November 30, 2025 • 16 mins
Monday 1 December 2025
With just a month to go before the end of the year, the local share market is one of the worst performing major bourses for 2025.
- National home values record a third consecutive monthly rise in price of one per cent.
- The tax office to crack down on high-income professionals and tradies.
- The federal government’s help to buy scheme kicks off this week.
- New research shows that cats meow louder at men, because they don’t listen as much.
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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.
With just a month to go before the end of
the year, the local share market is one of the
worst performing major bosses for twenty twenty five. National home
values record a third consecutive monthly rise in price of
one percent, and the Tax Office to crack down on
high income professionals and tradees. Plus the federal government's helped
(00:28):
to buy scheme kicks off this week. And new research
shows that cats me ow louder at men because they
don't listen as much. It's Monday, the first of December
twenty twenty five. I'm Michael Thompson, and good morning, Sean Aylmer.
That's the men, not the cats not listening. Important to
clarify that one. We'll get to that a bit later
on Sean. The main story this morning. With one month
(00:49):
to go before the end of the year, we are
officially into December, the local share market sits at the
bottom of the global league tables when it comes to performance,
with the s ANDPA s X two hundred up just
five percent in the first eleven months of twenty twenty five.
Speaker 2 (01:05):
That compares to more than twenty percent in Canada and Japan,
sixteen percent in Britain and Germany, twelve to fourteen percent
or so for the major indices in the US and China,
and about eleven percent for Europe. There are a number
of reasons why the local market has underperformed. The first
is that the Australian market is overweight banks and financials,
(01:27):
and the major lenders, particularly Commonwealth Bank, have underperformed this year.
On Friday, Comonwealth Bank closed lower than where it started
twenty twenty five. Pretty remarkable to think about that. Also,
our biggest mining stocks are the iron ore producers, not
really a forward looking commodity. Generally, the best performing sectors
(01:47):
globally have been tech and new economy businesses. That's not
really Australia's strong suit. A second reason for the underperformance
is the record flow of money into overseas focused exchange
traded funds ETFs are an easy way to invest offshore,
and local investors have been taking advantage. Only five of
the top twenty ETFs in Australia this year are focused
(02:11):
on the Australian share market. The third reason is that
US President Donald Trump has dialed back the retric on
trade wars and tariffs, larger economies and share markets have responded.
And fourth one is that while interestrates in Australia now
seem to be on hold, US rates are expected to
fall this month. Lower interest rates theoretically improves earnings. That
(02:31):
makes in this instance, US companies more attractive.
Speaker 1 (02:35):
Okay, So it's based on the sectors, it's based on ETFs,
it's based on Donald Trump and trade, it's based on
interest rates. That's why, Sean, I'm going to ask you
the harder part. Now, is it going to continue the
Australian underperformance? Are we going to see that continue through
to the end of the year and perhaps beyond?
Speaker 2 (02:55):
Yes, I mean, I mean, I don't know the answer.
It probably really comes down to what happens to the
tech sector on Wall Street. Amp Shane Older said share
markers share markets broadly remain at risk of a further
correction given stretched valuations, risks around US tariffs, and the
softening US jobs market, But with the Fed still likely
to cut rates further, shares are likely to provide reasonable
(03:18):
gains on a six to twelve month horizon That should
help the Australian share market, even though the Reserve banks
are done with cutting rates, the stretched valuations is a
big risk, though, UBS's equity strategist Richard Shelback reckons the
ASEX two hundred will finish next year about three percent
higher than where it is today on the back of
a strong mining sector. That's not a particularly strong performance.
(03:41):
If that's what comes to pass. Other investment banks like
Goldman's have forecasted over the longer term, Wall Street will
underperform other global indices. Just the fact that Australia has
underperformed means that it's baseline for the next twelve months
isn't as high as the others. As I said, I mean,
I don't know, mikeel I'm talking in circles here, but
certainly the local market has had a poor twenty twenty
(04:02):
five relative to its peers. Not good for local investors
of course, including everyone with super shares.
Speaker 1 (04:08):
Yeah, good point. It's also worth reminding everyone to get
professional advice when making investment decisions. Always very helpful. Always
just before we leave local markets, How did things finish
up on Friday? Not just for the week really, but
for the whole month.
