September 26, 2025 • 33 mins
Inflation, interest rates and a huge week for the PM on the global stage. Sean Aylmer and Michael Thompson go head to head on the top business stories of the week, with Adam Lang picking a winner in a fierce debate.
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Episode Transcript
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Speaker 1 (00:06):
This is the weekend edition of Fear and Greed business News.
You can use are Michael Thompson and Good morning, Sean Alma,
Good morning, Michael, Sean. Our weekend show is all about
the two of us each nominating. Look, I'm actually stretching
as I'm saying this. I'm limbering up because this is
a debate. This is a vigorous argument. Today. We are
each nominating what we think is the biggest business story
(00:26):
of the week, the most remarkable business story, a mystery
category that changes each week, and our favorite business related story.
We need a judge to pick a winner that judges
our Fear and Greed. Colleague, Adam Lang Adam, good morning.
Speaker 2 (00:39):
Good morning, Michael, Good morning, Sean.
Speaker 3 (00:42):
Morning Adam. Can I start with a gripe?
Speaker 1 (00:44):
Is it all right?
Speaker 3 (00:44):
Get things off?
Speaker 1 (00:45):
Please?
Speaker 3 (00:45):
Do positive note? Nothing to do with you. Why is
it that whatever studio we're in, where they're in Sydney,
in our neighbous studios, where they we're in home studios,
we kick the show off, Michael hits the record button
and then there's always a pause. He shifts his desk up,
(01:06):
he closes the window or something. He never ever is
one hundred percent ready to go when he presses record.
Have you ever noticed it, Adam, Michael will be quite
from Have you noticed that? I have?
Speaker 2 (01:19):
I think it's part of Michael's warm up routine, like
you know, like gout gout getting on the blocks.
Speaker 1 (01:24):
It does a little stretch, little readiness.
Speaker 3 (01:26):
And a gougout was last week and goug out one
I e. Michael won. So we're not going to talk
about gogaut this week. But what is it about it? Michael?
Why can't you just be ready to go when you
press go rather than actually have to shift the desk,
which everybody happens.
Speaker 1 (01:41):
If I have to, okay, number one, finally tuned athletes,
I need to make sure I go through my routine.
And also number one also, as we're about to kick off,
just then I noticed that my desk was not quite
in the right position, and that the way I was
because we are recording this one from our homes videos,
that the way I was looking at the camera meant
(02:02):
I had a double chin.
Speaker 3 (02:05):
Conditions are ideal when when we're in our studio, you
press record and then you turn to the right and
check all the screens on your right hand side, and
then come back and start talking and anyway, gripe favor,
let's go on with the show.
Speaker 2 (02:20):
He's got your mind off the game.
Speaker 1 (02:23):
You know what I can't Actually I was about to say,
I can't be put off, clearly I can. I have Adam,
what are you looking? What are you looking for today?
Speaker 3 (02:34):
Yeah?
Speaker 2 (02:34):
Okay, so topicality, timeliness, economic impact, of course, a little
playing to my subjective bias, and some melodrama.
Speaker 1 (02:44):
How about brevity? Does brevity count? Yes? It does good
Because I Reckon Today is going to be our one
of our more efficient shows apart from the start obviously before. Yeah,
but this is this is actually going to be it.
Speaker 3 (02:58):
I Reckon.
Speaker 1 (02:58):
It's going to be like a again a minute per
person per entry. Here we go go to this Sean
after you go for it. What's the biggest story this week?
Speaker 3 (03:07):
I like about three minutes for this one because it's important.
Biggest story that work, without a doubt, the economy. What
really matters to everyone at home, Adam, interest rates, whether
they've got a job, how the economy is growing. And
this week we've heard from the Reserve Bank Governor Michelle Bullock,
and we've got inflation data. Michelle Bullock first, she appeared
before a parliamentary committee and her basic message is that
(03:30):
the local economies recovering pretty well at the moment, supported
by interest rate cuts, but globill economic uncertainty could spoil
the party. Inflation out looks good. More on that shortly,
price changes are likely to set in the middle of
the Central Bank's target range of two to three percent.
Recent rate cuts can be seen already impacting the housing
market and consumption. The economy is close to full employment,
(03:51):
one of the Reserve Bank's goals productivity grows. Still a
problem hasn't picked up. Part of that's because so many
jobs are going in the non market sector, the bureaucracy
some pressure on labor costs. She also pointedly said there
isn't a great deal of risk priced into equities, i e.
Read between the lines there, perhaps shares are running too hard.
(04:12):
Then we had the inflation data headline inflation three percent
all important underlying two point six percent, slightly lower than Joe. Joe,
who's Joe? Don't know the month of July is what
I meant to say, slightly lower than July over the
last twelve months out of a test for you might
have been listening the largest growth in prices was in electricity,
(04:32):
but that's on the back of the rebates falling off,
some state and federal rebates falling off. What else jumped
in prices? Eggs, yes, birdflood related well done? And coffee,
tea and coco. You know we've done on the show.
Cocoa prices going up, tobacco government regulation. What about where
prices have fallen? Small household appliances? So revel International holiday travel.
Speaker 2 (04:58):
I do love this one for the three of us.
Speaker 3 (05:01):
Yes, books, Michael, Oh, that's right. International? Now books is
Michael International holiday travel? I'm claiming that one, but sure
the other one. The other one I'm giving to Adam.
It's garments.
Speaker 1 (05:22):
I had.
Speaker 3 (05:24):
No one is better dressed of we three than Adam Lane.
Speaker 1 (05:28):
Except we should talk about the hoodie. Yeah, the green,
the green hoodie at the Yeah, lovely. I really like it.
But it is not like you.
Speaker 3 (05:39):
No, it's not you weren't judged.
Speaker 1 (05:40):
We might not say that, but considering you've turned up
to multiple weekend editions wearing suits and time to go,
then suddenly to a like a Kermit green hoodie, it's
about as different as you can get. Cash. I like this,
Adam are you done, Sean.
Speaker 3 (05:58):
Yes, Miss Piggy, let's go.
Speaker 1 (06:05):
What jeez, Adam Adam. Yeah. What a momentous week for
Australia on the world stage. Right, Anthony Albanezi, our Prime minister,
finally got his Trump moment in New York. For days,
it wasn't even clear if Donald Trump would even talk
(06:26):
to him. Then there was a handshake, there was a
photo opportunity wasn't so much a photo opportunity as just
Albo basically forcing the President to have a selfie with him.
And then there was the promise, though importantly the promise
of a White House meeting next month. All right, And
so that was the theater alongside Albo's trip to New
(06:48):
York and the big kind of will they won't they meet,
all that kind of thing. But it was actually a
vitally important visit to New York because while he was there,
Anthony Albanizi made his debut United Nations speech. He pitched
Australia for a Security Council seat. He hammered climate changes
really as an existential threat, something that has actually go
(07:11):
into effect, not just Australia but people and countries within
our regient. So it was representing a whole bunch of
smaller countries from the Pacific as well. He called out
Iran for the fire bombings that have happened here Astralian
on Australian soil, all of this in front of the
leaders of the world, and then impossibly the most Australian
(07:32):
flourish of all, he went to Hamish and Andy's Pub
in Manhattan and poor beers for the crowd. It doesn't
get bigger if you kind of exclude the beer part, right,
It doesn't get bigger than that for Australia on the
world stage this week, especially when you consider that the
week actually began with Australia officially recognizing a Palestinian state
(07:55):
at the UN. You put it all together, which is
essential in this kind of scenario. You put it all together,
you assess it all as one whole, and it is
the biggest story of the week because this was our
leader pushing an Australian agenda on the world stage that
doesn't necessarily line up with the US, certainly doesn't line
(08:17):
up with the US. Our strongest ally still went in there,
did it, still demanded time with the President. God is selfie,
God is handshake, got a meeting at the White House
next month. Massive week, massive story.
