PM’s productivity push; ASX, Bitcoin nears records; vapes fall out of favour

Published Jun 10, 2025, 6:00 PM

Wednesday 11 June 2025

Prime Minister Anthony Albanese sets out his economic agenda, announcing a jobs and skills summit aimed at improving productivity. 

And more, including:

  • The ASX and Bitcoin both head towards record territory. 
  • Vapes, or e-cigarettes, are losing favour among consumers. 
  • A new era for BNPL companies 
  • Donald Trump calls in the Marines for Los Angeles. 

Join our free daily newsletter here.

Take our short survey on Fear & Greed here. It only takes a few minutes, and by taking part before 30 June, you’ll be in the running to win a $3,000 Luxury Escapes voucher.

And don’t miss the latest episode of How Do They Afford That? - three financial secret weapons. Get the episode from APPLE, SPOTIFY, or anywhere you listen to podcasts.

Welcome to Fear and Greed business news you can use. Today. Prime Minister Anthony Abanezi sets out his economic agenda, announcing a Jobs and Skills summit aimed at improving productivity. The ASX and bitcoin both head towards record territory, and vapes or e cigarettes are losing favor among consumers. Plus a new era for buy now, pay later companies, and Donald Trump calls in the Marines for Los Angeles. It is Wednesday, the eleventh of June twenty twenty five. I'm Michael Thompson and good morning, Sean Aylmer, Good morning, Michael Sewan. Massive newsletter today, there is it is so loaded years with news, with interesting stuff. That's right, And I mean look, I mean clearly you haven't written your part of it yet, which is why you are kind of dodging around this. But the newsletter, it is worth signing up because it only takes what three or four minutes to read, yep, and you are guaranteed to arrive at work better prepared for the day and probably just a little bit ahead of your.

Colleagues unless they've signed up, then you're catching up with them.

Yeah, that's a good point, but it is very easy to sign up head along to Fearandagree dot com dot au. You can also just check the show notes for this episode and we'll put a link in there. So it is very very easy. It's out every day, every weekday by six am in your inbox. Okay, moving on now, Sean. The main story this morning. Prime Minister Anthony Upaneasy has laid out parameters for any trade negotiations with US President Donald Trump, saying things like the pharmaceutical benefits scheme, the media bargaining Code and biosecurity they're not up for negotiation, that's right.

The Prime Minister was at the National Press Club yesterday, his first major speech since being re elected more than five weeks ago. It was a wide ranging Q and A covering defense, trade, economics, the housing crisis, productivity. The Prime Minister said his first legislative priority is to cut student debt by twenty percent, as promised during the election campaign. He said it will save three million Australians an average of five five hundred dollars each. Some of the key points from the speech yesterday. You mentioned it when he talked about any upcoming trade negotiations with the US administration. There are certain things that he just simply said are not up for negotiation. He also said defense spending needs to go up in future budgets, though nothing has been locked in now. At the moment, defense spending is specially get to about two point three percent of GDP in a few years. The US, of course, wants it to lift to three point five percent. On China and the region, Albanesi said Australia's engagement needs to be diplomatic mature and needs to avoid attempts to simplify what are a complex set of relationships. He defended the government support for things like penalty rates for workers, saying they don't work against productivity improvements. Albanzi said his government must push local authorities to cut through red tape to make it cheaper to build new houses, and as you mentioned, a job of Jobs and Skills summit for August. The goal is to develop new policies to bolster productivity. He wants to bring together the business community, the union movement, and what he called civil society. What's on civil society.

Well, it's not the kind of thing you want to have at a summit, that's for sure.

Civil society.

Dear Lord, No, we.

Want civil society, And he said it's about building the broadest possible base of support for economic reform.

Didn't we just have a Jobs and Skills submit That was one in twenty twenty two. Well, we suppose went due for another one.

This government is very good at having get together this chance. Yeah, you know summits reports, Yeah, inquiries.

That's right. The big pressure then is on actually acting on what comes out of.

Those, right, So you would like to think of government in its second term will be acting more than inquiring.

Yeah. I would have thought at this point after a full term you would kind of know all of these things. Yes, you've had a term to gather all the information. Second term put it into action, especially when you've got such a massive majority.

So the big abi criticism of the Albanezer government last term was the fact that it did so many inquiries and didn't actually act on them.

Okay, Sean, there's a couple of changes at the very top of the bureaucracy.

The head of treasury, so we talk about the Reserve Bank governor Michelle Bullock. They head of Treasury is the other big one. The person that runs out as a guy called Stephen Kennedy. Well, He's going to become the Secretary of the Department of Prime Minister and Cabinet, so he look after He'll look after Anthony. Now beneath he's bureaucracy a bit of term. He's replacing the out going Glynn Davis and Finance Department boss Jenny Wilkinson will become the first female Treasury secretary. So congratulations to Jenny Wilkinson.

