This is what the flux.

This is what the flux.

I'm Brett and I'm justin and it's Wednesday, the twenty sixth of March.

I'm Brett and I'm justin and it's Wednesday, the twenty sixth of March.

Juzzy Boy. Meta already offers an ad free non data tracking subsequent for Facebook and for Instagram, and that's in Europe, but now they may offer the same in the United Kingdom as well. As we know in tech juzzy Boy, if you're not paying for the product, then you are the product. And this might give UK users the option to choose. And if it takes off in the UK, certainly amount of time before it comes to Australia too, you would think I will.

Juzzy Boy. Meta already offers an ad free non data tracking subsequent for Facebook and for Instagram, and that's in Europe, but now they may offer the same in the United Kingdom as well. As we know in tech juzzy Boy, if you're not paying for the product, then you are the product. And this might give UK users the option to choose. And if it takes off in the UK, certainly amount of time before it comes to Australia too, you would think I will.

Be paying for that service, be man, fluxam. With the federal budget dropping last night, we have a heap of content in the Flux app tracking the winners, the losers and everything in between for the federal budget. So if you want to know where the spending's going, how much it is, make sure to check out the Flux app for all the details.

Be paying for that service, be man, fluxam. With the federal budget dropping last night, we have a heap of content in the Flux app tracking the winners, the losers and everything in between for the federal budget. So if you want to know where the spending's going, how much it is, make sure to check out the Flux app for all the details.

Three impactful stories today, juzzy Boy, let's do it for our first, the Labor Government dropped their twenty twenty five budget last night with some big investments and either bigger deficits if they get re elected.

Three impactful stories today, juzzy Boy, let's do it for our first, the Labor Government dropped their twenty twenty five budget last night with some big investments and either bigger deficits if they get re elected.

The old pre election spending is freeb Man, So tell me what's going on.

The old pre election spending is freeb Man, So tell me what's going on.

Juzzy boy. Each year in March, the government drops its annual budget for Australia's spending.

Juzzy boy. Each year in March, the government drops its annual budget for Australia's spending.

It's a bit like your personal budget, except we're talking billions and billions in annual income from.

It's a bit like your personal budget, except we're talking billions and billions in annual income from.

Personal income tax, payroll tax, corporate tax and Bman.

Personal income tax, payroll tax, corporate tax and Bman.

It also includes billions and billions of dollars in government spending across health care and infrastructure and education and childcare and a whole lot more.

It also includes billions and billions of dollars in government spending across health care and infrastructure and education and childcare and a whole lot more.

And as part of this budget, the Labor government has really pushed hard on healthcare.

And as part of this budget, the Labor government has really pushed hard on healthcare.

It announced an eight and a half billion dollar investment into Medicare.

It announced an eight and a half billion dollar investment into Medicare.

With the goal for an increase in the number of bulk bill doctor consultations.

With the goal for an increase in the number of bulk bill doctor consultations.

They also announced a twenty percent cut of hex help debts to ease the cost of living pressures.

They also announced a twenty percent cut of hex help debts to ease the cost of living pressures.

And let's not forget a fifteen billion dollar investment into childcare subsidies.

And let's not forget a fifteen billion dollar investment into childcare subsidies.

And be Man. With all these big investments, the Labor government has warned that this election will run into.

And be Man. With all these big investments, the Labor government has warned that this election will run into.

A deficit after two years of budget surpluses.

A deficit after two years of budget surpluses.

So Beman, despite running a loss in this budget, this doesn't come as such a surprise. Because Australia runs a structural.

So Beman, despite running a loss in this budget, this doesn't come as such a surprise. Because Australia runs a structural.

Interesting so what is the key learning here?

Interesting so what is the key learning here?

A structural deficit is when the government budget is permanently making a loss, even during good times.

A structural deficit is when the government budget is permanently making a loss, even during good times.

That means that even when the employment rate is high, consumer spending is high, and the economy is performing well, we'd likely have a deficit.

That means that even when the employment rate is high, consumer spending is high, and the economy is performing well, we'd likely have a deficit.

And a Man. The Australian budget has been in structural deficit for nearly twenty years.

And a Man. The Australian budget has been in structural deficit for nearly twenty years.

Which tells us the issue isn't just short term spending.

