Rates smash confidence, major changes for planners, Apple now worth almost $US3 trillion

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Michael Thompson: Interest rates smash consumer and business sentiment. The government outlined

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Michael Thompson: major changes for financial planners in an effort to convince

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Michael Thompson: investors to get advice. And Apple’s valuation on Wall Street

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Michael Thompson: is now larger than the value of all the Super

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Michael Thompson: funds in Australia. It’s Wednesday the 14th of June, 2023.

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Michael Thompson: Welcome to Fear & Greed, Australia’s most popular business podcast. I’m

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Michael Thompson: Michael Thompson and good morning, Sean Aylmer.

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Sean Aylmer: Good morning, Michael. Looking forward to that Apple story.

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Michael Thompson: That is a cracking stat, that one, now larger than

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Michael Thompson: the value of all the Super funds across Australia. It

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Michael Thompson: is a monster of a company.

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Sean Aylmer: Sure is.

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Michael Thompson: We’ve got a bit more on that one coming up

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Michael Thompson: a bit later on. You’ve got an interview after the

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Michael Thompson: show today, Sean, with Sameer Chopra, who is head of

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Michael Thompson: research at CBRE.

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Sean Aylmer: Yes. So CBRE are a great supporter of ours here

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Sean Aylmer: at Fear & Greed, and we talk to Sameer about what’s

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Sean Aylmer: going to happen in the housing market, not so much

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Sean Aylmer: about what has happened, but what’s going to happen. And

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Sean Aylmer: in terms of price rises, he’s generally fairly upbeat, particularly

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Sean Aylmer: in specific segments of the market. Mostly it’s because of

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Sean Aylmer: migration, as he puts it, supply and demand is going

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Sean Aylmer: to trump interest rates. Well worth a listen.

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Michael Thompson: Oh yeah, definitely. Really good interview today, Sean. They’re all

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Michael Thompson: good, of course.

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Sean Aylmer: Of course.

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Michael Thompson: But today is definitely worth a listen. The main story

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Michael Thompson: this morning, Sean, interest rate rises are hammering consumer confidence

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Michael Thompson: and even businesses, which until now have been the shining

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Michael Thompson: light in the economy, are finding conditioned much tougher.

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Sean Aylmer: Consumer confidence is stuck at recessionary levels and the impact of

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Sean Aylmer: rates was made very clear yesterday. The Westpac Melbourne Institute

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Sean Aylmer: Consumer Confidence Survey was released. Now part of it was

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Sean Aylmer: taken before the rate rise last week and part afterwards.

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Sean Aylmer: Consumer sentiment had risen from 79 points to 89 points,

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Sean Aylmer: still low, but 89 points in the days ahead of

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Sean Aylmer: the Reserve Bank announcement. Then the announcement was made and

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Sean Aylmer: it tumbled to 72 points. Anything under 100 is considered

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Sean Aylmer: pessimistic, but the survey just showed how dramatic an impact

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Sean Aylmer: interest rates are having on confidence. Westpac Chief economist, Bill

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Sean Aylmer: Evans, said for the last year, the index has held

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Sean Aylmer: at round levels not seen on a sustained basis since

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Sean Aylmer: the deep recession of the late 1980s, early 1990s. Nearly

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Sean Aylmer: eight in 10 respondents said they expect rates to continue

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Sean Aylmer: to rise over the coming year, with half predicting an

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Sean Aylmer: increase of one percentage point or more. While only a

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Sean Aylmer: third of households are dealing with the surging mortgage costs,

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Sean Aylmer: the survey shows inflation more broadly rather than just interest

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Sean Aylmer: rates, is a predominant issue on the minds of Australians.

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Michael Thompson: So why … I know I’m inviting an economics lesson here.

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Sean Aylmer: Oh yes, go on, go on.

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Michael Thompson: Why then is consumer confidence so important? Is it all

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Michael Thompson: just then tied to spending?

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Sean Aylmer: Yeah, totally. It’s the idea that if you feel good

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Sean Aylmer: about your job, about the value of your house, about

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Sean Aylmer: how things are going generally, you spend more and so

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Sean Aylmer: consumer confidence is really fundamental to an economy ticking over.

