October 16, 2025 • 17 mins
Friday 17 October 2025
Australia’s unemployment rate jumps to 4.5 per cent, increasing the chance of a rate cut next month.
- Macquarie Group’s $60 billion data centre sale.
- Good news for chocolate lovers – cocoa prices are tumbling.
- Reserve Bank Governor Michele Bullock’s stern warning for the federal government.
- Plans to crack down on crypto-currency ATMs.
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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.
Australia's unemployment rate jumps to four point five percent, increasing
the chance of rate cut next month. Macquarie Group sixty
billion dollar data center sale, and good news for chocolate
lover's Cocoa prices are tumbling. Plus Reserve Bank Governor Michelle
Bullock's stern warning for the federal government and plans to
(00:26):
crack down on cryptocurrency ATMs. It is Friday, the seventeenth
of October twenty twenty five. Are Michael Thompson and good morning,
Sean Aylmer.
Speaker 2 (00:35):
Morning, Michael. We say it every day, but there really
is something for everyone. You know, big bank staff, chocolate lovers,
interest rates, you name it, We've got it.
Speaker 1 (00:43):
This morning, we certainly do. In the main story this
morning is a big one because Australia's unemployment rate has
jumped to four point five percent, which is a level
last scene during COVID lockdowns, with jobs growth in September
of just fifteen thousand positions.
Speaker 2 (00:58):
The surprise reading from the Bureau Statistics triggered an immediate
surge on equity markets, pushed the dollar below sixty five
US cents and Bonnie els fell by their most in
one session since August, as investors assessed a much greater
likelihood of an interest rate cut next month. The unemployment
rate was higher than expected and came after just nine
thousand full time and six thousand part time jobs were
(01:20):
added to the economy, extending the streak of wow underwhelming
employment gains that we've seen this year. Over the year,
employment is growing at or has grown at about one
point three percent, while aggregate ours are up one point
four percent population growth rate of two point zero percent.
Put all that together, you're going to end up with
a higher unemployment rate. The participation rate remains near its
(01:42):
high as of sixty seven percent. I suppose that's the
good news. It's been hovering around that level all year.
What yesterday's report confirms is employment market is decelerating and
the unemployment rate is no longer in the low fours,
but in the mid falls, which is at or slightly
above where the Reserve Bank expects it to get. Since
late twenty twenty two, the non market sectors I think healthcare,
(02:04):
social assistance, education, public administration jobs they've accounted for nearly
two thirds of all jobs growth in Australia, the trend
is now starting to slow, given there's a normalization in
government spending as well as a pickup in private sector demand.
Leading indicators job adds that type of thing. They suggest
(02:25):
that there's unlikely to be a collapse in jobs, but
growth is definitely going to slow.
Speaker 1 (02:31):
All right, bring it back to what it means for
all of us with a mortgage, sean, what does it
mean for interest rates?
Speaker 2 (02:37):
Well, the Reserve Bank seems to have gone a little
cool on rate cuts, in large part because, as Governor
Michelle will look put it, recently, the labor market seems
a little tight. She won't be saying that anymore, certainly,
not after yesterday's figure. However, the crunch number comes in
the September quarter inflation reading on twenty nine October. All
(02:59):
in Hort and Michael markets have now priced in a
seventy percent chance of a rate cut. There are many
very very good economists out there saying there will be
a rate cut in November, but I think people will
become more or less confident on that only after that
twenty nine October date when we get the infation reading.
Speaker 1 (03:19):
Okay, those labor force figures, though supercharged the ASX yesterday,
the BOSS hit an all time record, helped along by
real estate and financial stocks, which are of course both
sensitive to interest rate settings.
Speaker 2 (03:31):
Around lunchtime yesterday, the SMPASX two hundred hit one hundred
and nine point seven points, setting a new high before
closing up just under one percent to nine thousand and
sixty eight points. Low interest rates puts money into people's pocket. Now,
when you've got more money in your pocket or your
bank account, you spend it and that helps earnings of
(03:52):
many companies. That's why the share market jumps when there
are interest rate cuts. Banks and property companies, for example,
are beneficiaries. Just think of the housing market. You know,
property companies oversee housing and commercial works that type of thing.
People expected to lower interest rates more likely to buy
a house. That helps the banks who are the lenders.
