It’s Monday the 5th of May 2025, and Labor trounces the Coalition, potentially setting up another two terms in government. Retail spending slows, and Warren Buffett declares he's ready to step down. Plus Aussie wine exports surge, and a parking accident sends a $US60m fighter jet overboard.
The polls suggested it might be close, but in the end Labor swamped the Coalition in Saturday’s election, and currently have 86 seats in the new parliament, compared to the Coalition’s 40, nine independents, one Green, and two others with 12 in doubt.
Retail spending rose just 0.3pc in the March quarter, lower than expected highlighting the cost-of-living pressure people are feeling. It is yet another reason for the Reserve Bank to cut interest rates.
Australian wine exports jumped by more than 40pc in the year to the end of March, as sales to China surged following the ending of prohibitive tariffs from that country.
Ninety-four year old Warren Buffett, the co-called Oracle of Omaha, wants to step down from running Berkshire Hathaway, the company he took over in 1965 and has been running ever since.
The US Defence Department is a little red faced, after a parking accident on an aircraft carrier resulted in a $US60 million Boeing F/A Super Hornet tumbling into the sea.
Fear-o-meter
Anthony Albanese is likely to be Prime Minister of Australia for at least nine years after his emphatic win over the weekend. His mandate to rule is absolute with the ALP winning more than twice the number of Lower House seats as the Coalition.
Let’s hope he doesn’t waste it.
Few Prime Ministers in recent times have had such clear authority. His pledges around affordable childcare, housing, the energy transition and batteries need to become reality.
A fair complaint about the first term of the ALP government is a lack of vision. There were plenty of inquiries, and some gentle steps in the right direction. But there wasn’t any great reform.
Albanese and Labor have a great opportunity to change Australia. Let’s hope they take it.
Who's talking today?
On the slowdown coming for the US, and why he thinks it's a 'dangerous place to be operating':
"Goods coming from China into the US are coming off dramatically over the next week or so. We've already seen some people laid off around transport and that will hit the shelves and that's a big problem. The tech companies on the other hand are probably okay for the moment, but like everyone else, eventually they will feel a slowdown.
I think what's happened to a lot of goods is that consumers in America, because of the price hikes, have just cancelled orders full stop. Just can't afford it. There's no margin if they're going to lose money on it. Rather have nothing on the shelf or nothing to offer than just lose money because, when you think about it, something that might have cost $80 last time is now $200 overnight. That's a big sticker shock.
Either the Chinese are going to have to take some of that margin, the retailer, but whichever way you cut it, everyone's going to lose. So orders have been cancelled. That's why shipments are down. It's really tangible. You can almost see it working its way through the system."
The ABC's election coverage won the TV ratings on Saturday night, easily seeing off its commercial rivals despite being beset by technical challenges on the night. But it was also the final election for legendary analyst Antony Greene before his retirement, so there might have been some sentimental viewing going on too.
But Sean Aylmer and Adam Lang are getting very close to setting out on Royal Far West's Ride For Country Kids - a 380km ride through western NSW. The training has intensified, with many hours spent on the bike, and as a result chamois cream has been purchased and deployed. Talk about getting outside your comfort zone.
But the goal here is to raise as much money as possible to improve life options for kids from rural communities. If you can help by donating a few dollars to 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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