But just broadly, how would you wrap up where we're at at the moment?

Mate, I was pretty blunt on News 24 on Tuesday morning too.

I got a bit of feedback on social media for it.

Look, so here's the thing.

We have a massive inflation problem.

And some of that inflation problem is about oil and about Iran and about global inflationary pressures.

That's absolutely true.

are collecting so much tax.

Don Farrell now wants to use it to basically shore up investments in the US in the national interest, wants to use some investments apparently in the US lamb industry as a bargaining chip to try and stop Donald Trump adding to the 12.5% tariff currently in place on Australian lamb.

lamb.I don't know, Lee.

Look, super alone.

It's for retirement, it's for retirement savings.

It has a very clear purpose, a very clear role.

Uh, everyone wants to jump in 'cause a very big m- honey pot is getting larger every day.

Uh, the super funds, of course, unsurprisingly, are saying, "Hey, leave it alone." They might have a vested interest, but so do the rest of us.

Scott, Ampol, they're moving into EVs.

EVs.Laura, in a big way too.

Good afternoon.

Uh, they've always had these Amp charge kind of branded things for a while, the EV chargers, largely co-located at their petrol stations.

Some of them are in some other places as well.

But today it's announced it's buying Evee, E-V-I-E is the spelling.

Uh, this is a, a network of Australian EV chargers.

Rates are still rising around the world, though.

So we've got a lot going on on rates.

We've got official interest rates rising.

We've got bond yields rising, particularly out of the US.

And so there is a question, what does that mean? Effectively, it means you're getting paid better.

You're getting paid more.

for taking effectively no or little risk.

And finally, Scott, what are you telling your clients and where do you see the opportunities for investors?

Rates are still rising around the world, though.

So we've got a lot going on, on rates.

We've got official interest rates rising, we've got bond yields rising, particularly out of the US.

And so there is a question, uh, what does that mean? Effectively, it means you're getting paid better or, or you're, you're paid more for taking effectively no or little risk.

Now, I'm not sure the US is exactly risk-free these days given the size of their debt, but the so-called risk-free rate, Treasury bonds are supposed to be risk-free.

If you're getting more, a higher rate from those, you demand more again from other assets that have, in theory at least, more risk, and that should have a depressing price on shares.

Now, there's lots more going on, lots of other things to think about, but that's the broad approach.

And finally, Scott, what are you telling your clients and where do you see the opportunities for investors?

G'day, how are you going? Good, thanks.

Look, I would never...

We're platinum flyers.

I would never be able to take that much luggage with me.

But I've got a suggestion for her.

Why doesn't she get that 350km of whatever it is and put it in a courier? I would be amazed if that would cost her more than $600 or $800 to get to Melbourne.

Scott, it has been a tough few days and inflation is now back up to 4%.

Laura, good afternoon.

They're likely to raise rates in 45 minutes.

Laura, they are, unfortunately.

I mean, every economist surveyed by Bloomberg, that's 29 people, all four big banks.

The bond market reckons there's a 95% chance.

I'm not going to say this is a done deal, mate.

The RBA has wrong-footed the so-called experts before, but the reality is the circumstances are very clear.

The Reserve Bank Governor, Michelle Bullock, has made two speeches.

[laughs]

But the point of it, and I always disagreed with him at the time, and more so having written the book, which is humans are story creatures.

We learn and we remember and we adapt by stories.

And so saying to someone, "Do these things," is fine.

Give them a shopping list, send them away.

It could've been a one-page pamphlet.

But then when times get tough...

Yeah, yeah.

Unfortunately, for some of our listeners, tell us what they don't want to hear going into the market tomorrow or tomorrow after 2.30. What about the losers?

Yeah, mate.

So retail companies, obviously, in particular.

The reality is the RBA is taking money out of the economy.

Now, yes...

some people get more money if you're if you're a saver if you're super anyone you'll probably get a little bit more so you will have more money in the pocket but overall we know that rate risers take money out of the economy particularly when it comes to discretionary retail and retail is the key word here so consumer staples businesses the supermarkets are probably okay if you're myer for your djs if you're any of those discretionary retailers you're probably going to find it tougher after 2 30 tomorrow if rates increase the other one is real estate And the capitalization rates are something we don't necessarily need to go into in a whole lot of detail, but effectively the higher the cost of borrowing, real estate investment trusts, REITs as we call them, are effectively just debt with some real estate attached.

And so when their costs go up, generally speaking, property valuations fall.

Tell us why and tell us about that.

How's the market looking today?

Laura, good afternoon.

Actually, a pretty good start to the trading week.

We don't always get to say that, so we'll take it when we can.

The oil was not long ago up two-tenths of 1%, 8,864 points.

Thanks so much, Scott.

Also positive, only just, though, fractions of a percent, 70.28 US cents.

Scott, how is the market looking today?

Tony, good afternoon.

I wish I had better news for you, mate.

It's been negative all day.

The best we can say is that it's climbing off the lows we hit early this morning.

Still down two-thirds of 1%, 8,896 points.

Meanwhile, the Aussie dollar down against all the major currencies by between half a percent and one percentage point.

Winners today, including Sunrise Energy and Minerals 260.

Yeah, mate, a pretty good day for some of the mining companies.

You've gone through the sectors already.

A very good day for materials.

I believe you said 1.6%.

Interestingly enough, and this is kind of the story of the market, right, we've seen a real differentiator between what's going well and what's going badly.

Real estate doing well today on the back of likely higher interest rates, generally speaking, good news for them.

But anyway, take it away, my friend.

More businesses are choosing to take only cash, Scott.

Tony, good afternoon.

They seem to be, and the catalyst here is in about a week's time, one of the most annoying things in buying and selling.