Speaker 2 (04:22):
Yeah, so there's INPASX two hundred finished the month at
eighty six hundred and fourteen points flat on Friday, up
one and a half percent for the week, but for
the month of November it lost three percent, the worst
since March. Futures trading suggests the market will open a
little higher this morning.
Speaker 1 (04:41):
What about Wall Street.
Speaker 2 (04:43):
It was fairly quite out of the weekend. Really, we
had Thanksgiving Day Thanksgiving Thursday, so not a lot going
on in commodity markets, oils trading around sixty three US
dollars a barrel, goals back up to forty two to
seventeen US dollars. Announce. The price of the precious metal
has rien risen on the back of expectations of rate
cuts in the US. Silver hit the new high of
(05:05):
the weekend over fifty six US dollars and Ounce. That's
amed at mounting supply concerns and the Aussie dollar michael
sixty five and a half FEUs cents.
Speaker 1 (05:14):
All right, let's take a look at property now, Sean.
Because national home values across the country rose by one
percent during November, that is the third consecutive month of
strong growth.
Speaker 2 (05:27):
The mid sized capitals outperformed, with Perth up two point
four percent during the month. Sydney came in at zero
point five percent, Melbourne zero point three percent. According to Coatality,
all other capital cities outside Sydney and Melbourne were up
at least one percent. Now, the bias towards the mid
sized capitals in part reflects a lack of listings. The
(05:48):
national average is sixteen percent below average. That's the national
average of listings in average, it's about it's just two
percent below the long term average. So that does explain
some of the reason why those mid sized capitals are outperforming.
It doesn't really explain the Melbourne result though, After three
straight months of strong growth, affordability pressures and a lack
(06:08):
of further interest rate cuts loom as dampness on future
growth as we go forward Catalities, Tim Lawless said, the
subtle easing and it is very subtle in the headline
result last month comes as auction clearance rates have tracked lower. So,
for example, the national result over the weekend was sixty
eight point two percent. That's the preliminary clearance rate. Now
(06:30):
the decade long average is actually higher than that. The
spring average is much higher than that, So it does
look like the umph it's coming out of the market.
Brisbane worth the mention median value now over a million dollars.
Sydney leads away at nearly one point three million, Melbourne
eight hundred and twenty three thousand.
Speaker 1 (06:46):
Okay, we've covered a lot already. We've still got a
lot more to go. We'll be back in a moment
with the rest of the day's business news on The
Tax Office will crack down on high income professionals and
tradees who pursue aggressive tax evasion strategies by splitting income
(07:08):
with their spouses and children.
Speaker 2 (07:11):
The ATA has identified elevated levels of excessive income splitting
by people who use trusts, companies and partnerships to divert
income to family members on lower tax rates. It's issued
updated guidance that spells out exactly what it will allow
when it applies the anti avoidance measures to so called
professional service income. Now that captures not just doctors, lawyers, architects,
(07:33):
it professionals, but all professionals and skilled trades persons, so electricians, plumbers.
They're going to be looked at by the ATO as well.
A personal service business is basically any operation where most
of the money made is generated by personal skill, labor,
or expertise. Podcasting, Perhaps maybe the action is likely to
(07:56):
affect many thousands of personal service businesses that use an
income splitting strategy. Worth noting the ATA went back date
its compliance push in that if taxpayers made to make
a genuine attempt to move their arrangements into low risk
by June thirty, twenty twenty seven, the Tax Office is
(08:17):
unlikely to take compliance actions.
Speaker 1 (08:19):
Suspect that we a few people calling their accountants now
after hearing this.
Speaker 2 (08:23):
Very possibly.
Speaker 1 (08:24):
We talked about house prices before Sean and the federal
governments helped to buy scheme kicks off this week where
by first home buyers can share equity in their homes
with the government to basically help them to get into
the market sooner purchase earlier.
Speaker 2 (08:39):
Yeah, the program will provide ten thousand low to medium
income first home buyers each year the ability to purchase
a home with just a two percent deposit. The government
will contribute thirty to forty percent of a homes price
in exchange for equity, which the owner can buy out later.
While the government said it won't put pressure on prices,
it is demands high policy fellers, not a supply side policy,
(09:01):
so it's hard to see that it won't put pressure
on prices, especially at that bottom end. The government's five
percent deposit scheme, for example, as a demand side policy,
it's coincided with an increase in home prices at that
end of the market. Don't say why this one won't anyway,
we'll see.