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Sean Aylmer: When you’re worried about your job, when you are worried

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Sean Aylmer: about the cost of petrol and how much you’ve got to pay for

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Sean Aylmer: energy, you pull back and we’ve seen that happening. The

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Sean Aylmer: retail sales figures have really shown that consumer sentiment is

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Sean Aylmer: down, so too are retail sales, hence the economy slows.

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Michael Thompson: So those two really go hand in hand.

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Sean Aylmer: They do. Well done, you’ve been listening.

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Michael Thompson: I really have been.

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Sean Aylmer: Three years.

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Michael Thompson: Okay, you don’t need to point that out. I’ve already

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Michael Thompson: put myself out there and said, ” I want you to explain this.”

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Michael Thompson: You just kind of shove that knife in just a

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Michael Thompson: little bit more. What’s happening then to business conditions and

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Michael Thompson: business confidence?

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Sean Aylmer: Well, business conditions continued to ease last month, with falls

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Sean Aylmer: across trading, profitability and employment sub- components. The National Australia

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Sean Aylmer: Bank Business Conditions and Sentiment Index shows the falling conditions

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Sean Aylmer: is now accelerating and while they remain a touch above

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Sean Aylmer: their long run average, they’re well below the level seen

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Sean Aylmer: in early 2023 and definitely conditions are on the slide.

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Sean Aylmer: Now, business confidence fell to minus four, it’s been below

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Sean Aylmer: zero since February, i. e, businesses are not confident about

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Sean Aylmer: the future, but even trading now, that’s a conditions index,

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Sean Aylmer: ain’t so good. In trend terms, conditions remain strongest in

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Sean Aylmer: Western Australia, Queensland and Tasmania. The first two, of course,

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Sean Aylmer: are big mining states, though they are still positive and

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Sean Aylmer: at or above average levels in New South Wales, Victoria

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Sean Aylmer: and South Australia.

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Michael Thompson: All right. Business confidence then, Sean, if consumer confidence is

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Michael Thompson: about then kind of tied to their spending and the

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Michael Thompson: willingness to spend, is that then also the same for

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Michael Thompson: business in terms of how much they’re willing to invest

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Michael Thompson: and just-

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Sean Aylmer: Oh, Michael, you don’t need me anymore.

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Michael Thompson: Well, this is actually the un- subtle way of saying,

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Michael Thompson: Sean, we need to have a chat about your position.

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Michael Thompson: I’m just auditioning now to take over the top dog

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Michael Thompson: role. No, so that’s essentially right?

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Sean Aylmer: Yeah, that’s exactly right. Business invest when they’re confident about

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Sean Aylmer: the future, and when they’re not confident about the future,

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Sean Aylmer: they pull back, fearing that they’re going to have to reduce costs and that

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Sean Aylmer: type of thing.

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Michael Thompson: Okay. Okay. So well we’ve got dreadful consumer sentiment, falling

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Michael Thompson: business conditions and negative business sentiment. Any chance that all of

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Michael Thompson: that kind of combined will stop further rate rises?

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Sean Aylmer: No. No. Oh, Michael, please. Nothing like that.

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Michael Thompson: I’d been going so well, hadn’t I?

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Sean Aylmer: No, I mean, it’s a fair question. It’s unlikely though

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Sean Aylmer: because the Reserve Bank certainly keeps a close watch on

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Sean Aylmer: both surveys, particularly the NAB Business Survey in recent years.

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Sean Aylmer: But economists do think that there are another couple of

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Sean Aylmer: rate rises in coming months, even if they don’t think

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Sean Aylmer: they’re needed, and that of course is because inflation is

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Sean Aylmer: still too high.

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Michael Thompson: Sean, I’ve learned so much from you, and here, end

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Michael Thompson: of the lesson. We now move on to the local share

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Michael Thompson: market. How did it perform yesterday?

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Sean Aylmer: The S& P ASX 200 finished the day up just a

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Sean Aylmer: touch, to 7, 139 points. It’s all about the tech stocks

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Sean Aylmer: really, following ongoing strength in global tech companies. WiseTech Global

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Sean Aylmer: and Xero were up five and 4% respectively. Domain Holdings

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Sean Aylmer: and NEXTDC also did well. Healthcare and telcos did pretty

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Sean Aylmer: well too. And the travel groups, Qantas, Flight Center and

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Sean Aylmer: CTM outperformed, CTM being Corporate Travel Management. Energy companies were

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Sean Aylmer: among the worst performers. Santos and Woodside fell sharply, as

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Sean Aylmer: did the coal companies. Yancoal and Whitehaven fell quite a

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Sean Aylmer: bit. The gold companies dropped, with Newcrest down more than 1.

