October 2, 2025 • 17 mins
Friday 3 October 2025
The big miners pay most in corporate tax but a bunch of companies, including Optus, Virgin Australia and CSL, have paid zero.
- The RBA says the cost-of-living crisis is almost over.
- PNG becomes just the third country to sign a treaty with Australia.
- Elon Musk’s wealth pushes above half a trillion US dollars
- Two of the major record labels, Universal and Warner, are close to agreeing on how AI treats music.
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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 big miners pay most in corporate tax, but a
bunch of companies, including Optus, Virgin Australia and CSL, have
paid zero. The Reserve Bank says the cost of living
crisis that is almost over, and Papua New Guinea becomes
just the third country to sign a treaty with Australia.
Plus Elon Musk's wealth pushes above half a trillion US dollars,
(00:30):
and two of the major record labels, Universal and Warner
are close to agreeing on how AI treats music. It
is Friday, the third of October twenty twenty five. I'm
Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:43):
Good morning, Michael. What a varied show we have today,
from the rich people to music, to treaties and all
sorts of things to.
Speaker 1 (00:53):
Companies paying no tax, which is the main story this morning, Sean.
The three big miners it's Rio, Tinto, BHP and four
to Skew Medals pay the most corporate tax, while some companies,
including Optics, including Merger Australia and including CSL as well
pay zero.
Speaker 2 (01:12):
At least that's what happened in the twenty twenty three
to twenty four financial year up Yesterday, the Australian Tax
Office released its annual list of taxes paid by their
country's biggest corporations. Always great for the voyeurs voyeurs, what's
the word there, Mike. I'm not sure any of those
it'd like to check out this sort of stuff. The
big four banks paid to combined ten billion dollars, with
(01:33):
a Commonwealth bank paying more than a third of that amount.
Am Z paid the least insurance Australia Group, which owns
NRMA it paid nine dollars. Quite amazing, just nine dollars.
Am TPG, the telco TRANSERB and the tollraid operator and
Domino's paid zero. Before we get to upset, there are
plenty of reasons why a company doesn't pay much or
(01:55):
any tax. So seventeen percent of big business has made
a loss, and an additional nine percent deducted losses from
previous years. In fact, the Tax Office yesterday was quite
happy about the whole thing. They said, it's the first
time that more than seventy percent of big businesses paid tax,
like paid more than zero tax. The total taxes received
(02:16):
from big business fell to ninety five point seven billion
dollars in that twenty twenty three twenty four financial year.
The previous year it had hit a record high because
of commodity prices. Though when you throw the compliance stuff in,
the tital tax take was more than one hundred billion
dollars in two years. Now we've done Australia has done that.
The ATA reckons that Australia has some of the highest
(02:38):
levels of tax compliance of large business in the world.
So ninety four point one percent of tax is paid voluntarily.
You throw the compliance stuff in ninety six point three percent.
I'm not sure what the other three point seven percent,
whether that's just money that isn't being paid. I mean
that'd be worth what four billion dollars on these numbers.
I'm not sure where that goes, but anyway, very happy
(03:00):
with the tax take.
Speaker 1 (03:01):
Got to say though, that who was it to just say,
IAG paying just nine dollars in tax just feels like
that's just a rounding error or something, right, Like, it's
just nine dollars. It could have either been zero or
nine million, but that is fantastic. Just get paid ten dollars,
(03:21):
pay a ten dollar note and get a dollar change,
like it's quite extraordinary. Who is paying all the tax then?
And what about the big off shore companies, because this
is really the thing that people do get up in
arms about the big off shore companies, the tax giants.
Are they paying their fair share of tax?
Speaker 2 (03:39):
Over half the company tax take, or forty eight point
five billion dollars, was paid by the mining and energy companies.
ATO Assistant Commissioner Michelle SAMs said it is the third
year in the row that they've paid more tax than
all the other sectors combined. So Rio for example, paid
six point three billion BHP six billion four to s
Q four billions, so they had definitely the big tax payers.
In terms of the big tech companies, they're probably not
(04:02):
paying enough tax, that's my view. Microsoft, Google, Facebook, Apple
and Amazon combined paid six hundred and fifty million dollars
in tax for their Aussie operations. Netflix paid no tax
on one point two billion dollars of total income, Tesla
paid just twenty seven million dollars now. In a statement,
the ATO said it continues to pay close attention to
(04:23):
these taxpayers to ensure they are paying the right amount
of tax and that losses are not created through contrived schemes.