So yesterday, groups like Goodman Mervack, Stockland jumped, Comwealth Bank,
(04:15):
National Australian Bank, and an z or rows. The price
of gold pushed through forty two hundred US dollars announced
for the first time yesterday, helped buy US rate cut
bets and safe haven demand companies like Northern Star, Neumont, Evolution, Genesis, Perseus.
They all surged. Wasn't all good news. Some of the
battery metals companies fell sharply, although they've run really hard
(04:37):
in recent sessions. So Australian rare Worths tanked nearly twenty percent.
I Luka Linus they were both down sharply, So too
the IT sector.
Speaker 1 (04:45):
And just quickly Sean. While we are on the subject
of markets and economics, Reserve Bank Governor Michelle Bullock had
some pretty candid advice for the federal government yesterday.
Speaker 2 (04:57):
She did. She effectively said the government needs to do
a better reducing the budget deficit. Speaking in Washington, she
said Australia should strive to deliver stronger fiscal results while
the economy is performing reasonably well. And I quote, if
we can't make the budget stronger during this period, while
the economy is doing quite well and there's lots of
people employed, then what happens in the next downturn? Bullock
(05:18):
suggested the government should make hay while the sun shines.
Not sure those in Washington thought of that particular, saying.
Speaker 1 (05:29):
It's a very good point. They're just like, oh what.
Speaker 2 (05:30):
What what make hay? What are we doing?
Speaker 1 (05:33):
I mean strong.
Speaker 2 (05:35):
Got in the AFR treasure Jim Chalmers has delivered two
budget surpluses and a relatively small deficit of ten billion
dollars in his first three years. That's on the back
of high commodity export prices, strong corporate tax rates. Or
it's gone strong corporate tax receipts, low unemployment, high income
tax revenue as a result of that one. So time's good.
(05:58):
Therefore you should be eating into the devast it rather
than keeping it on path.
Speaker 1 (06:02):
Is this an example of jaw boning Sean? Maybe?
Speaker 2 (06:08):
Maybe sometimes I reckon when these people bureaucrats really seen
you people get off shore, they kind of relax a
bit more. And I think she was speaking on the
sidelines of this conference. She probably just said what she thinks.
Speaker 1 (06:20):
So it may not have been as deliberate as it's
just like what happens in Washington stays in Washington. That
doesn't really apply when you're the Reserve Bank governor.
Speaker 2 (06:28):
And you've had like Phil Low, who is the previous governor,
Glenn Stevens the guy before Phil Low. They've both come
out and said, well, you know, times are pretty good.
The government should be doing something about the deficit. Now
they've obviously unconstrained because they no longer governed the Reserve Bank.
So I reckon when you know Glenn Stevens, Philow and
Michelle Bullock says, do better job on the budget. Well,
(06:48):
Jim Chalmers should listen.
Speaker 1 (06:50):
It might make a little bit of sense. Okay, Sean
will be back in a moment with the rest of
the day's business news. Sean mcquarie Group has sold a
network of fifty data centers across North and South America
to a consortium including black Rock and Video and Microsoft
(07:12):
for a casual forty billion US dollars or what's that
about sixty billion?
Speaker 2 (07:16):
Aussie largest deal in the asset class ever sent mcquarie's
share price up five percent. It follows mcquari's deal to
sell Australia's air trunk to Blackstone twelve months ago for
about twenty three and a half billion dollars. It really
does highlight mcquarie's deal making ability in one of the
hottest markets in the world at the moment. Data centers
infrastructure funds managed by McQuary's asset management arm have investments
(07:38):
in another five data center companies across China, the UK
and the US. Okay, So they're nowhere near as big
as this deal yesterday in the company of the groups
called Aligned Data Centers, but it does aug well for
the company. Aligned Data Centers includes about The deal includes
about twenty one billion dollars of equity, meaning McQuary certainly
still has plenty of skin in the game. Aligned has
(08:01):
grown from two locations when Crow first invested in twenty
eighteen to over fifty campuses that house more than five
gigawats of operational and planned capacity. It's huge, isn't it.
It's a great deal like that just demonstrates why mcquarie
has been so successful over so long. It just picks
the trend, gets in early, gets out, it.
Speaker 1 (08:22):
Makes a lot of money along the way. Sewan Home
Affairs Minister Tony Burke I thought this was really interesting yesterday.
He is planning to introduce legislation that will allow the
money laundering regulator OSTRAK to crack down on cryptocurrency ATMs.
Speaker 2 (08:38):
I didn't even realize the word cryptocurrency ATMs.
