September 8, 2025 • 17 mins
Tuesday 9 September 2025
The two big supermarkets face remediation costs of up to $1 billion for underpaying retail workers.
And more, including:
- Prime Minister Anthony Albanese puts corporate tax reform front and centre, and calls on big business to support the government’s climate change agenda.
- Corporate Australia drops DEI initiatives.
- Fears that kids will find ways to avoid the upcoming social media ban
- The government proposes reforms to make it easier on passengers facing delayed or cancelled airline flights.
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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 two big supermarkets face remediation costs of up to
one billion dollars for underpaying retail workers. Prime Minister Anthony
Albanezi puts corporate tax reform front and center and calls
on big business to support the government's climate change agenda,
and Corporate Australia drops DEI initiatives. Plus fears that kids
(00:28):
will find ways to avoid the upcoming social media ban,
and the government proposes reforms to make it easier on
passengers facing delayed or canceled flights. It is Tuesday, the
ninth of September twenty twenty five. I'm Michael Thompson and
welcome back. Sean Aylmer.
Speaker 2 (00:45):
Hello, Michael, it is great to be back on fear
and greed.
Speaker 1 (00:49):
You are back on fear and greed, but you are
not technically back in the studio with me. Where exactly
are you right now?
Speaker 2 (00:56):
A little place called Saint Germain de bel Air, which
is in the south of France, where working remotely for
a few weeks Jackie and I and we've sort of
holed ourselves up in a little village. I'd image it'll
be a little bit of wine tasting, cheese eating, that
type of thing going on. But it's just a break
(01:17):
from life. We're still working, still doing Fear and Greed,
of course, but we're doing it from the south of France.
Speaker 1 (01:23):
Yes, you certainly can't escape Fear and Greed anywhere in
the world, can you. But you have had a few
weeks of traveling around Europe. And I'll tell you what actually,
if you're okay with it, tomorrow in the Fear and
Greed Daily newsletter, I'm going to ask you to supply
one of your holiday snaps in what is pick the
most exotic and give that one to me. Can you
(01:46):
do that for me?
Speaker 2 (01:46):
My exotic will be different to your exotic, Okay, but
I will. I'll send it through.
Speaker 1 (01:51):
Please do, please do. That'd be great, And you know what,
we will put that in tomorrow's newsletter. If you haven't
subscribed already to the Fear and Greed newsletter, I'll put
a link in today's show notes. It is entire free.
You can get at our website as well, Fearangreed dot com.
Today you anyway sean on with the show. The main
story this morning the two big supermarkets, Coals and Woolies
could owe up to one billion dollars in remediation costs
(02:12):
for underpaying workers, on top of the more than half
a billion dollars they've already paid out. It follows Federal
Court Justice Nyperum delivering his judgment in Coles's long running
under payments case late last week.
Speaker 2 (02:25):
Coles, which has so far paid thirty one million dollars
in remediation, reckons it could be up for another one
hundred and fifty to two hundred and fifty million dollars
including interests and non costs. Woolies, which has already paid
out a bit less than five hundred million dollars in remediation,
estimates it could owe up to three hundred and thirty
million dollars post tax, plus another two hundred million dollars
(02:46):
in interest, superinnuation and payroll tax. But Michael, these are guestimates.
According to the Finn Review, there's a bunch of other
issues the judge is yet to rule on. At a minimum,
it looks like this whole mess, which is been running
for about ten years, or in fact more than ten years,
will cost the big retailers more than one point three
billion dollars. These underpayments. Matters don't relate to start working,
(03:11):
the checkouts or the loading bame, but they do relate
to store managers and department managers who are on salaries.
Under the long standing salary structures the two companies use,
these managers are paid above the rates required under the
general Retail Industry Award. The idea they get paid above
that and that should offset any overtime they might do,
(03:33):
particularly during seasonally busy periods. Think about Christmas, Easter, that
type of thing.
Speaker 1 (03:40):
I suppose that's really the nub of the decision here,
isn't it. And why retailers beyond Willies, beyond colds are
so worried because currently for managers there's this kind of
it all works out in the end approach. But Peram's
judgment requires that the retailers account for and offset over
time after a period as short as two weeks, which
there's a major change.