Speaker 1 (09:15):
Yes, seven, perhaps a little optimistic. The federal budget deficit
has widened to thirty two point nine billion dollars in
the financial year to October, up from the ten billion
dollar deficit recorded for the full twenty twenty five financial year.
Speaker 2 (09:31):
Yes, the deficit is seven billion dollars better than Treasury
had forecast for this time. Last year, According to the
Department of Finance, taxation revenue was about four point six
billion dollars more than expected. Title receipts eight billion dollars higher.
Speaker 1 (09:46):
Now.
Speaker 2 (09:46):
Government payments were also a bit higher, driven partly by
higher wage in salaries bill, which reached ten point four
billion dollars. Government spending as a percent of GDP remains
at post World War two highs. That's probably about as
good a way as judging it versus history. So spending
as percent of GDP world War two high. Federal treasure
(10:09):
of Jim Chalmers has said the economy is shifting away
from public spending towards private sector spending. They were not
really seeing in the numbers. Yet.
Speaker 1 (10:17):
It's a massive week for the economy, isn't it.
Speaker 2 (10:19):
Sure.
Speaker 1 (10:21):
I'm excited. It's got economic growth figures due for release
on when soa, I realized when I say that it
sounds sarcastic. I'm genuinely excited. And we've discussed this today
in the week ahead with this. He's excited. He loves
a week like this that could ye. Yeah, and it's
a I mean Wednesday. We've also got the house price
starter out today. We've got a bunch of other things
(10:41):
and it is just the headline is the GDP figure,
But there's so much more going on. It'll give a
very good insight into just how much better the economy
was traveling in the September quarter. Consensus seems to be
for like two two and a half percent annualized rate
of growth.
Speaker 2 (10:56):
That's actually not too bad. You'd like to be a
bit high, but it's not that far off trend. There
are also business indicators building approvals data out today and
tomorrow after last week's inflation data for October. Of course,
see chances of another rate cut. Miserly miserly chance rate cut.
Speaker 1 (11:14):
Yeah, yeah, yeah, it's It's worth listening to the Kook,
Stephen Kokulis, who as a resident economist, because he just
explains all the pieces that go into the GDP and
the impact of last week's started, the surprise jump in inflation,
capital expenditure, and all of those pieces how they feed in.
It's a great explainer. I think that's why it's valuable
(11:36):
as well that if you've ever kind of not been
quite sure and haven't been perhaps a bit too afraid
to ask someone, I'm not afraid to admit what I
don't know, And so the Kook explains it all. That's
coming up after the show ASX listed Corporate Travel Management
Sean is in a world of pain, with the company
saying it has to reverse eighty million pounds of revenue
(11:59):
related to U customer contracts. That's got to hurt.
Speaker 2 (12:03):
So Corporate Travel Management failed to release its half year
accounts in August, it's been its trading has been suspended
ever since. The company has said that restatements, presumably of
revenue and earnings might be required, and also withdrew guidance
for his European business, which it said was performing above targets.
Now On Friday, Corporate Travel Management said the chief executive
(12:24):
for the UK and Europe has been stood down with
immediate effect. This company still doesn't know when it will
be able to release its annual accounts. Media reports suggest
that Corporate Travel Management basically overcharged UK customers. That's the
allegation anyway, including the British government. Not a good look
for the company.
Speaker 1 (12:43):
No turn into international news now and Canadian Prime Minister
Mark Carney has unveiled a sweeping energy plan with the
province of Alberta that paves the way for a new
oil pipeline, a massive carbon capture project, and the construction
of nuclear power for data centers.
Speaker 2 (13:02):
The plan is aimed at reducing Canada's economic dependence on
the US and is meant to i quote, unlock the
full potential of Alberta's energy resources while creating hundreds of
thousands of new, high paying careers for Canadians. According to
the PM's office, Carne said Canada's tight interdependence with the US,
once a strength, is now a weakness. According to Bloomberg,
(13:25):
Canada shipped more than ninety five percent of its energy
exports to its neighbor last year before Donald Trump began
slapping tariff's on Canadian goods. I quote Carney, this is
a rupture, not a transition, which means our economic strategy
needs to change dramatically and rapidly. Nostalgia is not a strategy.
The US has changed. That's their right. We must respond.
(13:46):
That's our imperative, my real leadership from Mark Carney there.
