November 12, 2025 • 16 mins
Thursday 13 November 2025
The federal Liberal Party is set to drop its net zero target in its emission policy.
- Commonwealth Bank’s share price tumbles, as investors buy into its competitors.
- Social media giants use marketing tools to identify younger users.
- Foreign visitor arrivals into Australia finally return to pre-COVID levels.
- The original Australian food delivery service, Menulog, to close down.
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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 Federal Liberal Party is set to drop its net
zero targets in its omissions policy. Commonwealth Banks share price
tumbles as investors buy into its competitors, and social media
giants use marketing tools to identify younger users. Plus foreign
visitor arrivals into Australia finally returned to pre COVID levels,
(00:28):
and the original Australian food delivery service menu log to
close down. It is Thursday, the thirteenth of November twenty
twenty five. I'm Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:38):
Good morning, Michael.
Speaker 1 (00:39):
A bit happening today, Sean. The main story this morning.
The Liberal Party is set to join its coalition partner,
the Nationals in dropping any reference to net zero in
its omissions policy.
Speaker 2 (00:49):
Following a marathon four hours and forty five minute party
room meeting yesterday, No final decision with announce but a
vote on the net zero debate will be hell today
and yesterday's meeting, forty nine MPs spoke out and according
to media reports, twenty eight wanted to abandon any mention
of net zero. Seventeen wanted to keep it four were unclear.
(01:11):
Opposition leader Susan Lee's main rival Angus Taylor, backed calls
to dump net zero emissions, as did her main numbers
person Alex hawk So two apparently did Lee's deputy and
Shadow Treasurer Ted O'Brien. Liberal leadership aspirant Andrew Hasty said
a future coalition government should be prepared to hold a
double dissolution election a repealing Labour's climate legislation. They walked
(01:36):
that back later in the day, while moderates Andrew Bragg
and Jane Hume urged the Liberal Party room to keep
a net zero target.
Speaker 1 (01:44):
Now.
Speaker 2 (01:44):
Taylor was Energy Minister in the Morrison government when Australia
committed to net zero at the Glasgow copp Summit in
twenty twenty one. Media reportsges Taylor still wants to reduce emissions,
but doesn't want the targets. Moderates who support keeping net
ZERI was a target by twenty fifty, argued that the
party risked losing younger voters. Party federal secretary Andrew Hurst
(02:07):
presented polling showing most voters on net zero as a
proxy for climate change action.
Speaker 1 (02:13):
I'm kind of struggling to figure out what this all
means politically. Is the Electric going to care about this
or is this really more about Susan Lee's leadership? Do
you think is that the big thing here?
Speaker 2 (02:25):
It's totally about Susan Lee's leadership. The Electric will care.
Net zero does matter to a lot of people. But
in let's taste that last election, they are absolutely shell ACKed.
Now she struggled to maintain discipline in the party since then.
The vote today won't exactly help her claim to the
leadership given that she's actually on the wrong side of
(02:46):
the vote, presuming it goes ahead, and Nitzero has dropped
a handful of Conservative Liberals, including Taylor. Actually did you say?
They arrived at yesterday's meeting in an obvious show of unity.
They walked through the corridors and Parliament House.
Speaker 1 (03:00):
It had all the hallmarks of a leadership battle. You
see that labor liberal, any party, when they have their
numbers behind them, that is what they do when they're
heading into vote on the leadership. It felt like this
was actually approxy for a leadership battle.
Speaker 2 (03:12):
Yeah, in the end, no vote. They will vote today
on net zero. Lee probably will make it till Christmas,
but next year I think she's probably at long odds
now to actually make it beyond you know, kind of
the first six months of next year.
Speaker 1 (03:27):
And that's just to survive as the leader, let alone,
actually than trying to unite a party and put forward
a platform that is going to appeal to voters who
are alienated at the last election.
Speaker 2 (03:39):
Yeah, that's right. We've discussed this. The opposition is an
absolute mess at the moment.
Speaker 1 (03:43):
Yeah, yeah, and we need a strong opposition totally.
Speaker 2 (03:45):
It's bad for Australia when the opposition is weak.