Speaker 2 (04:01):
Oh yeah, can you imagine the paperwork involved in it?
Just the bureaucracy with trying to keep track of when
everyone is working, when managers are working. There are a
bunch of other quirks too. Under a scenario where a
manager works six days in a row, takes seven days
of annual leave and then returns to work. The retailers
believe the judgment suggests they will now be liable to
(04:23):
pay the workers overtime, as the annual leave technically counts
as worktime. Technically is the operative word. There a lot
of technicalities in this one. There are already class actions
being filed against Coals and Woolies that could add to
the cost. The issue will hit not just the big
supermarket chains, but the whole retail sector. In fact, the
(04:45):
Australian Retailers Association reckons there's nearly one thousand different pay
rates across the sector. The judgment appears to reduce flexibility
and increase compliance requirements. It is very unlikely that this
is going to cut costs in any way, shape or form.
If Coles and Woollies are struggling, now, how small employers
navigate the rambifications of this judgment and the further decisions
(05:09):
to come. It is Michael, as they say in French,
an almighty mess. Well, I don't know whether they say
that in French or not, but it is an almighty mess.
Speaker 1 (05:18):
Oh God, I was worried just then. I did not
know where you were going to go.
Speaker 2 (05:22):
I was going to try some French and I thought, no,
it's horrendous, so I won't.
Speaker 1 (05:26):
Okay, Well, you've got a few more weeks there yet,
so we might be able to get some French out
of you in coming days. Prime Minister Anthony albineazy sean,
who I suspect you haven't thought about a huge amount
only the last month or so. But he's he still
got the job. He does, he does, He's still there,
still there, Government's still there.
Speaker 2 (05:46):
Unlike the French Prime minister who's about to get kicked
out again after the less in the year.
Speaker 1 (05:50):
Oh well, you know what you miss You missed the
most extraordinary reform round table while you were gone.
Speaker 2 (05:55):
What was it like?
Speaker 1 (05:56):
How to go? It was great? It was great. I mean,
nothing much has happened yet as a result of it,
but there's some good ideas coming out of it. Good good, good,
Like corporate tax reform, it's on the table. He's urged
business leaders to back Labour's plans for its twenty thirty
five emissions reduction target, saying an ongoing era of consensus
(06:18):
is needed to take advantage of the economic opportunities in
a changing world.
Speaker 2 (06:23):
In a speech to the Business Council of Australia last night.
The Prime Minister backed Australia as a destination for data
centers and labeled artificial intelligence as a productivity opportunity as
long as there are regulations to protect workers and businesses
from its risks. The PM said last month's economic roundtable
achieved real progress. I think he's a bit more upbeat
(06:45):
on it than you, r Michael. Real progress, he said,
and on reaching consensus between business unions and the government
on immediate reforms the tariffs, construction regulations and green tape
mistrail been easy, promised to consult with Corporate Australia on
tax deregulation, skills and I regulation leading into future budgets
his words. He also said his governments looking at fair
(07:06):
and affordable tax reform to incentivize greater business investment and
capital deepening. There's a phrase that we need to get
going a little bit more regularly, capital deepening.
Speaker 1 (07:18):
See. He talks about the fact that all of these
bits and pieces, that all the real progress reforms to
tariffs and red tape and green tape and all of this,
all that stuff was decided before the roundtable even started.
Those were the little bits.
Speaker 2 (07:32):
And you are a cynic.
Speaker 1 (07:33):
You know, I reckon, I've become more cynical because you're
a bit of a cynic too, and I had to
be cynical for both of us while you were gone.
I'm even worse. I am worse. Local markets, how do
they go?
Speaker 2 (07:45):
Yesterday down about a quarter of percent to eight hundred
and fifty points. Bank stocks led the losses, while lithium
minus had a pretty good day, led by Evergreen and Pilbragh. Minerals,
Rio Tinto and South thirty two were higher. BHP was down.
