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AI Mistrust, Dan Murphy’s, and Shopping Malls
The ASX sharemarket hit its lowest in a year, Adore Beauty makes a comeback, and Pepe Coin takes flight.
Pick & Scroll News
October 31, 2023
One Read, All Perspectives
Australian News
Australia's shopping mall space deficit could reach over 2 million square metres in the next decade due to rapid population growth and supply barriers, valuing existing centres higher. LINK
Deep mistrust in AI among Aussies arises from fear of online impersonation and scepticism towards benefits. LINK
Surging migration is adding to inflation pressure, likely impacting the Reserve Bank of Australia's upcoming rate decision due to increased rent and consumer spending. LINK
Housing prices forecasted to rise 7% nationally in 2024 due to lower supply and resurging buyer interest. LINK
1 in 3 employers consider working-from-home a privilege, with some looking into differentiated pay for remote work. LINK
Australians are projected to spend $30B on Christmas, an almost 10% rise from last year, despite cost-of-living pressures. LINK
Rental listing scarcity coupled with migration surge is escalating rent prices. LINK
September's record immigration spike boosts retail turnover. LINK
The ASX sharemarket hit a year low on Monday. LINK
Record vacancy rate of 1.1% signals a new low in available properties. LINK
Increased speeding fine penalties contribute to an extra $87M in charges for Queensland motorists over the past year. LINK
Global News
Company News
Qantas denies ACCC lawsuit culpability over flight cancellation notifications. LINK
Despite retail gloom, Adore Beauty saw increased sales and active customer growth. LINK
Suncorp slices 25 management positions amid financial sector job cuts, ahead of its ANZ banking arm sale. LINK
BHP experiences a threat of operational stoppages from train drivers in Western Australia over a longstanding pay and conditions dispute. LINK
Dan Murphy’s owner Endeavour Group reported a 2.1% rise in first quarter sales to $3.091B, driven by value-seeking shoppers in bottle shops and social gatherings in pubs, though spending on gaming machines dipped. LINK
Casino Food Co-op reports a $11M loss due to high cattle prices, driven by demand for restocker animals post-drought. LINK
Other News
This Week’s Picks
NAB has abandoned its promise to hike monthly mortgage repayments only on the 12-month anniversary of variable rate loans, after unexpected rapid interest rate increases. LINK
IMAX CEO Rich Gelfond has announced plans to build 37 more screens in Australia, identifying the country as an underserved market. LINK
Taylor Swift has become a billionaire following her highly successful Eras tour. LINK