There was only one profitable Olympics, ever…

HOSTS Adam & Thomas|27 July, 2021

Meet your hosts

  • Adam

    Adam is the funniest and most successful comedian in his family. He broke onto the comedy scene as a RAW comedy national finalist before selling out solo shows at two Adelaide Fringe festivals. He’s performed stand-up to crowds all over Australia as well as enjoying stints on radio with SAFM and most recently as a host of the Ice Bath on Triple M. Father of two and owner of pets, he may finally be an adult… almost.
  • Thomas

    Thomas, the economist, is the brains of the outfit. He studied economics and game-theory at the University of Queensland and cut his teeth as an economist at the Reserve Bank of Australia. He now runs his own economics consultancy, with a particular focus on the property market. He lives with his wife and two kids in the hills outside Byron Bay.

Brisbane won its bid to host the Olympics in 2032… why do we bother? Is the ANZ share buy back a taste of things to come? Has rorting hamstrung the potential for a Jobkeeper 2.0, and what is the Right to Repair movment on about? All this and more on this week’s CvE.

Keep up to date with the charts of the moment on the Comedian V Economist instagram

If you’ve got a question for Thomas… or Adam… then go ahead and send them to cve@equitymates.com

Any views expressed by the podcast host or any guest are their own and do not represent the views of Equity Mates Media or any other employer or associated organisation.

Always remember, all information contained in this podcast is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. The hosts of Equity Mates are not financial professionals and are not aware of your personal financial circumstances. Before making any financial decisions you should read the Produce Disclosure Statement (PDS) and, if necessary, consult a licensed financial professional.

For more information head to our Disclaimer Page, where you can find resources to search for a registered financial professional near you.

***

Have you just started your investing journey? Head over to Get Started Investing – Equity Mates 12-part series with all the fundamentals you need to feel confident to start your investing journey.

Want more Equity Mates? Subscribe to Equity Mates Investing Podcast, social media channels, Thought Starters mailing list and more here.

Comedian V Economist is part of the Acast Creator Network

See acast.com/privacy for privacy and opt-out information.

Adam: [00:01:25] Hello and welcome to comedian versus economist, we demystify the world of money and help you get a handle on the bigger picture. My name's Adam and we're joined, as always by my little older brother and real life economist, Thomas. [00:01:36][11.4]

Thomas: [00:01:38] How are you doing? First week in lockdown. How's that going? [00:01:40][1.8]

Adam: [00:01:40] First lot tell you what, between work from home and home schooling, the only break I get all day is the three hours I spend on the toilet. It's tough, I got to be honest with you. But, you know, I'm doing it because I think it's the right thing to do. I want to set a good example for my kids. You know, I don't want them to remember that their dad did everything that was asked of me. I got vaccinated. I stayed home, took care of things. I figure that that's the better option rather than going out and punching a horse in the face. So, you know, I guess history will judge me. Maybe the horse had it coming out of nowhere. It was talking some smack that wasn't reported in the mainstream press. But either way, I'm at peace with my decision to stay home and not punch the horse. [00:02:23][42.5]

Thomas: [00:02:24] Horses are a bit loopy anyway. [00:02:27][3.0]

Adam: [00:02:27] Yeah, it's hopefully by the time you're listening to this podcast, we will be out of lockdown in Adelaide. Signs are looking good, touchwood, fingers crossed and shout outs to everyone out there who's doing it tough in lockdown around the country. It is no fun at all, but just keep keep doing what we can, I guess, Thomas. We've heard the term. I've heard the term. At least this week. They're talking a double dip recession. Before we crack on with the show, can you tell me what a double dip recession is all about? [00:02:55][27.9]

Thomas: [00:02:56] Yes, we where we go back for a second bite of the cherry with the recession. So remember, we had a recession last year, recession being two negative quarters of growth. The March and June quarters last year came in as negatives. We're pretty much guaranteed a negative result in September now. So CBA and Westpac both came out with some analysis this week saying they're looking for negative zero point seven to negative one per cent in the September quarter of this year. And they expect it to bounce back in the December quarter. But it all hinges on getting on top of the Delta strain and getting the economy up and going again. And so we miss that in the December quarter. If if the current lockdown's drag on, then we get a second quarter in December and that puts us back into recession and then you get double dip recession. [00:03:42][46.7]

