Australian Open, Medibank and Apple iOS 17.3

Australian News

• Moody's Analytics finds over 700,000 financial crime red flags in Australian businesses with potential issues around shell company structures. LINK

• One-third of Australian homeowners face mortgage stress, struggling with January repayments. LINK

• A record number of Australians are expected to struggle with electricity bill payments this year. LINK

• Small business advocates urge the Australian government to make parental leave payments directly to workers, simplifying administration and addressing superannuation gaps for mothers. LINK

• Sydney's office vacancy rates see a minor recovery in core precincts, but lower-grade CBD offices drive national vacancy rates to their highest since 1995. LINK

• High earners in Australia may face tax adjustments, with the Albanese government promising tax relief for all Australians, including those in the lowest tax brackets. LINK

• Market expectations for imminent interest rate cuts in 2024 may be overly optimistic, with bond investors urging caution. LINK

• Australian home builders face additional costs with the implementation of new building code requirements for higher energy ratings in new homes. LINK

• A NAB survey reveals widespread cost-of-living anxiety among Australians, with many cutting back on expenses and worrying about job security. LINK

Global News

• Aleksandr Ermakov, a Russian cybercriminal, has been sanctioned by Australia for masterminding the Medibank hack, with a travel ban and financial sanctions. LINK

Company News

• Apple pays a Russian fine of 1.2 billion rubles (A$20.7 million) for allegedly abusing its market position concerning in-app payments. LINK

• DP World faces a senate inquiry amidst ongoing industrial disputes at Australian ports, calling for reforms after a fifth of container ships from China cancel January services. LINK

• Apple releases iOS 17.3, which adds a Stolen Device Protection feature. LINK

• Optus confirms almost 2,700 customers were unable to reach emergency services during a major outage, significantly more than initially reported. LINK

• Kia has invested $100 million in the Australian Open tennis tournament, significantly boosting its brand presence and market recognition. LINK

• Apple agrees to allow European banks to enable tap-and-go payments from iPhone apps outside of Apple Pay, potentially influencing Australian banking regulations. LINK

• Woolworths and Coles reduce red meat prices amidst rising allegations of price gouging, as a formal investigation into supermarket pricing is requested. LINK

• PepsiCo to appeal a Federal Court ruling that declares it liable for royalty withholding tax. LINK

Other Picks

• A sales representative was awarded over $26,000 in compensation after being unfairly dismissed for working from home on days mandated for office attendance, as per a ruling by the Fair Work Commission. LINK

• Scott Morrison, the former Australian Prime Minister, will resign from politics at the end of February to join global strategic advising firms. LINK

This Week’s Top Picks

• European governments are neglecting defence spending and military preparedness, leading to vulnerabilities similar to those of the late Roman Empire. LINK

• Flight delays and cancellations soared in December, with over 2,200 services affected, prompting calls for an aviation inquiry. LINK

• A suspected 10 tonnes of material containing asbestos has been found at Rozelle Parklands in Sydney, sparking an emergency response from NSW's environment watchdog. LINK

• Australia's loss of over 65,000 jobs in December was the largest fall since 1993 outside of Covid lockdowns. LINK

• Nearly half the value of Australia's top 100 listed companies, about $1.18 trillion, is unaccounted for due to the varying ways accounting rules classify assets. LINK

• The ATO plans to crack down on tax minimisation schemes used by partners at big four consultancies. LINK

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