The ATA sounds like they understand that the public want
big tech companies and overseas companies to pay their fair
share of tax.
Speaker 1 (04:38):
Yeah, it doesn't really pass the pub test, that does it. No, No,
Sean the Reserve Bank, we're moving on from tax now
to the Reserve Bank believes financial pressures on Australian households
are easing, with the number of mortgage holders at risk
of falling behind on repayments less than one percent, which
is actually a low not seen since twenty twenty two.
Speaker 2 (05:00):
This one passes the pub test.
Speaker 1 (05:01):
Well, see, it does not feel right like. It doesn't
feel as though if you walk around to everyone in
the street and say, hey, are you're feeling more comfortable now?
Do you feel like the cost of living crisis is over?
I don't think it's going to be one percent.
Speaker 2 (05:15):
No, but you do get a sense that it's not
quite as tough for many people that you're in.
Speaker 1 (05:21):
Yeah, not quite as tough, but certainly not easy.
Speaker 2 (05:25):
In its twice yearly Financial Stability Review, the Reserve Bank
said the cost of living crisis is easy now. That's
been helped by lower inflation, interest rate cuts and the
government's stage three tax cuts. The number of inquiries to
the National Debt Helpline, for example, has stabilized. The Central
Bank said the number of mortgage holders in arear so basically,
(05:46):
you're more than ninety days behind your payment schedule. It
peaked in the September quarter last year, it's been falling
ever since. It's now back to pre pandemic levels. That's
a pretty good measure in terms of cost of living.
The bottom quarter of income earners with a mortgage have
enough savings to afford ten months of repayments. The top
(06:06):
quarter enough for twenty months, so again a good sign.
The bank expects this easing to continue help play lower
interest rates. Otherwise, the Central Bank was more confident about
global trade wars, saying, well, tariff's remain a risk to
the financial system, the prospect of an all out trade
war has receded.
Speaker 1 (06:22):
That's stat The bottom quarter of income earners with a
mortgage have enough savings to afford ten months of repayments.
And that's the bottom quarter.
Speaker 2 (06:31):
It's pretty impressive. I was surprised.
Speaker 1 (06:34):
That's extraordinary.
Speaker 2 (06:35):
I'm sure that it must be swayed by some people
in that quarter having paid a lot back into their
equity of their home. Lame, I guessing because there'd be
a lot of people who live month to month.
Speaker 1 (06:49):
Yeah yeah, and that if you ask them how could
you do this now, they wouldn't be able to. Wow.
It's not often the Reserve Bank shocks me. Shine today today.
Speaker 2 (07:01):
It's a crazy organization that one.
Speaker 1 (07:03):
Oh goodness me, they really busted one out there. Staying
in the world of economics and supporting the RBA's analysis,
Household spending rose for the fourth month in a row
in August.
Speaker 2 (07:13):
Consumer spending continues to recover Outlays on health jump eight percent, Hotels, cafes,
restaurants up nearly seven percent over the twelve months. Overall
household spendings up five percent over the last year.
Speaker 1 (07:25):
It's a pretty strong day in the market yesterday, Sean,
particularly for the banks and also for healthcare leader CSL.
Nice to see CSL having a good day, jump sharply
with investors seemingly reassured about any tariff challenges in the States.
Speaker 2 (07:38):
That CESL was up nearly four percent yesterday, and it's
higher than where Donald Trump than when Donald Trump imposed
one hundred percent tariffs on pharmaceuticals. Kind Of over the weekend,
or late last week. What I hadn't realized until I
was looking at this this morning is that ain Z
is now bigger than cesself. Sesel is the seventh largest company,
(07:58):
an Z is the sixth company, and Z of course
being the fourth of the four banks. So all of
a sudden you've got the four banks. BHP and West
Farmers is the other one in the top six. Says
that a number seven anyway, switcheroo, he switcheroo. It was
a very good day for the big banks. Am Z
actually led the way, jumping more than two percent, Combank, Westpact,
(08:21):
MAB all high. Big miners did well, as did the
gold stocks for the price of the precious metal, hitting
yet another new high. In fact, about seventy five percent
of the S and p ASX two hundred closed high.