Adam: [00:03:43] All right. Well, we've got to get through today, Thomas, and today we are going to be asking you why are ANZ buying their own shares? What's that all about? Hmm? Why isn't Job A 2.0 happening? And Thomas, we're used to fight for the right to party. Now we're fighting for the right to repair our phones, it would seem. But first, Brisbane has won the right to host the Olympics in 2032. Two, I want to know, what does that mean for our economy? Yes, it's it's it's [00:04:09][26.0]

Thomas: [00:04:10] hard to know. So the Queensland premier is, as you know, selling the benefits. Obviously, he reckons it's going to generate seven point four billion dollars worth of economic activity and create 120000 jobs. Sounds good. Sounds good. Yeah. Yeah. But those figures are a little a little rubbery. And none of it none of it comes directly out of the Olympics. You know, there's only one Olympic Games that has ever turned a profit. Really? Yeah. Any idea, Sydney. [00:04:34][24.5]

Adam: [00:04:35] Not that it was good. It was a good Olympics. It was [00:04:37][2.4]

Thomas: [00:04:37] the best ever I think at the time [00:04:39][1.6]

Adam: [00:04:41] really. And I probably don't know enough of I can think back to Atlanta. What was that? Ninety six. [00:04:47][5.8]

Thomas: [00:04:47] No, no, it was close. Close. Not Atlanta. It was L.A., L.A. in eighty four. First one to turn a profit. And the reason they did that is because they had the they kept their costs down because at the time no one else wanted to host it. They'd come in the middle of a whole bunch of negative experiences as like terrorism in Munich and then massive cost overruns in Montreal and then the Moscow Olympics. The Olympics was full of boycott, so no one really wanted to do it. And then they stuck their hand up and said, look, we'll do it. But as long as we don't have to build anything new for it. [00:05:17][29.3]

Adam: [00:05:17] They did a bradberry before preparation. Uh, yeah. [00:05:23][5.8]

Thomas: [00:05:23] So this is where we will use all our existing infrastructure. So we're going to keep spend to a minimum and we'll do you a solid and put on the Olympics for you. [00:05:32][8.5]

Adam: [00:05:32] Right. And they turned a [00:05:33][0.8]

Thomas: [00:05:33] profit and turned a profit because the business model for the Olympics, the direct business model, is they sell television. Right. Right. And if you sell the television rights for more than you cut the cost of putting on the games and you can turn a profit, but there's only one Olympic Games in history that's ever done that. Right. [00:05:49][15.9]

Adam: [00:05:50] I had the I heard the television rights through seven plus this year through the roof. [00:05:54][4.7]

Thomas: [00:05:55] Yeah. Massive, booming, biggest streaming event in Australian history, apparently. [00:05:59][3.7]

Adam: [00:05:59] Yeah. Amazing. I mean, it helps that half the country is in lockdown and every child home from school with nothing to do here. What's we do that with my kids this way or. Oh, come on, just get into the Olympics. We're waving flags and trying to trying to get I mean, and yeah, it's still sports that don't belong in the Olympics. Obviously, tennis was tennis. There was like it's not even the fifth best competition this year they've introduced. For reasons no one will ever understand, it's supposed to be like amateur sport kind, you know, the suckers, okay, we've got that under twenty threes or whatever. But it's a bit of a mishmash of sports now, isn't it? Which I guess I have to try and keep adding and changing it, keep up with the [00:06:39][39.3]

Thomas: [00:06:39] time I got to stay relevant. And yeah, I wonder if I think they've got a. [00:06:43][4.6]

Adam: [00:06:43] We've got two kinds of basketball teams. We've got basketball and then like smaller basketball, three on three on three. What's going on. Streetball. [00:06:55][11.5]