Speaker 1 (08:40):
Michael, I've never used one in fact, and to be fair,
I don't think I've ever spotted one in public. But no, now,
maybe that's more about.
Speaker 2 (08:47):
Me and me it's all right. Birk said the proliferation
of the cash machines was making it easier for criminals
to launder gains. He described them as an easy point
of entry for some of the worst elements in our
country to be able to transfer cash into currency in
a way that's harder for us to be able to find.
He was speaking at the National Press Club. He had,
you know, as you'd expect with the Home Affairs Minister
(09:10):
at the National Press Club, fairly wide ranging speech. He
talked about the different threats facing Australia security environment, saying
that they've converged so separate conversations about terrorism, foreign interference, espionage,
other types of international crime have begun to overlap. Now
Labour's agenda in all this includes bringing all this under
(09:31):
the one roof. Basically, they're moving cybersecurity under the control
of Home Affairs, bringing the Australian Federal Police, ASIO, Criminal
Intelligence Commission and OSTRACK back under the same department. The
whole idea has had his mega department to look after
this sort of international crime that's going on.
Speaker 1 (09:49):
Santos has suffered a delay to the startup of at
six point one billion dollar Barosso Gas project in the
Team Orse, forcing the oil and gas producer to cut
production guidance for the full year now.
Speaker 2 (10:02):
Chief executive Kevin Gallaher blamed software issues that affect safety
systems on boards of production chip. The bruss a gas
project in the Team or see, is a big one
for Santos, a key part of before cast jump in
production by twenty twenty seven. Two weeks shut down, however,
will slow down the ramp up of gas flows from
the project, important time for Santos. Galloher's under pressure following
(10:25):
the collapse of the thirty six billion dollar takeover offer
from a Middle Eastern oil producer. Investors are very much
pushing for a full focus on new startup projects, this
being one of them hoping to reap the benefits of
expected jump in cash flows. Bad timing for this to happen,
and that's.
Speaker 1 (10:42):
Got to be frustrating that it is software issues affecting
safety systems on board a production ship. Okay, it's not
a kind of a major thing that they couldn't get
everything they needed all in one place. It's like one
small piece essentially off the chain and the whole thing
is delayed. Yeah, training, I imagine now acting Prime Minister
(11:02):
Richard Marles yesterday paid his respects to the Australian Defense
Force soldier who died from injuries after a vehicle rollover
in Townsville on Tuesday night.
Speaker 2 (11:10):
Defense said that two other Army personnel were injured and
transported to Townsville University Hospital. Both have since been discharged.
The accident took place during a training course. Miles, who
is of course the Defense Minister, said, I quite my
thoughts so with the family, friends, loved ones and colleagues
of the Australian Army soldier who has sadly passed away
following a training incident near Townsville. In a joint statement,
(11:32):
Opposition let Susan Lee in Defense spokesman Angus Taylor also
extended their condolences. Very sad now, Michael, I just want
a quick change of pace here before we gave to
international news.
Speaker 1 (11:46):
Oh yes, yes go on.
Speaker 2 (11:47):
Guardian BirdLife Australia poll of Australia's favorite bird ah go
On has been released. Three hundred and ten thousand votes
were cast.
Speaker 1 (12:00):
Yeah, many by me. No, I'm just I'm not kiddingly
lurted once. Did you really do not this year?
Speaker 2 (12:08):
I have previously no, right, right, Well, the perennial runner
up has taken the title this year. The tawny frog mouth.
Speaker 1 (12:18):
Oh, that's one of my favorite birds.
Speaker 2 (12:22):
It is one of the ugliest. Look it's like a
mini owl or something rather yeah.
Speaker 1 (12:27):
But they just they blend in so well. Their camouflage
with a branch is just so incredible, Like it's quite
inspiring for those of us who seek to blend in.
Speaker 2 (12:37):
It's that way. We're doing a labradoodle in an owl.
That's how I would put it.
Speaker 1 (12:41):
The frog mouth range's combination. You've ever suggested? What else
went well?
Speaker 2 (12:46):
I mean, the cockatoos always do well, the Borden's black cockatoo,
the Gangang cockatoo, they came second and third. I know
nothing about birds, to be honest. But the Towny frog mouth,
I suppose I knew about that one because it is
such a famous bird. Taking out the title. Goodenough a
you tourneys.
Speaker 1 (13:02):
Well done, Towney, that's a good result. Turning to international
news now, so after a very strange interlude, US President
Donald Trump has confirmed a report he authorized the CIA
to conduct covert operations inside Venezuela, provoking outrage from the
South American nations. Leaders.
