Apartments, Atlassian, and Self-Healing Phones

Australian News

• The average hours worked by an individual employee over the past year has increased, as households try to keep up with a surge in the cost of living.

• Labour productivity has declined by 6.5% since March 2022.

• Commercial property sales volumes are picking up but remain subdued as the stand-off between landlords and prospective buyers remains tough to bridge.

• Apartments and housing in close proximity to upcoming Sydney Metro stations are expected to sell for a 5%-20% premium compared to those in locations further out.

• The value of the Opera House has climbed 38% in real terms to $11B over 10 years.

• Spending on hospitality across pubs, bars, fast food outlets and restaurants in September was up 2.7% in light of the football final series for the AFL and NRL and school holidays.

• Increased liquor store spending and higher prices also saw food and beverages 2.2% higher.

• Australian schools could soon ­become a major target for cyber criminals who are already targeting students across the globe as a way to gain access to teachers and administrators.

• Aussies devote a greater share of their income to mortgage repayments than any other advanced economy, the IMF revealed, as $1 in every $10 now services borrowers’ home loans.

• The RBA may soon get powers to regulate Apple, Google payments and digital wallet providers in the same way as credit card networks and other types of transactions.

• Nearly two-thirds of people aged between 18 and 29 use mobile payments, with payments via smartphones surging to 35% of total card transactions in the June quarter, up from 10% in early 2020.

Global News

• China has reaped savings this year of nearly $10B through record purchases of oil from countries under Western sanctions.

• Calls for AI regulation to protect jobs in Europe rise after ChatGPT’s arrival.

• EU threatens Elon Musk with fines over the spreading of illegal content and disinformation related to the Israel-Hamas war on X.

• New stimulus under consideration in China could ensure the economy achieves the government’s official growth target of ~5%.

• Consumers are less interested in brands taking stances on sociopolitical issues.

Company News

• Atlassian was hit by Chinese-state linked hackers, with Microsoft accusing Chinese state-linked hackers of exploiting a critical security hole in software from Atlassian to break into customers’ systems.

• Workday will begin selling its payroll solution in Australia for the first time as it embarks on a fresh marketing push to snare government business from its rivals.

• Qantas’ chairman Richard Goyder bowed to shareholder pressure and agreed to leave the embattled airline’s board next year, joined by two of his fellow directors.

• Shares in Bank of Queensland dived 7.4% to $5.35, the biggest daily slump in 3 years, after the lender reported a 70% slump in annual profit.

• With an average nightly rental figure of $104, Airbnb says the Victorian government’s planned 7.5% levy could push potential visitors to spend their holidays outside the state.

• Oncology-focused drug development company Kazia Therapeutics to de-list from the ASX.

• European shopping centre giant Unibail-Rodamco-Westfield has hired ‘Good On You’, an Australian tech start-up, to measure and rate the sustainability practices of its tenants,

• IAG has been surprised again by a jump in costs arising from older insurance claims, partly blaming high inflation for bumping up the price of repairing car damages.

• Telstra has agreed terms to buy cloud services business Versent for $267.5M.

• LVMH’s sales growth softened in the third quarter as shoppers reined in spending on high-end Cognac and costly handbags, more evidence the post-pandemic luxury boom is waning.

• Adore Beauty hires defence adviser as shares slump from $6.75 a share 3 years ago when it IPO’d, to 82¢ as of Wednesday evening.

Other Picks

• Ex-girlfriend says Sam Bankman-Fried wanted to be US president.

• Smartphones with ‘self-healing’ displays will arrive within 5 years. Analysts predict - a “nano coating” on the surface of the display that, if scratched, creates a new material that reacts when exposed to air and fills in the imperfection.

This Week’s All Star Picks

• The global population is expected to expand by around 1.5B from nearly 8B in 2022 to about 9.5B by 2045.

• EU gas prices rise on the back of Aussie strikes, Middle East tensions, and pipeline issues.

• One-third of home buyers were supported by the Federal government’s Home Guarantee Scheme in FY23, a significant increase on the previous year.

• Revenue NSW is chasing over 17,000 people who have not paid their Covid hotel quarantine bill, as the government is still owed almost $40M in unpaid fees.

• Compared to last year, beef steaks are 10% cheaper, lamb leg prices are down 13.5%, lamb cutlets are only down 5%, and sausage prices are flat.

• Spanish police have seized 74 tonnes of stolen olives in the southern province of Seville, the latest theft triggered by soaring prices caused by a dwindling harvest.

• Barrenjoey reckons Westpac has hit a “pivotal” moment in its turnaround, and it could finally correct 15 years of under-investment in its technology systems.

• Michelin Guide to start ranking hotels in addition to restaurants.

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