Best of the large caps see are Seldom Wirestick, Worst,
Woodside and Santos. Now that's on the back of OPEK,
(08:06):
the organization of the petroleum ex boarding countries, agreeing over
the weekend to raise oil output further next month, despite
broader concerns about a looming supply glut. For an online meeting,
the OPEQ members said they'll boost production by one hundred
and thirty seven thousand barrels a day in October. I
just like saying how many barrels a day they're going
(08:27):
to increase bike because the numbers are massive. The point
to all this, Michael to all week car drivers. It
should actually reduce the cost of oil, reduce the cost
of petrol. I like that. Finally, the AUSI dollar sixty
five and a half y WES cents.
Speaker 1 (08:42):
Do you like the fact that the OPEC members hold
an online meeting. They don't all fly to the same
place trying to cut down on emissions. Perhaps, I don't know.
I don't know, all right, Sean, we have plenty still
to cover. We'll take a quick break back in a
moment with the rest of the day's business, Sean. Corporate
(09:08):
Australia has made a significant shift away from promoting its
commitment to progressive social issues, with the latest annual reports
of big companies cutting references to policies aimed at bolstering diversity,
inclusion and environmental sustainability DEI.
Speaker 2 (09:23):
An analysis shows fifty four of the eighty one largest
companies that have issued annual reports this year have cut
mentions of diversity, Environmental, Social and Governance ESG and DEI diversity,
equity and inclusion. According to a report in the Australian
toll road operated Transurban, for example major operations in the US.
(09:43):
Of course, in the US is where Donald Trump's anti
wokee declarations have influenced corporates to unwind their positions well.
Last year, Transurban mentioned ESG forty times, this year just eight.
Macquarie Group, another company big ex in the US DEI,
was not mentioned once in his twenty twenty five report.
(10:05):
It was referred to twenty four times last year. ESG
when from ninety three times last year to nine this year.
It goes on Reliance Worldwide Corporation, big manufacture of pumming fittings,
didn't make any mention of ESG in this year's report,
mentioned it quite a few times last time. This year
follows major corporations like Meta, Amazon, Walmart backing away from
(10:28):
their diversity, equity and inclusion language ever since Donald Trump's return.
Speaker 1 (10:33):
Now, Beijing Sean is upset over what it calls Pennywong
and Richard Marles's incomprehensible decision to provoke China at a
meeting on Friday with their Japanese counterparts in Tokyo.
Speaker 2 (10:46):
It's relevant because this outrage it comes as the Pacific
Islands Forum prepares to meet in the Solomon Islands, and
as Beijing Canberra tussle for influence in that country. Beijing's
anger appeared in the Lee editorial in Monday's China Daily,
and I quote Japan and Australia have tried to depict
their strengthen security cooperation as a meaningful move to maintain
(11:09):
peace and stability in the Asia Pacific. Yet what they've
done by elevating their so called special strategic partnership is
actually stirring up tensions. The China Daily, it's Beijing's most
authority of English language daily, said Australian and Japanese senior ministers,
and I quote did not stop it just parroting the
hackneyed China targeted phrases from the playbook of the United States.
(11:33):
They went further by seeking to provoke China on issues
that concerns its core interests. Not happy, No, it doesn't
seem that way. Now Australians could soon be entitled to
prompt airline refunds and rebookings, as well as food and
accommodation when flights are delayed or canceled, under a new
National Aviation Consumer Protection scheme unveiled by the federal government.
(11:56):
This is good news, I reckon Transport Minister Catherine King.
There's the draft reform, so only in draft form at
the moment, would create enforceable standards for airlines and airports,
with cash compensation still on the table. If airlines are
at fault, a new aviation Onbardsmen will handle unresolved complaints.
The proposal comes after years of passenger frustration, including quantus
(12:18):
selling tickets on already canceled flights, the collapse of both
Rex and Bonds of last year. It's not really surprising
that ultimately the government has decided to step in and
try and get a better deal for passengers.
Speaker 1 (12:30):
Now Sewan, there's been a lot of talk lately about
Australia's social media age ban for under sixteen. It kicks
in on December ten, and if you're under sixteen, you're
going to be banned from using major social media platforms
including TikTok, Instagram, YouTube and Facebook. But experts are warning
that the new law could be undermined by VPNs. Was
(12:51):
it Virtual private networks? Is it?