Thomas: [00:06:56] Yeah, I mean they're trying to reinvent themselves. I reinvented the bidding process. They've reinvented their philosophy of like so gone the days of like big flashy bids and awarding it to the city that was going to spend the best money. And I think they're realising that that was just creating a string of disasters like Montreal in nineteen seventy six. They didn't they didn't repay the debt that they took on to pay for that Olympics into 1996. So like over twenty to pay back the debt and like so huge cost around Tokyo, Tokyo, initially they were forecasting what's going to cost four billion. It's now going to come in at twenty eight billion. [00:07:33][36.8]

Adam: [00:07:34] Oops. Yeah. [00:07:35][0.6]

Thomas: [00:07:35] A bit of a mess. [00:07:36][0.4]

Adam: [00:07:36] So what does that what does all this mean for Brisbane and Queensland. [00:07:38][2.3]

Thomas: [00:07:39] Well they're saying they're going to they're going to try and stick with the existing infrastructure. So that's a good thing. [00:07:44][4.3]

Adam: [00:07:44] Right, because I built a bunch for the for the Commonwealth Games. Yeah. [00:07:48][3.6]

Thomas: [00:07:48] Yeah. So they're going to leverage off a lot of that stuff. [00:07:51][2.2]

Adam: [00:07:51] Okay. So all the sporting infrastructure is there. Yeah. Yeah. And they're going to build other build other infrastructure. Yeah. [00:07:57][5.8]

Thomas: [00:07:58] That's what they're talking about, revamping it. I mean the, the funny thing, ABC had the story that this all came out of a push from the mayors of Brisbane to Brisbane and surrounds all the mayors got get together and have a meeting and they were worried about how we're going to build the train lines that rebuild them, that they were built in 1890 and haven't been upgraded since. And they got together and said probably the only way we can make this happen is if we have an Olympics and then we'll have to upgrade all the infrastructure, though. So they started they started a push for Brisbane to host the Olympics. And then here we are. Here we are. But with no promise that they will actually upgrade the train lines or anything. So there's no money for infrastructure. But this is this is sort of also the point. Like the Olympics can be an impetus for a whole bunch of infrastructure, but you can just build infrastructure any time you want, you know? Yeah, practically now with like interest rates where they are like the cost of state governments going into debt is almost negligible. So there's no excuse, [00:08:56][58.6]

Adam: [00:08:56] not money printing going on, like we just printing more money if we want to build an infrastructure that really. Isn't that the current plan? Yeah. [00:09:02][5.7]

Thomas: [00:09:02] Yeah, yeah, exactly. Exactly. So there's nothing there's nothing stopping Brisbane upgrading its rail infrastructure. It's more that the Olympics gives it the political excuse and that sort of that's that's the sort of playbook. But yeah, but we talk about this like seven billion dollars worth of economic activity generated. There's a whole bunch of assumptions and multipliers and putting Brisbane on the map and all this sort of stuff. But the economics, you know, the data on it's pretty wishy washy, like the Sydney Olympics. They they said that it reduced Australian household consumption by two point one billion and failed to increase employment or meaning or meaningfully boost tourism. So the Olympics had almost had no positive economic impact. And then when the gold goes at the Gold Coast Commonwealth Games, I found that you sort have displaced you have tourists come in, but they displace all the locals and they leave. And so, like, if you're a business of servicing locals, you see a massive hit to your revenues. And the sports tourists have a different sort of consumption profile that they're not buying sort of basic clothes and stuff or takeaway coffee. [00:10:02][59.5]

Adam: [00:10:02] They're just drinking beer, drinking [00:10:04][1.4]

Thomas: [00:10:04] beers and buying hats and whatever. [00:10:06][1.9]

Adam: [00:10:08] And those shops have suffered for a long time. And the Covid, the Commonwealth Games, I, my mate, how they were about that. Right. So and the TV rights, I mean, I don't know what they're going to be worth in thirty now. [00:10:22][14.2]

Thomas: [00:10:23] Yeah, who knows. Who knows. Yeah. Like like I'm surprised that they've done so well. But as you're saying, it's, it's obviously influenced by covid going on. [00:10:29][6.6]