Speaker 1 (03:47):
Indeed, Now away from politics, Sean, the slide in Commonwealth
Bank's share price continues, with the asx's largest company now
down ten percent in the past five sessions.
Speaker 2 (04:01):
And most of that has been in the past two sessions.
Commbank's quarterly update on Tuesday morning was a touch softer
than expected unless worried about profit margin pressures. But the
shift away from Commonwealth Bank has been going on for
much longer than the last five sessions. It is marked
and it is drastic since or in this financial year.
(04:22):
The twenty twenty six financial year, west Pac the second
largest bank, IT share prices up twenty percent, ain Z
thirty three percent, National Australia Bank up nine percent, Commonwealth
Bank off as in down thirteen percent. Not that long
ago we were saying the market cap of CBA wasn't
(04:43):
far off the title value of the other three combined.
No longer, I mean it's still huge. It is. You know,
you put Westpac National Australia Bank market cap together, you
get to about where Commonwealth Bank is. But wow, it
is coming back to the pack.
Speaker 1 (04:57):
It's funny because we were talking a while ago about
the big switched, the big rotation out of the banks
and into the miners and things. But it's as though
it's just out of Commonwealth Bank and into the other banks.
Speaker 2 (05:06):
Yes, and we did kind of make mention of that
then that it initially it was out of the banks,
but it really was out of Commonwealth Bank specifically.
Speaker 1 (05:13):
Wow, that's those are incredible stats. What about the rest
of the AX?
Speaker 2 (05:17):
Yesterday s and PAX two hundred closed down and touched
to just under eighty eight hundred points iron ore and
gold prices rows. That helped them the miners crude was
also higher, helped the local energy stocks. Life three sixty
worst on the AX two hundred, down thirteen percent after
investors digested Tuesday's trading update, which showed user growth numbers
(05:38):
came in less than expected.
Speaker 1 (05:40):
Okay, we have a fair bit to cover today. Sean
will take a quick break back in a moment with
the rest of the day's business news Sean. The social
media band for under sixteen year olds is now less
than a month away, and online platforms beginning to contact
(06:01):
teenagers to tell them they need to make a decision
about the data that's in their accounts.
Speaker 2 (06:06):
Over one million accounts are likely to be pinged in
coming days, with users offered a choice of downloading data,
freezing profiles, or losing the lot. The world first band
kicks in on ten December. TikTok, Snapchat, Facebook, Instagram threads.
They're set to deactivate accounts, according to Reuters, Now social
media companies are actually going to lean on software. Now,
(06:28):
on software, they already have to guess age based engagement,
and that's through the use of likes, for instance, rather
than actually verification of birth dates.
Speaker 1 (06:39):
That's incredible.
Speaker 2 (06:40):
So it's just kind of cool.
Speaker 1 (06:41):
It's demographic profiling.
Speaker 2 (06:43):
Yeah, absolutely, so they know what you know, likes, well broadly,
you know there might be a meme or there might
be a video. Who likes that? Yeah, actually reflects ages.
Speaker 1 (06:55):
This are the stuff that you and I like is
vastly different because we like stuff that's done cool. Oh okay, fine,
I like stuff that's une caol and I like trains. Yeah,
and you're not going to find a fifteen year old
liking a steam trainer.
Speaker 2 (07:11):
Remember all the fewer or from these guys, from the
social media guy saying we can't do it, it's going
to cost us tens of million, hundreds of millions of dollars. Well,
this software is long established, he's actually developed for marketing purpose.
Speaker 1 (07:22):
They've already got it.
Speaker 2 (07:23):
Yeah. Age assurance apps will only be used when users
complain of being incorrectly blocked, but otherwise they've pretty much
got the soop where they're already. The social media giants
say that Australia's remaining twenty million use social media users
can expect little interruption. So I would love to be
(07:43):
asked my age because of my likes.
Speaker 1 (07:47):
Wouldn't that be funny if you can actually just see
what it thinks you are?
Speaker 2 (07:50):
Yeah, Sean, who are acting like a fourteen year old boy.
Speaker 1 (07:56):
Child? That is fantastic. Now, Australia and Ana Sean will
sign a new security agreement that calls for the two
countries to consider a joint response if either one comes
under attack.