Speaker 3 (08:31):
That's going to make a big difference to my life,
that one.
Speaker 2 (08:36):
So I'm going to do something unusual in this one.
Maybe it's the hoodie, but I'm going to reward a
bonus point for Michael. When you referred to my hoodie
as Kermit Green and Sean called you miss piggy, I
thought that was an excellent whack, what a beauty, spontaneous whack.
Speaker 3 (08:54):
I was just going to mention the wonderful Tim Burreys,
who would give a bonus point for that, right, Yeah, yeah,
definitely he would also detract a burness point to Michael
for having about seven stories in one.
Speaker 1 (09:07):
There's one story. It was Australia this week on the
world stage.
Speaker 3 (09:10):
That's what hover do you, Adam go.
Speaker 1 (09:12):
On, thank you both.
Speaker 2 (09:17):
I actually thought that the inflation number and the Reserve
Bank statement has been really interesting and what that does
to the whole landscape for interest rate change.
Speaker 1 (09:26):
So when pocket.
Speaker 2 (09:28):
Stuff this is really really important. So and look, Michael, yes, absolutely,
I think that our Prime Minister is doing a commendable
job on the world stage. And what awkward territory it is,
you know, such vitriol around the climate debate, around Palestine,
Palestinian recognition in Israel, the Security Council pitch. These are massive,
(09:50):
longer term things. And a visit to Hamish and his pub.
He's playing it well, but no Sean has to win
this week.
Speaker 1 (09:57):
It doesn't have to well for me. I've chosen to
award show on the win.
Speaker 3 (10:02):
That is such a clear cut win. I reckon I've
won by two points.
Speaker 1 (10:08):
This is out righteous monthly inflation data. Who cares? Did
you watch? Did you watch this week? You know? The
team at AMP and another one of our great judges,
Diana Messina, who fills in every now and then. It
does a terrific job of doing it. They did a
little video on LinkedIn where the AMP Economics team ranked
(10:28):
or rated out of ten all of the different economic
indicators as in how important they were. And I think
it's not on LinkedIn, but I haven't seen it yet.
It was really good. It's definitely worth watching monthly inflation
figures two out of ten because.
Speaker 3 (10:45):
Sorry, I will add to that. Diana also mentioned that
come November, when the inflation data actually expands, it's so
much broader. I don't know. She didn't say it'll go
to seven out of ten. But she certainly said it'll
become much more relevant. Half the story, Michael, Yet half
(11:05):
half the story, Mizpiggy.
Speaker 1 (11:08):
I have never promised to give the full story.
Speaker 3 (11:11):
Michael onto the most remarkable story. Now the truth comes down.
Speaker 1 (11:17):
What a win for listeners.
Speaker 3 (11:18):
That is.
Speaker 1 (11:20):
I was just to be clear, I was joking. Just that, Okay,
the most remarkable story. This is a very brief one,
but optis right, Adam. Optus has managed what you would
consider to be the unthinkable, yet another PR disaster, even
worse than twenty twenty three's outage. In twenty twenty two's
(11:43):
cyber attack. This is a major, major network outage that
left six hundred people unable to reach Triple zero, linked
to four deaths, massive fallout to it, a government probe,
customers furious, independent review led by doctor Kerry Shott. Stephen
Rue says he won't resign. But the damage, the damage
(12:03):
here is just it is extreme, right, because this is
a telco that you've got to say is probably already
on probation with the public because it had not yet
fully recovered from its previous incidents, and then it busts
out this one, which is arguably the worst, because it
has had fatal consequences, tragic consequences. It is remarkable. It
(12:24):
is a household brand spiraling from embarrassment to outright danger.
It is remarkable. There you go, brief. How's that?
Speaker 3 (12:32):
Yeah, a tragic story. Yeah, that's okay. That was last week,
by the way. But the most remarkable thing that happened
this week, as in the last six days, as opposed
to Michael's which happened ten days ago.
Speaker 1 (12:46):
Oh no, you're not going to pull this nonsense again.
It happened towards the end of last week, but then
we only found out about it within the judging period,
and the fall that was all during the judgment.
Speaker 3 (12:56):
Oh yeah, yeah, So what the hell is happening in
the retail sector, That's what I want to know, and
particularly around premier investments. In Meyer, my share price tumble
twenty five percent after it announced the thirty percent drop
in the biggest problem, all those brands they bought off
premier investments, things like Just Jean's, Portman's, Dot e j
(13:17):
Jason Jackie are causing them real problems. Cee Olivia Worth
said that it's a year of transition maybe, but I
think investors are wondering whether the legacy department store can
actually keep up with more nimble specialist bricks and mortar
retailers and online competitors. Temper On Webster's doing well, not Mayer.
(13:38):
The other thing about the result might has been hit
with the jumping, theft and violent behavior. Incidents of threatening
behavior at Rose seventy nine percent credible. A couple of
days later we get Premier Investments results. It's still own
Smiggle and Peter Alexander. The results weren't great, but the
headline came from billionaire founder Solomon lou who said it
(13:59):
in two nal investigation had uncovered a culture of serious
misconduct ratings from absenteesm intoxication during work hours, bullying, sexual harassment,
and potential bribery. He said, the investigations looked into Smiggles
people and cultural department. I quote, people were being bullied sexually,
sexual harassment, etc. And that was never reported interferenced by
(14:19):
the CEO to that department. And there's a long list
of situations end quote. Other issues being investigated includes tampering
with company products and potential instances of bribery. He well
and truly whacked the former CEO John Cheston, who left
Smiggle more than a year ago to run jewelry retailer Levisa. Now,
whether he was sacked or not is in dispute. Premier
(14:41):
said it involves serious misconduct and a serious breach of
his employment terms. Cheston absolutely refutes all this, refutes all
the allegations, and through his lawyer, has previously denied engaging
in any conduct that would warrant him being terminated or
being deprived of his share. That's fair, I mean, John
Cheston deserves to have his say, right, But just the
(15:02):
fact that Solomon lou came out and absolutely went ballistic
on this, next to the fact that Maya what they
brought from Premier Investments has really crapped out that's a
technical term in China. Quite remarkable. But it is absolutely
remarkable what's going on in the retail sector. The flip
(15:25):
side of it, which I sort of alluded to, there
are other retailers doing really well. Harvey Norman, JB. Hi
Fi been great examples, remarkable.
