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7-Eleven, OpenAI and Taylor Swift
Brisbane 2032 Olympic Games, PepsiCo loses against the ATO, and Melbourne Airport confusion.
Pick & Scroll News
December 01, 2023
One Read, All Perspectives
Australian News
ATO Commissioner urges small businesses to cease using unpaid tax and superannuation liabilities for cash flow. LINK
Trucks building Sydney’s Metro Rail project set to face restrictions during morning peak hours after causing hour-long delays at the new $4.6B Rozelle Interchange. LINK
The Federal Court ruled against telehealth consultations for euthanasia, citing a law that prohibits using phones or the internet for "counselling" suicide. LINK
Australia's population growth is expected to bolster new housing investment, with housing approvals rising by a stronger-than-expected 7.5% in October, including significant gains in apartment, townhouse and semi-detached home approvals. LINK
Airlines faced confusion at Melbourne Airport due to a 90-minute takeoff queue caused by bad weather and single runway operations, leading to cancellations and fuel top-ups for some flights. LINK
Woolworths, Coles, Aldi and Metcash (IGA) have been ranked on their treatment of food and grocery suppliers, with Aldi taking the top spot followed by Metcash, Coles and lastly Woolworths. LINK
A record number of Australians are facing difficulties in paying their electricity bills, with prices rising up to 28% in the year ending June 30. LINK
Sydney CBD office occupancy has increased from 49% to 75% in the last year. LINK
Charities in South Australia's South East are experiencing an increase in people seeking food relief, reflecting the growing disparity between salaries and disposable income among working families. LINK
The federal government will prioritise the Sunshine Coast rail extension ahead of the Brisbane 2032 Olympic Games, reserving an additional $160M for business case, planning and early works, despite previous uncertainties about the project's cost. LINK
Global News
China has initiated a review into tariffs on Australian wine, a move anticipated to lead to the removal of the last major trade sanctions against Australian exports. LINK
The US economy exhibited stronger growth in Q3 than initially estimated, driven by improvements in business investment and government spending. LINK
Nvidia CEO Jensen Huang stated the US is up to 20 years away from achieving chip independence, with the semiconductor industry relying on global components, not just those manufactured in Taiwan. LINK
Company News
Westpac invests in AI-driven fintech startup Rich Data Co with a 30% stake, aiming to enhance lending decisions for small businesses. LINK
7-Eleven Australia, starting from a single store in 1977, has been sold for $1.71B to its Japanese parent group Seven-Eleven Japan with plans for further expansion in Australia. LINK
PepsiCo lost a tax challenge against the Australian Tax Office over royalty taxes related to deals between its Singapore and Australian subsidiaries for beverage concentrate and branding rights. LINK
Seek and LinkedIn may be integrated into the federal government’s $7.1B employment services program. LINK
Canada reached an agreement with Google to compensate publishers for using their news content online, ahead of a national law requiring tech companies to pay for online news content. LINK
Insurer RACQ has been fined $10M for misleading customers about discounts on insurance cover, with the Federal Court finding it sent out misleading product disclosure statements on 5 million occasions. LINK
CBA's mortgage book grew for the first time in 4 months, driven by direct targeting through digital channels and aggressive promotion of Bankwest loans to mortgage brokers. LINK
Elon Musk criticised brands that pulled advertising from X, accusing them of attempting to "blackmail" him following his endorsement of an antisemitic conspiracy theory. LINK
Microsoft secured a non-voting board seat at OpenAI, stabilising its relationship with the startup after a turbulent month including the firing and rehiring of CEO Sam Altman. LINK
Other News
Taylor Swift has emerged as Australia's most-streamed artist in 2023 on Spotify, with Miley Cyrus' "Flowers" being the most-streamed song in Australia; The Wiggles were the most-streamed local artists, while globally Swift surpassed Bad Bunny. LINK
Parents at Sydney private boys' school Newington College are opposing its plan to accept girls, citing a potential legal challenge as the plan may breach trust rules of the 160-year-old institution, which state that its property should be used for educating boys only. LINK
This Week’s Top Picks
Apple has ended its credit card and savings account partnership with Goldman Sachs. LINK
The "bank of mum and dad" has contributed over $2.7B to the property market in the past year, with around 15% of borrowers receiving financial assistance from their parents, averaging $92,000 in NSW. LINK
Increasing childcare fees are deterring parents, especially women, from taking on more work or promotions despite cost-of-living pressures. LINK
There has been a 50% increase in government spending on consultants and contractors to $4.2B in the 2021-22 financial year, with limited transparency and a significant portion going to just 5 firms. LINK
The Victorian government will repay $7M in unconstitutional electric vehicle taxes, with the process of identifying beneficiaries expected to take several months. LINK
Melbourne home values may experience a monthly decline for the first time since January due to an oversupply, while Sydney's market also slows down. LINK
The call centre industry is set for a revamp as AI and chatbots are likely to replace lower-level staff to improve customer complaint handling. LINK
PwC Australia is probing an incident where its new head of risk was tricked into revealing hiring details by a fake email account. LINK
Optus has confirmed cash compensation to affected customers, a move coming after initial criticism for offering only 200GB of extra data as an apology. LINK
The Australian dollar rose to a three-month high of US65.94¢, driven by Australia's diverging interest rate outlook with the US. LINK
Australian hospitality venues will soon need to disclose the origin of their seafood to customers, following the federal government's decision to mandate country of origin labelling. LINK
Potential housing density hotspots in Sydney are being discussed as politicians decide which suburbs will bear the brunt of meeting state housing targets. LINK
A remote working lawyer at Sydney intellectual property law firm Chrysiliou IP was found to have been unfairly dismissed for spending hours on non-work related online browsing, as the Fair Work Commission recognised the blend of personal and work activities in "the modern digitally connected era" and ruled that the browsing history didn't warrant immediate termination without notice. LINK