Speaker 2 (12:53):
I think so.
Speaker 1 (12:55):
That's one of those ones where you just say VPNs
so often that you don't pay much attention with one
steps more anymore. Yeah, But they allow users basically to
mask their identity and their location online.
Speaker 2 (13:06):
A quarter of restraints already used them and download spike
overseas when similar age restrictions were introduced. Cybersecurity experts say
tech giants have the ability to detect and block VPN use,
but are failing to act. Communications Minister Anika Wells has
worn platforms they face fines of up to forty nine
million dollars if they don't comply. The government's age assurance
(13:26):
trial found there is no single solution, but platforms could
use tools such as AI, official documents and GEO signals. Meanwhile,
parents are being urged to educate children about the new
laws and the risk of using unreliable VPN services, which
have been linked linked to data leaks.
Speaker 1 (13:43):
Okay, turning to international news now, European leaders will visit
the United States and coming days to discuss ways to
end the war in Ukraine. According to Donald Trump, do.
Speaker 2 (13:52):
You know someone else I didn't miss while I was
on holidays and really ignored the news.
Speaker 1 (13:57):
Was it, by any chance the US President?
Speaker 2 (14:00):
It was the US President. That's exactly right. And interestingly,
as you know, Jack and I went on a cruise
to Norway and Iceland and the cruise was full of Americans.
And I mean I have lived in America. I've done
all that. You're always talking politics with Americans. Not once
did anyone talk about Donald Trump except a few people
(14:23):
who apologized. I thought it was quite fascinating.
Speaker 1 (14:25):
Actually, oh that is a big change.
Speaker 2 (14:28):
Yeah, it was just it was interesting. I mean, it
wasn't a topic of conversation anyone went near and if
they did, they basically apologized, which is I presume the's
are fairly affluent Americans. But yeah, anyway, the US president
he reckons that he'll also be speaking to Russian President
Vladimir Putin soon, as he put it, as well as
(14:49):
signaling that his administration is ready to move to a
second phase of sanctions on Moscow. Ukrainian President Volaimi Zelenski
said the sanctions were the right idea and urged European
nations to stop buying Russian energy. All this came as
Russia launched its largest aerial bombardment on Ukraine of the
war so far, killing four and hitting Ukraine's main government
(15:11):
building in Kiev for the first time.
Speaker 1 (15:14):
Finally, Sean, we were talking just before about the social
media ban for under sixteens. Well, South Korea is banning
mobile phones in classrooms right across the country. The new
law takes effect in March of next year, and it
aims to tackle rising smartphone addiction among kids and teens.
Speaker 2 (15:31):
Supporters say phones are disrupting lessons heard in grades and
even fueling bullying. Nearly a quarter of South Korean's admit
they're overly dependent on their devices. Parents worry their children
spend more time scrolling than studying or making friends. The
law allows some exceptions for emergencies, learning tools, stuff like that,
but it means South Korea now joining France, Finland, China
(15:53):
taking phones out of the classrooms by law. I think
it'd be fascinating to try it here Australia.
Speaker 1 (16:00):
Yeah, yeah, yeah, And it does feel like and individual
schools have done this as well, but I mean to
see it done across the board would be something. And
it does feel like maybe we are heading that way
if we're already getting the social media ban and the
next step might be the smartphone ban as well. Okay,
up next is fear and greed Q and A. Today, Sean,
(16:22):
we are going to be talking, among other things, about
bond yields.
Speaker 2 (16:27):
Yes, yes, yes, we're very excited about bond neilds at
the moment because people are expecting in the next ten
days or so for the US to cut interest rates
and what that means for bond yields, what that means
for the returns on other asset classes. So yep, we're
going to talk about that.
Speaker 1 (16:42):
Yes, coming up next to the Fear and Greed playlist
on your podcast platform or at Fearandgreed dot com dot au,
which is where you sign up for that free daily
news that I don't forget to sign up today so
that you can see Sean's holiday snaps tomorrow. Thanks very much, Sean.
Speaker 2 (16:55):
Thanks Michael.