The Boss itself finished up more than one percent to
eight nine six points worth. A mentioned Drone Shield. It
was among the worst performing stocks yesterday, dropped ten percent.
(08:43):
It had jumped about fifty percent in the previous few sessions.
Speaker 1 (08:47):
Okay, we are going to take a quick break, Sean.
A reminder as always to sign up for the free
daily Fear and Greed newsletter I'll put a link in
today's show notes. We'll be back in a moment with
the rest of the day's business news Shawn. A mutual
defense treaty between Australia and Papua New Guinea has been
(09:10):
approved by p and g's cabinet. After a bit of
a false start last month saw the signing of the
agreement delayed, the.
Speaker 2 (09:16):
Pook Pook Defense Treaty was endorsed by PNG Prime Minister
James Marape's cabinet with an absolute majority. Marape says the
Pook Pook Treaty will open the way for up to
ten thousand p ANDNG citizens to serve in the Australian
Defense Force and for p and G to establish new
special forces and Air Force capabilities. In a statement, CAMERA
welcome the decision, saying Papua New Guinea is just the
(09:38):
third country after New Zealand and the US to have
a treaty with Australia. Marape said the treaty would serve
as a foundation for the next chapter of p andng's history.
It will of course be a relief for Prime Minister
Anthony Alberesi, who a fortnight ago failed to get treaties
signed with both Papua Anddi Guinea and Benuuatu. He then
went off to the US, didn't did not see Donald Trump.
(10:01):
Where he did, he got a silfie with Donald Trump,
but didn't have a meeting with him anyway. Finally some
good news on the foreign affairs front.
Speaker 1 (10:07):
Now the shakeup in radio land. Sean is gathering pace
with Kieren Davis, the veteran boss of ARN Media. You
always hated it when I describe you as a veteran journalist,
don't you.
Speaker 2 (10:19):
I wonder how I'm not talking to you.
Speaker 1 (10:22):
I'm sorry. ARN Media. So he's been there for sixteen years.
This is the company that owns the Kiss and Pure
Gold networks, very successful. He is now stepping down.
Speaker 2 (10:33):
Yes, he told investors it was the right time. After
the company began a search for his replacement last year.
They begin a search last year and the job goes
to a guy called Michael Stevenson who is already at ARN.
He's a former chief sales officer at nine Entertainment who
joined ARN last year. The news comes in a week
(10:54):
in which seven West Media and Southern Cross Media did
a deal to merge, and as nine Publishing continues to
shop around radio assets. Over his tenure, Davis oversaw the
launch of iHeartRadio app, the sale of Anchel and the
divestment of the company's stake in Soprano Design.
Speaker 1 (11:10):
And perhaps most memorable and arguably the most successful thing
that he oversaw was the defection of the top rating
Sydney radio host Kyle and JACKIEO. He lured them over
from rival TODAYFM back in twenty fourteen. More recently, though,
he agreed to a new ten year, two hundred million
dollar contract for the Kyle and JACKIEO Show, which then
(11:31):
launched in Melbourne. That bet so far hasn't paid off.
Speaker 2 (11:36):
Now And the other thing probably weighing on Kieran Davis
is his failure to do a merger with Southern Cross
almost had it and private equity group Anchorage Capital Partners
withdrew from the process. So I think those two factors
probably have weighed into his decision.
Speaker 1 (11:53):
YEA, now IFM Investors, the two hundred and sixty billion
dollar investment manager backed by Australia's industry superannuation funds, will
wind down as private equity division, saying it is increasingly
difficult to compete.
Speaker 2 (12:07):
This is kind of I mean, it's a little bit
in the weeds. But it's kind of interesting because part
of the big issue is that the superannuation system four
point three twenty dollars is just so big. Super funds
are being forced to invest more capital offshore, you know,
public and private markets. It's got billions of dollars that
they're trying to get rid of. It means Australian middle
(12:29):
market private equity funds like the one that IFM was running,
are basically being overlooked in favor of large global buyout firms,
the really big names. That's where the super funds are
putting their money. IFM chief executive David Neil said the
fund had delivered a thirty three percent net internal rate
of return since twenty nineteen, but hadn't been able to
scale up the Australian strategy sufficiently for it to be
(12:52):
commercially viable. So the run of return is great, but
it just kind of can't keep up with the big guys.