Speaker 2 (08:09):
I'm mister Anthony Alberanesi announced the treaty alongside Indonesian President
Prabawo Subianto. He said it is based on one signed
by Paul Keating and President Suharto thirty years ago. The
treaty will commit Australia in Indonesia to consult at a
leader and ministerial level on a regular basis on matters
of security, to identify and undertake mutually beneficial security activities.
(08:30):
That's all, according to Albanesi. He said it's the major
extension of existing security and defense cooperation. President Prabawo said
that the treaty reaffirmed Indonesia's determination to enhance its friendship
with Australia as partners and close neighbors.
Speaker 1 (08:44):
How about this one. Foreign visitor arrivals to Australia have
finally returned to pre COVID levels. It took a little while,
but it's been helped by strong traffic from New Zealand.
Speaker 2 (08:54):
And about time, Michael. Short term arrivals raise more than
ten percent in the year two September. According to the
Bureau of Status, it's almost six hundred and ninety seven
thousand people visitors one point one million Australians returning from overseas.
New Zealand encounter for nearly twenty percent of arrivals. China
remains below pre pandemic levels, but like UK, Singapore, India,
(09:16):
South Korea, Indonesia, they've also past twenty nineteen figures.
Speaker 1 (09:20):
Okay, there's been a wealth of economic data, has it's been,
and every time that happened, whenever we get a week
like this, your eyes light up.
Speaker 2 (09:30):
Yes, it's fun a little bit.
Speaker 1 (09:31):
Combank's Household Spending Insights Index rose in October for the
thirteenth straight month. Who said thirteen was unlucky?
Speaker 2 (09:40):
Combank, via it's debit and credit card data, gets a
pretty good read on what consumers are thinking, what they're doing.
The index rows again last month, strongest gains in transport,
made vehicles, and hospitality over the past year. The biggest
gains when utilities, communications and hospitalities. Now, they were all
sectors exposed to inflation. What's kind of interesting now some
(10:00):
of the sectors in the last little bit have not
necessarily been inflation linked.
Speaker 1 (10:05):
Now the former CFMEU boss John Setka, has been charged
with attempting to threaten or intimidate the union's administrator.
Speaker 2 (10:14):
Setka was arrested in Melbourne yesterday morning and police said
a footscray man, or how they put it, a footscray
man A Sedka said a number of allegedly threatening, offensive
and abusive emails to a CFME you administrator met He's
reporting that police handcuffed Setka and took him from an
apartment building, as well as seizing his phone. The charges
relate to extremely aggressive and profanity laced messages set consent
(10:37):
to CFMI you administrator or the administration team really led
by Mark IRVINGKC.
Speaker 1 (10:45):
Did you nearly say? QC? Just there's taking some getting
used to, isn't it? Yes? Yes, to get out of
the habit of a lifetime. Now to flip that over
to KC now sean menu Log, which is the Australian
food deliver platform that that has had some very high
profile ads Snoop Dog Katie Perry, very memorable little jingle.
(11:10):
Yes yeah, I was kind of hoping it just burst
into songs that you're not going to do it out
your wires while the tape is recording. It's going to
close on the back of hundreds of millions of dollars
in losses.
Speaker 2 (11:23):
Uber Eats and door Dash basically have eaten menu log
a last or something like that. Menulog was founded in
two thousand and six as a digital marketplace peered local
restaurants with delivery drivers. Once Australia's largest online food ordering platform,
but it will close its local operations on twenty six
November after, as it put it, it attempted to navigate
(11:45):
challenging circumstances, really challenging. In twenty twenty two, menu log
reported loss of two hundred and seventy five million dollars
twenty twenty three, one hundred and ten million dollars. Last
year thirty two million dollars. At some point, it's got
to give.
Speaker 1 (12:00):
It's such an interesting sector, isn't it, Because the margins
must be so thin on some of these deliveries, and
they have so many discounts and offers free delivery and
no service fees and all of that. And we've already
lost delivery as well, and Fudora I think it was
another one, and really it's just now left with Uber
Eats and door Dash and Door. Dash is now partnered
(12:21):
with Aldi and all of these other ones. You can
see that they are becoming bigger and bigger, and the
smaller ones are dropping away. South Korean steel giant Postco
has done a deal to take a thirty percent steak
in two of Mineral Resources lithium minds for one point
two billion dollars.