Speaker 1 (16:56):
It is Tuesday, the ninth of September twenty twenty five.
Make sure you're following the podcast and please join us
online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael
Thompson and that wasphere and Greed. Have a great day.
Welcome to Fear and Greed business news you can use today.
The two big supermarkets face remediation costs of up to
one billion dollars for underpaying retail workers. Prime Minister Anthony
Albanezi puts corporate tax reform front and center and calls
on big business to support the government's climate change agenda,
and Corporate Australia drops DEI initiatives. Plus fears that kids
(00:28):
will find ways to avoid the upcoming social media ban,
and the government proposes reforms to make it easier on
passengers facing delayed or canceled flights. It is Tuesday, the
ninth of September twenty twenty five. I'm Michael Thompson and
welcome back. Sean Aylmer.
Speaker 2 (00:45):
Hello, Michael, it is great to be back on fear
and greed.
Speaker 1 (00:49):
You are back on fear and greed, but you are
not technically back in the studio with me. Where exactly
are you right now?
Speaker 2 (00:56):
A little place called Saint Germain de bel Air, which
is in the south of France, where working remotely for
a few weeks Jackie and I and we've sort of
holed ourselves up in a little village. I'd image it'll
be a little bit of wine tasting, cheese eating, that
type of thing going on. But it's just a break
(01:17):
from life. We're still working, still doing Fear and Greed,
of course, but we're doing it from the south of France.
Speaker 1 (01:23):
Yes, you certainly can't escape Fear and Greed anywhere in
the world, can you. But you have had a few
weeks of traveling around Europe. And I'll tell you what actually,
if you're okay with it, tomorrow in the Fear and
Greed Daily newsletter, I'm going to ask you to supply
one of your holiday snaps in what is pick the
most exotic and give that one to me. Can you
(01:46):
do that for me?
Speaker 2 (01:46):
My exotic will be different to your exotic, Okay, but
I will. I'll send it through.
Speaker 1 (01:51):
Please do, please do. That'd be great, And you know what,
we will put that in tomorrow's newsletter. If you haven't
subscribed already to the Fear and Greed newsletter, I'll put
a link in today's show notes. It is entire free.
You can get at our website as well, Fearangreed dot com.
Today you anyway sean on with the show. The main
story this morning the two big supermarkets, Coals and Woolies
could owe up to one billion dollars in remediation costs
(02:12):
for underpaying workers, on top of the more than half
a billion dollars they've already paid out. It follows Federal
Court Justice Nyperum delivering his judgment in Coles's long running
under payments case late last week.
Speaker 2 (02:25):
Coles, which has so far paid thirty one million dollars
in remediation, reckons it could be up for another one
hundred and fifty to two hundred and fifty million dollars
including interests and non costs. Woolies, which has already paid
out a bit less than five hundred million dollars in remediation,
estimates it could owe up to three hundred and thirty
million dollars post tax, plus another two hundred million dollars
(02:46):
in interest, superinnuation and payroll tax. But Michael, these are guestimates.
According to the Finn Review, there's a bunch of other
issues the judge is yet to rule on. At a minimum,
it looks like this whole mess, which is been running
for about ten years, or in fact more than ten years,
will cost the big retailers more than one point three
billion dollars. These underpayments. Matters don't relate to start working,
(03:11):
the checkouts or the loading bame, but they do relate
to store managers and department managers who are on salaries.
Under the long standing salary structures the two companies use,
these managers are paid above the rates required under the
general Retail Industry Award. The idea they get paid above
that and that should offset any overtime they might do,
(03:33):
particularly during seasonally busy periods. Think about Christmas, Easter, that
type of thing.
Speaker 1 (03:40):
I suppose that's really the nub of the decision here,
isn't it. And why retailers beyond Willies, beyond colds are
so worried because currently for managers there's this kind of
it all works out in the end approach. But Peram's
judgment requires that the retailers account for and offset over
time after a period as short as two weeks, which
there's a major change.
Speaker 2 (04:01):
Oh yeah, can you imagine the paperwork involved in it?