As a result, they're getting out of it. Ifm's best
known for its investments in infrastructure assets things like Melbourne Airport, osgrid,
the Indiana Toll Road in the US, but actually less
than half of one percent of its funds are in
private equity. I mean most of Ifm's money is actually
(13:16):
well unlisted infrastructure has got just under half of it,
about seventy six billion dollars in listed equity. That's thirty
eight billion dollars in private credit, twenty billion in real estate.
So the private equity part of the business wasn't going
to hold up.
Speaker 1 (13:31):
Okay, turn into international news now and how about this one? Sure,
and this is staggering. Elon Musk has become the first
ever person to be worth on paper at least half
a trillion dollars. There's now one hundred and fifty billion
US dollars richer than number two Larry Ellison.
Speaker 2 (13:49):
So this is according to the Forbes Rich List, was
that which was actually the original rich list, like the
barw Rich List which became the fin Review Rich List,
which became the Australian Rich List, all actually flowed from
the Forbes Rich List. It says that Musk hit the
milestone on Wednesday after the share price of Tesla jumped
four percent. Now chareholders is certainly enjoying Must's return focus
(14:11):
on Tesla, having briefly been chief cost cutter for President
Donald Trump. Since he quit that job. In April, Tesla's
share price has doubled, Masks twelve percent, and Tesla is
now worth one hundred and ninety one billion dollars. His
stake in space X is about one hundred and sixty
billion dollars. His stake in X is about sixty billion dollars.
(14:32):
A little bit of a trick to this one because
Forbes has included a disputed amount of pay that he
is expected to get. Now the Delaware court has knocked
that back. He's appealing that, So Forbes has put fifty
percent of that in the calculation, which actually takes him
to this level. Just before we leave Musk and which
(14:55):
assets open AI has just been valued at half a
trillion dollars on the back of an employee share sale
program that puts it ahead of SpaceX. Elone must SpaceX
in terms of valuation, Dan reckon Elon and be happy
about that one.
Speaker 1 (15:08):
No, I don't think so. Now. Universal Music and Warner
Music are nearing landmark AI licensing deals as record labels
really try to set the terms for how tech groups
pay for music.
Speaker 2 (15:21):
Universal and water homes to acts like Taylor Swift, Kendrick Lamar,
and Colplay could each strike deals with artificial intelligence companies
within weeks. According to the Financial Times, the talks have
centered on how the labels license their songs, for creating
AI generated tracks, and for training large language models. According
to the report, they are seeking a payment structure similar
(15:41):
to that for streaming, whereby playing a song triggers a
micro payment to calculate payments, and labels want AI groups
to develop attribution technology, something like YouTube's content ID system
that can identify when music's used. The music labels hope
any deals set a precedent for how AI companies pay
for music. To me, Michael, they want to skip the
(16:02):
whole part that the music industry went through before, where
they basically had their economics fall out until the micro
payments were introduced by streaming services. It seems they want
to sort of jump straight to that for AI services.
Speaker 1 (16:14):
Yeah, it does appear that way now, Sean. Coming up
next is Fear and Greed Q and A. Your guest
today is Angodsawyan, who is Managing Director Australia, New Zealand
and global Chief Strategy Officer at Zero. It's got a
very big job. Zero, of course, is a terrific supporter
of this podcast. And you are talking to him about
(16:36):
entrepreneurs founders, and this is a great chat.
Speaker 2 (16:40):
Very close to my heart your heart too. So Zero
has done this work and essentially put entrepreneur founders into
three different categories. And it's funny he asked me which
one I was in, and I knew immediately which one
I was in, though I was transitioning to one of
the other categories. We talk about those sorts of the
(17:04):
type of entrepreneurs and the type of people that start
up some more businesses, and then also the whole concept
of having an endgame, said you just go into business
and see what happens, or do you go in with
an endgame. It's one of my more enjoyable chats I
Reckon I've had in recent times, and.
Speaker 1 (17:20):
I've got to say it is fantastic for me. I
enjoyed it so much. He's a great guy and he
puts you on.
Speaker 3 (17:27):
This He puts me on the shot so spectacularly and
just the look on your face was just gold. So
it is well worth a listen for that because it
comes through in the audio as well. It's coming up
next in the Fear and Greed playlist on your podcast
platform or at fearangreed dot com today you Thank you.