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Sean Aylmer: 5%, while Rio, Fortescue Metals, Woodside and BHP all ended lower.

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Michael Thompson: And what about international markets?

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Sean Aylmer: Well, oil prices remain around three month lows following ongoing

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Sean Aylmer: concerns over the outlook in China and the US. Chinese

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Sean Aylmer: trade data and figures showing international flights from Northeast Asia

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Sean Aylmer: are still 40% below pre- virus levels, highlight the weak

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Sean Aylmer: recovery in the world’s top importer of crude oil. Hence,

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Sean Aylmer: there’s downward pressure on oil prices, kind of good for

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Sean Aylmer: us at the bowser. Gold prices are also lower and

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Sean Aylmer: we saw that in the performance of the share prices

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Sean Aylmer: of Newcrest, et cetera, yesterday. Coal prices are down, iron

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Sean Aylmer: ore prices are down, though the Aussie dollar is up

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Sean Aylmer: a bit. It’s trading not that far off 67 US cents.

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Michael Thompson: All right. Plenty going on, Sean. We’ll be back in

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Michael Thompson: a moment with the rest of the day’s business news.

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Michael Thompson: Sean, the federal government will wind back onerous financial advice

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Michael Thompson: red tape, accepting 14 of 22 recommendations made in its

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Michael Thompson: year long quality of advice review.

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Sean Aylmer: Michael, in the world of financial advisors, and that’s the

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Sean Aylmer: world we love, this is big, big news. So the

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Sean Aylmer: government is set to abandon a lot of the paperwork

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Sean Aylmer: for Super funds and financial planners in an effort to

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Sean Aylmer: boost access to affordable advice. But it has stopped short

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Sean Aylmer: of exempting the big banks from what’s known as the

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Sean Aylmer: best interest duty, which if they had exempted the banks

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Sean Aylmer: from that, it would’ve made it easier for banks to

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Sean Aylmer: provide advice. The fundamental problem is that not enough of

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Sean Aylmer: us get financial advice. Allens partner, Michelle Levy, chaired a

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Sean Aylmer: review of the rules around financial advice. She handed the

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Sean Aylmer: government her findings last December, they’ve been sitting on it

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Sean Aylmer: till yesterday. One of the key changes will be new

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Sean Aylmer: legislation to make it cheaper and less risky for Super

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Sean Aylmer: funds to provide advice. So if you’re a retiree or

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Sean Aylmer: you are retiring and you’re looking for financial advice, it’ll

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Sean Aylmer: be easier for your Super fund to give you some.

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Sean Aylmer: Also, financial advisors will no longer have to provide a

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Sean Aylmer: lengthy statement of advice document or fee disclosure statements to

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Sean Aylmer: customers when providing personal advice, and separate fee consent requirements

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Sean Aylmer: introduced after the Royal Commission will be streamlined. Think about

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Sean Aylmer: all that, so much paperwork involved, it actually makes it

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Sean Aylmer: very expensive for a financial planner to provide advice, and the

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Sean Aylmer: idea with this is to cut some of those costs.

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Sean Aylmer: The government will also accept Ms. Levy’s recommendation to remove

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Sean Aylmer: the so- called safe harbor steps, which is a legal

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Sean Aylmer: checklist required to demonstrate a provider has complied with the

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Sean Aylmer: duty to act in the best interests of clients. In

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Sean Aylmer: recent years, 10,000 advisors have quit the industry, pushing up

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Sean Aylmer: the price of receiving advice, hopefully making life easier for advisors

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Sean Aylmer: will encourage more participants in the industry, which will push

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Sean Aylmer: the price down and many more people will receive quality

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Sean Aylmer: financial advice.

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Michael Thompson: Yeah, and that is very good news, Sean. Industry superannuation

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Michael Thompson: giant Hostplus is closing its standalone property and infrastructure fund

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Michael Thompson: as fears grow that tens of billions of dollars could

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Michael Thompson: be wiped out from the commercial property sector as buildings

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Michael Thompson: are revalued.