Just the bureaucracy with trying to keep track of when
everyone is working, when managers are working. There are a
bunch of other quirks too. Under a scenario where a
manager works six days in a row, takes seven days
of annual leave and then returns to work. The retailers
believe the judgment suggests they will now be liable to
(04:23):
pay the workers overtime, as the annual leave technically counts
as worktime. Technically is the operative word. There a lot
of technicalities in this one. There are already class actions
being filed against Coals and Woolies that could add to
the cost. The issue will hit not just the big
supermarket chains, but the whole retail sector. In fact, the
(04:45):
Australian Retailers Association reckons there's nearly one thousand different pay
rates across the sector. The judgment appears to reduce flexibility
and increase compliance requirements. It is very unlikely that this
is going to cut costs in any way, shape or form.
If Coles and Woollies are struggling, now, how small employers
navigate the rambifications of this judgment and the further decisions
(05:09):
to come. It is Michael, as they say in French,
an almighty mess. Well, I don't know whether they say
that in French or not, but it is an almighty mess.
Speaker 1 (05:18):
Oh God, I was worried just then. I did not
know where you were going to go.
Speaker 2 (05:22):
I was going to try some French and I thought, no,
it's horrendous, so I won't.
Speaker 1 (05:26):
Okay, Well, you've got a few more weeks there yet,
so we might be able to get some French out
of you in coming days. Prime Minister Anthony albineazy sean,
who I suspect you haven't thought about a huge amount
only the last month or so. But he's he still
got the job. He does, he does, He's still there,
still there, Government's still there.
Speaker 2 (05:46):
Unlike the French Prime minister who's about to get kicked
out again after the less in the year.
Speaker 1 (05:50):
Oh well, you know what you miss You missed the
most extraordinary reform round table while you were gone.
Speaker 2 (05:55):
What was it like?
Speaker 1 (05:56):
How to go? It was great? It was great. I mean,
nothing much has happened yet as a result of it,
but there's some good ideas coming out of it. Good good, good,
Like corporate tax reform, it's on the table. He's urged
business leaders to back Labour's plans for its twenty thirty
five emissions reduction target, saying an ongoing era of consensus
(06:18):
is needed to take advantage of the economic opportunities in
a changing world.
Speaker 2 (06:23):
In a speech to the Business Council of Australia last night.
The Prime Minister backed Australia as a destination for data
centers and labeled artificial intelligence as a productivity opportunity as
long as there are regulations to protect workers and businesses
from its risks. The PM said last month's economic roundtable
achieved real progress. I think he's a bit more upbeat
(06:45):
on it than you, r Michael. Real progress, he said,
and on reaching consensus between business unions and the government
on immediate reforms the tariffs, construction regulations and green tape
mistrail been easy, promised to consult with Corporate Australia on
tax deregulation, skills and I regulation leading into future budgets
his words. He also said his governments looking at fair
(07:06):
and affordable tax reform to incentivize greater business investment and
capital deepening. There's a phrase that we need to get
going a little bit more regularly, capital deepening.
Speaker 1 (07:18):
See. He talks about the fact that all of these
bits and pieces, that all the real progress reforms to
tariffs and red tape and green tape and all of this,
all that stuff was decided before the roundtable even started.
Those were the little bits.
Speaker 2 (07:32):
And you are a cynic.
Speaker 1 (07:33):
You know, I reckon, I've become more cynical because you're
a bit of a cynic too, and I had to
be cynical for both of us while you were gone.
I'm even worse. I am worse. Local markets, how do
they go?
Speaker 2 (07:45):
Yesterday down about a quarter of percent to eight hundred
and fifty points. Bank stocks led the losses, while lithium
minus had a pretty good day, led by Evergreen and Pilbragh. Minerals,
Rio Tinto and South thirty two were higher. BHP was down.
Best of the large caps see are Seldom Wirestick, Worst,
Woodside and Santos. Now that's on the back of OPEK,
(08:06):
the organization of the petroleum ex boarding countries, agreeing over
the weekend to raise oil output further next month, despite
broader concerns about a looming supply glut. For an online meeting,
the OPEQ members said they'll boost production by one hundred
and thirty seven thousand barrels a day in October. I
just like saying how many barrels a day they're going
(08:27):
to increase bike because the numbers are massive. The point
to all this, Michael to all week car drivers. It
should actually reduce the cost of oil, reduce the cost
of petrol. I like that. Finally, the AUSI dollar sixty
five and a half y WES cents.