Speaker 2 (15:34):
A very disrupted space retail from big online retailers, retailers
through to the retail space and for a long time
it's been a colorful industry right, But just this week
was a contest and a half and John sheston Solomon
lou where some of the content is just incredible. So
(15:57):
I think it has to win. Allegation questions absolutely on
Michael's though, I'm going to allow it in terms of
the time frame because taking out that metaphor of taking
out the trash on a Friday afternoon, that's what Optus
did last week. But this week the unpicking of how
(16:20):
they've handled it has been pretty severe. And you know
that whenever someone is forced will you resign? You know
things aren't looking good, you know, whenever that question comes up,
Jesus a CEO, that's an awful moment. If you can
get through it, great, But God to put the spectacle
on you become the spectacle rather than the business, and
(16:41):
that's not a good place to be. It is also
an awful tragedy. So yeah, it has been quite incredible
this week.
Speaker 1 (16:49):
Shaw wins to Nil. We are running late. We are
short of time because of somebody being very for both
actually two people and it wasn't me, it's the two
of you too, Nil, Quick break back with the mystery
story of the week. All right, we are looking now
(17:16):
Sean for the mystery category of the week this week
the mystery what did I miss? Just then?
Speaker 3 (17:21):
Sorry on nothing, Michael. You and Adam were just bickering
that who land break about? Who was talking too much?
Speaker 1 (17:29):
Grow up?
Speaker 3 (17:30):
The pair of them just accept it. What's the mystery category, Michael?
Speaker 1 (17:36):
The mystery category this week is out landish statements by
Donald Trump. Oh gosh, what a contest. Yeah, we've got
a bit of ground to cover.
Speaker 3 (17:47):
We did think about this, and he does it every week,
but this week was particularly crazy for the big fellow.
Speaker 1 (17:55):
What have you got, Sean?
Speaker 3 (17:57):
Me? Okay, As Adam alluded to plenty of choices, but
for me, I'm coming down on When he denied climate change,
calling it the greatest con job ever perpetrated on the world,
he refuted the use of renewable energy. He claimed that
clean energy sources such as solar and wind don't work
(18:18):
and are more expensive than fossil fuels. He also said
the UN was incorrect in its predictions about the consequences
of climate change, and the President repeatedly warned that the
economics of renewable energy are harming the economy and resulting
in higher energy costs. Let's check let's fact check a
few of these, or at least let's hear what US
network ABC has to say about the facts. Trump claims
renewable energy sources don't work and it's too expensive. Bob
(18:42):
bom In twenty four to eighty percent of the growth
in global electricity generation was from renewable and nuclear sources,
now contributes to about forty percent of the world's total
electricity generation. He also claimed the Wan's prediction about the
impacts of climate change have not come to fruition that
their exagger or are incorrect by Bomb again wrong, overwhelming
(19:05):
scientific evidence and consensus from thousands of scientists worldwide that
the climate is changing and that is causing harm to humans,
imposing significant risks to the environment of the global economy.
What about him saying that reducing carbon emissions cost jobs,
that's wrong. Over the past five years, more than half
a million clean energy jobs have been added in the US,
(19:26):
far more than fossil fuel industries. As an aside, not
part of the main story, we really do just I mean,
he said this to the UN General Assembly, right, and
we had people walking out on him, left, right and center.
It was kind of like going back to the nineteen sixties.
The other big part of the story is the fact
that poor old he and Milania jumped on the elevator
(19:49):
and it's stopped now. He said, they could have gone
faced first into the metal steps, all sorts of trouble.
He thinks that, alongside the fact of the telep prompt
to break as a setup, he wants heads to roll. Now.
The latest I've heard on that is the un said
they think that a videographer from Donald Trump's team accidentally,
(20:09):
as it was at the top of the stairs, hit
the stop button on the escalator and that's why the
escalator stopped. But Donald Trump, heads need to roll because
they're trying to They're trying to get me. Do you
know how hard it must be living in Donald Trump's
head everywhere? Oh yeah, like the fanaticism and the photographic
(20:33):
himself and oh my gosh. Anyway, that to me is
perhaps one of the most outlandish things Donald Trump has
ever said. It is a tough contest, well, it is,
but the fact that climate change is the greatest con
job ever perpetrated on the world. Michael, Yeah, he.
Speaker 1 (20:53):
Has taken some taken aim at some pretty bizarre things.
Mine was just downright danger, right, And he did it
from the White House, so and he announced that it
was going to be this big press conference, So the
White House carries a lot of weight. Robert F. Kennedy
Junior at his side. And he claims that tyler ole,
essentially panetole, the key ingredient within these medications, is linked
(21:16):
to autism. And he ordered the FDA to slap a
warning on the label for tylerand ole. He even told
pregnant women he gave direct medical advice in this press conference.
Don't take it. There's no downside. Okay. The problem here,
the problem for the president on this particular occasion, as
you just pointed out, Sean, that in many cases, the
(21:37):
science just doesn't back up his claims. Studies are inconclusive
at best. Medical groups in the US all around the
world are furious and they are warning that Donald Trump's words,
what he said in this press conference could scare women
away from the only safe painkiller during pregnancy. And they're
(21:58):
emphasizing the fact that a high sustained fever during pregnancy
can be far more dangerous than other things, and that
autism experts as well as saying that his claims are irresponsible,
that they're dangerous. What makes this just extraordinary, right, It
isn't just the health risk, it's the fact that it's
the US President, flanked by his own health secretary, rewriting
(22:23):
medical guidance on the fly just as he was going.
And at one point during this press conference he said,
you know, I'm just making these statements from me. I'm
not making these I'm not making them from these doctors,
because when they talk about, you know, different results, different studies,
I just talk about a lot of common sense. And
here he is speaking from the White House, giving medical
(22:48):
advice to millions upon millions of people and linking autism
to anything when there is not the results to back
it up. We have seen what happens when that's happened
in the past, right. We've seen when the Wakefield study
that that that that was wrong, that linked vaccinations to autism,
(23:08):
and it took years to recover from that to get
vaccination rates back up to where they should be. Because
it scares people, It really scares people. And the Trump
administration and Donald Trump in particular, has just done exactly that,
and it is irresponsible and it is dangerous and it
is just wrong. Anyway, there you go, Adam.
Speaker 3 (23:28):
Can I add something to that Australian Therapeutic Goods administration
told pregnant women. So they put a statement out immediately
afterwards that penanole is safe.
Speaker 1 (23:37):
Yeah, for the reckon, it's just I mean, this is
the same bloke who when last time he was president,
pondered allowed during a press conference whether it would be
safe to inject people with bleach in order to bed. Yeah.
Speaker 2 (23:54):
Come on, it's just if you scripted this stuff as
a novel, right, it just wouldn't It wouldn't pass. No, No,
you know, it's a remarkable topic. It's an excellent topic.
Unfortunately every week sings to bring a fresh adventure from
Donald Trump. But I think, Michael, you have to win
(24:15):
on this one for the most outlandish statement there is.
It can be dangerous and in my opinion, borderline reckless
to say statements like that, but without being too somber.
Just the imagery out of the un of an escalator stopping,
of a teleprompter not working, and how easy is to
(24:36):
throw off. There's got to be a conspiracy. Yeah, it
can't be just mistakes happening, No, that can't be it.
It's got to be someone, and probably a Democrat behind
all of this, so I thought it was it was
definitely outlandish. But Michael, you have.