The surcharge that gets added to your card when you tap at a cafe or a shop is going to be outlawed from the 1st of October.

Retailers won't be able to pass that on when you pay.

That means that they're either going to put their prices up or absorb the cost.

What an increasing number of companies are seemingly choosing to do is say, well, I'm not going to fill either of those things.

Yeah.

Because if you can't do it yourself, you're gonna pay me to do it.

And look, you know, I work for a company that charges for investment advice.

That's totally appropriate.

But the, you know, the idea that ordinary people can't save, invest, get ahead is, is nonsense.

And I think if we can break it down to say, "This is all that, this is all it needs." And I don't mean to say that it's, uh, overly simplistic.

It's not.

Scotty, are you enthusiastic about particularly younger people, uh, what their future will look like in, uh, five, 10, 15, 25 years in terms of being able to purchase a home, for example?

Yeah.

Because if you can't do it yourself, you're gonna pay me to do it.

And look, you know, I work for a company that charges for investment advice.

That's totally appropriate.

But, you know, the idea that ordinary people can't save, invest, get ahead is, is nonsense.

And I think if we can break it down to say, "This is all that, this is all it needs." And I don't mean to say that it's, it's overly simplistic.

It's not.

Scotty, are you enthusiastic about particularly younger people, uh, what their future will look like in, uh, 5, 10, 15, 25 years in terms of being able to purchase a home, for example?

Give us a little bit of an overview of the one-page investing framework.

Yeah, so here's the thing.

You can go to a bookshop and open the thing and see the page.

It's printed three times during the book, once towards the beginning, once the middle, once the end.

If you want to go and do it, okay, so that.

Go to the bookshop, grab the book, look at it, go, cool, and then walk out.

So we'll get back to the page, mate.

They're still businesses operating and making money most of the time, aren't they?

We'd have to say that, wouldn't we, Scott Phillips from Motley Fool Finance?

Tony, yeah, good afternoon.

It's getting more likely too, unfortunately, mate.

Financial markets are now pricing in almost a 100% chance of an increase and increasingly likely a follow-up in November or early next year.

In fact, they're now saying there's a very decent chance there might even be three in total.

by the middle of next year.

Now, the bond market is guessing as always, so take every forecast with a grain of salt.

But where is that now? And what do you worry most about in terms of it?

Yeah, you're right.

I mean, by the way, we happily take their diesel price, right? Yes.

Their versus here.

They're complaining.

We're looking at it going, I'll have your problems, please.

A couple of things going on.

But anyway, what's your take on it?

That is a grim statistic, Scott.

Tony, it's pretty ordinary, isn't it? This is the intergenerational report, which was released today by the Treasurer, 24 years since the very first one that Peter Costello released.

I'm not sure if it's good news or bad news.

It's probably bad news.

Here's the thing, between then and now, we actually have more people working until the participation rate is higher.

We had lower unemployment.

That's good.

How does that work?

Yeah, and again, it's exactly the right question.

So what it comes down to is lots of, and by the way, AI is being funded by venture capital investors out of the US.

That's right.

The money comes in and they say, hey, we want some workers.

We want some raw materials.

We want some land.

It looks almost inevitable that they'll raise rates, but do they go out there in the way they have been and start saying, we're going to raise rates, we're going to raise rates? Do they encourage headlines like the one today saying three or four rate cuts in the offing so that people start behaving the way they want them to even before the rates have gone down and maybe sparing us one or two rate rises?

Scott, how's the market ending the week?

Tony, good afternoon.

It was a lot better earlier.

Unfortunately, Michelle Bullock made some comments.

The market's interpreting as making rate rises more likely, and the ASX has tumbled since then.

Still in positive territory, but only just.

Up a tenth of 1%, 8,918 points.

I'll chat to you on Monday.

Three more rain rises.

Look, it's possible.

I don't know that's the most likely outcome, honestly.

We already had three.

A decent, a very decent chance of one this month.

Possibly a follow-up one in November.

A third one, I mean, look.

And that

The International Monetary Fund, Scott, has told Australia to cut spending.

Tony, good afternoon.

Not only falling on deaf ears, I suspect, I'm not a betting man, but if I, well, I don't mind a tipple occasionally.

I reckon the Treasurer's going to not only just have ignored, he's going to come out and say, no, I'm not going to be told what to do by some international body.

And he's going to say, where do we, everything we can and all the usual words.

Unfortunately, the IMF with no political dog in the fight has said we are spending too much money.

Inflation remains too high.

or so.

These tax changes that Jim Chalmers announced in May, on shares in particular, and I don't think anyone saw this coming, but the idea of removing the discount on capital gains, which you used to be able to get after a 12-month of holding something like Does it still make sense for someone? Is there still enough cream in investing in growth stocks and stocks that you believe that can take off with big double-digit growth? Does that still exist or is it very hard now with these changes?

Both, but it still exists.

So the really key message is this is like it used to be pre-1999.

Now, not identically, the capital gains tax floor is ridiculous.

So I won't get into the detail.

Yes, absolutely.

Because it was worth investing from 1983 to 1999 when it was this kind of indexation method.

The desire to take some cream out of that, maybe get back to your original position, the pros and cons of that process.

But there is something in this, right? It's like you need someone early on to explain these things to you.

You do, mate.

I was really lucky.

I mean, I'm probably wired for this stuff anyway, right? So there's that anyway.

But I had a maths teacher in year eight, Mr. Moyer, who told us about compound interest.

And he gave us the really simple example of if you put a certain amount of money aside, and I can't remember what it was, but every year from 18 to 30, You'd be a millionaire by the time you're 65, even if you never added another dollar after that.

So the value of starting young, letting time do the work, that was a really, really early lesson.

The desire to take some cream out of that, maybe get back to your original position, the pros and cons of that process.