Speaker 1 (08:42):
Do you like the fact that the OPEC members hold
an online meeting. They don't all fly to the same
place trying to cut down on emissions. Perhaps, I don't know.
I don't know, all right, Sean, we have plenty still
to cover. We'll take a quick break back in a
moment with the rest of the day's business, Sean. Corporate
(09:08):
Australia has made a significant shift away from promoting its
commitment to progressive social issues, with the latest annual reports
of big companies cutting references to policies aimed at bolstering diversity,
inclusion and environmental sustainability DEI.
Speaker 2 (09:23):
An analysis shows fifty four of the eighty one largest
companies that have issued annual reports this year have cut
mentions of diversity, Environmental, Social and Governance ESG and DEI diversity,
equity and inclusion. According to a report in the Australian
toll road operated Transurban, for example major operations in the US.
(09:43):
Of course, in the US is where Donald Trump's anti
wokee declarations have influenced corporates to unwind their positions well.
Last year, Transurban mentioned ESG forty times, this year just eight.
Macquarie Group, another company big ex in the US DEI,
was not mentioned once in his twenty twenty five report.
(10:05):
It was referred to twenty four times last year. ESG
when from ninety three times last year to nine this year.
It goes on Reliance Worldwide Corporation, big manufacture of pumming fittings,
didn't make any mention of ESG in this year's report,
mentioned it quite a few times last time. This year
follows major corporations like Meta, Amazon, Walmart backing away from
(10:28):
their diversity, equity and inclusion language ever since Donald Trump's return.
Speaker 1 (10:33):
Now, Beijing Sean is upset over what it calls Pennywong
and Richard Marles's incomprehensible decision to provoke China at a
meeting on Friday with their Japanese counterparts in Tokyo.
Speaker 2 (10:46):
It's relevant because this outrage it comes as the Pacific
Islands Forum prepares to meet in the Solomon Islands, and
as Beijing Canberra tussle for influence in that country. Beijing's
anger appeared in the Lee editorial in Monday's China Daily,
and I quote Japan and Australia have tried to depict
their strengthen security cooperation as a meaningful move to maintain
(11:09):
peace and stability in the Asia Pacific. Yet what they've
done by elevating their so called special strategic partnership is
actually stirring up tensions. The China Daily, it's Beijing's most
authority of English language daily, said Australian and Japanese senior ministers,
and I quote did not stop it just parroting the
hackneyed China targeted phrases from the playbook of the United States.
(11:33):
They went further by seeking to provoke China on issues
that concerns its core interests. Not happy, No, it doesn't
seem that way. Now Australians could soon be entitled to
prompt airline refunds and rebookings, as well as food and
accommodation when flights are delayed or canceled, under a new
National Aviation Consumer Protection scheme unveiled by the federal government.
(11:56):
This is good news, I reckon Transport Minister Catherine King.
There's the draft reform, so only in draft form at
the moment, would create enforceable standards for airlines and airports,
with cash compensation still on the table. If airlines are
at fault, a new aviation Onbardsmen will handle unresolved complaints.
The proposal comes after years of passenger frustration, including quantus
(12:18):
selling tickets on already canceled flights, the collapse of both
Rex and Bonds of last year. It's not really surprising
that ultimately the government has decided to step in and
try and get a better deal for passengers.
Speaker 1 (12:30):
Now Sewan, there's been a lot of talk lately about
Australia's social media age ban for under sixteen. It kicks
in on December ten, and if you're under sixteen, you're
going to be banned from using major social media platforms
including TikTok, Instagram, YouTube and Facebook. But experts are warning
that the new law could be undermined by VPNs. Was
(12:51):
it Virtual private networks? Is it?
Speaker 2 (12:53):
I think so.