Speaker 2 (12:37):
The deal value is the assets at three point nine
billion dollars, well above what analysts had calculated yes they.
Min Resa's share price jumped nine percent on the back
of it. Since it's low in April after a series
of corporate governance failures emerged, Minres' share price is up
two hundred and fifty percent, including twenty percent in the
(12:57):
past three days. Mineral Resources will retain a seven percent
interest in the new entity that houses the two minds.
It will continue to wipe out the mines. PSCO will
receive lithium spot a main concentrate proportional to its stake
to support its projects. Now. Posco and Minrez already partners
in the Onslow iron ore project in Wa.
Speaker 1 (13:17):
Just quickly, it wasn't the only lithium stock to announce
a deal yesterday. Linetown Resources into new partnership as well.
Speaker 2 (13:23):
Sure It's share price hit its highest points since the
middle of last year, up six percent. The deal is
for Metal's hub to run digital actions of line Town's spot,
a main concentrate.
Speaker 1 (13:33):
Turning to international news now, Sean, China's cybersecurity agency has
accused the American government of orchestrating the theft of about
thirteen billion US dollars worth of bitcoin, representing China's most
recent attempt to attribute major cyber attacks to the.
Speaker 2 (13:50):
US, because of course China would never have a cyber
attack on Australia, on the US or Australia or anywhere else.
Speaker 1 (13:55):
I no, never. I don't think they've ever even doubled.
Speaker 2 (13:58):
In fact, I think that afternoon yesterday you were talking
about the boss of.
Speaker 1 (14:02):
Yeah, the warning from the boss of Asio saying that
this is this is not just a potential, this is
happening now and we are at risk anyway.
Speaker 2 (14:09):
The theft of one hundred and twenty seven two hundred and
seventy two bitcoin tokens from the Lubian bitcoin mining pool
that took place in December twenty twenty is one of
the largest crypto heightst ever. The hack, according to the
Chinese National Computer Virus Emergency Response Center phew mouthful is
likely a state level hacker operation led by the US.
(14:33):
It said the quiet and delayed movement of the stolen
bitcoin fits a government level action rather than the typical
criminal behavior. The report links the stolen bitcoin once from
lubiauan Once, one of the largest bitcoin mining operations in
the world, with tokens that were confiscated by the US government,
and the US said they're associated with a Cambodian group,
(14:57):
but very murky.
Speaker 1 (15:00):
Oah, good luck keeping that one straight last one. Sean
legendary investor Warren Buffett has penned one of his final
letters to shareholders saying he's going to speed up his
plans to give away as much of his one hundred
and fifty billion dollar personal fortune to his children's philanthropic foundations.
Speaker 2 (15:18):
They'll get quite the boost, won't they be. The ninety
five year old wrote that his two daughters and one
son were at their prime in respect to experience and wisdom,
but they weren't yet old. Couldn't agree more. They range
in age from sixty seven to seventy two.
Speaker 1 (15:34):
Why is not old?
Speaker 2 (15:35):
I like it makes me look very young. Buffett will
step down from Berkshire Hathway at the end of the year,
and this week said he will soon be going quiet. Really,
I don't know what the heaver will I quote him though,
I move slowly and read with increasing difficulty. I met
the office five days a week, where I work with
wonderful people. Occasionally I get a useful idea or I'm
(15:56):
approached with an offer we might not otherwise have received.
Warren Buffett is still the man he is without doubt,
He's still the legend. Buffet's an you'll let us to
shareholders became part of his legend. They're kind of a
little bit of economic analysts, a little bit analysis, a
little bit of investment advice, leadership, maxims, personal stories, and
(16:16):
then he actually goes into all the assets that he owns.
He's led Berkshire for sixty years. Finishing up in a
few weeks. He will definitely be missed.
Speaker 1 (16:24):
Yeah, pretty remarkable. Okay. Up next is Fear and Greed
Q and A all about the economy today. And we
talked about the wealth of economic data before, and we're
going into that a little bit more detail about what
we can actually glean from it and what it means
for the outlook. It's coming up next to the Fear
and Greed playlist on your podcast platform or at Fearangreed
dot com dot au. Thank you very much, Sean, Thank you, Michael.