Speaker 2 (13:20):
According to The New York Times, Trump's authorization would allow
the CIA to carry out operations in Venezuela unilaterally or
as part of any wider US military activity. US forces
have already conducted at least five strikes on suspected drug
carrying boats in the Caribbean in recent weeks, killing twenty
seven people. The UN appointed human rights experts have described
(13:41):
the raids as extra judicial executions. According to the BBC,
speaking of the White House, Trump said the US is
looking at Land as it considers further strikes on drug
cartels in the region. Nicholas Maduro, whose legitimacy as Venezuela's
president is internationally contested after disputed elections n last year,
appealed on TV for peace with the US.
Speaker 1 (14:03):
Finally shown some good news. We mentioned this at the
top of the show. Great news in fact, for chocolate lovers.
Cocoa prices have tumbled to a twenty month low, bringing
to an end a two year rally that had pushed
cocoa prices to record highs and then obviously put pressure
on chocolate prices, which is where it hurts all of us.
Speaker 2 (14:22):
Absolutely. When you're in the supermarket, you're wandering down the aisle.
You're looking for your Cadbre's or your lean To or
maybe Whitman's. Oh really chocolate men, Yeah yeah, Whitman's totally yeah.
Speaker 1 (14:36):
Yeah.
Speaker 2 (14:37):
Well you know I've I've been traveling recently and on
my way home almost Belgium choks, you know, went to Bruges,
amazing chocks everywhere. Hagen's a big chocolate place.
Speaker 1 (14:50):
Who knew? I bet you do. Now have you been sampling? Yes,
just a touch.
Speaker 2 (14:58):
So Jack and I at the end of the day,
we always have a cup of tea and a chocolate.
That's just what we've always done to get all these
different global chocolates. At the end of the day, I
mean we are wild and crazy, going out partying and
finding ourselves at home by nine.
Speaker 1 (15:12):
I'm going to say, when you are finishing your day
with a cup of tea and a chocolate, it is
that is peak middle aged right there, Sean.
Speaker 2 (15:19):
Anyway, let's get under this story. New York Coco is
training at under six thousand US dollars a ton. What's
that mean. Well, it's half the level of about eighteen
months ago or December twenty four peak London, where prices
had almost tripled. They're now down about sixty percent from
a couple of years ago. The drop reflects a full
in consumer demand. And do you know why that happened?
(15:39):
Because prices went up. Consumer power right there, Michael, Prices
went up, people stopped buying chocolate. I love it. Speculators
who had previously been riding the rally have more recently
dumped their positions. Now they are betting on falling prices. Also,
expectations of better crops given improved weather and higher state
guaranteed prices in West Africa are helping so Ivory Coast
(16:01):
and Ghana together to produce about six percent of the
world's cocaine. Previously, like dry weather disease, years of underinvestment
had really hurt the sector. But now rains are returned,
better crops, people are refusing to buy chocolate at high prices.
The world is coming back into balance.
Speaker 1 (16:19):
This is good news. Sean Up Next is fear and
greed Q and A. Today we're talking about the VIX index.
Speaker 2 (16:26):
So the fact that we are talking about the VIX
index you and I gives the hint to the intellects
part the fear.
Speaker 1 (16:36):
We give it our all we do. It's a bit
of an explainer, isn't it.
Speaker 2 (16:40):
Yeah, I mean, vix indict is really fascinating, otherwise known
as the Fear Index, very suitable for our podcast because
it's based on volatility in the market, and the VIX
index can really suggest what's going to happen, not so
much in six or three months time, but like in
coming weeks. So we explain how that works. People you know,
take punts on them based on the VIX index. Sorry,
(17:03):
invest based on the VIX Index the better way of
putting it. So, yeah, it's a really interesting investment indicator.
Speaker 1 (17:12):
Yeah, it's coming up next in the Fear and Greed
playlist on your podcast platform or at Fearandgreed dot com
dot au, which is where you sign up for the
acclaimed Fear and Greed daily newsletter. You can do that, yeah,
acclaimed by us. You also do that in the show
notes for today's podcast. I'll put a link in there
so it's super easy to click through, pop your email addressing,
and bam, you're set.
Speaker 2 (17:33):
Thanks very much, Sean, Thanks Michael.