Speaker 2 (17:43):
Sean, Thank you Michael.
Speaker 1 (17:45):
It is Friday, the third of October twenty twenty five.
Make sure you're following the podcast and please join us
online as well 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 big miners pay most in corporate tax, but a
bunch of companies, including Optus, Virgin Australia and CSL, have
paid zero. The Reserve Bank says the cost of living
crisis that is almost over, and Papua New Guinea becomes
just the third country to sign a treaty with Australia.
Plus Elon Musk's wealth pushes above half a trillion US dollars,
(00:30):
and two of the major record labels, Universal and Warner
are close to agreeing on how AI treats music. It
is Friday, the third of October twenty twenty five. I'm
Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:43):
Good morning, Michael. What a varied show we have today,
from the rich people to music, to treaties and all
sorts of things to.
Speaker 1 (00:53):
Companies paying no tax, which is the main story this morning, Sean.
The three big miners it's Rio, Tinto, BHP and four
to Skew Medals pay the most corporate tax, while some companies,
including Optics, including Merger Australia and including CSL as well
pay zero.
Speaker 2 (01:12):
At least that's what happened in the twenty twenty three
to twenty four financial year up Yesterday, the Australian Tax
Office released its annual list of taxes paid by their
country's biggest corporations. Always great for the voyeurs voyeurs, what's
the word there, Mike. I'm not sure any of those
it'd like to check out this sort of stuff. The
big four banks paid to combined ten billion dollars, with
(01:33):
a Commonwealth bank paying more than a third of that amount.
Am Z paid the least insurance Australia Group, which owns
NRMA it paid nine dollars. Quite amazing, just nine dollars.
Am TPG, the telco TRANSERB and the tollraid operator and
Domino's paid zero. Before we get to upset, there are
plenty of reasons why a company doesn't pay much or
(01:55):
any tax. So seventeen percent of big business has made
a loss, and an additional nine percent deducted losses from
previous years. In fact, the Tax Office yesterday was quite
happy about the whole thing. They said, it's the first
time that more than seventy percent of big businesses paid tax,
like paid more than zero tax. The total taxes received
(02:16):
from big business fell to ninety five point seven billion
dollars in that twenty twenty three twenty four financial year.
The previous year it had hit a record high because
of commodity prices. Though when you throw the compliance stuff in,
the tital tax take was more than one hundred billion
dollars in two years. Now we've done Australia has done that.
The ATA reckons that Australia has some of the highest
(02:38):
levels of tax compliance of large business in the world.
So ninety four point one percent of tax is paid voluntarily.
You throw the compliance stuff in ninety six point three percent.
I'm not sure what the other three point seven percent,
whether that's just money that isn't being paid. I mean
that'd be worth what four billion dollars on these numbers.
I'm not sure where that goes, but anyway, very happy
(03:00):
with the tax take.
Speaker 1 (03:01):
Got to say though, that who was it to just say,
IAG paying just nine dollars in tax just feels like
that's just a rounding error or something, right, Like, it's
just nine dollars. It could have either been zero or
nine million, but that is fantastic. Just get paid ten dollars,
(03:21):
pay a ten dollar note and get a dollar change,
like it's quite extraordinary. Who is paying all the tax then?
And what about the big off shore companies, because this
is really the thing that people do get up in
arms about the big off shore companies, the tax giants.
Are they paying their fair share of tax?
Speaker 2 (03:39):
Over half the company tax take, or forty eight point
five billion dollars, was paid by the mining and energy companies.
ATO Assistant Commissioner Michelle SAMs said it is the third
year in the row that they've paid more tax than
all the other sectors combined. So Rio for example, paid
six point three billion BHP six billion four to s
Q four billions, so they had definitely the big tax payers.
In terms of the big tech companies, they're probably not
(04:02):
paying enough tax, that's my view. Microsoft, Google, Facebook, Apple
and Amazon combined paid six hundred and fifty million dollars
in tax for their Aussie operations. Netflix paid no tax
on one point two billion dollars of total income, Tesla
paid just twenty seven million dollars now. In a statement,
the ATO said it continues to pay close attention to
(04:23):
these taxpayers to ensure they are paying the right amount
of tax and that losses are not created through contrived schemes.
The ATA sounds like they understand that the public want
big tech companies and overseas companies to pay their fair
share of tax.