Speaker 1 (13:50):
Yeah, yeah, it seems to be to go from that
sean to this next story. It's quite the transition. Really.
Last week we had the story about most dogs descending
from wolves. They've done that kind of study of genes.
It feels only fair to balance things up and have
a cat story this week. And researchers have found that
(14:11):
cats me out more frequently when greeting male caregivers, probably
because men don't listen as well, do you?
Speaker 2 (14:20):
Everyone's wonder are there are a bunch of scientists sitting
around the room thinking, what's going to be some really
weird stuff we can come up with?
Speaker 1 (14:27):
This would be it? What's going to get people on
a podcast in Australia talking about I.
Speaker 2 (14:32):
Know about it?
Speaker 1 (14:32):
This one?
Speaker 2 (14:33):
So they're study in the journal Ethology filmed inside cat
owners Homes. Now one of the big reasons we know
a lot more about dogs than cats is a practical one.
You bring a dog into a laboratory and watch it
behave without a lead on. You can't do that with
a cat. As simple as that. I mean, you can,
(14:55):
but they're just different creatures clearly. Anyway, the study found
that the cats meow more when men enter a room,
and this is in a report in the New York Times.
Across all demographic variables, so including the sex age of
the cat, pedigree status, number of cats in the home,
(15:16):
only one factor was linked to vocalization frequency, the biological
sex of the caregiver, and on average, cats produced four
point three meals in the first one hundred seconds of
a male caregiver getting home, compared to one point eight
with women. The team at Bilker University in Turkey hypothesized
(15:38):
that men require more explicit vocalizations to notice and respond
to the needs of their cats. In other words, men
don't listen as much cats just their behavior.
Speaker 1 (15:47):
Accordingly, can you imagine being the researchers going to ask
for a grant to study that. We've got a theory,
we want to check it out. We have a couple
of hundred thousand dollars for this experiment oncastep. Yep, go
for it. That is pretty extraordinary. I love that. Up
next is Fear and Greed. Q and A mentioned this before.
(16:09):
Stephen could cool us our resident economist. It is coming
up next in the Fear and Greed playlist on your
podcast platform or at Fearandgreed dot com dot au. Thank
you very much, Sean, Thank you, Michael. It's Monday, the
first of December 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 Thompson and that was
(16:29):
Fear and Greed. Have a great day.
Welcome to Fear and Greed business news you can use today.
With just a month to go before the end of
the year, the local share market is one of the
worst performing major bosses for twenty twenty five. National home
values record a third consecutive monthly rise in price of
one percent, and the Tax Office to crack down on
high income professionals and tradees. Plus the federal government's helped
(00:28):
to buy scheme kicks off this week. And new research
shows that cats me ow louder at men because they
don't listen as much. It's Monday, the first of December
twenty twenty five. I'm Michael Thompson, and good morning, Sean Aylmer.
That's the men, not the cats not listening. Important to
clarify that one. We'll get to that a bit later
on Sean. The main story this morning. With one month
(00:49):
to go before the end of the year, we are
officially into December, the local share market sits at the
bottom of the global league tables when it comes to performance,
with the s ANDPA s X two hundred up just
five percent in the first eleven months of twenty twenty five.
Speaker 2 (01:05):
That compares to more than twenty percent in Canada and Japan,
sixteen percent in Britain and Germany, twelve to fourteen percent
or so for the major indices in the US and China,
and about eleven percent for Europe. There are a number
of reasons why the local market has underperformed. The first
is that the Australian market is overweight banks and financials,
(01:27):
and the major lenders, particularly Commonwealth Bank, have underperformed this year.
On Friday, Comonwealth Bank closed lower than where it started
twenty twenty five. Pretty remarkable to think about that. Also,
our biggest mining stocks are the iron ore producers, not
really a forward looking commodity. Generally, the best performing sectors
(01:47):
globally have been tech and new economy businesses. That's not
really Australia's strong suit. A second reason for the underperformance
is the record flow of money into overseas focused exchange
traded funds ETFs are an easy way to invest offshore,
and local investors have been taking advantage. Only five of
the top twenty ETFs in Australia this year are focused
(02:11):
on the Australian share market. The third reason is that
US President Donald Trump has dialed back the retric on
trade wars and tariffs, larger economies and share markets have responded.