Speaker 1 (17:35):
It's Friday, the seventeenth of October twenty twenty five. Make
sure you're following the podcast and please join us online. On, LinkedIn, Instagram,
x TikTok and Facebook. I'm Michael Thompson, and that was
fear and greed. Have a great day.
Welcome to Fear and Greed. Business news you can use today.
Australia's unemployment rate jumps to four point five percent, increasing
the chance of rate cut next month. Macquarie Group sixty
billion dollar data center sale, and good news for chocolate
lover's Cocoa prices are tumbling. Plus Reserve Bank Governor Michelle
Bullock's stern warning for the federal government and plans to
(00:26):
crack down on cryptocurrency ATMs. It is Friday, the seventeenth
of October twenty twenty five. Are Michael Thompson and good morning,
Sean Aylmer.
Speaker 2 (00:35):
Morning, Michael. We say it every day, but there really
is something for everyone. You know, big bank staff, chocolate lovers,
interest rates, you name it, We've got it.
Speaker 1 (00:43):
This morning, we certainly do. In the main story this
morning is a big one because Australia's unemployment rate has
jumped to four point five percent, which is a level
last scene during COVID lockdowns, with jobs growth in September
of just fifteen thousand positions.
Speaker 2 (00:58):
The surprise reading from the Bureau Statistics triggered an immediate
surge on equity markets, pushed the dollar below sixty five
US cents and Bonnie els fell by their most in
one session since August, as investors assessed a much greater
likelihood of an interest rate cut next month. The unemployment
rate was higher than expected and came after just nine
thousand full time and six thousand part time jobs were
(01:20):
added to the economy, extending the streak of wow underwhelming
employment gains that we've seen this year. Over the year,
employment is growing at or has grown at about one
point three percent, while aggregate ours are up one point
four percent population growth rate of two point zero percent.
Put all that together, you're going to end up with
a higher unemployment rate. The participation rate remains near its
(01:42):
high as of sixty seven percent. I suppose that's the
good news. It's been hovering around that level all year.
What yesterday's report confirms is employment market is decelerating and
the unemployment rate is no longer in the low fours,
but in the mid falls, which is at or slightly
above where the Reserve Bank expects it to get. Since
late twenty twenty two, the non market sectors I think healthcare,
(02:04):
social assistance, education, public administration jobs they've accounted for nearly
two thirds of all jobs growth in Australia, the trend
is now starting to slow, given there's a normalization in
government spending as well as a pickup in private sector demand.
Leading indicators job adds that type of thing. They suggest
(02:25):
that there's unlikely to be a collapse in jobs, but
growth is definitely going to slow.
Speaker 1 (02:31):
All right, bring it back to what it means for
all of us with a mortgage, sean, what does it
mean for interest rates?
Speaker 2 (02:37):
Well, the Reserve Bank seems to have gone a little
cool on rate cuts, in large part because, as Governor
Michelle will look put it, recently, the labor market seems
a little tight. She won't be saying that anymore, certainly,
not after yesterday's figure. However, the crunch number comes in
the September quarter inflation reading on twenty nine October. All
(02:59):
in Hort and Michael markets have now priced in a
seventy percent chance of a rate cut. There are many
very very good economists out there saying there will be
a rate cut in November, but I think people will
become more or less confident on that only after that
twenty nine October date when we get the infation reading.
Speaker 1 (03:19):
Okay, those labor force figures, though supercharged the ASX yesterday,
the BOSS hit an all time record, helped along by
real estate and financial stocks, which are of course both
sensitive to interest rate settings.
Speaker 2 (03:31):
Around lunchtime yesterday, the SMPASX two hundred hit one hundred
and nine point seven points, setting a new high before
closing up just under one percent to nine thousand and
sixty eight points. Low interest rates puts money into people's pocket. Now,
when you've got more money in your pocket or your
bank account, you spend it and that helps earnings of
(03:52):
many companies. That's why the share market jumps when there
are interest rate cuts. Banks and property companies, for example,
are beneficiaries. Just think of the housing market. You know,
property companies oversee housing and commercial works that type of thing.
People expected to lower interest rates more likely to buy
a house. That helps the banks who are the lenders.
So yesterday, groups like Goodman Mervack, Stockland jumped, Comwealth Bank,
(04:15):
National Australian Bank, and an z or rows. The price
of gold pushed through forty two hundred US dollars announced
for the first time yesterday, helped buy US rate cut
bets and safe haven demand companies like Northern Star, Neumont, Evolution, Genesis, Perseus.
