🗞️ Concrete stakes

Good morning. 2 in 5 construction workers are high-risk gamblers.

89% of workers in the Construction Industry have gambled in the past 5 years with 2 in 5 considered high risk. That’s compared to the national gambling average of 73%.

Half of workers aged 18 to 39 fell into the highest risk category for problem gambling because younger workers are more likely to gamble online, bet on sports and engage in gambling as a social activity.

All the headlines and more below...

ELECTRICITY UP 25% IN A YEAR. MOST OF THAT IS SUBSIDIES RUNNING OUT.

Headline inflation hit 4.6% in March, the highest since September 2023. Treasurer Jim Chalmers says Australians are paying a "hefty price" for the Iran conflict pushing costs through the supply chain.

Commonwealth and state rebates that cushioned power bills have been used up. Strip out the subsidy cliff and electricity prices only rose 3.9%. The rest is accounting. Pharmaceutical costs fell after PBS co-payment changes in January.

The inflation bump raises the odds of another interest rate rise, which would be the first since the RBA paused hikes in late 2023. Subsidies don't fix price rises. They delay the bill.

AUSTRALIAN NEWS

• Headline inflation in Australia has climbed to 4.6% as surging fuel and transport costs linked to the Middle East conflict push up grocery prices. LINK

• Switching from gas to electricity could save South Australians hundreds of dollars annually, although high conversion costs are preventing many households from changing. LINK

• Energy regulators have approved a $16B overhaul of Victoria’s privately owned electricity distribution networks for 2026–31, promising a more resilient grid while raising concerns about overspending and underused infrastructure. LINK

• APRA has warned Australian financial institutions that it may launch enforcement action over poor AI risk controls as it demands significant improvements in monitoring and governance. LINK

QANTAS JUST LAUNCHED ITS SECOND FARE SALE IN A WEEK. THE TIMING ISN'T SUBTLE.

Qantas has released 125,000 discounted seats to Asia, with economy starting from $599 and business from $3,699. Singapore, Japan, Bangkok, Hong Kong, Manila and Jakarta. One week only.

The airline's market cap has collapsed from $15B to $12.6B since the Middle East conflict began. Virgin Australia dropped from $2.45B to $1.65B. Both just cut domestic capacity and flagged higher international fares.

A University of Sydney transport professor says it looks like a cash grab before conditions worsen. Fill seats now for immediate revenue, but margins shrink if fuel keeps climbing. Both airlines have already axed routes like Melbourne to Hamilton Island and Adelaide to Cairns.

The sale has blackout periods this time and school holidays are off the table.

COMPANY NEWS

• Nine Network has launched its Future News restructure to cut broadcast news costs and complexity, making 20 roles redundant while wider industry data shows 183 newsroom closures and 450 journalist job losses. LINK

• Macquarie analysts warn that major banks’ bad debt provisions are weaker than they appear as modelling changes may leave sector buffers up to US$1B lower than past downturns. LINK

• Aware Super and Barings have bought the Brunswick & Co build-to-rent complex in Brisbane for about $285M as governments fast track projects to tackle Australia’s housing crisis. LINK

• Woolworths reported March quarter sales rising 4.5% to $18.1B as surging fuel and transport costs from the Middle East conflict threaten grocery price increases despite a 300-item price freeze. LINK

• Qantas has launched a week-long international sale offering more than 125,000 discounted seats to Asian destinations as demand for the region rises 8.5% year-on-year. LINK

• Amazon reported Q1 AWS revenue up 28% to US$37.6B and net income up 77.2% to US$30.3B as AI-driven demand fuels surging cloud and chip growth. LINK

• Meta's revenue surged 33% to US$56.3B in 3 months, with net income hitting $26.8B, but the company is pouring up to US$125-$145B into infrastructure this year and warns of mounting child safety litigation. LINK

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CHART OF THE DAY

The world's jewellery hotspots

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Editor’s Pick: City Museum breaks banana hat world record.

Draft Pick: Anastasia Potapova reaches Madrid Open semifinals to make WTA Tour history.

Odd Pick: Smartphones can be a pain in the butt when used in the bathroom.

TRIVIA

The electric eel is native to only which continent?

Answer below

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ANSWER

South America

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