Speaker 1 (24:52):
To win favorite story. Shall I go first on this one?
Speaker 3 (24:56):
Please do? Michael?
Speaker 1 (24:58):
All right, Adam, just to check he's subjective by still
one of your criteria for judging it is okay, good, good, good, good, good,
good good. Because I know that you've done a lot
of work and talk a lot about the importance of trust,
brand trust, that this is a thing that really matters,
and that you've spoken you're a bit of an expert
on this front. Oh yeah, I can hear my heart
(25:18):
rate lifting, well.
Speaker 3 (25:19):
I can. I can hear mine slowly.
Speaker 1 (25:21):
Well, somewhere in the middle, you'll find me. I'm Switzerland.
Here Australia's trust barometer has spoken, and once again, once again,
Adam Bunnings reign supreme. This is the Roy Morgan Trust Survey,
which once again puts Bunnings at number one. It has
been number one in the past, which is why I
refer to it as being once again at number one,
(25:44):
followed by Aldi, Kmart, Apple and Toyota, even the banks.
Sean and I know you are a bank guy. Common
Wealth Comwealth Bank has ban bank guy I'm like, Okay,
there's other ways I could have described you as crack
the top ten for the first time. Well done, Commonwealth Bank.
But but but, Adam, the big story write this down.
(26:09):
The big story here is at the other end, Cole's
and Woolies are still our most still trusted brands, still
second year, Still go again. Still I get why you're
pointing out all of this again. And still you're like, oh,
because this isn't new, Because no, this is okay, this
(26:30):
is a big story, Sean.
Speaker 3 (26:33):
And of course sometimes listening to how Michael's brain works,
it's quite an in real time.
Speaker 1 (26:41):
Yeah, you're going to hear the rust the Okay, Colds
and Woollies still our most distrusted brands. And I actually
think the fact that they are still there after a
full year of reputational repair work, right. I think that
is interesting, the fact that they have slashed prices to
try and kind of earn trust back and it has
(27:03):
not worked, because it is extraordinary. They are numbers one
and two on the list of most distrusted brands. Behind
them on that list, so therefore more trusted than them.
You've got x, the social media platform, which is riddled
with misinformation. You've got Temu, a company that in twenty
(27:25):
twenty three was the subject of a finding by a
US government investigation that said there was an extremely high
risk that the products on the site that are being
imported from China were being made with forced labor. And
yet we have here these companies that are still more
trusted than Coal's and Woolworths. It shows it goes to
(27:48):
show Adam just how precious trust is, and that when
you lose it through things like the price gouging allegations,
the ah triable c investigations and the like, that it
is so very very very very hard to get it back.
And I just love the fact that Bunnings are still
at the top of the list that like, you just
give us a cheap sausage in bread and we will
(28:09):
trust you with our lives, apparently right and just. And
the power of that kind of almost quite transparent pricing
that there's no specials, this is the price you walk in.
Goes back to what Jack Cowen was saying about what
he's going to be doing with Domino's, getting rid of
all of the discounts and the little coupons and things,
because no one knows what they're going to get it.
(28:30):
Just wants it an everyday low pricing model like Bunnings,
because people trust it, they know what they're going to get.
And we're seeing this play out here with the trust barometer.
There you go, Sean, do you want to put an
entry in or are you happy to support mine?
Speaker 3 (28:43):
Oh god, that was dull Adam. You're a chet GPT
years or aren't you? Oh?
Speaker 2 (28:49):
Yeah?
Speaker 3 (28:50):
So what do you use it for? Honestly? Oh god?
Speaker 2 (28:54):
You know, never to finish anything, never to start anything,
all in the middle, lots and lots of works. But
lately in Oshan we did the bike ride this year
so for the Royal far West and what a great
event it was. But I used it a lot to
help me find a bike and then since then to
(29:15):
repair the bike.
Speaker 3 (29:17):
So I've done to repair your legs and blisters.
Speaker 1 (29:20):
Yes, that's why I recover saddle sort.
Speaker 2 (29:23):
This is a real thing. Yeah, so probably a mix
of personal and professional.
Speaker 3 (29:28):
So you are actually pretty typical because a year ago,
fifty percent of people were using chat GPT for work stuff.
That's fallen to thirty twenty seventy three percent of chapter
GPT usage is now personal matters that comes from the
first of a first of its kind study using millions
of anonymized messages. Academics from Harvard and Duke University has
(29:52):
got together created how people use chat GPT, so more
people are using it for personal than work. You want
to know some of the prompts that were fairly regular.
One my wife is mad at me, and I don't
know what to do. Had the nervous laughter from we
(30:16):
married men, isn't it? I must try that? Yeah? This
one's purely for Michael. How do black holes work?
Speaker 1 (30:24):
Yeah?
Speaker 3 (30:25):
Actually, that's a good one. He'd already know it, to
be honest. Yeah, he wouldn't be looking it up and
correcting it. We've all got teenage children. Well, Michael, you don't,
but you'll get there. Adam and I do. Does I
reduce pimples? I have never chat GPT? That one? I
mean work Stuff's about PowerPoint slides? You know that, Adam
(30:46):
write PowerPoint slides for a tax law conference. Yeah? I
like the rewrite this HR complaint. What makes it sound
better is that from the complaint? Or I don't know,
interesting perform a reggression analysis on this data? Yeah? Sure, anyway,
I highly paid professional occupations using it more than others,
(31:08):
just that more people now are using for personal life
and I just love it. My wife is mad at me,
and I don't know what to do. Her favorite story.
Speaker 2 (31:18):
Short wins.
Speaker 3 (31:21):
Jack GBT, what a great story.
Speaker 2 (31:24):
I did this panel four Classic Night Hub twenty four
in Sydney on Thursday, and it was all about artificial intelligence.
And so this is for a room of accountants and
financial plannets and just the appetite for everybody. Everyone wants
to figure out ways to use it, and everyone's learning
from each other. I love the fact my wife is angry.
Speaker 1 (31:47):
What should I do the number one query? Yeah? We
are humans after all.
Speaker 3 (31:53):
Okay, landslide three one?
Speaker 1 (31:57):
It does have the feeling of a landslide. Is it
worth going to the points? Is there any salvation there
for me?
Speaker 3 (32:04):
Well?
Speaker 2 (32:04):
Yes, I mean Michael ninety Sean ninety two. I think
two points is a landslide, right, How.
Speaker 1 (32:12):
Is that possible? When you won three? When you won three,
when you won three categories? Yes, only two points.
Speaker 3 (32:20):
I do surprise myself sometimes anyway.
Speaker 1 (32:22):
Yes, that's the score.
Speaker 3 (32:23):
Alie, you should be using check GPT for your maths.
Speaker 1 (32:28):
Oh that is extraordinary. Okay, good contest. Congratulations Sean and
thank you.
Speaker 3 (32:36):
Thank you Michael, thank you Adam.
Speaker 2 (32:38):
Thank you Sean, thank you Michael. Michael, can I commend
you in your last story? You used three butts and
four varies.
Speaker 1 (32:47):
Didn't help, did it?
Speaker 3 (32:48):
Not?