It is Thursday, the thirteenth of November twenty twenty five.
(16:45):
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 Fear and Greed. Have a great day.
Welcome to Fear and Greed business news you can use today.
The Federal Liberal Party is set to drop its net
zero targets in its omissions policy. Commonwealth Banks share price
tumbles as investors buy into its competitors, and social media
giants use marketing tools to identify younger users. Plus foreign
visitor arrivals into Australia finally returned to pre COVID levels,
(00:28):
and the original Australian food delivery service menu log to
close down. It is Thursday, the thirteenth of November twenty
twenty five. I'm Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:38):
Good morning, Michael.
Speaker 1 (00:39):
A bit happening today, Sean. The main story this morning.
The Liberal Party is set to join its coalition partner,
the Nationals in dropping any reference to net zero in
its omissions policy.
Speaker 2 (00:49):
Following a marathon four hours and forty five minute party
room meeting yesterday, No final decision with announce but a
vote on the net zero debate will be hell today
and yesterday's meeting, forty nine MPs spoke out and according
to media reports, twenty eight wanted to abandon any mention
of net zero. Seventeen wanted to keep it four were unclear.
(01:11):
Opposition leader Susan Lee's main rival Angus Taylor, backed calls
to dump net zero emissions, as did her main numbers
person Alex hawk So two apparently did Lee's deputy and
Shadow Treasurer Ted O'Brien. Liberal leadership aspirant Andrew Hasty said
a future coalition government should be prepared to hold a
double dissolution election a repealing Labour's climate legislation. They walked
(01:36):
that back later in the day, while moderates Andrew Bragg
and Jane Hume urged the Liberal Party room to keep
a net zero target.
Speaker 1 (01:44):
Now.
Speaker 2 (01:44):
Taylor was Energy Minister in the Morrison government when Australia
committed to net zero at the Glasgow copp Summit in
twenty twenty one. Media reportsges Taylor still wants to reduce emissions,
but doesn't want the targets. Moderates who support keeping net
ZERI was a target by twenty fifty, argued that the
party risked losing younger voters. Party federal secretary Andrew Hurst
(02:07):
presented polling showing most voters on net zero as a
proxy for climate change action.
Speaker 1 (02:13):
I'm kind of struggling to figure out what this all
means politically. Is the Electric going to care about this
or is this really more about Susan Lee's leadership? Do
you think is that the big thing here?
Speaker 2 (02:25):
It's totally about Susan Lee's leadership. The Electric will care.
Net zero does matter to a lot of people. But
in let's taste that last election, they are absolutely shell ACKed.
Now she struggled to maintain discipline in the party since then.
The vote today won't exactly help her claim to the
leadership given that she's actually on the wrong side of
(02:46):
the vote, presuming it goes ahead, and Nitzero has dropped
a handful of Conservative Liberals, including Taylor. Actually did you say?
They arrived at yesterday's meeting in an obvious show of unity.
They walked through the corridors and Parliament House.
Speaker 1 (03:00):
It had all the hallmarks of a leadership battle. You
see that labor liberal, any party, when they have their
numbers behind them, that is what they do when they're
heading into vote on the leadership. It felt like this
was actually approxy for a leadership battle.
Speaker 2 (03:12):
Yeah, in the end, no vote. They will vote today
on net zero. Lee probably will make it till Christmas,
but next year I think she's probably at long odds
now to actually make it beyond you know, kind of
the first six months of next year.
Speaker 1 (03:27):
And that's just to survive as the leader, let alone,
actually than trying to unite a party and put forward
a platform that is going to appeal to voters who
are alienated at the last election.
Speaker 2 (03:39):
Yeah, that's right. We've discussed this. The opposition is an
absolute mess at the moment.
Speaker 1 (03:43):
Yeah, yeah, and we need a strong opposition totally.
Speaker 2 (03:45):
It's bad for Australia when the opposition is weak.
Speaker 1 (03:47):
Indeed, Now away from politics, Sean, the slide in Commonwealth
Bank's share price continues, with the asx's largest company now
down ten percent in the past five sessions.
Speaker 2 (04:01):
And most of that has been in the past two sessions.