Terrific local markets. How did they go yesterday?

Well, the S and PA Sex two hundred finished at a record high. Michael, look at the glee in your eyes? Aren't nearly one percent to when I said that you tried to put glee in your eyes because there was none. You raise your eyebrows more than screen in the eyes.

I think I'm dead inside, John.

The mark was up nearly one percent to eight thousand, five hundred and eighty seven point two points. Energy, tech and bank stocks led the way on the back of higher oil prices. Now that reflects hopes about a US China trade deal plus expectations that local interest rates will fall again next month. We better point out the Commwealth Bank again. It hit another record high one hundred and eighty two dollars twenty five cents. It's up about forty five percent of the past twelve months. It closed at one hundred and eighty two dollars market cap three hundred and five billion dollars.

Wow, that's extraordinary. Just keeps going.

It just keeps going.

Bitcoin as well, nearing a record level. It seems like the ongoing US China trade talks that they are actually helping riskier assets.

Yes, I think so.

So.

Bitcoin pushed above one hundred and ten thousand US dollars a unit yesterday morning. It came back a bit, but it rallied about four percent in the twenty four hours up until yesterday morning. Wall Street ended flat over the weekend. Now, those trade talks in London were going well, according to US President Toald Trump, but then he added, I quote, China's not easy. What did you expect?

Thanks scoop and the Aussie dollar. Sean flirting flirting six month high.

I think like flirting with the six month high. That six month high sixty five point two five US cents. You are just breaking into your former career. It's back about sixty five point one five, sixty five point two US cents this morning.

Sean just very quickly before we go to a break. Couple of quick things I want to mention we are working with FONTO, which is a research agency, to learn more about the Fear and Greed community. So we are running a short survey to hear from us to how you're feeling, what you love, what do you think we could improve on. It only takes a few minutes and if you take part before June thirty, you'll be in the running to win a three thousand dollars luck Escapes voucher. It is a pretty fantastic prize on offer if you are able to take the survey or put the link in today's show notes so that you can find that very easily. And also in the coming months, we're going to bring you a regular segment called Business by Numbers. It is once a week and we'll be presenting the top three numbers to know for the week, brought to you by zero zero dot com slash au. For instance, today, three hundred and five billion dollars the market cap of Comwealth Bank, obviously Australia's biggest company, after its share price rose, hit another new record yesterday, hitting that extraordinary market cap three hundred and five billion dollars one hundred and ten thousand US dollars Bitcoin pushing past the milestone yesterday morning after rallying as you mentioned, Sean, about four percent in twenty four hours and the number we just mentioned sixty two and a half US cents. The Aussie dollar hovering around that six month high, which is very good news for anyone planning to travel overseas soon. Looking at you here, Sean will take a very quick break, be back in a moment with the rest of the day's business news, Sean. A new era for buying our pay later companies like after pay and Zip has arrived, with these sectors' products now regulated by credit laws. We've been talking about this for a while, Sean.

Massive change. Anyone signing up to a buy and our pay later product from yesterday must answer questions about their finances have their credit history check before they can borrow the money. Buy now pay Later is particularly popular with younger consumers. Basically allows people to pay for goods in installments, normally for installments. It means some customers will be able to these new rules. The credit rules will means some customers will be able to borrow less. And it follows years of campaigning by consumer advocates. But it also makes buy now, pay later services more complex and less timely, and that's one of the great advantages of buying our pay later, So it's not necessarily a good news story. For example, new customers will have to answer questions about their financial situation, including outstanding.

Debts on balance. Good thing, I think so, and.

Some of the better operators I might have this increase, but I actually think Zipco already operates under these rules, so I think it's fair if people are borrowing money, they should be subject to credit laws.

Yeah, and we had talked to the boss of zip previously on the podcast and she had been quite clear that they wanted greater regulation in this space. So there's a couple of smaller takeovers in the offing Shipbuilder Hostel. Shipbuilder is one of those words you have to say it very carefully, very carefully. Anyway, the share price for Ostel jumped, and property services building group John Lynn Group went into a trading hold on takeover speculation.

In the case of Ostor, South Korea's Henwa Group was given approval by foreign investment officials in the US to buy out the entirety of Australia's largest shipbuilder. Now that sounds a bit weird that US officials would be giving a approval to a South Korean company to buy the Australian company. And you're right. However, Ostell Big in Defense Vessel's major facility in Alabama. Hanna has been trying to take a stake in Hostel, a large steak, potentially take it over for a few years. It's needed regulatory approval, so it's got the US regulatory approval. The bigger impediment is that the largest shareholder in Nostel is the Forest family, as in Andrew and Nicola Forest. There against any deal. Now Hanma once lifted stake in Hostel to at least nineteen point nine percent. Needs these approvals in the US and from the Foreign Investment Review Board in Australia and the John Link case. Media reports say it's received a takeover bid from private equity company PEP. It's in a trading halt at the moment.