Adam: [00:10:30] Maybe by 2032 we'll just be oh oh. Can't get enough handball which is very funny. We forget AFL, we've forgotten about NRL, it'll just be like the country will just be absorbed by handball, maybe some dressage. I do like the Olympics for that, but, but I really love it. It's just like once every five years as it were, once every four years you kind of tune into a bunch of sports you haven't seen in a while and realise that there's a reason. You probably don't watch those sports very often, but we still enjoy it. All right. So that's the Olympics. What's going on over at ANZ? So they're talking about a share buyback. What's what's a share buyback? [00:11:10][40.2]

Thomas: [00:11:11] Well, it says on the box, really. So they're going to buyback one point five dollars billion worth of their own shares. Going to do that on from from the market doing that. They're doing that on market. Yeah. So, yeah, they're sitting on a. A stack of cash right now, in fact, all the banks are there's a yeah, got a huge bunch of excess reserves. So the banks have to have a bunch a certain amount of what they call capital like reserve capital tier one, they call it like Saper, requires them to have sort of some some cash. But that's bank that's backing up all the loans and everything where they keep it. [00:11:43][32.0]

Adam: [00:11:45] Krypto mostly in the bank. Okay, so they've got to keep OK, I've got to keep some capital on hand. [00:11:52][6.9]

Thomas: [00:11:53] Keeps on capital but they've got ANZ have seven billion more than they need. [00:11:56][3.6]

Adam: [00:11:57] I hate that problem. So when you accidentally end up with seven billion dollars more than you to have. Yeah. So they've got, they've got a bit extra, we've got a bit extra coin floating around [00:12:11][14.3]

Thomas: [00:12:13] and kind of the thing with share buybacks is what do you do with that money when you have that money is sort of interesting, like it happened in the US after the GFC. So after the GFC we went into quantitative easing and money printing there in a big way and a lot of companies ended up with a lot of money on on hand. Interest rates were super cheap, so debt was super cheap. Yeah, sure, share buybacks were rife. There have been lots of all over the place. But to the SEC, the SEC would be worried about, instead of looking at it and sort of said, can we can we have a look at this? Because the incentives don't seem to line up super well, because the CEOs since from the 80s onwards were given shares in the companies that they were running and that was seen as a way to align their incentives. But what happens when you buy back shares? You're decreasing the supply of shares on the market and the supply and demand says that that pushes up the price. Yeah. So that you often see a pop in the share price after a buyback announcement. But if you're the CEO of the company and you're making that decision, if you get that pop, you you can't you can capitalise on. And what what the SEC found was that that's what CEOs were doing. They were selling five times as much of their shares as they would on any other any other normal day, sort of after and after an announcement that would sell a lot of their shares and then get rewarded with more shares. So, yeah, so the S.E.C. was the alignment seem a little bit off here. And also remember that a lot of CEOs got their performance based on earnings per share, like that's a common measure in the markets and seen as a pretty good indicator of how a company's tracking. But if the CEO is measured on that and you're just reducing the number of shares in the earnings per share earnings per share ratio, because it's a ratio, it goes up even if nothing's happening to earnings. If you reduce the number of shares on offer, then that increases the EPS. You can even have the situation where earnings is falling. But if the number of shares is falling faster, then you still get a bump in EPS. [00:14:08][115.0]

Adam: [00:14:08] Yeah, well, that seems like a sweet little sweet little gig there on day. Yeah, it's not just it's not say, I think there was something in the news today about CBA. I was looking at it as well. [00:14:20][11.3]

Thomas: [00:14:20] Yeah, they've been talking about it for a while and most people think the CBA is going to do about five billion to ANZ, thirty one point five. CBA is on track to do five. So pretty substantial, right? [00:14:29][8.6]

Adam: [00:14:29] Is it just the banks or is there other companies? Well, not [00:14:31][2.3]

Thomas: [00:14:32] yeah. And I think we're going to I think I wonder if this might start the floodgates opening over the next few years and we might see a bit more of this this going on because there is just so much money in the system right now. And we saw a lot of it in America after the GFC and after the money printing that happened there. We've just started money printing here in Australia. So I do wonder if this might be the the beginning of the flood, so to speak. [00:14:54][22.6]

Adam: [00:14:55] Interesting. [00:14:55][0.0]