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Sean Aylmer: Yeah, so the previous story was really big for financial

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Sean Aylmer: planners, this one is really big in commercial property. And

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Sean Aylmer: given most of us actually invest in commercial property via

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Sean Aylmer: our Super funds, it’s an important story for everyone. Never

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Sean Aylmer: sure, when you’re telling a story, you’ve got to give

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Sean Aylmer: people a reason why they should listen before you tell

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Sean Aylmer: the story, but just park that for the moment.

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Michael Thompson: You’ve gone all in on this today, haven’t you, every

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Michael Thompson: story is going to be kind of introduced with this

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Michael Thompson: is why it’s important, so keep listening.

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Sean Aylmer: That’s right. Well, so the background is this, there are

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Sean Aylmer: plenty of buildings and office towers out there owned mostly

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Sean Aylmer: by Super companies or big investors, but some smaller investors

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Sean Aylmer: as well, which haven’t been adequately revalued since before COVID.

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Sean Aylmer: Now eventually that has to happen and the fear is just

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Sean Aylmer: like what happened in residential property, prices have actually tumbled.

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Sean Aylmer: So a building worth $ 100 million on the books because it was

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Sean Aylmer: valued three or four years ago, might actually be only

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Sean Aylmer: worth $ 85 million. Hostplus said it’s closing its standalone property

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Sean Aylmer: and infrastructure funds for a range of reasons, including concerns

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Sean Aylmer: around investment risk, that’s what I’m talking about, rebalancing and

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Sean Aylmer: complexity in unlisted assets. That’s all kind of part of

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Sean Aylmer: that reason what I’m talking about. In short, the fear

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Sean Aylmer: is, and I can’t say Hostplus specifically, but Super funds

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Sean Aylmer: could be sitting on assets worth billions of dollars less

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Sean Aylmer: than what they’ve recorded on the books, and of course,

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Sean Aylmer: that’s our money.

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Michael Thompson: That is a big story. Now Sean, this next story is

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Michael Thompson: an important one because it’s about politics and obviously we

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Michael Thompson: vote for the politicians and therefore it’s relevant to everyone.

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Michael Thompson: I thought I’d just jump in on the trend and

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Michael Thompson: try and set the scene. Anyway, we know federal parliament’s

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Michael Thompson: busy again at the moment with the pollies in Canberra for

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Michael Thompson: the next couple of weeks before the midwinter break. Yesterday,

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Michael Thompson: the Greens formally rejected a compromise offer by the Albanese

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Michael Thompson: government, designed to secure the passage of the $ 10 billion

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Michael Thompson: Housing Australia Future Fund.

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Sean Aylmer: Under the original policy, the government would invest $ 10 billion with

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Sean Aylmer: the Future Fund and the earnings would be used to

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Sean Aylmer: build social and affordable housing. Now responding to criticism from

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Sean Aylmer: the Greens, who hold the balance of power in the

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Sean Aylmer: Senate, the government then said it would spend a minimum

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Sean Aylmer: of $ 500 million a year, with the aim of building 30, 000

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Sean Aylmer: social and affordable rental homes over five years, including 400

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Sean Aylmer: properties for women and children facing family and domestic violence,

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Sean Aylmer: and for older Australians, particularly women, at risk of homelessness.

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Sean Aylmer: But the Greens said it’s not enough, they still want

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Sean Aylmer: a nationally coordinated freeze on rents and up to two

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Sean Aylmer: and a half billion dollars a year on housing. Anthony

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Sean Aylmer: Albanese, the Prime Minister, he said he’s not going to

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Sean Aylmer: go any further. We’re at a stalemate on that one.

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Michael Thompson: Yeah, sounds like it. Also, yesterday we had Labor Senator,

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Michael Thompson: Katy Gallagher, reject the coalition’s allegations that she misled parliament

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Michael Thompson: in 2021 when she said she was unaware of Brittany

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Michael Thompson: Higgins rape allegation before it became public.

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Sean Aylmer: Gallagher said she had always acted ethically and with basic

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Sean Aylmer: human decency on all matters related to Higgins. Former Prime

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Sean Aylmer: Minister, Scott Morrison, was also forced to deny he had

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Sean Aylmer: misled parliament about what he knew. I think this is

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Sean Aylmer: just a very sad story all round, Michael. I don’t

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Sean Aylmer: know what the truth of it is, but certainly the

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Sean Aylmer: media is having a field day on it and that

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Sean Aylmer: doesn’t help any of the participants in it.

