🗞️ Cold-hearted

Good morning. A Chinese man who cryogenically froze his wife, hoping she could be revived and treated when a cure for her lung cancer is found, has reportedly been living with a new girlfriend for several years.

His wife is said to be in a “stable” condition, as her cellular structure has not undergone “any abnormal fluctuations.” However, she has been clinically declared “dead.”

Ross would definitely claim that they were on a break.

All the headlines and more below...

AUSTRALIAN NEWS

How does your income compare?

• Australians have reached a median superannuation balance of $172,000 while the gender income gap continues across every age group. LINK

• Property prices in first home buyer suburbs are rising faster than in premium areas as a 5% government-supported deposit scheme boosts demand. LINK 

• The Australian sharemarket lost $60B as the ASX 200 hit a 5-month low amid concerns over overpriced AI stocks and steady rates from the RBA. LINK 

• Australia’s annual passenger traffic is projected to reach 95 million by 2050 as outdated border systems raise urgency for costly modernisation. LINK  

• Australia’s beef exports hit a record $1.6B last quarter as strong US demand offset lower tariff advantages. LINK  

• Australia's health system is falling behind peers as outdated funding structures and slow AI use limit innovation and scalable care. LINK  

• The RBA said rate cuts will be possible only if the labour market worsens significantly as inflation remains near the upper target limit. LINK 

• Australia’s road freight industry is facing a workforce crisis as 47% of truck drivers are over 55 and under 4% are aged below 24. LINK  

• The Australian government plans to fine Google and Meta from next year if they refuse deals with local news outlets under the media bargaining code. LINK  

• Australia is set to undergo a $6.2T intergenerational wealth transfer as Gen X misses out while early inheritances increase for Millennials and Gen Z. LINK  

GLOBAL NEWS

1 in 2 are misusing AI in workplace

• A global study from the University of Melbourne found employee misuse of AI is widespread as improper outputs and dishonesty pose security risks. LINK  

• Australia’s trade talks with the EU remain stalled as the bloc limits beef and dairy access, while a deal could cut prices on European luxury vehicles. LINK  

• South Korea has pledged to phase out coal power by 2040 as it deals a blow to Australian coal exports and intensifies the shift toward cleaner energy in Asia. LINK  

• China has compelled BHP to accept yuan for 30% of iron ore sales as it pushes to globalise its currency and reduce dependence on the US dollar. LINK 

COMPANY NEWS

EY consultant cull amid PwC scandal fallout

• EY cut its Future Friendly and health services teams as Big Four consultancies face reduced government work following the PwC scandal. LINK AUS

• Ashurst has merged with Perkins Coie to create a global law firm with 3,000 lawyers and $4.16B in revenue, focusing on infrastructure, IP and technology law. LINK

• Nine merged TV operations with Stan and 9Now, cutting around 50 jobs in a $160M cost-saving restructure. LINK

• CBA backed removing card surcharges to save consumers $1B, questioning the RBA's faster timeline as potentially unfair to local banks. LINK

• CBA denied ASIC’s $285M fee claim as it argued charges to vulnerable customers were lawful under the product terms. LINK

• CSIRO will cut up to 350 jobs, implementing a cost-saving plan aimed at securing the science agency’s long-term stability. LINK

• Apple’s $354 iPhone pouch designed with Issey Miyake sold out quickly, showing strong demand for limited-edition tech fashion. LINK  

• Atlassian admitted it missed carbon targets as it faced criticism despite extensive offset spending and climate advocacy. LINK  

• James Hardie posted a 34% Q2 FY26 revenue rise as it projected up to $1.25B in adjusted EBITDA despite recording a net loss. LINK

• Westpac defended bank profitability and denied direct links to house prices, urging affordable housing amid record price growth. LINK 

• Virgin Australia will shut premium entries at Sydney and Brisbane airports next month as it shifts priority access to newly upgraded screening points. LINK 

• Airwallex and Qantas launched Yield to help small businesses earn returns via money market access, challenging banks' grip on savings. LINK  

• Technology One reported an 18% rise in FY25 annual recurring revenue whilst profit lifted 17% and a special dividend was announced. LINK

CHART OF THE DAY

ONE MORE SCROLL

Editor’s Pick: A CEO accidentally gave a new project the same name as a famous OnlyFans model.

Draft Pick: Shock as Aussie athlete dies at 28.

Odd Pick: Bank of America sued over not paying workers for PC boot up time in proposed class action lawsuit.

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TRIVIA

I build up castles; I tear down mountains. I make some men blind; I help others to see. What am I?

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