto. The
case here centered on an undisclosed alleged relationship between Herety
and the former HR boss of the company, Jane Kelly.
The eighteen month legal battle had been heading to a
Federal court hearing this week with nearly forty subpoenas, but

(02:36):
a confidential payout with the two whistleblowers has now been agreed,
according to the Financial Review. It was reported that the
claims had originally been pitched at thirty to fifty million dollars,
but Super Retail says this settlement is well below that range.
Herety was sacked last week after the board said his
earlier disclosures about the relationship were quote inadequate. Story Number three.

(02:57):
Treasurer Jim Chalmers has asked the Board of Tax to
review ways to slash compliance costs for business, part of
the government's push to boost productivity. The review is going
to be led by former ATO Commissioner Andrew Mills and
focus on cutting red tape rather than tax rates. Charm
has also confirmed the Productivity Commission will probe the controversial
GST deal that guarantees Western Australia a top up payment

(03:21):
from the one hundred billion dollar GST pool. Under legislation,
the Productivity Commission is required to review GST distribution by
next year. Other states have complained about wa receiving top
up payments. The Treasurer has said that GST distribution is
often contentious. That seems like a little bit of an understatement.

(03:41):
Under story number four, US President Donald Trump has used
the UN General Assembly to blast immigration, climate change, and
the UN itself. In a somewhat fiery fifty five minute speech,
Trump told leaders that open borders were destroying Europe and
called climate change the greatest conjob ever perpetrated. He also
shamed European countries for continuing to buy Russian oil and gas,

(04:04):
saying they were funding the war against themselves. He accused
nations like Australia, Canada, France, and the UK of rewarding
Hermas by recognizing a Palestinian state. Some delegates walked out
as Trump railed against globalist concepts and mocked green energy.
Prime Minister Anthony Alberanezi and Foreign Minister Penny Wong. We're
watching from the floor. There were a few technical mishaps

(04:26):
that marred the appearance. Somewhat a faulty escalator that stopped
when the President of the First Lady stepped on to
it a broken teleprompter that prompted, somewhat ironically, Donald Trump
to accuse the un of sabotage. I genuinely do not
know if he was joking. Onto story number five, our
last one today, Jimmy Kimmel has returned to air after

(04:47):
ABC suspended him for remarks about the killing of conservative
activist Charlie Kirk. Jimmy Kimmel fought back tears speaking on
the show, saying he never meant to make light of
the tragedy. He praised Kirk's widow for her selfless act
of grace in forgiving the killer. Kimmel lashed out at
the Trump administration, accusing it of trying to censor comedians

(05:09):
and the press. He also criticized Disney and ABC for
taking him off air, though he did thank them for
allowing the show to resume. President Trump has attacked ABC
for reinstating Kimmel, suggesting it could amount to an illegal
campaign contribution to the Democrats. There you go. That's it
for the afternoon Report for Wednesday, the twenty fourth of
September twenty twenty five. Make sure you hit follow on

(05:29):
the podcast. We'll move back tomorrow morning with the Thursday
edition of Fear and Greed a Michael Thompson. Enjoy your Eve.