They all surged. Wasn't all good news. Some of the
battery metals companies fell sharply, although they've run really hard
(04:37):
in recent sessions. So Australian rare Worths tanked nearly twenty percent.
I Luka Linus they were both down sharply, So too
the IT sector.
Speaker 1 (04:45):
And just quickly Sean. While we are on the subject
of markets and economics, Reserve Bank Governor Michelle Bullock had
some pretty candid advice for the federal government yesterday.
Speaker 2 (04:57):
She did. She effectively said the government needs to do
a better reducing the budget deficit. Speaking in Washington, she
said Australia should strive to deliver stronger fiscal results while
the economy is performing reasonably well. And I quote, if
we can't make the budget stronger during this period, while
the economy is doing quite well and there's lots of
people employed, then what happens in the next downturn? Bullock
(05:18):
suggested the government should make hay while the sun shines.
Not sure those in Washington thought of that particular, saying.
Speaker 1 (05:29):
It's a very good point. They're just like, oh what.
Speaker 2 (05:30):
What what make hay? What are we doing?
Speaker 1 (05:33):
I mean strong.
Speaker 2 (05:35):
Got in the AFR treasure Jim Chalmers has delivered two
budget surpluses and a relatively small deficit of ten billion
dollars in his first three years. That's on the back
of high commodity export prices, strong corporate tax rates. Or
it's gone strong corporate tax receipts, low unemployment, high income
tax revenue as a result of that one. So time's good.
(05:58):
Therefore you should be eating into the devast it rather
than keeping it on path.
Speaker 1 (06:02):
Is this an example of jaw boning Sean? Maybe?
Speaker 2 (06:08):
Maybe sometimes I reckon when these people bureaucrats really seen
you people get off shore, they kind of relax a
bit more. And I think she was speaking on the
sidelines of this conference. She probably just said what she thinks.
Speaker 1 (06:20):
So it may not have been as deliberate as it's
just like what happens in Washington stays in Washington. That
doesn't really apply when you're the Reserve Bank governor.
Speaker 2 (06:28):
And you've had like Phil Low, who is the previous governor,
Glenn Stevens the guy before Phil Low. They've both come
out and said, well, you know, times are pretty good.
The government should be doing something about the deficit. Now
they've obviously unconstrained because they no longer governed the Reserve Bank.
So I reckon when you know Glenn Stevens, Philow and
Michelle Bullock says, do better job on the budget. Well,
(06:48):
Jim Chalmers should listen.
Speaker 1 (06:50):
It might make a little bit of sense. Okay, Sean
will be back in a moment with the rest of
the day's business news. Sean mcquarie Group has sold a
network of fifty data centers across North and South America
to a consortium including black Rock and Video and Microsoft
(07:12):
for a casual forty billion US dollars or what's that
about sixty billion?
Speaker 2 (07:16):
Aussie largest deal in the asset class ever sent mcquarie's
share price up five percent. It follows mcquari's deal to
sell Australia's air trunk to Blackstone twelve months ago for
about twenty three and a half billion dollars. It really
does highlight mcquarie's deal making ability in one of the
hottest markets in the world at the moment. Data centers
infrastructure funds managed by McQuary's asset management arm have investments
(07:38):
in another five data center companies across China, the UK
and the US. Okay, So they're nowhere near as big
as this deal yesterday in the company of the groups
called Aligned Data Centers, but it does aug well for
the company. Aligned Data Centers includes about The deal includes
about twenty one billion dollars of equity, meaning McQuary certainly
still has plenty of skin in the game. Aligned has
(08:01):
grown from two locations when Crow first invested in twenty
eighteen to over fifty campuses that house more than five
gigawats of operational and planned capacity. It's huge, isn't it.
It's a great deal like that just demonstrates why mcquarie
has been so successful over so long. It just picks
the trend, gets in early, gets out, it.
Speaker 1 (08:22):
Makes a lot of money along the way. Sewan Home
Affairs Minister Tony Burke I thought this was really interesting yesterday.
He is planning to introduce legislation that will allow the
money laundering regulator OSTRAK to crack down on cryptocurrency ATMs.
Speaker 2 (08:38):
I didn't even realize the word cryptocurrency ATMs.
Speaker 1 (08:40):
Michael, I've never used one in fact, and to be fair,
I don't think I've ever spotted one in public. But no, now,
maybe that's more about.