Thomas: [00:16:06] Thomas Job Keeper was hailed a massive success, fair to say, during the pandemic, especially last year in 2020. Turns out maybe it wasn't all roses and sunshine, though. What's going on? [00:16:18][12.4]

Thomas: [00:16:18] Yeah, some some data this week from the independent Parliamentary Budget Office. They're looking at sort of the aggregate numbers found that about twelve point five dollars billion of the 90 billion is about 14 percent went to companies who didn't suffer any downturn in their revenue in in the specified period. So companies that didn't deserve the money, basically [00:16:40][21.4]

Adam: [00:16:41] they get it. They just ask nicely, nicely, [00:16:43][2.1]

Thomas: [00:16:44] fill out the right [00:16:45][0.5]

Adam: [00:16:45] forms. I mean, it was done and it was done in a, dare I say, a bit of a hurry. I mean, it was sort of cobbled together. It's probably always a chance someone was going to get some of it that maybe didn't need it. Yeah, it seems a lot. [00:16:55][10.1]

Thomas: [00:16:56] These it's pretty substantial. I mean, it was sort of based on forecast earnings as well. So you could say we think we're going to lose some revenue. And it was like if you're earning over a billion dollars revenue, kind of an extremely large company, then you had to show a 50 percent reduction in revenue. And if you're less than a billion, it's 30 percent. Right. So you just had something. I think it was as simple as companies forecasting a 30 percent decline in revenue. Yeah, okay. And then for some of those that just didn't happen and for a lot, companies have done a lot better. [00:17:26][30.2]

Adam: [00:17:26] Yeah, right. There was one here in Adelaide, actually. There was a school, I reckon it was a private college somewhere. They they reported an operating surplus of seventeen point five million for twenty twenty, which was up from about five million the previous year. And would you believe they got 12 million in job subsidies? You do the maths. Yeah, there's a lot [00:17:46][20.0]

Thomas: [00:17:47] of these stories like the the Australian Golf Club is literally its name, the Australian Golf Club in Sydney. It's the oldest golf golf club in the country. Yeah. That is showing that the one point five million of job keepa, even though their profits went up and their revenue was steady and the CEO got a pay increase from six hundred and eighteen thousand six hundred and thirty five thousand with all the sort of job keeping money coming in. But the point is that they're sort of picking up these these institutions like the private schools and the golf clubs and these sort of things to kind of amplify the the fact that it's sort of not fair, that sort of the top end of town is getting getting this free money and not being asked to pay any of it back. [00:18:24][37.1]

Adam: [00:18:24] You were you were a bit of a you were an expert at this back in the day, if I remember rightly. Thomas, I remember Mama gave you, like, rorting. Yeah. Give you like five dollars to go and buy bread and milk. You are the expert at repairing with the bread and milk and no change. We're forecasting that bread and milk will be three point sixty. If you just give me five, then I will get you some bread and milk. [00:18:47][22.3]

Thomas: [00:18:47] Had some problems along the supply chain. Those pressures, it's a dynamic business environment I was operating in, [00:18:54][6.8]

Adam: [00:18:56] so I'd go and get the bread and milk and I'd give the change back to Mum and then I'd go to my room and eat the chocolate bar that I stole. [00:19:02][5.6]

Thomas: [00:19:02] Well, I think that that sums up the difference between white and blue collar crime [00:19:08][5.3]

Adam: [00:19:08] rather than just incriminating myself. But, yeah, [00:19:14][5.6]

Thomas: [00:19:14] it was part of the problem is we never had a public register. So the UK, New Zealand and the US had had wage subsidies. [00:19:20][6.6]

Adam: [00:19:21] You're talking about a [00:19:22][0.9]

Thomas: [00:19:25] no no, you know, in the Anglosphere that everyone had a public register. So it's publicly available. What companies got what? So you can kind of check that we don't have that in Australia. So the PBO is just published sort of like an aggregate data where they've gone through and looked at it, but they haven't they haven't named and shamed any companies and some of the publicly listed companies. We know this. So where the records are available, people are digging it out. But there's a lot there that we don't know. [00:19:53][28.1]

