00:00As an American senator once said, a billion here, a billion there, and pretty soon you're
00:05talking real money. Coles and Woolworths said today they'll be up for a billion or so in
00:10total in unpaid wages after Friday's decision in the federal court. Now the two grocers
00:15are worth a combined $65 billion, so investors aren't too worried. But actually all retailers
00:20could be affected because the practice of paying managers a bit more than the award,
00:25not paying overtime, is out. Records will have to be kept and overtime paid. The market
00:31as a whole closed a bit lower after a small drop on Wall Street on Friday when new data
00:36confirmed the weakness in the US labour market. Last month President Trump sacked the head of
00:41Labor Statistics because he didn't like that month's number. But the decline in employment
00:45in the US is now undeniable. No matter how many people Trump adds to the unemployed. Nevertheless
00:52a survey of investors puts the probability that global shares will be higher in 12 months
00:57at 60%. As one investor said today the optimism is Bruce Willis in Die Hard. Not that they're
01:03infallible of course. The oil price fell sharply over the weekend because of growing concerns
01:08that there'll be a glut, which we won't be concerned about at all of course. And the Aussie
01:13dollar is up a little bit at 65.7 US cents. Finally given today's other news I thought a graph
01:20of Victorian sentencing might be in order. There was a big rise in imprisonment between
01:242005 and 2015 from 40 to 70% of cases and a similar decline in suspended sentences. But
01:33since then both lines have been flat with porridge holding up more than 70%. And that s finance.
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