Speaker 1 (32:48):
This okay? Maybe next week I'll go for five. Make
sure you're following the podcast, and please head to Fearangreed
dot com dot au to sign up for our free
daily newsletter. I'm Michael Thompson and that was Fear and Greed.
Have a great week.
This is the weekend edition of Fear and Greed business News.
You can use are Michael Thompson and Good morning, Sean Alma,
Good morning, Michael, Sean. Our weekend show is all about
the two of us each nominating. Look, I'm actually stretching
as I'm saying this. I'm limbering up because this is
a debate. This is a vigorous argument. Today. We are
each nominating what we think is the biggest business story
(00:26):
of the week, the most remarkable business story, a mystery
category that changes each week, and our favorite business related story.
We need a judge to pick a winner that judges
our Fear and Greed. Colleague, Adam Lang Adam, good morning.
Speaker 2 (00:39):
Good morning, Michael, Good morning, Sean.
Speaker 3 (00:42):
Morning Adam. Can I start with a gripe?
Speaker 1 (00:44):
Is it all right?
Speaker 3 (00:44):
Get things off?
Speaker 1 (00:45):
Please?
Speaker 3 (00:45):
Do positive note? Nothing to do with you. Why is
it that whatever studio we're in, where they're in Sydney,
in our neighbous studios, where they we're in home studios,
we kick the show off, Michael hits the record button
and then there's always a pause. He shifts his desk up,
(01:06):
he closes the window or something. He never ever is
one hundred percent ready to go when he presses record.
Have you ever noticed it, Adam, Michael will be quite
from Have you noticed that? I have?
Speaker 2 (01:19):
I think it's part of Michael's warm up routine, like
you know, like gout gout getting on the blocks.
Speaker 1 (01:24):
It does a little stretch, little readiness.
Speaker 3 (01:26):
And a gougout was last week and goug out one
I e. Michael won. So we're not going to talk
about gogaut this week. But what is it about it? Michael?
Why can't you just be ready to go when you
press go rather than actually have to shift the desk,
which everybody happens.
Speaker 1 (01:41):
If I have to, okay, number one, finally tuned athletes,
I need to make sure I go through my routine.
And also number one also, as we're about to kick off,
just then I noticed that my desk was not quite
in the right position, and that the way I was
because we are recording this one from our homes videos,
that the way I was looking at the camera meant
(02:02):
I had a double chin.
Speaker 3 (02:05):
Conditions are ideal when when we're in our studio, you
press record and then you turn to the right and
check all the screens on your right hand side, and
then come back and start talking and anyway, gripe favor,
let's go on with the show.
Speaker 2 (02:20):
He's got your mind off the game.
Speaker 1 (02:23):
You know what I can't Actually I was about to say,
I can't be put off, clearly I can. I have Adam,
what are you looking? What are you looking for today?
Speaker 3 (02:34):
Yeah?
Speaker 2 (02:34):
Okay, so topicality, timeliness, economic impact, of course, a little
playing to my subjective bias, and some melodrama.
Speaker 1 (02:44):
How about brevity? Does brevity count? Yes? It does good
Because I Reckon Today is going to be our one
of our more efficient shows apart from the start obviously before. Yeah,
but this is this is actually going to be it.
Speaker 3 (02:58):
I Reckon.
Speaker 1 (02:58):
It's going to be like a again a minute per
person per entry. Here we go go to this Sean
after you go for it. What's the biggest story this week?
Speaker 3 (03:07):
I like about three minutes for this one because it's important.
Biggest story that work, without a doubt, the economy. What
really matters to everyone at home, Adam, interest rates, whether
they've got a job, how the economy is growing. And
this week we've heard from the Reserve Bank Governor Michelle Bullock,
and we've got inflation data. Michelle Bullock first, she appeared
before a parliamentary committee and her basic message is that
(03:30):
the local economies recovering pretty well at the moment, supported
by interest rate cuts, but globill economic uncertainty could spoil
the party. Inflation out looks good. More on that shortly,
price changes are likely to set in the middle of
the Central Bank's target range of two to three percent.
Recent rate cuts can be seen already impacting the housing
market and consumption. The economy is close to full employment,
(03:51):
one of the Reserve Bank's goals productivity grows. Still a
problem hasn't picked up. Part of that's because so many
jobs are going in the non market sector, the bureaucracy
some pressure on labor costs. She also pointedly said there
isn't a great deal of risk priced into equities, i e.
Read between the lines there, perhaps shares are running too hard.
(04:12):
Then we had the inflation data headline inflation three percent
all important underlying two point six percent, slightly lower than Joe. Joe,
who's Joe? Don't know the month of July is what
I meant to say, slightly lower than July over the
last twelve months out of a test for you might
have been listening the largest growth in prices was in electricity,
(04:32):
but that's on the back of the rebates falling off,
some state and federal rebates falling off. What else jumped
in prices? Eggs, yes, birdflood related well done? And coffee,
tea and coco. You know we've done on the show.
Cocoa prices going up, tobacco government regulation. What about where
prices have fallen? Small household appliances? So revel International holiday travel.
Speaker 2 (04:58):
I do love this one for the three of us.
Speaker 3 (05:01):
Yes, books, Michael, Oh, that's right. International? Now books is
Michael International holiday travel? I'm claiming that one, but sure
the other one. The other one I'm giving to Adam.
It's garments.
Speaker 1 (05:22):
I had.
Speaker 3 (05:24):
No one is better dressed of we three than Adam Lane.
Speaker 1 (05:28):
Except we should talk about the hoodie. Yeah, the green,
the green hoodie at the Yeah, lovely. I really like it.
But it is not like you.
Speaker 3 (05:39):
No, it's not you weren't judged.
Speaker 1 (05:40):
We might not say that, but considering you've turned up
to multiple weekend editions wearing suits and time to go,
then suddenly to a like a Kermit green hoodie, it's
about as different as you can get. Cash. I like this,
Adam are you done, Sean.
Speaker 3 (05:58):
Yes, Miss Piggy, let's go.
Speaker 1 (06:05):
What jeez, Adam Adam. Yeah. What a momentous week for
Australia on the world stage. Right, Anthony Albanezi, our Prime minister,
finally got his Trump moment in New York. For days,
it wasn't even clear if Donald Trump would even talk
(06:26):
to him. Then there was a handshake, there was a
photo opportunity wasn't so much a photo opportunity as just
Albo basically forcing the President to have a selfie with him.
And then there was the promise, though importantly the promise
of a White House meeting next month. All right, And
so that was the theater alongside Albo's trip to New
(06:48):
York and the big kind of will they won't they meet,
all that kind of thing. But it was actually a
vitally important visit to New York because while he was there,
Anthony Albanizi made his debut United Nations speech. He pitched
Australia for a Security Council seat. He hammered climate changes
really as an existential threat, something that has actually go
(07:11):
into effect, not just Australia but people and countries within
our regient. So it was representing a whole bunch of
smaller countries from the Pacific as well. He called out
Iran for the fire bombings that have happened here Astralian
on Australian soil, all of this in front of the
leaders of the world, and then impossibly the most Australian
(07:32):
flourish of all, he went to Hamish and Andy's Pub
in Manhattan and poor beers for the crowd. It doesn't
get bigger if you kind of exclude the beer part, right,
It doesn't get bigger than that for Australia on the
world stage this week, especially when you consider that the
week actually began with Australia officially recognizing a Palestinian state
(07:55):
at the UN. You put it all together, which is
essential in this kind of scenario. You put it all together,
you assess it all as one whole, and it is
the biggest story of the week because this was our
leader pushing an Australian agenda on the world stage that
doesn't necessarily line up with the US, certainly doesn't line
(08:17):
up with the US. Our strongest ally still went in there,
did it, still demanded time with the President. God is selfie,
God is handshake, got a meeting at the White House
next month. Massive week, massive story.