And fourth one is that while interestrates in Australia now
seem to be on hold, US rates are expected to
fall this month. Lower interest rates theoretically improves earnings. That
(02:31):
makes in this instance, US companies more attractive.
Speaker 1 (02:35):
Okay, So it's based on the sectors, it's based on ETFs,
it's based on Donald Trump and trade, it's based on
interest rates. That's why, Sean, I'm going to ask you
the harder part. Now, is it going to continue the
Australian underperformance? Are we going to see that continue through
to the end of the year and perhaps beyond?
Speaker 2 (02:55):
Yes, I mean, I mean, I don't know the answer.
It probably really comes down to what happens to the
tech sector on Wall Street. Amp Shane Older said share
markers share markets broadly remain at risk of a further
correction given stretched valuations, risks around US tariffs, and the
softening US jobs market, But with the Fed still likely
to cut rates further, shares are likely to provide reasonable
(03:18):
gains on a six to twelve month horizon That should
help the Australian share market, even though the Reserve banks
are done with cutting rates, the stretched valuations is a
big risk, though, UBS's equity strategist Richard Shelback reckons the
ASEX two hundred will finish next year about three percent
higher than where it is today on the back of
a strong mining sector. That's not a particularly strong performance.
(03:41):
If that's what comes to pass. Other investment banks like
Goldman's have forecasted over the longer term, Wall Street will
underperform other global indices. Just the fact that Australia has
underperformed means that it's baseline for the next twelve months
isn't as high as the others. As I said, I mean,
I don't know, mikeel I'm talking in circles here, but
certainly the local market has had a poor twenty twenty
(04:02):
five relative to its peers. Not good for local investors
of course, including everyone with super shares.
Speaker 1 (04:08):
Yeah, good point. It's also worth reminding everyone to get
professional advice when making investment decisions. Always very helpful. Always
just before we leave local markets, How did things finish
up on Friday? Not just for the week really, but
for the whole month.
Speaker 2 (04:22):
Yeah, so there's INPASX two hundred finished the month at
eighty six hundred and fourteen points flat on Friday, up
one and a half percent for the week, but for
the month of November it lost three percent, the worst
since March. Futures trading suggests the market will open a
little higher this morning.
Speaker 1 (04:41):
What about Wall Street.
Speaker 2 (04:43):
It was fairly quite out of the weekend. Really, we
had Thanksgiving Day Thanksgiving Thursday, so not a lot going
on in commodity markets, oils trading around sixty three US
dollars a barrel, goals back up to forty two to
seventeen US dollars. Announce. The price of the precious metal
has rien risen on the back of expectations of rate
cuts in the US. Silver hit the new high of
(05:05):
the weekend over fifty six US dollars and Ounce. That's
amed at mounting supply concerns and the Aussie dollar michael
sixty five and a half FEUs cents.
Speaker 1 (05:14):
All right, let's take a look at property now, Sean.
Because national home values across the country rose by one
percent during November, that is the third consecutive month of
strong growth.
Speaker 2 (05:27):
The mid sized capitals outperformed, with Perth up two point
four percent during the month. Sydney came in at zero
point five percent, Melbourne zero point three percent. According to Coatality,
all other capital cities outside Sydney and Melbourne were up
at least one percent. Now, the bias towards the mid
sized capitals in part reflects a lack of listings. The
(05:48):
national average is sixteen percent below average. That's the national
average of listings in average, it's about it's just two
percent below the long term average. So that does explain
some of the reason why those mid sized capitals are outperforming.
It doesn't really explain the Melbourne result though, After three
straight months of strong growth, affordability pressures and a lack
(06:08):
of further interest rate cuts loom as dampness on future
growth as we go forward Catalities, Tim Lawless said, the
subtle easing and it is very subtle in the headline
result last month comes as auction clearance rates have tracked lower. So,
for example, the national result over the weekend was sixty
eight point two percent. That's the preliminary clearance rate. Now
(06:30):
the decade long average is actually higher than that. The
spring average is much higher than that, So it does
look like the umph it's coming out of the market.
Brisbane worth the mention median value now over a million dollars.
Sydney leads away at nearly one point three million, Melbourne
eight hundred and twenty three thousand.
Speaker 1 (06:46):
Okay, we've covered a lot already. We've still got a
lot more to go. We'll be back in a moment
with the rest of the day's business news on The
Tax Office will crack down on high income professionals and
tradees who pursue aggressive tax evasion strategies by splitting income
(07:08):
with their spouses and children.