Monash IVF Group has reported that it transferred the wrong embryo into a Melbourne woman. That's the second such incident in two months. That's really distressing.

Yes, in April or back in April at his Brisbane clinic, the embryo of one patient was incorrectly transferred to another patient, resulting in the birth of a child with the wrong parent. In the most recent incident, Monash mistakenly transferred to patient's own embryo to her to herself during a process in which was supposed to receive an embryo from her partner. Monash IVF yesterday said its conducting and investigation and had extended the scope of the independent review already underway. It'll provide an update on the findings of the expanded review in due course. Its share price was down about twenty seven percent yesterday. It's of about forty percent over the last year.

There's a few stories in state politics definitely worth a Mentionab'll head to Tasmania first whether Speaker of the House will resign.

Michelle O'Byrne held the deciding voter and no confidence vote against Premier Jeremy Rockcliffe. Now she is resigning basically means Tassy is going to an election. In Victoria, the state's power grid is under pressure after an unexpected outage at Lawn, the state's second largest car fired power station. There were concerns that the cold the weather could strain the market and drive up wholesale electricity prizes. And finally, New South Wales's Deputy Premier pro car has been diagnosed with breast cancer. She will start treatment immediately and we certainly wish her the best.

Yeah. Indeed, Now turning to international news, and Donald Trump's administration is sending seven hundred marines to la A mid protests against raids on alleged illegal immigrants, despite opposition from the state's governor.

Now, according to the White House, and marines are being sent to protect federal personnel and federal property. It comes just hours after California's Democratic governor, Gavin Newsom sued Trump for an earlier decision to deploy National Guard troops. So we've got marines and National Guard troops. That lawsuit called the president's decision an unprecedented usurpation. That's a good word, usurpation of state authority. Military forces frequently assist the US during natural disasters other incidents, but it's really rare that they're deployed to aid in domestic law enforcement, particularly when the state governor doesn't support it. According to the Fteam and members of the California National Guard arrived in Los Angeles on Sunday after Trump transferred control of the military force from state to federal authorities. Then late on Monday, the Trump administration authors another two thousand guardsmen to be deployed to LA bringing the total number of authorized guardsmen to four thousand, despite opposition from Newsome and local leaders.

How about this one, Sean The UK will invest fourteen point two billion pounds as about what thirty billion their dollars to help build the size well See nuclear plant, saying the reactor will help deliver a golden age of abundant clean energy.

The proposed plant in Suffolk has been on the drawing board for more than a decade and the eventual price tag will be about forty billion dollars. Currently, the UK has nine operable reactors producing about fifteen percent of the country's electricity. How a bunch of reactors are at end of life. It plans to have nuclear provide about twenty five percent of energy by twenty fifteen. Now in the UK, gas remains the largest generator, electricity about thirty nine percent, then wind at twenty five percent, and then nuclear.

Growth in sales of e cigarettes is faltering in North America and Europe, raising questions about the way forward for big tobacco.

British American tobacco. The Footzy one hundred, group behind those e cigarettes of the US's e cigarettes, said last week it expected sales of its vaping devices to form by a mid teens percentage globally in the first half of the year. In the US, the world's largest vaping market, year on near sales of regulated devices have fallen almost every month during the past two years, according to Nelson. Meanwhile, in the UK, the second largest market, vaping prevalence has leveled off. The slowdown comes after more than a decade of strong growth, which accelerated between twenty twenty one and twenty twenty four as disposable e cigarettes proliferated in the US and UK. But it just appears to have peaked. Good news, I'd say.

Yeah, absolutely, I still find it off putting. I don't know if you do the same. When you're sitting in traffic, see the car window in front of you go down a crack, and all of a sudden, the biggest plume loom of smoke, of smoke of vape vapor I suppose comes out they're like, holy hell, cars on fire. Up next is the Fear and Greed Daily Interview. Your guest today Karen Buller from UNI Super, which is a great supporter of Fear and Greed.

It's a fantastic chat with Kiaren. She's a private client advice and we talked about the gender pay gap, particularly in superannuation, and strategies needed to improve outcomes for women when it does come to superannuation. It is Wilworth a listen.

Yeah, indeed, it is up next in the Fear and Greed playlist on your podcast platform or at Fearangreed dot com dot au, which is also where you sign up for the free daily newsletter. Thank you Sean, Thank you Michael. It's Wednesday, the eleventh of June twenty twenty five. Make sure you're following the podcast and please join us online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson and that was Fear and Greed. Have a great day.