Commbank's quarterly update on Tuesday morning was a touch softer
than expected unless worried about profit margin pressures. But the
shift away from Commonwealth Bank has been going on for
much longer than the last five sessions. It is marked
and it is drastic since or in this financial year.
(04:22):
The twenty twenty six financial year, west Pac the second
largest bank, IT share prices up twenty percent, ain Z
thirty three percent, National Australia Bank up nine percent, Commonwealth
Bank off as in down thirteen percent. Not that long
ago we were saying the market cap of CBA wasn't
(04:43):
far off the title value of the other three combined.
No longer, I mean it's still huge. It is. You know,
you put Westpac National Australia Bank market cap together, you
get to about where Commonwealth Bank is. But wow, it
is coming back to the pack.
Speaker 1 (04:57):
It's funny because we were talking a while ago about
the big switched, the big rotation out of the banks
and into the miners and things. But it's as though
it's just out of Commonwealth Bank and into the other banks.
Speaker 2 (05:06):
Yes, and we did kind of make mention of that
then that it initially it was out of the banks,
but it really was out of Commonwealth Bank specifically.
Speaker 1 (05:13):
Wow, that's those are incredible stats. What about the rest
of the AX?
Speaker 2 (05:17):
Yesterday s and PAX two hundred closed down and touched
to just under eighty eight hundred points iron ore and
gold prices rows. That helped them the miners crude was
also higher, helped the local energy stocks. Life three sixty
worst on the AX two hundred, down thirteen percent after
investors digested Tuesday's trading update, which showed user growth numbers
(05:38):
came in less than expected.
Speaker 1 (05:40):
Okay, we have a fair bit to cover today. Sean
will take a quick break back in a moment with
the rest of the day's business news Sean. The social
media band for under sixteen year olds is now less
than a month away, and online platforms beginning to contact
(06:01):
teenagers to tell them they need to make a decision
about the data that's in their accounts.
Speaker 2 (06:06):
Over one million accounts are likely to be pinged in
coming days, with users offered a choice of downloading data,
freezing profiles, or losing the lot. The world first band
kicks in on ten December. TikTok, Snapchat, Facebook, Instagram threads.
They're set to deactivate accounts, according to Reuters, Now social
media companies are actually going to lean on software. Now,
(06:28):
on software, they already have to guess age based engagement,
and that's through the use of likes, for instance, rather
than actually verification of birth dates.
Speaker 1 (06:39):
That's incredible.
Speaker 2 (06:40):
So it's just kind of cool.
Speaker 1 (06:41):
It's demographic profiling.
Speaker 2 (06:43):
Yeah, absolutely, so they know what you know, likes, well broadly,
you know there might be a meme or there might
be a video. Who likes that? Yeah, actually reflects ages.
Speaker 1 (06:55):
This are the stuff that you and I like is
vastly different because we like stuff that's done cool. Oh okay, fine,
I like stuff that's une caol and I like trains. Yeah,
and you're not going to find a fifteen year old
liking a steam trainer.
Speaker 2 (07:11):
Remember all the fewer or from these guys, from the
social media guy saying we can't do it, it's going
to cost us tens of million, hundreds of millions of dollars. Well,
this software is long established, he's actually developed for marketing purpose.
Speaker 1 (07:22):
They've already got it.
Speaker 2 (07:23):
Yeah. Age assurance apps will only be used when users
complain of being incorrectly blocked, but otherwise they've pretty much
got the soop where they're already. The social media giants
say that Australia's remaining twenty million use social media users
can expect little interruption. So I would love to be
(07:43):
asked my age because of my likes.
Speaker 1 (07:47):
Wouldn't that be funny if you can actually just see
what it thinks you are?
Speaker 2 (07:50):
Yeah, Sean, who are acting like a fourteen year old boy.
Speaker 1 (07:56):
Child? That is fantastic. Now, Australia and Ana Sean will
sign a new security agreement that calls for the two
countries to consider a joint response if either one comes
under attack.
Speaker 2 (08:09):
I'm mister Anthony Alberanesi announced the treaty alongside Indonesian President
Prabawo Subianto. He said it is based on one signed
by Paul Keating and President Suharto thirty years ago. The
treaty will commit Australia in Indonesia to consult at a
leader and ministerial level on a regular basis on matters
of security, to identify and undertake mutually beneficial security activities.