Adam: [00:19:53] Yeah, and it should I mean, we should point out that overall it was really successful. Right? Like, it saved a lot of people, saved a lot of a lot of jobs. It did what it was meant to do. It's just that maybe some people held onto it. They didn't need [00:20:07][13.8]

Thomas: [00:20:08] it. Yeah, I think that's right. Like it was an emergency measure. I think it was good for the Times, but I think now it's biting us in the bum now because we can't I think there's a real reluctance to implement a job, keep a 2.0 because of these problems and because, yeah, it just wasn't designed well to sort of avoid this kind of rorting. So you either need to, like, totally overhaul it or. Yeah, I don't know. So I think that's why there's a lot of pushback on on any talk of a job. Give it to point I. [00:20:36][28.0]

Adam: [00:20:36] I wanted to bring some balance to the story though, Thomas. So I went to the Communist Party of China's flagship media platform, Tik-tok, and I found this guy reckons the government is asking him for his. Covid money back. OK, I'm not [00:20:51][15.2]

Speaker 5: [00:20:51] sure if this happened to anyone else, but literally just after New South Wales said that they were going to have like some sort of coronavirus support package for people that aren't able to work. I got a letter from Centrelink saying that I'm now classed as ineligible for the coronavirus support package I received in 2020, and now they're asking me to pay all of it back. Like, you can't just it's a welfare payment. You can't just ask people to pay it back to you when you change your mind. Like, what the hell? [00:21:19][27.5]

Adam: [00:21:20] What the hell, Thomas? [00:21:20][0.5]

Thomas: [00:21:21] Double standards. Double standards. Part of this is I mean, part of it is double standards. But part of it is that, you know, just because Centrelink and the welfare payments system is established and it has all these checks and balances and has all these systems for making sure that money is going where it needs to be going and not going where it's not meant to be going. And that sounds like this guy sort of got caught up in that. But I think it's it's still a reasonable point of it's like we're not asking, you know, the Australian Golf Club and the private schools to pay the money back. Why are we asking, you know, mate here to pay the money back? [00:21:57][36.2]

Adam: [00:21:58] Hmm. Yeah, that's where I go to for all my to keep social welfare information. That's going to go straight to the straight to the source. All right. So finally, I wanted to talk about the right to repair. So there's a big movement that's getting a fair bit of traction now. And I saw an article today in the Sydney Morning Herald that was talking about having a rating system similar to like the the Energy Star rating system about how repair new devices. Ma'am, what's what's happening with the with the right to repair movement? [00:22:35][37.6]

Thomas: [00:22:36] You know, the repair movement? Yeah, it is a movement and it's purely pushing back against some consumer electronics. But it's also attractors. John Deere got sort of caught up in it with the tractors. But the argument is that these companies are deliberately making it hard, if not impossible, to repair your devices or get your devices repaired outside of the company ecosystems. And that's that's pushing up pushing up the costs, you know, makes it expensive to repair almost to the point where it's easy just to throw it away and buy a new device. So that sort of doing that deliberately to sort of create more demand for their products, even though that's creating a lot of waste in the process. And so the right to repair movements, trying to sort of counter that what they see is that problem and make it easier for people to get their own devices repaired. [00:23:26][50.5]

Adam: [00:23:27] I get it. But I also think we are also saying to companies, are we to make it faster? I mean, to make it smaller. I want like, you know, I like it like an EU, but also er pods, you know, that thing weighs four grams, you know that. And I want to be just living in my ear on the battery the last four weeks. And you know, we're talking like nanotechnology going on. What I can't fix it myself using while using a 14 billion Bunnings screwdriver set that I got. This is an outrage that seems like there's a kind of a there's a conflict there somewhere. I get it. I get a waste problem. But at the same time, technology is or is sort of focussed on, you know, making things smaller and better. You know, like I stop thinking and start letting people make decisions for me when they took the floppy drive out of my computer. All right. With that happened, I was like, seriously, you don't need it. And people were seriously outraged. They were like, you can take a floppy drive. This is ridiculous. This is insanity. [00:24:36][69.7]

Thomas: [00:24:37] People yeah. People are trying to open up, put one back in immediately. [00:24:40][2.9]