Speaker 2 (07:11):
The ATA has identified elevated levels of excessive income splitting
by people who use trusts, companies and partnerships to divert
income to family members on lower tax rates. It's issued
updated guidance that spells out exactly what it will allow
when it applies the anti avoidance measures to so called
professional service income. Now that captures not just doctors, lawyers, architects,
(07:33):
it professionals, but all professionals and skilled trades persons, so electricians, plumbers.
They're going to be looked at by the ATO as well.
A personal service business is basically any operation where most
of the money made is generated by personal skill, labor,
or expertise. Podcasting, Perhaps maybe the action is likely to
(07:56):
affect many thousands of personal service businesses that use an
income splitting strategy. Worth noting the ATA went back date
its compliance push in that if taxpayers made to make
a genuine attempt to move their arrangements into low risk
by June thirty, twenty twenty seven, the Tax Office is
(08:17):
unlikely to take compliance actions.
Speaker 1 (08:19):
Suspect that we a few people calling their accountants now
after hearing this.
Speaker 2 (08:23):
Very possibly.
Speaker 1 (08:24):
We talked about house prices before Sean and the federal
governments helped to buy scheme kicks off this week where
by first home buyers can share equity in their homes
with the government to basically help them to get into
the market sooner purchase earlier.
Speaker 2 (08:39):
Yeah, the program will provide ten thousand low to medium
income first home buyers each year the ability to purchase
a home with just a two percent deposit. The government
will contribute thirty to forty percent of a homes price
in exchange for equity, which the owner can buy out later.
While the government said it won't put pressure on prices,
it is demands high policy fellers, not a supply side policy,
(09:01):
so it's hard to see that it won't put pressure
on prices, especially at that bottom end. The government's five
percent deposit scheme, for example, as a demand side policy,
it's coincided with an increase in home prices at that
end of the market. Don't say why this one won't anyway,
we'll see.
Speaker 1 (09:15):
Yes, seven, perhaps a little optimistic. The federal budget deficit
has widened to thirty two point nine billion dollars in
the financial year to October, up from the ten billion
dollar deficit recorded for the full twenty twenty five financial year.
Speaker 2 (09:31):
Yes, the deficit is seven billion dollars better than Treasury
had forecast for this time. Last year, According to the
Department of Finance, taxation revenue was about four point six
billion dollars more than expected. Title receipts eight billion dollars higher.
Speaker 1 (09:46):
Now.
Speaker 2 (09:46):
Government payments were also a bit higher, driven partly by
higher wage in salaries bill, which reached ten point four
billion dollars. Government spending as a percent of GDP remains
at post World War two highs. That's probably about as
good a way as judging it versus history. So spending
as percent of GDP world War two high. Federal treasure
(10:09):
of Jim Chalmers has said the economy is shifting away
from public spending towards private sector spending. They were not
really seeing in the numbers. Yet.
Speaker 1 (10:17):
It's a massive week for the economy, isn't it.
Speaker 2 (10:19):
Sure.
Speaker 1 (10:21):
I'm excited. It's got economic growth figures due for release
on when soa, I realized when I say that it
sounds sarcastic. I'm genuinely excited. And we've discussed this today
in the week ahead with this. He's excited. He loves
a week like this that could ye. Yeah, and it's
a I mean Wednesday. We've also got the house price
starter out today. We've got a bunch of other things
(10:41):
and it is just the headline is the GDP figure,
But there's so much more going on. It'll give a
very good insight into just how much better the economy
was traveling in the September quarter. Consensus seems to be
for like two two and a half percent annualized rate
of growth.
Speaker 2 (10:56):
That's actually not too bad. You'd like to be a
bit high, but it's not that far off trend. There
are also business indicators building approvals data out today and
tomorrow after last week's inflation data for October. Of course,
see chances of another rate cut. Miserly miserly chance rate cut.
Speaker 1 (11:14):
Yeah, yeah, yeah, it's It's worth listening to the Kook,
Stephen Kokulis, who as a resident economist, because he just
explains all the pieces that go into the GDP and
the impact of last week's started, the surprise jump in inflation,
capital expenditure, and all of those pieces how they feed in.