Which tells us the issue isn't just short term spending.

Nope, it's more deeply embedded in how the budget is actually built.

Nope, it's more deeply embedded in how the budget is actually built.

But interestingly, the two previous budgets have been in surplus.

But interestingly, the two previous budgets have been in surplus.

And that's mainly been due to the economy actually performing well.

And that's mainly been due to the economy actually performing well.

Above average, meaning higher tax receipts for the government and lower welfare payments.

Above average, meaning higher tax receipts for the government and lower welfare payments.

But be Man. With this election budget, Labour's going after some big ticket spending.

But be Man. With this election budget, Labour's going after some big ticket spending.

Medicare, HEXTA and childcare, so we're back in deficit territory.

Medicare, HEXTA and childcare, so we're back in deficit territory.

And bemaned the US, The UK, France and Italy.

And bemaned the US, The UK, France and Italy.

Are also in structural deficits too, and unless structural changes are made like cutting spending or boosting long term revenue, the deficits are likely to stick around for.

Are also in structural deficits too, and unless structural changes are made like cutting spending or boosting long term revenue, the deficits are likely to stick around for.

Our second story. Twenty three and meters, the genetic tear testing company, has filed for bankruptcy in the US as it tries to sell its assets, including its highly confidential customer gene data. Genetic secrets maybe up for grabs here it just boy, so tell me more. Hey so. Twenty three and Me is a personal genetic testing company that was founded back in two thousand and six.

Our second story. Twenty three and meters, the genetic tear testing company, has filed for bankruptcy in the US as it tries to sell its assets, including its highly confidential customer gene data. Genetic secrets maybe up for grabs here it just boy, so tell me more. Hey so. Twenty three and Me is a personal genetic testing company that was founded back in two thousand and six.

It was the first company around the world to offer direct to consume a genetic testing.

It was the first company around the world to offer direct to consume a genetic testing.

And that was in two thousand and seven. You know spin in the test tube. Send you slided back to twenty three and me, and they can tell you a whole host of things about your DNA.

And that was in two thousand and seven. You know spin in the test tube. Send you slided back to twenty three and me, and they can tell you a whole host of things about your DNA.

It would appear that I am twelve percent Italian, somehow related to a goat herder, and I'm three percent Viking.

It would appear that I am twelve percent Italian, somehow related to a goat herder, and I'm three percent Viking.

They can also.

They can also.

Show you your racial background split and a genealogical family tree, which thousands of people have used to track down their long lost third cousins on the other side of the world. And given that twenty three and me holds this very unique DNA, strong data privacy has been a key to its business that've.

Show you your racial background split and a genealogical family tree, which thousands of people have used to track down their long lost third cousins on the other side of the world. And given that twenty three and me holds this very unique DNA, strong data privacy has been a key to its business that've.

Been in over the past few years, twenty three and Me has struggled to find a profitable business.

Been in over the past few years, twenty three and Me has struggled to find a profitable business.

Model, particularly since going public in twenty twenty one.

Model, particularly since going public in twenty twenty one.

So now it has filed for Chapter eleven bankruptcy in the US and he's looking to sell substantially all of its assets.

So now it has filed for Chapter eleven bankruptcy in the US and he's looking to sell substantially all of its assets.

Including its highly, highly, highly confidential data. Did I say highly?

Including its highly, highly, highly confidential data. Did I say highly?

So what is the key landing here?

So what is the key landing here?

In today's economy, data is often referred to as the new oil.

In today's economy, data is often referred to as the new oil.

And companies like twenty three meters have built entire business models around collecting the data, analyzing the data, and of course monetizing the data.

And companies like twenty three meters have built entire business models around collecting the data, analyzing the data, and of course monetizing the data.

Sometimes it can be used for research with pharmaceutical companies or even advertising partnership.

Sometimes it can be used for research with pharmaceutical companies or even advertising partnership.

But in tough times that confidential data can become part of the liquidation process.

But in tough times that confidential data can become part of the liquidation process.

Just like office chairs or lab equipment, so for.

Just like office chairs or lab equipment, so for.

Customers be man this can become a serious privacy risk. We've also seen risks of sensitive data being shared in Australia recently.