Speaker 1 (04:38):
Yeah, it doesn't really pass the pub test, that does it. No, No,
Sean the Reserve Bank, we're moving on from tax now
to the Reserve Bank believes financial pressures on Australian households
are easing, with the number of mortgage holders at risk
of falling behind on repayments less than one percent, which
is actually a low not seen since twenty twenty two.
Speaker 2 (05:00):
This one passes the pub test.
Speaker 1 (05:01):
Well, see, it does not feel right like. It doesn't
feel as though if you walk around to everyone in
the street and say, hey, are you're feeling more comfortable now?
Do you feel like the cost of living crisis is over?
I don't think it's going to be one percent.
Speaker 2 (05:15):
No, but you do get a sense that it's not
quite as tough for many people that you're in.
Speaker 1 (05:21):
Yeah, not quite as tough, but certainly not easy.
Speaker 2 (05:25):
In its twice yearly Financial Stability Review, the Reserve Bank
said the cost of living crisis is easy now. That's
been helped by lower inflation, interest rate cuts and the
government's stage three tax cuts. The number of inquiries to
the National Debt Helpline, for example, has stabilized. The Central
Bank said the number of mortgage holders in arear so basically,
(05:46):
you're more than ninety days behind your payment schedule. It
peaked in the September quarter last year, it's been falling
ever since. It's now back to pre pandemic levels. That's
a pretty good measure in terms of cost of living.
The bottom quarter of income earners with a mortgage have
enough savings to afford ten months of repayments. The top
(06:06):
quarter enough for twenty months, so again a good sign.
The bank expects this easing to continue help play lower
interest rates. Otherwise, the Central Bank was more confident about
global trade wars, saying, well, tariff's remain a risk to
the financial system, the prospect of an all out trade
war has receded.
Speaker 1 (06:22):
That's stat The bottom quarter of income earners with a
mortgage have enough savings to afford ten months of repayments.
And that's the bottom quarter.
Speaker 2 (06:31):
It's pretty impressive. I was surprised.
Speaker 1 (06:34):
That's extraordinary.
Speaker 2 (06:35):
I'm sure that it must be swayed by some people
in that quarter having paid a lot back into their
equity of their home. Lame, I guessing because there'd be
a lot of people who live month to month.
Speaker 1 (06:49):
Yeah yeah, and that if you ask them how could
you do this now, they wouldn't be able to. Wow.
It's not often the Reserve Bank shocks me. Shine today today.
Speaker 2 (07:01):
It's a crazy organization that one.
Speaker 1 (07:03):
Oh goodness me, they really busted one out there. Staying
in the world of economics and supporting the RBA's analysis,
Household spending rose for the fourth month in a row
in August.
Speaker 2 (07:13):
Consumer spending continues to recover Outlays on health jump eight percent, Hotels, cafes,
restaurants up nearly seven percent over the twelve months. Overall
household spendings up five percent over the last year.
Speaker 1 (07:25):
It's a pretty strong day in the market yesterday, Sean,
particularly for the banks and also for healthcare leader CSL.
Nice to see CSL having a good day, jump sharply
with investors seemingly reassured about any tariff challenges in the States.
Speaker 2 (07:38):
That CESL was up nearly four percent yesterday, and it's
higher than where Donald Trump than when Donald Trump imposed
one hundred percent tariffs on pharmaceuticals. Kind Of over the weekend,
or late last week. What I hadn't realized until I
was looking at this this morning is that ain Z
is now bigger than cesself. Sesel is the seventh largest company,
(07:58):
an Z is the sixth company, and Z of course
being the fourth of the four banks. So all of
a sudden you've got the four banks. BHP and West
Farmers is the other one in the top six. Says
that a number seven anyway, switcheroo, he switcheroo. It was
a very good day for the big banks. Am Z
actually led the way, jumping more than two percent, Combank, Westpact,
(08:21):
MAB all high. Big miners did well, as did the
gold stocks for the price of the precious metal, hitting
yet another new high. In fact, about seventy five percent
of the S and p ASX two hundred closed high.
The Boss itself finished up more than one percent to
eight nine six points worth. A mentioned Drone Shield. It
was among the worst performing stocks yesterday, dropped ten percent.
(08:43):
It had jumped about fifty percent in the previous few sessions.