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Michael Thompson: No, it doesn’t. One last one on politics, Sean. The

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Michael Thompson: latest opinion poll shows that voters have cut their support

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Michael Thompson: for Labor from 42 to 40% over the past month,

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Michael Thompson: while cooling on the party and Prime Minister Anthony Albanese

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Michael Thompson: on key benchmarks, including leadership, vision, and competence.

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Sean Aylmer: I think they’ve had such a good run the first

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Sean Aylmer: 12 months of parliament or their government, you’d imagine that

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Sean Aylmer: it has to come off just a little bit and

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Sean Aylmer: that shift in sentiment has also delivered a small gain

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Sean Aylmer: to Opposition Leader, Peter Dutton, when voters were asked about

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Sean Aylmer: their preferred prime minister, with his support increasing from 20 to 22%.

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Sean Aylmer: But according to the Resolve Strategic Survey for the Sydney

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Sean Aylmer: Morning Herald and The Age, Albanese retains a large lead

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Sean Aylmer: as preferred prime minister, favored by about 53% of voters.

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Sean Aylmer: And Michael, just before we leave politics, both Albanese and

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Sean Aylmer: Opposition Leader, Peter Dutton, yesterday said, Australian’s thoughts and prayers

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Sean Aylmer: are with the families of those who lost loved ones

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Sean Aylmer: in this week’s dreadful Hunter Valley bus crash.

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Michael Thompson: Yeah, it’s terrible. Now, Sean, we’ve talked a lot in

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Michael Thompson: the past about Domino’s. In fact, I think CEO, Don

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Michael Thompson: Meij, has appeared on the podcast before. Yesterday, the share

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Michael Thompson: price for Domino’s tumbled nearly 10% after it said sales

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Michael Thompson: are expected to not meet expectations this financial year.

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Sean Aylmer: Yes, so the share price hit a four- year low

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Sean Aylmer: after the pizza chain said underlying earnings have not improved

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Sean Aylmer: the second half compared to the first half, it’s decided

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Sean Aylmer: it will exit Denmark and cut costs elsewhere. By the

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Sean Aylmer: end of the day, Domino’s share price was about 5%

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Sean Aylmer: lower, having fallen 10% earlier on, it’s down more than

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Sean Aylmer: 40% since its peak this year, and more than 70%

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Sean Aylmer: since its COVID peak. The 27 stores in Denmark will

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Sean Aylmer: close, as will 15 to 20% of its corporate store

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Sean Aylmer: network, it’s got about 900 stores there. What’s that mean?

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Sean Aylmer: About 100, 120 stores will go. The company said about 65 to 70

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Sean Aylmer: underperforming sites have been open for some time but are

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Sean Aylmer: not expected to reach sustainable levels of sales or profitability.

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Sean Aylmer: The Domino’s story has always been about growth and suddenly

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Sean Aylmer: they’re closing stores, investors didn’t like that, hence they sold

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Sean Aylmer: the shares off.

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Michael Thompson: Sean, the Queensland Palaszczuk government has delivered a $ 12 billion

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Michael Thompson: surplus this financial year, thanks to coal royalties, but big

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Michael Thompson: spending on clean energy projects next financial year will result

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Michael Thompson: in a deficit in 2023, ’24.

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Sean Aylmer: Oh, to be the chief accountant in Queensland or Western Australia, for

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Sean Aylmer: that matter. Now coal royalties in Queensland jumped $ 10 billion

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Sean Aylmer: this financial year alone, to $ 15.3 billion, according to the

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Sean Aylmer: state budget released yesterday. Queensland Treasurer, Cameron Dick, and Premier,

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Sean Aylmer: Annastacia Palaszczuk, also announced a one and a half billion cost of

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Sean Aylmer: living package, including $ 550 energy rebates for all households and

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Sean Aylmer: up to $1, 000 in rebates for vulnerable households. The Treasurer

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Sean Aylmer: said cost of living measures were a key priority of

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Sean Aylmer: his fourth budget. While southern states, such as Victoria, have

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Sean Aylmer: resorted to big tax increases to cover COVID-19 spending measures,

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Sean Aylmer: Queensland and Western Australia have benefited from a surge in

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Sean Aylmer: coal royalties.

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Michael Thompson: Okay, turning to international news now, and China’s Central Bank

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Michael Thompson: yesterday surprised most economists by cutting a short term policy

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Michael Thompson: interest rate in an effort to boost the faltering recovery

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Michael Thompson: in the world’s second- largest economy.