It's a great explainer. I think that's why it's valuable
(11:36):
as well that if you've ever kind of not been
quite sure and haven't been perhaps a bit too afraid
to ask someone, I'm not afraid to admit what I
don't know, And so the Kook explains it all. That's
coming up after the show ASX listed Corporate Travel Management
Sean is in a world of pain, with the company
saying it has to reverse eighty million pounds of revenue
(11:59):
related to U customer contracts. That's got to hurt.
Speaker 2 (12:03):
So Corporate Travel Management failed to release its half year
accounts in August, it's been its trading has been suspended
ever since. The company has said that restatements, presumably of
revenue and earnings might be required, and also withdrew guidance
for his European business, which it said was performing above targets.
Now On Friday, Corporate Travel Management said the chief executive
(12:24):
for the UK and Europe has been stood down with
immediate effect. This company still doesn't know when it will
be able to release its annual accounts. Media reports suggest
that Corporate Travel Management basically overcharged UK customers. That's the
allegation anyway, including the British government. Not a good look
for the company.
Speaker 1 (12:43):
No turn into international news now and Canadian Prime Minister
Mark Carney has unveiled a sweeping energy plan with the
province of Alberta that paves the way for a new
oil pipeline, a massive carbon capture project, and the construction
of nuclear power for data centers.
Speaker 2 (13:02):
The plan is aimed at reducing Canada's economic dependence on
the US and is meant to i quote, unlock the
full potential of Alberta's energy resources while creating hundreds of
thousands of new, high paying careers for Canadians. According to
the PM's office, Carne said Canada's tight interdependence with the US,
once a strength, is now a weakness. According to Bloomberg,
(13:25):
Canada shipped more than ninety five percent of its energy
exports to its neighbor last year before Donald Trump began
slapping tariff's on Canadian goods. I quote Carney, this is
a rupture, not a transition, which means our economic strategy
needs to change dramatically and rapidly. Nostalgia is not a strategy.
The US has changed. That's their right. We must respond.
(13:46):
That's our imperative, my real leadership from Mark Carney there.
Speaker 1 (13:50):
Yeah, yeah, it seems to be to go from that
sean to this next story. It's quite the transition. Really.
Last week we had the story about most dogs descending
from wolves. They've done that kind of study of genes.
It feels only fair to balance things up and have
a cat story this week. And researchers have found that
(14:11):
cats me out more frequently when greeting male caregivers, probably
because men don't listen as well, do you?
Speaker 2 (14:20):
Everyone's wonder are there are a bunch of scientists sitting
around the room thinking, what's going to be some really
weird stuff we can come up with?
Speaker 1 (14:27):
This would be it? What's going to get people on
a podcast in Australia talking about I.
Speaker 2 (14:32):
Know about it?
Speaker 1 (14:32):
This one?
Speaker 2 (14:33):
So they're study in the journal Ethology filmed inside cat
owners Homes. Now one of the big reasons we know
a lot more about dogs than cats is a practical one.
You bring a dog into a laboratory and watch it
behave without a lead on. You can't do that with
a cat. As simple as that. I mean, you can,
(14:55):
but they're just different creatures clearly. Anyway, the study found
that the cats meow more when men enter a room,
and this is in a report in the New York Times.
Across all demographic variables, so including the sex age of
the cat, pedigree status, number of cats in the home,
(15:16):
only one factor was linked to vocalization frequency, the biological
sex of the caregiver, and on average, cats produced four
point three meals in the first one hundred seconds of
a male caregiver getting home, compared to one point eight
with women. The team at Bilker University in Turkey hypothesized
(15:38):
that men require more explicit vocalizations to notice and respond
to the needs of their cats. In other words, men
don't listen as much cats just their behavior.
Speaker 1 (15:47):
Accordingly, can you imagine being the researchers going to ask
for a grant to study that. We've got a theory,
we want to check it out. We have a couple
of hundred thousand dollars for this experiment oncastep. Yep, go
for it. That is pretty extraordinary. I love that. Up
next is Fear and Greed. Q and A mentioned this before.
(16:09):
Stephen could cool us our resident economist. It is coming
up next in the Fear and Greed playlist on your
podcast platform or at Fearandgreed dot com dot au. Thank
you very much, Sean, Thank you, Michael. It's Monday, the
first of December 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 Thompson and that was
(16:29):
Fear and Greed. Have a great day.
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