Speaker 3 (08:31):
That's going to make a big difference to my life,
that one.
Speaker 2 (08:36):
So I'm going to do something unusual in this one.
Maybe it's the hoodie, but I'm going to reward a
bonus point for Michael. When you referred to my hoodie
as Kermit Green and Sean called you miss piggy, I
thought that was an excellent whack, what a beauty, spontaneous whack.
Speaker 3 (08:54):
I was just going to mention the wonderful Tim Burreys,
who would give a bonus point for that, right, Yeah, yeah,
definitely he would also detract a burness point to Michael
for having about seven stories in one.
Speaker 1 (09:07):
There's one story. It was Australia this week on the
world stage.
Speaker 3 (09:10):
That's what hover do you, Adam go.
Speaker 1 (09:12):
On, thank you both.
Speaker 2 (09:17):
I actually thought that the inflation number and the Reserve
Bank statement has been really interesting and what that does
to the whole landscape for interest rate change.
Speaker 1 (09:26):
So when pocket.
Speaker 2 (09:28):
Stuff this is really really important. So and look, Michael, yes, absolutely,
I think that our Prime Minister is doing a commendable
job on the world stage. And what awkward territory it is,
you know, such vitriol around the climate debate, around Palestine,
Palestinian recognition in Israel, the Security Council pitch. These are massive,
(09:50):
longer term things. And a visit to Hamish and his pub.
He's playing it well, but no Sean has to win
this week.
Speaker 1 (09:57):
It doesn't have to well for me. I've chosen to
award show on the win.
Speaker 3 (10:02):
That is such a clear cut win. I reckon I've
won by two points.
Speaker 1 (10:08):
This is out righteous monthly inflation data. Who cares? Did
you watch? Did you watch this week? You know? The
team at AMP and another one of our great judges,
Diana Messina, who fills in every now and then. It
does a terrific job of doing it. They did a
little video on LinkedIn where the AMP Economics team ranked
(10:28):
or rated out of ten all of the different economic
indicators as in how important they were. And I think
it's not on LinkedIn, but I haven't seen it yet.
It was really good. It's definitely worth watching monthly inflation
figures two out of ten because.
Speaker 3 (10:45):
Sorry, I will add to that. Diana also mentioned that
come November, when the inflation data actually expands, it's so
much broader. I don't know. She didn't say it'll go
to seven out of ten. But she certainly said it'll
become much more relevant. Half the story, Michael, Yet half
(11:05):
half the story, Mizpiggy.
Speaker 1 (11:08):
I have never promised to give the full story.
Speaker 3 (11:11):
Michael onto the most remarkable story. Now the truth comes down.
Speaker 1 (11:17):
What a win for listeners.
Speaker 3 (11:18):
That is.
Speaker 1 (11:20):
I was just to be clear, I was joking. Just that, Okay,
the most remarkable story. This is a very brief one,
but optis right, Adam. Optus has managed what you would
consider to be the unthinkable, yet another PR disaster, even
worse than twenty twenty three's outage. In twenty twenty two's
(11:43):
cyber attack. This is a major, major network outage that
left six hundred people unable to reach Triple zero, linked
to four deaths, massive fallout to it, a government probe,
customers furious, independent review led by doctor Kerry Shott. Stephen
Rue says he won't resign. But the damage, the damage
(12:03):
here is just it is extreme, right, because this is
a telco that you've got to say is probably already
on probation with the public because it had not yet
fully recovered from its previous incidents, and then it busts
out this one, which is arguably the worst, because it
has had fatal consequences, tragic consequences. It is remarkable. It
(12:24):
is a household brand spiraling from embarrassment to outright danger.
It is remarkable. There you go, brief. How's that?
Speaker 3 (12:32):
Yeah, a tragic story. Yeah, that's okay. That was last week,
by the way. But the most remarkable thing that happened
this week, as in the last six days, as opposed
to Michael's which happened ten days ago.
Speaker 1 (12:46):
Oh no, you're not going to pull this nonsense again.
It happened towards the end of last week, but then
we only found out about it within the judging period,
and the fall that was all during the judgment.
Speaker 3 (12:56):
Oh yeah, yeah, So what the hell is happening in
the retail sector, That's what I want to know, and
particularly around premier investments. In Meyer, my share price tumble
twenty five percent after it announced the thirty percent drop
in the biggest problem, all those brands they bought off
premier investments, things like Just Jean's, Portman's, Dot e j
(13:17):
Jason Jackie are causing them real problems. Cee Olivia Worth
said that it's a year of transition maybe, but I
think investors are wondering whether the legacy department store can
actually keep up with more nimble specialist bricks and mortar
retailers and online competitors. Temper On Webster's doing well, not Mayer.
(13:38):
The other thing about the result might has been hit
with the jumping, theft and violent behavior. Incidents of threatening
behavior at Rose seventy nine percent credible. A couple of
days later we get Premier Investments results. It's still own
Smiggle and Peter Alexander. The results weren't great, but the
headline came from billionaire founder Solomon lou who said it
(13:59):
in two nal investigation had uncovered a culture of serious
misconduct ratings from absenteesm intoxication during work hours, bullying, sexual harassment,
and potential bribery. He said, the investigations looked into Smiggles
people and cultural department. I quote, people were being bullied sexually,
sexual harassment, etc. And that was never reported interferenced by
(14:19):
the CEO to that department. And there's a long list
of situations end quote. Other issues being investigated includes tampering
with company products and potential instances of bribery. He well
and truly whacked the former CEO John Cheston, who left
Smiggle more than a year ago to run jewelry retailer Levisa. Now,
whether he was sacked or not is in dispute. Premier
(14:41):
said it involves serious misconduct and a serious breach of
his employment terms. Cheston absolutely refutes all this, refutes all
the allegations, and through his lawyer, has previously denied engaging
in any conduct that would warrant him being terminated or
being deprived of his share. That's fair, I mean, John
Cheston deserves to have his say, right, But just the
(15:02):
fact that Solomon lou came out and absolutely went ballistic
on this, next to the fact that Maya what they
brought from Premier Investments has really crapped out that's a
technical term in China. Quite remarkable. But it is absolutely
remarkable what's going on in the retail sector. The flip
(15:25):
side of it, which I sort of alluded to, there
are other retailers doing really well. Harvey Norman, JB. Hi
Fi been great examples, remarkable.
