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CBDCs, Crown Casino and Canva
Universities prohibited from handing out offers before September, AU airports criticised for monopolistic pricing, and Aussie universities revamp 20% of coursework to include AI.
Pick & Scroll News
March 27, 2024
One Read, All Perspectives
Australian News
Major firms like BAE Systems, Microsoft and SAP could lose government contracts unless they meet new gender equality targets legislated by Labor, requiring companies with over 500 employees to demonstrate progress. LINK
Australian banks have become cautious in lending, balancing between avoiding the risks spotlighted by the Hayne Royal Commission and addressing perceptions of corporate greed. LINK
NAB’s Ross McEwan warns that stringent lending regulations may drive borrowers towards riskier loans. LINK
A crackdown on early university offers is set to prohibit offers to Year 12 students before September. LINK
Western Sydney's economy thrives as consumers prefer spending close to home, outperforming other Sydney areas. LINK
Airlines criticise Australian airports for monopolistic pricing practices, lacking fair negotiation. LINK
The NSW government contemplates dropping the COVID-19 vaccine mandate for healthcare workers to address potential workforce challenges. LINK
The Albanese government fast-tracks laws to deport uncooperative asylum seekers, facing political controversy over immigration management. LINK
New legislation to adopt a digital ID system aims to simplify loan applications, moving away from physical document verification towards online identity checks. LINK
Australian universities revamp up to 20% of coursework to integrate ChatGPT and similar AI technologies. LINK
CBA's Matt Comyn proposes tax reforms including income tax cuts, GST increase, and a levy on tech giants to bolster economic growth. LINK
A study highlights the need for schools to offer tailored support to prevent students from dropping out. LINK
Bank CEOs warn Australia's housing shortage may exclude first-time buyers and necessary skilled migrants. LINK
Global News
SWIFT is set to launch a platform within 1-2 years to integrate the developing central bank digital currencies with the traditional financial system. LINK
Japan has approved a plan to sell its future next-generation fighter jets to other countries. LINK
Bitcoin soared above US$70,000 again after a brief slump, showing resilience despite nearly US$1.4B being withdrawn from exchange-traded funds last week. LINK
Company News
PwC looks to sell its Indigenous consultancy unit, PIC, possibly to rival Deloitte, amidst attempts to distance itself from controversies and enhance PIC's potential for government work. LINK
Westpac and NAB support CBA's call for increased scrutiny of Apple's dominance in digital payments. LINK
Suncorp urges government cooperation to keep insurance premiums affordable in Australia, as global reinsurance prices rise due to extreme weather events and supply chain challenges. LINK
Crown Melbourne retains its casino licence but is warned it is not "too big to fail" by the Victorian Gambling and Casino Control Commission. LINK
Dell Technologies reduces its workforce as part of cost-cutting efforts, including limiting hiring and reorganising employees, following a drop in demand for personal computers. LINK
Citigroup is concluding a major restructuring which has involved reducing its workforce by 5,000 employees since September. LINK
Canva acquires UK-based graphic design software firm Affinity, marking its largest acquisition to date, as part of its quiet expansion in Europe. LINK
Zimmermann sales exceeded $500M, but the luxury fashion brand reported a loss due to rising wages and material costs, despite the surge in revenue. LINK
Solomon Lew is pushing forward with plans to separate Smiggle and Peter Alexander from Premier Investments, aiming for a 2025 ASX listing to boost their growth. LINK
Boeing will see its CEO, chairman and head of commercial airplanes exit as it navigates a prolonged safety crisis related to its 737 Max jets. LINK
CBA and NAB business bankers are advocating for increased risk-taking in loan collateralisation, including using equipment or invoice financing, to compete with emerging rivals like Macquarie and Judo Bank. LINK
This Week’s Top Picks
New system to track labour hire in government introduces the Contractor Reporting, Integrity Information Solution system for a comprehensive overview of labour hire usage. LINK
NSW to revitalise TAFEs as central community hubs after a review highlights years of mismanagement and declining public and industry confidence. LINK
Tax cuts fail to offset inflation for high earners, with those earning over $224,000 a year not compensated for tax bracket creep. LINK
Blackbird slashes valuations of top Aussie start-ups such as Culture Amp, Eucalyptus and Hivery. LINK
Cancellation fees rise at restaurants to counter last-minute no-shows, impacting venues' revenues significantly. LINK
71% of Australians have concerns over a cashless society, especially the elderly who rely on cash transactions. LINK
Mortgage delinquencies hit a post-pandemic high, with more Australians struggling under the current high-interest rates. LINK
Truck sales soar amidst economic challenges, reflecting a demand surge in logistics and delivery services. LINK
Australian music sales hit a record $676 million in 2023, with streaming accounting for 69% of revenue and vinyl records growing 14% to $42 million. LINK
About 5% of mortgage borrowers spend more than their income on essentials and their mortgage. LINK
PwC's role in Evergrande's accounting is being scrutinised by Chinese authorities following accusations of a $78 billion fraud. LINK
Australia ranks as the 10th happiest country in the world, moving up two spots and surpassing New Zealand according to the latest World Happiness Report. Finland remains number one for the seventh consecutive year. LINK