Customers be man this can become a serious privacy risk. We've also seen risks of sensitive data being shared in Australia recently.

Remember when hacker stole the personal info of Medibank customers.

Remember when hacker stole the personal info of Medibank customers.

Yep names, contact information and health records of nearly ten million current and former Medibank customers.

Yep names, contact information and health records of nearly ten million current and former Medibank customers.

So Jazi boy, It's a reminder that sharing a confidential data with any company carries big risks.

So Jazi boy, It's a reminder that sharing a confidential data with any company carries big risks.

For our third and final story, James Hardy, the ASX listed global building materials company, has seen its share price play after a fourteen billion dollar acquisition of arrivals.

For our third and final story, James Hardy, the ASX listed global building materials company, has seen its share price play after a fourteen billion dollar acquisition of arrivals.

Like nervously introducing a new partner to your friends and getting the disapproving look. So what is going on here?

Like nervously introducing a new partner to your friends and getting the disapproving look. So what is going on here?

Okay? So James Hardy is the twenty billion dollar Australian buildings material company. We'd been talking external clouding as well, cement sheets, insulation pipes, all.

Okay? So James Hardy is the twenty billion dollar Australian buildings material company. We'd been talking external clouding as well, cement sheets, insulation pipes, all.

The stuff you plant to buy from Bunnings but then leave to the experts. And if you've heard the name James Hardy before, it might be because it used to manufacture app products containing a spestos.

The stuff you plant to buy from Bunnings but then leave to the experts. And if you've heard the name James Hardy before, it might be because it used to manufacture app products containing a spestos.

Which led to many, many, many lawsuits.

Which led to many, many, many lawsuits.

But now juzzy boy James Hardy has announced the acquisition of a rival named Azak for fourteen billion dollars.

But now juzzy boy James Hardy has announced the acquisition of a rival named Azak for fourteen billion dollars.

They make sustainable outdoor living products like decking and railing.

They make sustainable outdoor living products like decking and railing.

And this acquisition was a cash and script deal that valued Azak add a more than thirty seven percent premium to its last closing share price.

And this acquisition was a cash and script deal that valued Azak add a more than thirty seven percent premium to its last closing share price.

Next minute, James Hardi's share price plummeted more than fourteen percent and it was clear that the invested disapproval was real. So what is the key learning here in m and A bigger is it always better, especially when the market sees more risk than awar. So when they pulled the trigger on a mega acquisition, investors were a tad spook. And why was that? Be Man?

Next minute, James Hardi's share price plummeted more than fourteen percent and it was clear that the invested disapproval was real. So what is the key learning here in m and A bigger is it always better, especially when the market sees more risk than awar. So when they pulled the trigger on a mega acquisition, investors were a tad spook. And why was that? Be Man?

Because these kinds of transformational deals, as they call it, often over promise and underdeliver.

Because these kinds of transformational deals, as they call it, often over promise and underdeliver.

Yeh, be Man. This deals already raised red flags to James Hardy investors because the price is steep.

Yeh, be Man. This deals already raised red flags to James Hardy investors because the price is steep.

Yep forty times Azex's net profit.

Yep forty times Azex's net profit.

Which is much higher than James Hardy's current valuation of twenty times.

Which is much higher than James Hardy's current valuation of twenty times.

Its net profit and success relies on integration between James Hardy and AAAC.

Its net profit and success relies on integration between James Hardy and AAAC.

They're expecting three hundred and fifty million dollars in synergies from the acquisition.

They're expecting three hundred and fifty million dollars in synergies from the acquisition.

We choose ambitions, so clearly James Hardy's investors are voting with their feet and their wallets.

We choose ambitions, so clearly James Hardy's investors are voting with their feet and their wallets.

Foxam. If you want to learn more about the federal budget and the investment in healthcare, the investment in childcare, and the investment in education, we have it all covered with short, fite sides and easy to understand articles and videos in the flux Oup. Make sure to check it out for the latest scoop.

Foxam. If you want to learn more about the federal budget and the investment in healthcare, the investment in childcare, and the investment in education, we have it all covered with short, fite sides and easy to understand articles and videos in the flux Oup. Make sure to check it out for the latest scoop.

Thanks for listening, and we'll see you on Friday.

Thanks for listening, and we'll see you on Friday.