🗞️ AI dating

Good morning. Falling birth rates are impacting a number of countries, including Japan, whose government has launched an AI dating app which will match people based on 110 questions. While Australia lets run clubs maintain the birth rate, other countries have used different initiatives:

• Russia was given a day off for Conception Day and if you had a child 9 months later you could win prizes like cars or a fridge.

• South Korean government workers were given family day where work shut early so people had more time to....

• And in Hungary, if you have four or more kids the female becomes income tax-exempt (feels like a trap).

All the headlines and more below...

AUSTRALIAN NEWS

Which of Sydney’s wealthiest suburbs saw house prices slump by up to $288k in 3 months?

• Median house prices in some of Sydney’s wealthiest suburbs fell by up to $288,000 in the past 3 months due to high interest rates and reduced borrowing capacity. LINK

• Australia's home prices grew modestly in September, with prices rising just 0.4% amid a surge in new listings, signalling a slowdown in the housing market. LINK

• Federal government debt has hit a 7-year low. LINK

• Australian retail sales rebounded by 0.7% in August, spurred by warm weather, which lifted demand for spring-related products, exceeding economists' expectations. LINK

• Australia's housing pipeline is slowing as weak price growth, rising stock levels and debates over property tax concessions are holding back new projects, with new dwelling approvals down 6.1% in August. LINK

• The NDIS will ban spending on services like sex work, yoga and cuddle therapy starting Thursday, as the government enforces a new list of approved services. LINK

• Australia's data centre market is projected to nearly double to $40B over the next 4 years, driven by AI platform investments, though growth could be faster if not for energy constraints. LINK

• Modular/prefabricated homes are being touted as a solution to Australia's housing shortage, particularly in regional areas. LINK

• Adelaide cyclists are frustrated by a rise in bike thefts, with 287 reported stolen in the past 6 months, and authorities suspecting an organised second-hand goods market. LINK

• NT government has launched a housing grant scheme with incentives ranging from $10,000 to $50,000, aimed at first home buyers and existing homeowners. LINK

• Townsville has seen house prices grow faster than any other Australian capital city, with dwelling values rising 25.8% over the past year, outstripping Brisbane’s growth. LINK

• Retirement villages in Australia have been accused of "corporatised elder abuse," with reports of exploitation and minimal regulatory oversight in the sector. LINK

GLOBAL NEWS

US dockworkers strike, halting half the nation’s ocean shipping

• A dockworkers strike on the US East and Gulf Coasts has halted half of the nation's ocean shipping, threatening to cost the economy billions daily and stoke inflation. LINK

• Japan's jobless rate fell to 2.5% in August, indicating tighter job availability as the unemployment rate dropped below expectations. LINK

• Russia plans to raise taxes on imported cars while boosting support for domestic production, as the country seeks to recover from the exit of Western carmakers. LINK

• Global factory activity weakened in September, driven by soft demand and economic uncertainty, with euro zone manufacturing contracting at its fastest pace this year. LINK

• Global investors are turning their attention back to China, as recent government measures to stimulate the economy have sparked renewed interest in Chinese stocks. LINK

• US Federal Reserve Chair Jerome Powell said the central bank is not in a hurry to cut rates quickly, despite larger-than-expected inflation reductions, with quarter-point cuts likely in 2024. LINK

• Canada's housing affordability crisis is expected to persist for another decade, with mortgage costs unlikely to drop enough to offset high prices and low spending power. LINK

COMPANY NEWS

Bingo slashed to junk under heaving debt burden, cash burn

• Bingo Industries had its credit rating slashed to junk status as it added $100M in debt amid heavy financial burdens. LINK

• REA Group is actively pursuing acquisitions of top real estate players, aiming to find its next growth engine after consolidating its position as Australia's largest online real estate group. LINK

• ResMed expects high single-digit revenue growth until 2030, focusing on expanding product lines and investing heavily in research and development to address sleep disorders and respiratory diseases like COPD. LINK

• NAB has told its markets team that employees will need to reapply for their roles amid restructuring efforts, following allegations of bullying and high-profile departures. LINK

• Qatar Airways is buying a 25% stake in Virgin Australia, raising competition against Qantas as the deal strengthens Virgin's access to global networks. LINK

• Telstra is making incremental gains with its AI initiatives, with CEO Vicki Brady highlighting the challenges but real value emerging from the company's AI efforts. LINK

• Australian pilots union has rejected Qantas Airways' wage proposal, citing the airline’s 2-year wage freeze as unreasonable given its profitability, following a strike by engineers for better pay. LINK

• The RBA has banned the Royal Bank of Canada from confidential briefings after a client leaked information from a private meeting with the RBA. LINK

• ABC Radio has lost listeners across several major cities, with 2GB also suffering a sharp decline in audience ratings, according to the latest GfK survey. LINK

• ABC has apologised to staff over findings from the network’s independent racism review, promising anti-racism training for employees. LINK

• Amazon won partial dismissal of the FTC's antitrust lawsuit, though details remain unclear, as the court will allow some claims to proceed regarding Amazon's monopoly tactics. LINK

• Tesla and Elon Musk won the dismissal of a lawsuit alleging they misled shareholders about the company's self-driving technology, as a judge found no sufficient evidence of fraud. LINK

• Rio Tinto and BHP have emphasised the need for greater mineral production to meet demand from the energy transition, with copper demand projected to grow significantly by 2050. LINK

• Coles and Woolworths face scrutiny over alleged land banking, and the government has allocated $30M to the ACCC to crack down on misleading supermarket pricing. LINK

• Stellantis has extended its halt in production of the electric Fiat 500 until November 1 due to poor demand for the city car. LINK

• eBay won the dismissal of a US DOJ lawsuit accusing the company of selling harmful products. LINK

• Nike is expected to report its steepest sales drop since COVID-19, with the market anticipating the company will lower annual forecasts after announcing a new CEO. LINK

CHART OF THE DAY

Dwelling Prices (3-month % change)

ONE MORE SCROLL

Editor’s Pick: Thinking of a holiday? This article tells you where the best place is to go during each month in the year.

Draft Pick: Lewis Hamilton opens up on lifelong struggle with depression.

Odd Pick: Ozempic is so popular people are trying to 'microdose' it.

TRIVIA

International Day of Non-Violence

It's International Day of Non-Violence which we are sure will be observed globally given how peaceful the world is at the moment. We thought we would bring up some of the historical figures who would have loved Non-Violence Day.

Can you name the countries that the below dictators were from?

1. Joseph Stalin

2. Benito Mussolini

3. Francisco Franco

4. Fidel Castro

5. Saddam Hussein

Answers below

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ANSWERS

1. Russia (Soviet Union)
2. Italy
3. Spain
4. Cuba
5. Iraq

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