Speaker 1 (08:47):
Okay, we are going to take a quick break, Sean.
A reminder as always to sign up for the free
daily Fear and Greed newsletter I'll put a link in
today's show notes. We'll be back in a moment with
the rest of the day's business news Shawn. A mutual
defense treaty between Australia and Papua New Guinea has been
(09:10):
approved by p and g's cabinet. After a bit of
a false start last month saw the signing of the
agreement delayed, the.
Speaker 2 (09:16):
Pook Pook Defense Treaty was endorsed by PNG Prime Minister
James Marape's cabinet with an absolute majority. Marape says the
Pook Pook Treaty will open the way for up to
ten thousand p ANDNG citizens to serve in the Australian
Defense Force and for p and G to establish new
special forces and Air Force capabilities. In a statement, CAMERA
welcome the decision, saying Papua New Guinea is just the
(09:38):
third country after New Zealand and the US to have
a treaty with Australia. Marape said the treaty would serve
as a foundation for the next chapter of p andng's history.
It will of course be a relief for Prime Minister
Anthony Alberesi, who a fortnight ago failed to get treaties
signed with both Papua Anddi Guinea and Benuuatu. He then
went off to the US, didn't did not see Donald Trump.
(10:01):
Where he did, he got a silfie with Donald Trump,
but didn't have a meeting with him anyway. Finally some
good news on the foreign affairs front.
Speaker 1 (10:07):
Now the shakeup in radio land. Sean is gathering pace
with Kieren Davis, the veteran boss of ARN Media. You
always hated it when I describe you as a veteran journalist,
don't you.
Speaker 2 (10:19):
I wonder how I'm not talking to you.
Speaker 1 (10:22):
I'm sorry. ARN Media. So he's been there for sixteen years.
This is the company that owns the Kiss and Pure
Gold networks, very successful. He is now stepping down.
Speaker 2 (10:33):
Yes, he told investors it was the right time. After
the company began a search for his replacement last year.
They begin a search last year and the job goes
to a guy called Michael Stevenson who is already at ARN.
He's a former chief sales officer at nine Entertainment who
joined ARN last year. The news comes in a week
(10:54):
in which seven West Media and Southern Cross Media did
a deal to merge, and as nine Publishing continues to
shop around radio assets. Over his tenure, Davis oversaw the
launch of iHeartRadio app, the sale of Anchel and the
divestment of the company's stake in Soprano Design.
Speaker 1 (11:10):
And perhaps most memorable and arguably the most successful thing
that he oversaw was the defection of the top rating
Sydney radio host Kyle and JACKIEO. He lured them over
from rival TODAYFM back in twenty fourteen. More recently, though,
he agreed to a new ten year, two hundred million
dollar contract for the Kyle and JACKIEO Show, which then
(11:31):
launched in Melbourne. That bet so far hasn't paid off.
Speaker 2 (11:36):
Now And the other thing probably weighing on Kieran Davis
is his failure to do a merger with Southern Cross
almost had it and private equity group Anchorage Capital Partners
withdrew from the process. So I think those two factors
probably have weighed into his decision.
Speaker 1 (11:53):
YEA, now IFM Investors, the two hundred and sixty billion
dollar investment manager backed by Australia's industry superannuation funds, will
wind down as private equity division, saying it is increasingly
difficult to compete.
Speaker 2 (12:07):
This is kind of I mean, it's a little bit
in the weeds. But it's kind of interesting because part
of the big issue is that the superannuation system four
point three twenty dollars is just so big. Super funds
are being forced to invest more capital offshore, you know,
public and private markets. It's got billions of dollars that
they're trying to get rid of. It means Australian middle
(12:29):
market private equity funds like the one that IFM was running,
are basically being overlooked in favor of large global buyout firms,
the really big names. That's where the super funds are
putting their money. IFM chief executive David Neil said the
fund had delivered a thirty three percent net internal rate
of return since twenty nineteen, but hadn't been able to
scale up the Australian strategy sufficiently for it to be
(12:52):
commercially viable. So the run of return is great, but
it just kind of can't keep up with the big guys.
As a result, they're getting out of it. Ifm's best
known for its investments in infrastructure assets things like Melbourne Airport, osgrid,
the Indiana Toll Road in the US, but actually less
than half of one percent of its funds are in
private equity. I mean most of Ifm's money is actually
(13:16):
well unlisted infrastructure has got just under half of it,
about seventy six billion dollars in listed equity. That's thirty
eight billion dollars in private credit, twenty billion in real estate.
