It’s Tuesday the 6th of May 2025, and PM Anthony Albanese gets back to work, Westpac reports a disappointing profit and there's a major gold deal on the horizon. Plus falling oil prices augur well for Aussie drivers at the bowser, and Donald Trump levies 100 per cent tariffs on foreign films. 

Listen to today's episode 🎧 

News in brief

Prime Minister Anthony Albanese returned to work yesterday, having given himself Sunday off. The day started with a conversation with US President Donald Trump, and ended with debate over who will be in his new front bench.

Westpac has reported a slightly disappointing half year profit of $3.3 billion, a touch lower than a year ago, with strong business lending offsetting a softer result on the home lending market.

Gold Road Resources has agreed to a sweetened $3.7 billion bid from a South African group, Gold Fields, ending a public spat between the two groups.

The price of oil fell below $US60 a barrel for the first time in more than four years after OPEC+ countries agreed to lift production. It suggests the price of petrol will fall further in coming weeks.

Donald Trump’s latest tariff salvo is to impost 100 per cent tariffs on films produced overseas, saying that foreign productions are a national security threat because films were being used for messaging and propaganda.

Fear-o-meter

The Westpac result yesterday doesn’t augur well for the big banks. Its $3.3 billion half year profit was steady and there was good and bad. Business loans rose while home loans were a little disappointing. At least customers are continuing to repay loans.

Westpac’s cost base rose on the back of a big technology conversion going on, which the bank needs to do.

The question for Westpac and the other banks is where does growth come from? Westpac expects credit growth to slow and the big four – which includes Commonwealth Bank, National Australia Bank and ANZ – are all fighting for the same customers.

After surging over the past year – CBA’s share price is up more than 40 per cent and Westpac is 20 per cent higher – big bank investors might find the going just a bit tougher during the next 12 months.

Who's talking today?

On Westpac's first half results, his first 141 days in the CEO job, the economic outlook, the election result, and how Australia can navigate a Trump world.

 

"Maybe there's a positive lining to the Trump phenomena, which is it asks us to think about things and start to do things differently. And I think the reelection of the Labour government on the weekend is a first step in affirming that actually is a moment now for Australia to really set itself apart and start to get going."

Greed-o-meter

US President Donald Trump's tariffs on films made outside of the US have the potential to significantly impact the Australian film industry. Tax incentives (as well as policies during the pandemic) have seen some huge budget Hollywood films produced in Australia. Here are some of the biggest in recent years:

Source:

Even our meetings are held in lycra

Sean Aylmer and Adam Lang from the Fear & Greed team are training so hard for the Royal Far West Ride For Country Kids that they're barely out of the lycra these days.

In just over a week they're setting off on a 380km ride through western NSW. The goal is to raise as much money as possible to improve life options for kids from rural communities.

If you can help raise a few dollars for the Fear & Greed team, it will be gratefully appreciated. You can donate here. And we'll be giving supporters a shout-out on the podcast too!

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