(08:30):
That's all, according to Albanesi. He said it's the major
extension of existing security and defense cooperation. President Prabawo said
that the treaty reaffirmed Indonesia's determination to enhance its friendship
with Australia as partners and close neighbors.
Speaker 1 (08:44):
How about this one. Foreign visitor arrivals to Australia have
finally returned to pre COVID levels. It took a little while,
but it's been helped by strong traffic from New Zealand.
Speaker 2 (08:54):
And about time, Michael. Short term arrivals raise more than
ten percent in the year two September. According to the
Bureau of Status, it's almost six hundred and ninety seven
thousand people visitors one point one million Australians returning from overseas.
New Zealand encounter for nearly twenty percent of arrivals. China
remains below pre pandemic levels, but like UK, Singapore, India,
(09:16):
South Korea, Indonesia, they've also past twenty nineteen figures.
Speaker 1 (09:20):
Okay, there's been a wealth of economic data, has it's been,
and every time that happened, whenever we get a week
like this, your eyes light up.
Speaker 2 (09:30):
Yes, it's fun a little bit.
Speaker 1 (09:31):
Combank's Household Spending Insights Index rose in October for the
thirteenth straight month. Who said thirteen was unlucky?
Speaker 2 (09:40):
Combank, via it's debit and credit card data, gets a
pretty good read on what consumers are thinking, what they're doing.
The index rows again last month, strongest gains in transport,
made vehicles, and hospitality over the past year. The biggest
gains when utilities, communications and hospitalities. Now, they were all
sectors exposed to inflation. What's kind of interesting now some
(10:00):
of the sectors in the last little bit have not
necessarily been inflation linked.
Speaker 1 (10:05):
Now the former CFMEU boss John Setka, has been charged
with attempting to threaten or intimidate the union's administrator.
Speaker 2 (10:14):
Setka was arrested in Melbourne yesterday morning and police said
a footscray man, or how they put it, a footscray
man A Sedka said a number of allegedly threatening, offensive
and abusive emails to a CFME you administrator met He's
reporting that police handcuffed Setka and took him from an
apartment building, as well as seizing his phone. The charges
relate to extremely aggressive and profanity laced messages set consent
(10:37):
to CFMI you administrator or the administration team really led
by Mark IRVINGKC.
Speaker 1 (10:45):
Did you nearly say? QC? Just there's taking some getting
used to, isn't it? Yes? Yes, to get out of
the habit of a lifetime. Now to flip that over
to KC now sean menu Log, which is the Australian
food deliver platform that that has had some very high
profile ads Snoop Dog Katie Perry, very memorable little jingle.
(11:10):
Yes yeah, I was kind of hoping it just burst
into songs that you're not going to do it out
your wires while the tape is recording. It's going to
close on the back of hundreds of millions of dollars
in losses.
Speaker 2 (11:23):
Uber Eats and door Dash basically have eaten menu log
a last or something like that. Menulog was founded in
two thousand and six as a digital marketplace peered local
restaurants with delivery drivers. Once Australia's largest online food ordering platform,
but it will close its local operations on twenty six
November after, as it put it, it attempted to navigate
(11:45):
challenging circumstances, really challenging. In twenty twenty two, menu log
reported loss of two hundred and seventy five million dollars
twenty twenty three, one hundred and ten million dollars. Last
year thirty two million dollars. At some point, it's got
to give.
Speaker 1 (12:00):
It's such an interesting sector, isn't it, Because the margins
must be so thin on some of these deliveries, and
they have so many discounts and offers free delivery and
no service fees and all of that. And we've already
lost delivery as well, and Fudora I think it was
another one, and really it's just now left with Uber
Eats and door Dash and Door. Dash is now partnered
(12:21):
with Aldi and all of these other ones. You can
see that they are becoming bigger and bigger, and the
smaller ones are dropping away. South Korean steel giant Postco
has done a deal to take a thirty percent steak
in two of Mineral Resources lithium minds for one point
two billion dollars.
Speaker 2 (12:37):
The deal value is the assets at three point nine
billion dollars, well above what analysts had calculated yes they.