Speaker 2 (15:34):
A very disrupted space retail from big online retailers, retailers
through to the retail space and for a long time
it's been a colorful industry right, But just this week
was a contest and a half and John sheston Solomon
lou where some of the content is just incredible. So
(15:57):
I think it has to win. Allegation questions absolutely on
Michael's though, I'm going to allow it in terms of
the time frame because taking out that metaphor of taking
out the trash on a Friday afternoon, that's what Optus
did last week. But this week the unpicking of how
(16:20):
they've handled it has been pretty severe. And you know
that whenever someone is forced will you resign? You know
things aren't looking good, you know, whenever that question comes up,
Jesus a CEO, that's an awful moment. If you can
get through it, great, But God to put the spectacle
on you become the spectacle rather than the business, and
(16:41):
that's not a good place to be. It is also
an awful tragedy. So yeah, it has been quite incredible
this week.
Speaker 1 (16:49):
Shaw wins to Nil. We are running late. We are
short of time because of somebody being very for both
actually two people and it wasn't me, it's the two
of you too, Nil, Quick break back with the mystery
story of the week. All right, we are looking now
(17:16):
Sean for the mystery category of the week this week
the mystery what did I miss? Just then?
Speaker 3 (17:21):
Sorry on nothing, Michael. You and Adam were just bickering
that who land break about? Who was talking too much?
Speaker 1 (17:29):
Grow up?
Speaker 3 (17:30):
The pair of them just accept it. What's the mystery category, Michael?
Speaker 1 (17:36):
The mystery category this week is out landish statements by
Donald Trump. Oh gosh, what a contest. Yeah, we've got
a bit of ground to cover.
Speaker 3 (17:47):
We did think about this, and he does it every week,
but this week was particularly crazy for the big fellow.
Speaker 1 (17:55):
What have you got, Sean?
Speaker 3 (17:57):
Me? Okay, As Adam alluded to plenty of choices, but
for me, I'm coming down on When he denied climate change,
calling it the greatest con job ever perpetrated on the world,
he refuted the use of renewable energy. He claimed that
clean energy sources such as solar and wind don't work
(18:18):
and are more expensive than fossil fuels. He also said
the UN was incorrect in its predictions about the consequences
of climate change, and the President repeatedly warned that the
economics of renewable energy are harming the economy and resulting
in higher energy costs. Let's check let's fact check a
few of these, or at least let's hear what US
network ABC has to say about the facts. Trump claims
renewable energy sources don't work and it's too expensive. Bob
(18:42):
bom In twenty four to eighty percent of the growth
in global electricity generation was from renewable and nuclear sources,
now contributes to about forty percent of the world's total
electricity generation. He also claimed the Wan's prediction about the
impacts of climate change have not come to fruition that
their exagger or are incorrect by Bomb again wrong, overwhelming
(19:05):
scientific evidence and consensus from thousands of scientists worldwide that
the climate is changing and that is causing harm to humans,
imposing significant risks to the environment of the global economy.
What about him saying that reducing carbon emissions cost jobs,
that's wrong. Over the past five years, more than half
a million clean energy jobs have been added in the US,
(19:26):
far more than fossil fuel industries. As an aside, not
part of the main story, we really do just I mean,
he said this to the UN General Assembly, right, and
we had people walking out on him, left, right and center.
It was kind of like going back to the nineteen sixties.
The other big part of the story is the fact
that poor old he and Milania jumped on the elevator
(19:49):
and it's stopped now. He said, they could have gone
faced first into the metal steps, all sorts of trouble.
He thinks that, alongside the fact of the telep prompt
to break as a setup, he wants heads to roll. Now.
The latest I've heard on that is the un said
they think that a videographer from Donald Trump's team accidentally,
(20:09):
as it was at the top of the stairs, hit
the stop button on the escalator and that's why the
escalator stopped. But Donald Trump, heads need to roll because
they're trying to They're trying to get me. Do you
know how hard it must be living in Donald Trump's
head everywhere? Oh yeah, like the fanaticism and the photographic
(20:33):
himself and oh my gosh. Anyway, that to me is
perhaps one of the most outlandish things Donald Trump has
ever said. It is a tough contest, well, it is,
but the fact that climate change is the greatest con
job ever perpetrated on the world. Michael, Yeah, he.
Speaker 1 (20:53):
Has taken some taken aim at some pretty bizarre things.
Mine was just downright danger, right, And he did it
from the White House, so and he announced that it
was going to be this big press conference, So the
White House carries a lot of weight. Robert F. Kennedy
Junior at his side. And he claims that tyler ole,
essentially panetole, the key ingredient within these medications, is linked
(21:16):
to autism. And he ordered the FDA to slap a
warning on the label for tylerand ole. He even told
pregnant women he gave direct medical advice in this press conference.
Don't take it. There's no downside. Okay. The problem here,
the problem for the president on this particular occasion, as
you just pointed out, Sean, that in many cases, the
(21:37):
science just doesn't back up his claims. Studies are inconclusive
at best. Medical groups in the US all around the
world are furious and they are warning that Donald Trump's words,
what he said in this press conference could scare women
away from the only safe painkiller during pregnancy. And they're
(21:58):
emphasizing the fact that a high sustained fever during pregnancy
can be far more dangerous than other things, and that
autism experts as well as saying that his claims are irresponsible,
that they're dangerous. What makes this just extraordinary, right, It
isn't just the health risk, it's the fact that it's
the US President, flanked by his own health secretary, rewriting
(22:23):
medical guidance on the fly just as he was going.
And at one point during this press conference he said,
you know, I'm just making these statements from me. I'm
not making these I'm not making them from these doctors,
because when they talk about, you know, different results, different studies,
I just talk about a lot of common sense. And
here he is speaking from the White House, giving medical
(22:48):
advice to millions upon millions of people and linking autism
to anything when there is not the results to back
it up. We have seen what happens when that's happened
in the past, right. We've seen when the Wakefield study
that that that that was wrong, that linked vaccinations to autism,
(23:08):
and it took years to recover from that to get
vaccination rates back up to where they should be. Because
it scares people, It really scares people. And the Trump
administration and Donald Trump in particular, has just done exactly that,
and it is irresponsible and it is dangerous and it
is just wrong. Anyway, there you go, Adam.
Speaker 3 (23:28):
Can I add something to that Australian Therapeutic Goods administration
told pregnant women. So they put a statement out immediately
afterwards that penanole is safe.
Speaker 1 (23:37):
Yeah, for the reckon, it's just I mean, this is
the same bloke who when last time he was president,
pondered allowed during a press conference whether it would be
safe to inject people with bleach in order to bed. Yeah.
Speaker 2 (23:54):
Come on, it's just if you scripted this stuff as
a novel, right, it just wouldn't It wouldn't pass. No, No,
you know, it's a remarkable topic. It's an excellent topic.
Unfortunately every week sings to bring a fresh adventure from
Donald Trump. But I think, Michael, you have to win
(24:15):
on this one for the most outlandish statement there is.
It can be dangerous and in my opinion, borderline reckless
to say statements like that, but without being too somber.
Just the imagery out of the un of an escalator stopping,
of a teleprompter not working, and how easy is to
(24:36):
throw off. There's got to be a conspiracy. Yeah, it
can't be just mistakes happening, No, that can't be it.
It's got to be someone, and probably a Democrat behind
all of this, so I thought it was it was
definitely outlandish. But Michael, you have.
Speaker 1 (24:52):
To win favorite story. Shall I go first on this one?
Speaker 3 (24:56):
Please do? Michael?