Adam: [00:24:41] You could buy external ones and plug them in. So, yeah, I get it like, you know, yeah, I understand the point of view. I'm just not sure about the expectation that we should be able to fix them ourselves. Is that is the expectation or is it more about, you know, licence repair shops and [00:24:57][16.9]

Thomas: [00:24:58] stuff like that? I think yeah. I think it's a bit of both. I think it's probably more licence repair shops. I mean, with John Deere and tractors, for example, you know, it's kind of the farmers are a bit like, what do you mean I can't fix my own machines or I'm not I'm not even allowed to try and fix my own machines or the warranties. And I'm a bit like I'm in fixing everything on here for fifty years. What do you mean [00:25:16][18.8]

Adam: [00:25:17] you can't tell me I can't [00:25:18][1.5]

Speaker 4: [00:25:19] fix my tractor? [00:25:19][0.5]

Thomas: [00:25:22] Yeah. And it's sort of like it's essential to the business. They can't like, you know, the nearest repair shop might be a hundred clicks away. [00:25:28][5.8]

Adam: [00:25:29] So but again, I haven't kept up with tractor technology, but I imagine if it's anything like car technology, they're probably way more advanced than I've ever been. Like I imagine they're running off a computer now. So if there's this kind of list, you know, what used to be a mainframe just sitting inside your tractor, that's that's calculating the height and the. I don't know whatever other things tractors do you know that I don't know. I get it. If you can't buy a spare part, like you can buy a new wheel or something for your tractor. [00:25:59][30.6]

Thomas: [00:26:00] I think I think that's sort of where the rating system's going. So it's not a question of yes or no. Can you repair this device? Is it how the repair bill is? It's like with an iPhone, yet maybe it's reasonable to replace a screen, but it's not reasonable to sort of resoled the main board or whatever. [00:26:17][16.8]

Adam: [00:26:17] So listen to us talking about things we really clearly don't know about. Well, if you were to replace the wheel on your tractor. Yeah, that's right. You would have sold the the on your phone. [00:26:32][15.1]

Thomas: [00:26:35] But yeah, I had a battery. I don't need a replacement battery and a laptop on a on a Mac. And then I got old around the corner who repairs Macs out of his shed. Hmm. Strictly not licenced. Now I've got a new battery which I thought was, you know, I feel like this is this feels like it's pretty simple repair. I should be able to do that. But then my laptop caught fire. I literally put it in my backpack, rode around in my friend's house, and she's like, are you on fire? I'm like, well, open up my backpack. And there's all this smoke comes out. Then the totally melted. [00:27:10][35.5]

Adam: [00:27:11] How did the head of the warranty claim go by the caller? [00:27:14][2.8]

Thomas: [00:27:15] I said, oh, that's never happened before, but [00:27:16][1.7]

Adam: [00:27:18] you need to talk to a warranty department. [00:27:19][1.5]

Speaker 4: [00:27:20] Were there? [00:27:20][0.1]

Adam: [00:27:22] Yeah, well, the Productivity Commission's got a draught report, I believe. So we'll we'll wait with bated breath for the final report. The draught was three hundred and eighty four pages. So if anyone wants that, yes, it's a very brief summary. No more than half of page CVA at Equity Mates dot com would be much appreciated. But that's it from us for now. Thanks once again for joining and we really appreciate it. We will see you next time on comedian versus economist. [00:27:22][0.0]

[1422.8]

Get the latest

Receive regular updates from our podcast teams, straight to your inbox.

Start your week the right way with five of our favourite articles from the past week. Read what the team at Equity Mates are reading and expand your knowledge of the world of finance and business.
The perfect compliment to our Get Started Investing podcast series. Every week we’ll break down one key component of the world of finance to help you get started on your investing journey. This email is perfect for beginner investors or for those that want a refresher on some key investing terms and concepts.
The world of cryptocurrencies is a fascinating part of the investing universe these days. Questions abound about the future of the currencies themselves – Bitcoin, Ethereum etc. – and the use cases of the underlying blockchain technology. For those investing in crypto or interested in learning more about this corner of the market, we’re featuring some of the most interesting content we’ve come across in this weekly email.