Min Resa's share price jumped nine percent on the back
of it. Since it's low in April after a series
of corporate governance failures emerged, Minres' share price is up
two hundred and fifty percent, including twenty percent in the
(12:57):
past three days. Mineral Resources will retain a seven percent
interest in the new entity that houses the two minds.
It will continue to wipe out the mines. PSCO will
receive lithium spot a main concentrate proportional to its stake
to support its projects. Now. Posco and Minrez already partners
in the Onslow iron ore project in Wa.
Speaker 1 (13:17):
Just quickly, it wasn't the only lithium stock to announce
a deal yesterday. Linetown Resources into new partnership as well.
Speaker 2 (13:23):
Sure It's share price hit its highest points since the
middle of last year, up six percent. The deal is
for Metal's hub to run digital actions of line Town's spot,
a main concentrate.
Speaker 1 (13:33):
Turning to international news now, Sean, China's cybersecurity agency has
accused the American government of orchestrating the theft of about
thirteen billion US dollars worth of bitcoin, representing China's most
recent attempt to attribute major cyber attacks to the.
Speaker 2 (13:50):
US, because of course China would never have a cyber
attack on Australia, on the US or Australia or anywhere else.
Speaker 1 (13:55):
I no, never. I don't think they've ever even doubled.
Speaker 2 (13:58):
In fact, I think that afternoon yesterday you were talking
about the boss of.
Speaker 1 (14:02):
Yeah, the warning from the boss of Asio saying that
this is this is not just a potential, this is
happening now and we are at risk anyway.
Speaker 2 (14:09):
The theft of one hundred and twenty seven two hundred and
seventy two bitcoin tokens from the Lubian bitcoin mining pool
that took place in December twenty twenty is one of
the largest crypto heightst ever. The hack, according to the
Chinese National Computer Virus Emergency Response Center phew mouthful is
likely a state level hacker operation led by the US.
(14:33):
It said the quiet and delayed movement of the stolen
bitcoin fits a government level action rather than the typical
criminal behavior. The report links the stolen bitcoin once from
lubiauan Once, one of the largest bitcoin mining operations in
the world, with tokens that were confiscated by the US government,
and the US said they're associated with a Cambodian group,
(14:57):
but very murky.
Speaker 1 (15:00):
Oah, good luck keeping that one straight last one. Sean
legendary investor Warren Buffett has penned one of his final
letters to shareholders saying he's going to speed up his
plans to give away as much of his one hundred
and fifty billion dollar personal fortune to his children's philanthropic foundations.
Speaker 2 (15:18):
They'll get quite the boost, won't they be. The ninety
five year old wrote that his two daughters and one
son were at their prime in respect to experience and wisdom,
but they weren't yet old. Couldn't agree more. They range
in age from sixty seven to seventy two.
Speaker 1 (15:34):
Why is not old?
Speaker 2 (15:35):
I like it makes me look very young. Buffett will
step down from Berkshire Hathway at the end of the year,
and this week said he will soon be going quiet. Really,
I don't know what the heaver will I quote him though,
I move slowly and read with increasing difficulty. I met
the office five days a week, where I work with
wonderful people. Occasionally I get a useful idea or I'm
(15:56):
approached with an offer we might not otherwise have received.
Warren Buffett is still the man he is without doubt,
He's still the legend. Buffet's an you'll let us to
shareholders became part of his legend. They're kind of a
little bit of economic analysts, a little bit analysis, a
little bit of investment advice, leadership, maxims, personal stories, and
(16:16):
then he actually goes into all the assets that he owns.
He's led Berkshire for sixty years. Finishing up in a
few weeks. He will definitely be missed.
Speaker 1 (16:24):
Yeah, pretty remarkable. Okay. Up next is Fear and Greed
Q and A all about the economy today. And we
talked about the wealth of economic data before, and we're
going into that a little bit more detail about what
we can actually glean from it and what it means
for the outlook. It's coming up next to the Fear
and Greed playlist on your podcast platform or at Fearangreed
dot com dot au. Thank you very much, Sean, Thank you, Michael.
It is Thursday, the thirteenth of November twenty twenty five.
(16:45):
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 Fear and Greed. Have a great day.
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