Iran conflict hits consumer prices, Woolies v ACCC, FBI director’s $US250m lawsuit
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use today.
How is the Iran conflict affecting consumer prices?
Business warns of profit losses and higher consumer prices as the war in Iran drags on. The competition watchdog commences its case against Woolworths using a pack of Oreos to demonstrate that not all items on sale were actually on sale and the government invests big into drones. Plus, Amazon spends $5 billion on AI company Anthropic, and the boss of the FBI fights off allegations of excessive drinking and unexplained absences. It is Wednesday, the 22nd of April, 2026. I'm Michael Thompson, and good morning, Sean Aylmer. Good morning, Michael. Sean, the main story this morning, Rio Tinto has become the latest at-large ASX-listed company to warn of a potential hit to earnings as a result of the war in the Middle East, saying there is uncertainty to costs and supply chains, Australia's second biggest miner.
a tongue twister very early in the show, Sean. It's joining a growing list of companies now that are warning of earnings downgrades. Two of the big banks that we've talked about, NAB and Westpac, they've both said that they'll put aside more money for potential credit impairments as the economy slows, thanks, of course, to the spike in oil prices and inflation and slower economic growth. You've got manufacturers like bottle maker Aurora have warned of disruptions due to material costs and supply supply chain challenges. And you've got transport and logistics companies think clean away.
What is the ACCC's case against Woolworths about?
They've said higher fuel charges are going to hit the bottom line. It's pretty widespread.
Yeah. And it's not just ASX listed companies. In recent days, building companies have told customers they'll be charging more as the price of plastic rises. So borals more than doubled the surcharge. It puts on customers for concrete. According to FinReview, Australia's second largest plumbing suppliers group, TradeLink, has told customers it will charge 35% more for toilet seats. Last week, rival plumbing group, Rees, lifted plastic prices by up to 36%. Not all the news is negative. Challenger yesterday said its funds management arm had been hit by outflows.
How is Amazon investing in AI through Anthropic?
Not so good. But it's annuities business where you're guaranteed a set amount for a long period, potentially the rest of your life. It's doing better as retirees look for guaranteed income in turbulent times. When it came to Rio, CEO Simon Trott said, well, copper production was up 9%. In the March quarter, Pilbara iron ore output was strong. There was little visibility around second half disruptions. Point here. The warnings are not just coming from the banks or the miners or the manufacturers or the retailers. It's coming from all of them, from right across the economy. And that is very worrying.
What allegations are being made against the FBI director?
I don't want to be dramatic about this, Sean. Actually, who am I kidding? That is basically my job here is to be dramatic. But there is a sense of impending doom about all of these warnings. And maybe that is overstating it just a little bit. But with all of these price rises and all of these supply chain disruptions, it really does seem like it's only a matter of time before we all feel it in the back pocket.
Yeah, I mean, we've felt at petrol prices, the fertilizer issue hit food prices and then, you know, plastic prices and all that sort of stuff. Supermarket prices will start rising shortly if they haven't already. That'll get worse because farmers can't access fertilizer to
What impact will rising prices have on the Australian economy?
grow food, supply us all with fresh fruit and veggies. The local construction sector, while improving in recent months, is a long way from being robust, Michael. Higher prices for products will hit builders, that'll hit commercial and residential construction. Residential construction is particularly important. It has the second largest economic multiplier effect of all 114 industries in the economy. According to Housing Australia, $1 million spent in residential construction supports nearly $3 million in output in consumption. That's because you build a house, you fill it, you put carpet in it, you put pictures on the wall, you buy fridges, that sort of thing.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:06–0:09
2
How is the Iran conflict affecting consumer prices?
0:09–1:37
3
What is the ACCC's case against Woolworths about?
1:37–2:13
4
How is Amazon investing in AI through Anthropic?
2:13–2:50
5
What allegations are being made against the FBI director?
2:50–3:31
6
What impact will rising prices have on the Australian economy?
3:31–4:28
7
How is the Australian government addressing drone technology?
4:28–5:11
8
What changes are being proposed for the NDIS?
5:11–15:53
Speakers
2 identifiedMore from FEAR & GREED | Business News
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