New journalism laws for tech; Charles III-Donald bromance; Michael biopic sets record
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use. Today, the Albanese government unveils new laws to make social media platforms pay for local journalism. The Strait of Hormuz remains closed, putting upward pressure on oil prices ahead of today's local inflation report. And King Charles III addresses the US Congress. Plus, Aussie banks promote how much tax they pay. And the release of the Michael Jackson biopic breaks box office records. It is Wednesday, the 29th of April, 2026. I'm Michael Thompson and good morning, Sean Aylmer. Good morning, Michael.
What new journalism laws has the Albanese government unveiled?
Plenty in today's show. Let's get cracking. The main story this morning, the Albanese government has unveiled draft laws that will force Google, Meta and TikTok to negotiate commercial agreements with Australian news outlets or otherwise pay a 2.25% levy on Australian revenue to Under these draft rules, the platforms will pay between $200 million and $250 million to news organizations to offset any levy. The prime minister has said that the deal is critical to a healthy democracy and that every single dollar would go back to journalists to pay for the journalism.
How is the closure of the Strait of Hormuz affecting oil prices?
Now, the exposure draft laws come two years after Meta withdrew from deals previously struck under the News Media Bargaining Code. So these have been a long time coming, Sean.
They have. The media outlets argue that they provide the content that's distributed via the social media platforms and they should be paid for it. Under the proposed legislation, digital platforms with Australian derived revenue of at least $250 million will have to negotiate with news organizations over payment for the content. Also,
What did King Charles III say during his address to the US Congress?
Yesterday, the Prime Minister appointed economist and current secretary of the Department of Industry, Science and Resources, Megan Quinn, to head up the Department of Defence. She'll replace Greg Moriarty, who is heading off to the US. He's succeeding Kevin Rudd.
How are Aussie banks highlighting their tax contributions?
Ms Quinn is the first female to hold that job. And Opposition Leader Angus Taylor yesterday promised to expand Australia's fuel stockpiles to 60 days by the end of the first term if elected in 2027, but he's urged the government to get started on the plan straight away.
It's been a big 24 hours in politics, and the Trump administration has nominated former Republican Congressman David Bratt as its ambassador to Australia. Now, we talk about a long time coming.
What record did the Michael Jackson biopic set at the box office?
It's been 15 months, Sean, since the last US ambassador to Australia, Caroline Kennedy, actually left the country. So we've been... ambassador-less since. Bratt is a former academic who represented a Virginia district in the House of Representatives from 2014 to 2018. He has an interesting background.
So he has a master's degree in divinity and a PhD in economics. Some of his academic work, according to media reports, has tried to fuse free market economics and faith. Now, religion and economics, they don't always come to mind when you think of a couple of disciplines working together. No, no, they didn't for me, but I mean, clearly they might. There is a career in it. Do you think he'd appreciate as a PhD in economics, a fear and greed trend is your friend t-shirt?
I think anyone would appreciate a fear and greed trend is your friend t-shirt, but to have one on an ambassador... who is not just an expert in divinity, but also in economics. That would be a big win for us, Sean.
He was defeated in 2018 in that Virginia election, like 2014 to 18, he was there, defeated by a Democrat, then became Dean of Business at a private evangelical Christian university. It will not be an easy job given Donald Trump's recent criticism of Australia, but good luck to David Bratt.
Yeah, indeed. Now, big day today, March quarter inflation figures due for release. Most of the interest will be on what happened really during the month of March, given that's when, of course, the Middle East conflict began. That was when then oil prices spiked, forecast for a 4.8% rise for the full year. Petrol prices jumped 35% in March, and that accounts for about 3.3% of the inflation figure.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:06–0:39
2
What new journalism laws has the Albanese government unveiled?
0:39–1:18
3
How is the closure of the Strait of Hormuz affecting oil prices?
1:18–1:47
4
What did King Charles III say during his address to the US Congress?
1:47–2:02
5
How are Aussie banks highlighting their tax contributions?
2:02–2:32
6
What record did the Michael Jackson biopic set at the box office?
2:32–16:34
Speakers
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