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Sean Aylmer: This could well flow through to markets in the next

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Sean Aylmer: few days. The People’s Bank of China lowered the seven-

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Sean Aylmer: day reverse repurchase rate by 10 basis points to 1.

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Sean Aylmer: 9%, according to a statement. It was the first reduction

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Sean Aylmer: in the rate since August, 2022. Now, the move was

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Sean Aylmer: unusual because it came before the Central Bank is set

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Sean Aylmer: to announce any adjustments to the rate on one year

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Sean Aylmer: policy loans, known as a medium term lending facility. That’s

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Sean Aylmer: kind of the benchmark rate. Speculation has grown that the

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Sean Aylmer: People’s Bank of China will cut the rate later this

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Sean Aylmer: week just ahead of the release of official data that’s

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Sean Aylmer: expected to show the economy’s recovery lost for further momentum.

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Sean Aylmer: Hence, regulators are trying to boost sentiment, at least in

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Sean Aylmer: the short term.

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Michael Thompson: Sean, Donald Trump has stepped up his rhetoric ahead of

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Michael Thompson: his day in court, vowing to extract political revenge for

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Michael Thompson: his indictment over mishandling classified documents.

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Sean Aylmer: In a social media post, Trump said that if elected

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Sean Aylmer: to the White House again in 2024, he will appoint

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Sean Aylmer: his own, quote, ” real special prosecutor,” end quote, to, and

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Sean Aylmer: I quote again, ” go after,” end quote, Joe Biden and

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Sean Aylmer: his, quote again, ” crime family.”

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Michael Thompson: The quotes just add so much color to this story.

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Sean Aylmer: Incredible. The increasingly tense atmosphere leading into Trump’s arraignment in

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Sean Aylmer: Florida has already raised concerns about protests and violence during

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Sean Aylmer: his first public rally since his federal indictment was unsealed.

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Sean Aylmer: Trump, over the weekend, declared that our people are angry

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Sean Aylmer: and a final battle is underway to save the country.

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Sean Aylmer: Well, you can’t ever say that he understates it.

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Michael Thompson: Oh, no, no, no. You know exactly what he means and

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Michael Thompson: he knows how to get a headline.

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Sean Aylmer: Yeah. Yeah, and we’re giving it to him.

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Michael Thompson: Oh, absolutely. Now, Sean, the story that we mentioned at

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Michael Thompson: the top of the show, I’ve been waiting for this

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Michael Thompson: one, Apple shares hit their first all time high in

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Michael Thompson: more than a year yesterday, demonstrating just how important big

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Michael Thompson: tech is to the current rally on Wall Street.

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Sean Aylmer: We talked about this in Monday’s show, but it’s worth

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Sean Aylmer: having a look at Apple specifically. It’s now worth 2.

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Sean Aylmer: 9 trillion US dollars and it accounts for 7% of

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Sean Aylmer: the whole S& P 500. The S& P 500 or the US

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Sean Aylmer: market is about 40% of global equities. So if you

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Sean Aylmer: do the maths there, I think that’s 2. 8% of all

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Sean Aylmer: global equities is Apple. It’s quite remarkable. Its share price

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Sean Aylmer: is up more than 40% this year. Now because of

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Sean Aylmer: the most recent surge is the launch of its Vision

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Sean Aylmer: Pro mixed reality headset last week. The stock, though, is

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Sean Aylmer: a favorite no matter what economic circumstance, it’s viewed as

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Sean Aylmer: a safe haven amid turmoil in the banking sector earlier

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Sean Aylmer: this year, for example, while its recent results have topped

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Sean Aylmer: expectations and eased concerns about its growth prospects. The value

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Sean Aylmer: of Apple is worth more than the value of the

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Sean Aylmer: superannuation industry in Australia combined, if you add in Microsoft

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Sean Aylmer: and Alphabet, the parent of Google, those three combined value

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Sean Aylmer: is more than the value of all the residential homes

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Sean Aylmer: across Australia. Remarkable.

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Michael Thompson: Everything about that story is extraordinary.

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Sean Aylmer: And Michael, we do have a weekend edition, I’ve got

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Sean Aylmer: my hand up for the most remarkable story. That’s it.

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Michael Thompson: Oh, that’s not fair.

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Sean Aylmer: I just got in first because you would’ve if you’d

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Sean Aylmer: thought of it.