Speaker 2 (08:47):
Me and me it's all right. Birk said the proliferation
of the cash machines was making it easier for criminals
to launder gains. He described them as an easy point
of entry for some of the worst elements in our
country to be able to transfer cash into currency in
a way that's harder for us to be able to find.
He was speaking at the National Press Club. He had,
you know, as you'd expect with the Home Affairs Minister
(09:10):
at the National Press Club, fairly wide ranging speech. He
talked about the different threats facing Australia security environment, saying
that they've converged so separate conversations about terrorism, foreign interference, espionage,
other types of international crime have begun to overlap. Now
Labour's agenda in all this includes bringing all this under
(09:31):
the one roof. Basically, they're moving cybersecurity under the control
of Home Affairs, bringing the Australian Federal Police, ASIO, Criminal
Intelligence Commission and OSTRACK back under the same department. The
whole idea has had his mega department to look after
this sort of international crime that's going on.
Speaker 1 (09:49):
Santos has suffered a delay to the startup of at
six point one billion dollar Barosso Gas project in the
Team Orse, forcing the oil and gas producer to cut
production guidance for the full year now.
Speaker 2 (10:02):
Chief executive Kevin Gallaher blamed software issues that affect safety
systems on boards of production chip. The bruss a gas
project in the Team or see, is a big one
for Santos, a key part of before cast jump in
production by twenty twenty seven. Two weeks shut down, however,
will slow down the ramp up of gas flows from
the project, important time for Santos. Galloher's under pressure following
(10:25):
the collapse of the thirty six billion dollar takeover offer
from a Middle Eastern oil producer. Investors are very much
pushing for a full focus on new startup projects, this
being one of them hoping to reap the benefits of
expected jump in cash flows. Bad timing for this to happen,
and that's.
Speaker 1 (10:42):
Got to be frustrating that it is software issues affecting
safety systems on board a production ship. Okay, it's not
a kind of a major thing that they couldn't get
everything they needed all in one place. It's like one
small piece essentially off the chain and the whole thing
is delayed. Yeah, training, I imagine now acting Prime Minister
(11:02):
Richard Marles yesterday paid his respects to the Australian Defense
Force soldier who died from injuries after a vehicle rollover
in Townsville on Tuesday night.
Speaker 2 (11:10):
Defense said that two other Army personnel were injured and
transported to Townsville University Hospital. Both have since been discharged.
The accident took place during a training course. Miles, who
is of course the Defense Minister, said, I quite my
thoughts so with the family, friends, loved ones and colleagues
of the Australian Army soldier who has sadly passed away
following a training incident near Townsville. In a joint statement,
(11:32):
Opposition let Susan Lee in Defense spokesman Angus Taylor also
extended their condolences. Very sad now, Michael, I just want
a quick change of pace here before we gave to
international news.
Speaker 1 (11:46):
Oh yes, yes go on.
Speaker 2 (11:47):
Guardian BirdLife Australia poll of Australia's favorite bird ah go
On has been released. Three hundred and ten thousand votes
were cast.
Speaker 1 (12:00):
Yeah, many by me. No, I'm just I'm not kiddingly
lurted once. Did you really do not this year?
Speaker 2 (12:08):
I have previously no, right, right, Well, the perennial runner
up has taken the title this year. The tawny frog mouth.
Speaker 1 (12:18):
Oh, that's one of my favorite birds.
Speaker 2 (12:22):
It is one of the ugliest. Look it's like a
mini owl or something rather yeah.
Speaker 1 (12:27):
But they just they blend in so well. Their camouflage
with a branch is just so incredible, Like it's quite
inspiring for those of us who seek to blend in.
Speaker 2 (12:37):
It's that way. We're doing a labradoodle in an owl.
That's how I would put it.
Speaker 1 (12:41):
The frog mouth range's combination. You've ever suggested? What else
went well?
Speaker 2 (12:46):
I mean, the cockatoos always do well, the Borden's black cockatoo,
the Gangang cockatoo, they came second and third. I know
nothing about birds, to be honest. But the Towny frog mouth,
I suppose I knew about that one because it is
such a famous bird. Taking out the title. Goodenough a
you tourneys.
Speaker 1 (13:02):
Well done, Towney, that's a good result. Turning to international
news now, so after a very strange interlude, US President
Donald Trump has confirmed a report he authorized the CIA
to conduct covert operations inside Venezuela, provoking outrage from the
South American nations. Leaders.