So the private equity part of the business wasn't going
to hold up.
Speaker 1 (13:31):
Okay, turn into international news now and how about this one? Sure,
and this is staggering. Elon Musk has become the first
ever person to be worth on paper at least half
a trillion dollars. There's now one hundred and fifty billion
US dollars richer than number two Larry Ellison.
Speaker 2 (13:49):
So this is according to the Forbes Rich List, was
that which was actually the original rich list, like the
barw Rich List which became the fin Review Rich List,
which became the Australian Rich List, all actually flowed from
the Forbes Rich List. It says that Musk hit the
milestone on Wednesday after the share price of Tesla jumped
four percent. Now chareholders is certainly enjoying Must's return focus
(14:11):
on Tesla, having briefly been chief cost cutter for President
Donald Trump. Since he quit that job. In April, Tesla's
share price has doubled, Masks twelve percent, and Tesla is
now worth one hundred and ninety one billion dollars. His
stake in space X is about one hundred and sixty
billion dollars. His stake in X is about sixty billion dollars.
(14:32):
A little bit of a trick to this one because
Forbes has included a disputed amount of pay that he
is expected to get. Now the Delaware court has knocked
that back. He's appealing that, So Forbes has put fifty
percent of that in the calculation, which actually takes him
to this level. Just before we leave Musk and which
(14:55):
assets open AI has just been valued at half a
trillion dollars on the back of an employee share sale
program that puts it ahead of SpaceX. Elone must SpaceX
in terms of valuation, Dan reckon Elon and be happy
about that one.
Speaker 1 (15:08):
No, I don't think so. Now. Universal Music and Warner
Music are nearing landmark AI licensing deals as record labels
really try to set the terms for how tech groups
pay for music.
Speaker 2 (15:21):
Universal and water homes to acts like Taylor Swift, Kendrick Lamar,
and Colplay could each strike deals with artificial intelligence companies
within weeks. According to the Financial Times, the talks have
centered on how the labels license their songs, for creating
AI generated tracks, and for training large language models. According
to the report, they are seeking a payment structure similar
(15:41):
to that for streaming, whereby playing a song triggers a
micro payment to calculate payments, and labels want AI groups
to develop attribution technology, something like YouTube's content ID system
that can identify when music's used. The music labels hope
any deals set a precedent for how AI companies pay
for music. To me, Michael, they want to skip the
(16:02):
whole part that the music industry went through before, where
they basically had their economics fall out until the micro
payments were introduced by streaming services. It seems they want
to sort of jump straight to that for AI services.
Speaker 1 (16:14):
Yeah, it does appear that way now, Sean. Coming up
next is Fear and Greed Q and A. Your guest
today is Angodsawyan, who is Managing Director Australia, New Zealand
and global Chief Strategy Officer at Zero. It's got a
very big job. Zero, of course, is a terrific supporter
of this podcast. And you are talking to him about
(16:36):
entrepreneurs founders, and this is a great chat.
Speaker 2 (16:40):
Very close to my heart your heart too. So Zero
has done this work and essentially put entrepreneur founders into
three different categories. And it's funny he asked me which
one I was in, and I knew immediately which one
I was in, though I was transitioning to one of
the other categories. We talk about those sorts of the
(17:04):
type of entrepreneurs and the type of people that start
up some more businesses, and then also the whole concept
of having an endgame, said you just go into business
and see what happens, or do you go in with
an endgame. It's one of my more enjoyable chats I
Reckon I've had in recent times, and.
Speaker 1 (17:20):
I've got to say it is fantastic for me. I
enjoyed it so much. He's a great guy and he
puts you on.
Speaker 3 (17:27):
This He puts me on the shot so spectacularly and
just the look on your face was just gold. So
it is well worth a listen for that because it
comes through in the audio as well. It's coming up
next in the Fear and Greed playlist on your podcast
platform or at fearangreed dot com today you Thank you.
Speaker 2 (17:43):
Sean, Thank you Michael.
Speaker 1 (17:45):
It is Friday, the third of October twenty twenty five.
Make sure you're following the podcast and please join us
online as well 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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