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Michael Thompson: Okay. Anyone who’s listened to the weekend edition at any

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Michael Thompson: point in recent weeks, knows how much I am the

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Michael Thompson: underdog in what is a ferocious competition between the two

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Michael Thompson: of us. And Sean, every week you just keep pummeling

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Michael Thompson: me. And this week I thought, you know what, I’m

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Michael Thompson: going to use this Apple story, I reckon it’s what

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Michael Thompson: I need. And what did you do? You pummeled me again.

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Sean Aylmer: Yeah, no, I don’t buy any of that. You just

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Sean Aylmer: made that up on the spot.

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Michael Thompson: Okay. Maybe a little bit. Sean, up next is the

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Michael Thompson: Fear & Greed daily interview. You are speaking today with Sameer

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Michael Thompson: Chopra, head of research at CBRE, which is a supporter

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Michael Thompson: of this podcast.

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Sean Aylmer: Yes. All about what’s going to happen in the housing

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Sean Aylmer: market. Good news, I think, if you own a house

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Sean Aylmer: in inner city, particularly apartments in Sydney, Melbourne and Brisbane,

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Sean Aylmer: perhaps not if you’re trying to get into that market.

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Michael Thompson: Yeah, it’s definitely worth a listen, it’s up next in

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Michael Thompson: the Fear & Greed playlist on your podcast platform or at fearandgreed. com.

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Michael Thompson: au. And Sean, there’s a new episode today, being Wednesday

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Michael Thompson: of course, of How Do They Afford That, our sister podcast.

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Sean Aylmer: What’s it about?

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Michael Thompson: Today, it’s actually all about cars and it’s about car

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Michael Thompson: loans and it’s about car leases and just kind of

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Michael Thompson: going through what you need to be thinking about before

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Michael Thompson: you kind of dive in and perhaps get one of

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Michael Thompson: those. Because really, cars are one of those topics that

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Michael Thompson: you do look at someone else’s car and you ask

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Michael Thompson: that question, how do they afford that? And chances are

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Michael Thompson: they’re not actually buying it outright. They might have it

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Michael Thompson: on finance or they might have a lease agreement through

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Michael Thompson: their workplace, and we just explore basically how they work

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Michael Thompson: and how you could potentially use one of those two.

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Michael Thompson: I personally think it’s well worth a listen.

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Sean Aylmer: I’m sure it is. I’m sure it is. Now, just before we

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Sean Aylmer: go, can I just jump in? I’ve got a message

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Sean Aylmer: on LinkedIn from Jack and I got to read it

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Sean Aylmer: to you, Michael. ” Hi Sean. My name is Jack and I’m a 23- year-

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Sean Aylmer: old science nerd who listens to the Fear & Greed podcast

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Sean Aylmer: every day on the bus to university. I just wanted

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Sean Aylmer: to thank you and Michael for brightening my mornings with

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Sean Aylmer: your sort of witty puns and fantastic updates on all

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Sean Aylmer: things business. All the best, Jack.” Oh, he gets our

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Sean Aylmer: Mia Award for the day.

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Michael Thompson: I mean, that’s amazing, Jack, 23 year old science nerd.

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Michael Thompson: He should be listening to the weekend edition because I

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Michael Thompson: bust out some great kind of science and space stories

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Michael Thompson: and things like that.

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Sean Aylmer: I love the way he goes, ” With your ( sort of)

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Sean Aylmer: witty puns.

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Michael Thompson: Yeah, I was trying to gloss over that part and

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Michael Thompson: then he was full of praise for the part that

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Michael Thompson: you contribute, which is the business.

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Sean Aylmer: Fantastic. Oh, you’re right. Go Jack.

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Michael Thompson: Yeah. Good one, Jack, thank you very much for listening

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Michael Thompson: and thank you, Sean.

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Sean Aylmer: Thank you, Michael.

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00:22:21,480 –> 00:22:24,540
Michael Thompson: It’s Wednesday, the 14th of June, 2023. Make sure you’re

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00:22:24,540 –> 00:22:28,350
Michael Thompson: following the podcast and join us online on LinkedIn, Instagram, Twitter,

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00:22:28,350 –> 00:22:31,200
Michael Thompson: and Facebook. I’m Michael Thompson and that was Fear & Greed.

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Michael Thompson: Have a great day.