Speaker 1 (24:58):
All right, Adam, just to check he's subjective by still
one of your criteria for judging it is okay, good, good, good, good, good,
good good. Because I know that you've done a lot
of work and talk a lot about the importance of trust,
brand trust, that this is a thing that really matters,
and that you've spoken you're a bit of an expert
on this front. Oh yeah, I can hear my heart
(25:18):
rate lifting, well.
Speaker 3 (25:19):
I can. I can hear mine slowly.
Speaker 1 (25:21):
Well, somewhere in the middle, you'll find me. I'm Switzerland.
Here Australia's trust barometer has spoken, and once again, once again,
Adam Bunnings reign supreme. This is the Roy Morgan Trust Survey,
which once again puts Bunnings at number one. It has
been number one in the past, which is why I
refer to it as being once again at number one,
(25:44):
followed by Aldi, Kmart, Apple and Toyota, even the banks.
Sean and I know you are a bank guy. Common
Wealth Comwealth Bank has ban bank guy I'm like, Okay,
there's other ways I could have described you as crack
the top ten for the first time. Well done, Commonwealth Bank.
But but but, Adam, the big story write this down.
(26:09):
The big story here is at the other end, Cole's
and Woolies are still our most still trusted brands, still
second year, Still go again. Still I get why you're
pointing out all of this again. And still you're like, oh,
because this isn't new, Because no, this is okay, this
(26:30):
is a big story, Sean.
Speaker 3 (26:33):
And of course sometimes listening to how Michael's brain works,
it's quite an in real time.
Speaker 1 (26:41):
Yeah, you're going to hear the rust the Okay, Colds
and Woollies still our most distrusted brands. And I actually
think the fact that they are still there after a
full year of reputational repair work, right. I think that
is interesting, the fact that they have slashed prices to
try and kind of earn trust back and it has
(27:03):
not worked, because it is extraordinary. They are numbers one
and two on the list of most distrusted brands. Behind
them on that list, so therefore more trusted than them.
You've got x, the social media platform, which is riddled
with misinformation. You've got Temu, a company that in twenty
(27:25):
twenty three was the subject of a finding by a
US government investigation that said there was an extremely high
risk that the products on the site that are being
imported from China were being made with forced labor. And
yet we have here these companies that are still more
trusted than Coal's and Woolworths. It shows it goes to
(27:48):
show Adam just how precious trust is, and that when
you lose it through things like the price gouging allegations,
the ah triable c investigations and the like, that it
is so very very very very hard to get it back.
And I just love the fact that Bunnings are still
at the top of the list that like, you just
give us a cheap sausage in bread and we will
(28:09):
trust you with our lives, apparently right and just. And
the power of that kind of almost quite transparent pricing
that there's no specials, this is the price you walk in.
Goes back to what Jack Cowen was saying about what
he's going to be doing with Domino's, getting rid of
all of the discounts and the little coupons and things,
because no one knows what they're going to get it.
(28:30):
Just wants it an everyday low pricing model like Bunnings,
because people trust it, they know what they're going to get.
And we're seeing this play out here with the trust barometer.
There you go, Sean, do you want to put an
entry in or are you happy to support mine?
Speaker 3 (28:43):
Oh god, that was dull Adam. You're a chet GPT
years or aren't you? Oh?
Speaker 2 (28:49):
Yeah?
Speaker 3 (28:50):
So what do you use it for? Honestly? Oh god?
Speaker 2 (28:54):
You know, never to finish anything, never to start anything,
all in the middle, lots and lots of works. But
lately in Oshan we did the bike ride this year
so for the Royal far West and what a great
event it was. But I used it a lot to
help me find a bike and then since then to
(29:15):
repair the bike.
Speaker 3 (29:17):
So I've done to repair your legs and blisters.
Speaker 1 (29:20):
Yes, that's why I recover saddle sort.
Speaker 2 (29:23):
This is a real thing. Yeah, so probably a mix
of personal and professional.
Speaker 3 (29:28):
So you are actually pretty typical because a year ago,
fifty percent of people were using chat GPT for work stuff.
That's fallen to thirty twenty seventy three percent of chapter
GPT usage is now personal matters that comes from the
first of a first of its kind study using millions
of anonymized messages. Academics from Harvard and Duke University has
(29:52):
got together created how people use chat GPT, so more
people are using it for personal than work. You want
to know some of the prompts that were fairly regular.
One my wife is mad at me, and I don't
know what to do. Had the nervous laughter from we
(30:16):
married men, isn't it? I must try that? Yeah? This
one's purely for Michael. How do black holes work?
Speaker 1 (30:24):
Yeah?
Speaker 3 (30:25):
Actually, that's a good one. He'd already know it, to
be honest. Yeah, he wouldn't be looking it up and
correcting it. We've all got teenage children. Well, Michael, you don't,
but you'll get there. Adam and I do. Does I
reduce pimples? I have never chat GPT? That one? I
mean work Stuff's about PowerPoint slides? You know that, Adam
(30:46):
write PowerPoint slides for a tax law conference. Yeah? I
like the rewrite this HR complaint. What makes it sound
better is that from the complaint? Or I don't know,
interesting perform a reggression analysis on this data? Yeah? Sure, anyway,
I highly paid professional occupations using it more than others,
(31:08):
just that more people now are using for personal life
and I just love it. My wife is mad at me,
and I don't know what to do. Her favorite story.
Speaker 2 (31:18):
Short wins.
Speaker 3 (31:21):
Jack GBT, what a great story.
Speaker 2 (31:24):
I did this panel four Classic Night Hub twenty four
in Sydney on Thursday, and it was all about artificial intelligence.
And so this is for a room of accountants and
financial plannets and just the appetite for everybody. Everyone wants
to figure out ways to use it, and everyone's learning
from each other. I love the fact my wife is angry.
Speaker 1 (31:47):
What should I do the number one query? Yeah? We
are humans after all.
Speaker 3 (31:53):
Okay, landslide three one?
Speaker 1 (31:57):
It does have the feeling of a landslide. Is it
worth going to the points? Is there any salvation there
for me?
Speaker 3 (32:04):
Well?
Speaker 2 (32:04):
Yes, I mean Michael ninety Sean ninety two. I think
two points is a landslide, right, How.
Speaker 1 (32:12):
Is that possible? When you won three? When you won three,
when you won three categories? Yes, only two points.
Speaker 3 (32:20):
I do surprise myself sometimes anyway.
Speaker 1 (32:22):
Yes, that's the score.
Speaker 3 (32:23):
Alie, you should be using check GPT for your maths.
Speaker 1 (32:28):
Oh that is extraordinary. Okay, good contest. Congratulations Sean and
thank you.
Speaker 3 (32:36):
Thank you Michael, thank you Adam.
Speaker 2 (32:38):
Thank you Sean, thank you Michael. Michael, can I commend
you in your last story? You used three butts and
four varies.
Speaker 1 (32:47):
Didn't help, did it?
Speaker 3 (32:48):
Not?
Speaker 1 (32:48):
This okay? Maybe next week I'll go for five. Make
sure you're following the podcast, and please head to Fearangreed
dot com dot au to sign up for our free
daily newsletter. I'm Michael Thompson and that was Fear and Greed.
Have a great week.
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