Speaker 1 (12:55):
That's one of those ones where you just say VPNs
so often that you don't pay much attention with one
steps more anymore. Yeah, But they allow users basically to
mask their identity and their location online.
Speaker 2 (13:06):
A quarter of restraints already used them and download spike
overseas when similar age restrictions were introduced. Cybersecurity experts say
tech giants have the ability to detect and block VPN use,
but are failing to act. Communications Minister Anika Wells has
worn platforms they face fines of up to forty nine
million dollars if they don't comply. The government's age assurance
(13:26):
trial found there is no single solution, but platforms could
use tools such as AI, official documents and GEO signals. Meanwhile,
parents are being urged to educate children about the new
laws and the risk of using unreliable VPN services, which
have been linked linked to data leaks.
Speaker 1 (13:43):
Okay, turning to international news now, European leaders will visit
the United States and coming days to discuss ways to
end the war in Ukraine. According to Donald Trump, do.
Speaker 2 (13:52):
You know someone else I didn't miss while I was
on holidays and really ignored the news.
Speaker 1 (13:57):
Was it, by any chance the US President?
Speaker 2 (14:00):
It was the US President. That's exactly right. And interestingly,
as you know, Jack and I went on a cruise
to Norway and Iceland and the cruise was full of Americans.
And I mean I have lived in America. I've done
all that. You're always talking politics with Americans. Not once
did anyone talk about Donald Trump except a few people
(14:23):
who apologized. I thought it was quite fascinating.
Speaker 1 (14:25):
Actually, oh that is a big change.
Speaker 2 (14:28):
Yeah, it was just it was interesting. I mean, it
wasn't a topic of conversation anyone went near and if
they did, they basically apologized, which is I presume the's
are fairly affluent Americans. But yeah, anyway, the US president
he reckons that he'll also be speaking to Russian President
Vladimir Putin soon, as he put it, as well as
(14:49):
signaling that his administration is ready to move to a
second phase of sanctions on Moscow. Ukrainian President Volaimi Zelenski
said the sanctions were the right idea and urged European
nations to stop buying Russian energy. All this came as
Russia launched its largest aerial bombardment on Ukraine of the
war so far, killing four and hitting Ukraine's main government
(15:11):
building in Kiev for the first time.
Speaker 1 (15:14):
Finally, Sean, we were talking just before about the social
media ban for under sixteens. Well, South Korea is banning
mobile phones in classrooms right across the country. The new
law takes effect in March of next year, and it
aims to tackle rising smartphone addiction among kids and teens.
Speaker 2 (15:31):
Supporters say phones are disrupting lessons heard in grades and
even fueling bullying. Nearly a quarter of South Korean's admit
they're overly dependent on their devices. Parents worry their children
spend more time scrolling than studying or making friends. The
law allows some exceptions for emergencies, learning tools, stuff like that,
but it means South Korea now joining France, Finland, China
(15:53):
taking phones out of the classrooms by law. I think
it'd be fascinating to try it here Australia.
Speaker 1 (16:00):
Yeah, yeah, yeah, And it does feel like and individual
schools have done this as well, but I mean to
see it done across the board would be something. And
it does feel like maybe we are heading that way
if we're already getting the social media ban and the
next step might be the smartphone ban as well. Okay,
up next is fear and greed Q and A. Today, Sean,
(16:22):
we are going to be talking, among other things, about
bond yields.
Speaker 2 (16:27):
Yes, yes, yes, we're very excited about bond neilds at
the moment because people are expecting in the next ten
days or so for the US to cut interest rates
and what that means for bond yields, what that means
for the returns on other asset classes. So yep, we're
going to talk about that.
Speaker 1 (16:42):
Yes, coming up next to the Fear and Greed playlist
on your podcast platform or at Fearandgreed dot com dot au,
which is where you sign up for that free daily
news that I don't forget to sign up today so
that you can see Sean's holiday snaps tomorrow. Thanks very much, Sean.
Speaker 2 (16:55):
Thanks Michael.
Speaker 1 (16:56):
It is Tuesday, the ninth of September twenty twenty five.
Make sure you're following the podcast and please join us
online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael
Thompson and that wasphere and Greed. Have a great day.
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