Speaker 2 (13:20):
According to The New York Times, Trump's authorization would allow
the CIA to carry out operations in Venezuela unilaterally or
as part of any wider US military activity. US forces
have already conducted at least five strikes on suspected drug
carrying boats in the Caribbean in recent weeks, killing twenty
seven people. The UN appointed human rights experts have described
(13:41):
the raids as extra judicial executions. According to the BBC,
speaking of the White House, Trump said the US is
looking at Land as it considers further strikes on drug
cartels in the region. Nicholas Maduro, whose legitimacy as Venezuela's
president is internationally contested after disputed elections n last year,
appealed on TV for peace with the US.
Speaker 1 (14:03):
Finally shown some good news. We mentioned this at the
top of the show. Great news in fact, for chocolate lovers.
Cocoa prices have tumbled to a twenty month low, bringing
to an end a two year rally that had pushed
cocoa prices to record highs and then obviously put pressure
on chocolate prices, which is where it hurts all of us.
Speaker 2 (14:22):
Absolutely. When you're in the supermarket, you're wandering down the aisle.
You're looking for your Cadbre's or your lean To or
maybe Whitman's. Oh really chocolate men, Yeah yeah, Whitman's totally yeah.
Speaker 1 (14:36):
Yeah.
Speaker 2 (14:37):
Well you know I've I've been traveling recently and on
my way home almost Belgium choks, you know, went to Bruges,
amazing chocks everywhere. Hagen's a big chocolate place.
Speaker 1 (14:50):
Who knew? I bet you do. Now have you been sampling? Yes,
just a touch.
Speaker 2 (14:58):
So Jack and I at the end of the day,
we always have a cup of tea and a chocolate.
That's just what we've always done to get all these
different global chocolates. At the end of the day, I
mean we are wild and crazy, going out partying and
finding ourselves at home by nine.
Speaker 1 (15:12):
I'm going to say, when you are finishing your day
with a cup of tea and a chocolate, it is
that is peak middle aged right there, Sean.
Speaker 2 (15:19):
Anyway, let's get under this story. New York Coco is
training at under six thousand US dollars a ton. What's
that mean. Well, it's half the level of about eighteen
months ago or December twenty four peak London, where prices
had almost tripled. They're now down about sixty percent from
a couple of years ago. The drop reflects a full
in consumer demand. And do you know why that happened?
(15:39):
Because prices went up. Consumer power right there, Michael, Prices
went up, people stopped buying chocolate. I love it. Speculators
who had previously been riding the rally have more recently
dumped their positions. Now they are betting on falling prices. Also,
expectations of better crops given improved weather and higher state
guaranteed prices in West Africa are helping so Ivory Coast
(16:01):
and Ghana together to produce about six percent of the
world's cocaine. Previously, like dry weather disease, years of underinvestment
had really hurt the sector. But now rains are returned,
better crops, people are refusing to buy chocolate at high prices.
The world is coming back into balance.
Speaker 1 (16:19):
This is good news. Sean Up Next is fear and
greed Q and A. Today we're talking about the VIX index.
Speaker 2 (16:26):
So the fact that we are talking about the VIX
index you and I gives the hint to the intellects
part the fear.
Speaker 1 (16:36):
We give it our all we do. It's a bit
of an explainer, isn't it.
Speaker 2 (16:40):
Yeah, I mean, vix indict is really fascinating, otherwise known
as the Fear Index, very suitable for our podcast because
it's based on volatility in the market, and the VIX
index can really suggest what's going to happen, not so
much in six or three months time, but like in
coming weeks. So we explain how that works. People you know,
take punts on them based on the VIX index. Sorry,
(17:03):
invest based on the VIX Index the better way of
putting it. So, yeah, it's a really interesting investment indicator.
Speaker 1 (17:12):
Yeah, it's coming up next in the Fear and Greed
playlist on your podcast platform or at Fearandgreed dot com
dot au, which is where you sign up for the
acclaimed Fear and Greed daily newsletter. You can do that, yeah,
acclaimed by us. You also do that in the show
notes for today's podcast. I'll put a link in there
so it's super easy to click through, pop your email addressing,
and bam, you're set.
Speaker 2 (17:33):
Thanks very much, Sean, Thanks Michael.
Speaker 1 (17:35):
It's Friday, the seventeenth of October twenty twenty five. Make
sure you're following the podcast and please join us online. On, LinkedIn, Instagram,
x TikTok and Facebook. I'm Michael Thompson, and that was
fear and greed. Have a great day.
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