🗞️ Car Sales, Rent Declines & JB Hi-Fi Kitchens

Good morning. Turns out Gen Z loves the gym, which is becoming a problem for.....gyms.

Unlike the other generations who ambitiously sign up to a gym on January 1st, go 3 times in January and simply can't handle the 'break-up', Gen Z is actually going to the gym which is causing over-crowded spaces.

YouTube also said that the number of fitness videos on its platform grew more than fivefold in 2020 and that they've remained popular as shredding for summer is now a 12-month job. Enjoy your workout today!

All the headlines and more below...

AUSTRALIAN NEWS

Australia’s used car market is attracting a growing number of cash-strapped buyers

• The RBA highlighted significant uncertainty in its economic forecasts, with core inflation expected to ease to the target band by the end of 2025. LINK

• Only 1% of Australian tech graduates are job-ready, with most requiring 6-9 months of training, prompting some employers to look offshore. LINK

• Australians have depleted their pandemic savings, using the funds to cope with rising living costs. LINK

• The used car market in Australia remains resilient as cash-strapped buyers opt for cheaper models, according to Carsales. LINK

• Australia is facing an unprecedented drug shortage crisis, with significant impacts on cancer patients and children. LINK

• Asking rents have fallen in Sydney, Melbourne, Brisbane and Perth, with Sydney seeing a 1% decline, the sharpest since the pandemic. LINK

• Victorian Premier Jacinta Allan announced consultations on laws to restrict non-disclosure agreements for workplace sexual harassment cases, aiming to prevent their misuse to silence victims. LINK

• The Australian Federal Police plans to launch industrial action, including pulling officers from Parliament House, amid a pay dispute. LINK

• 40% of blue chip company directors lack significant shareholdings or “skin in the game” for the businesses they oversee. LINK

GLOBAL NEWS

Bundling of rival streaming content is the name of the game

• The global streaming market is in upheaval as major streamers begin to bundle rival content to be more competitive. LINK

• Young investors are being sold geared ETFs as property prices become unattainable, providing a way to leverage in the stock market similar to property investments. LINK

• US mortgage rates have dropped to 6.47%, the lowest in over a year, as the US Fed is expected to start lowering interest rates in September. LINK

COMPANY NEWS

JB Hi-Fi buys a 75% stake in kitchen and bathroom products retailer e&s

• JB Hi-Fi has acquired a 75% stake in e&s, an up-market kitchen and bathroom products retailer, for $47.8M, a strategic move beyond its traditional electronics market. LINK

• Mailchimp is expanding its partnership with Australian design giant Canva, aiming to leverage its popularity and tap into Australia's high email and SMS marketing engagement rates. LINK

• BHP, Rio Tinto and Qantas will invest $80M as early-stage investors in an Australian carbon credits fund, aiming to generate carbon credits from reforestation projects. LINK

• AustralianSuper and Optus are in a dispute over the delivery of new mobile towers, following AustralianSuper's acquisition of a controlling stake in Optus' infrastructure business. LINK

• Sportsbet accused Deloitte of negligence and misleading audit work, claiming Deloitte signed off on understated gambling fees and underpayments. LINK

CHART OF THE DAY

LEFT OR RIGHT?

It’s Game Time

Today is international left-handers day, making it the one day you can't criticise a left hander’s handwriting. Can you get 5 out of 5 in our left or right trivia below?

1. Which hand does the Statue of Liberty hold her torch in?

2. Which side of the brain is typically associated with creativity and artistic ability?

3. In the game of baseball, which way does a left-handed pitcher naturally curve the ball?

4. Which hand does the Queen of England wear her wedding ring on?

5. In traditional ballroom dancing, which foot does the lead typically start with?

Answers below

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ANSWERS

1. Right
2. Right
3. Left
4. Left
5. Left