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Crunchyroll, PS5 & OpenAI's New Partnerships
Gold Coast apartment prices rose by $600,000 in 6 months.
Pick & Scroll News
May 31, 2024
One Read, All Perspectives
Australian News
Migration cuts are deterring investors from student housing, with Savills noting a shortfall of 7,000 beds annually even if international student numbers drop to 25% of 2019 levels. LINK
Home approvals fell 7% YoY in April, reaching a near 12-year low. LINK
Traders are betting that the RBA will raise interest rates, especially if the upcoming minimum wage decision exceeds expectations, with a 27% chance of a rate hike to 4.6% by September. LINK
GDP growth is expected to slump to 1.1% in March due to weak consumer spending and home building. LINK
NAB upgrades its predictions and forecasts Perth house prices to rise by 21% by 2025. LINK
Gold Coast apartment prices rose by $600,000 to $1.73M in 6 months, driven by interstate investors purchasing luxury beachfront units off-the-plan. LINK
Queensland will continue to combat fare evasion during a 6-month trial of 50-cent fares for public transport starting in August. LINK
Australian beef exports to China resume immediately after trade suspensions were lifted. LINK
Retirement planning is at risk as financial adviser numbers have halved to 11,000 in 5 years, following findings of misconduct and banks retreating from offering financial advice. LINK
Global News
New Zealand's government delivered tax cuts worth $14.7B over 4 years, targeting low- and middle-income households, despite a widening budget deficit. LINK
Company News
Sigma Healthcare received a first strike on executive pay from shareholders as it seeks to merge with Chemist Warehouse, with 47% of votes against its remuneration report. LINK
Rugby Australia faces legal action after deciding to shut down the Melbourne Rebels due to financial unsustainability, ending the club's 14-season run in Super Rugby. LINK
Google plans to invest $3B in Malaysia for its first data centre and cloud hub, following Microsoft's $2.2B investment in the country's AI and cloud infrastructure. LINK
Ticketmaster's data breach exposed personal details of 560M users, including Australians, with names, addresses and payment details up for sale by hacker group ShinyHunters. LINK
The popularity of the Matildas is driving Football Australia towards a $200M TV deal. LINK
BlackRock's iShares Bitcoin Trust has become the largest Bitcoin fund globally, holding $19.68B in assets. LINK
Sony sees Crunchyroll as a key growth driver, with the anime streaming service boasting 13M subscribers globally. LINK
Sony emphasised strong user engagement on its PlayStation 5 platform, with users spending 25% more than on PlayStation 4, driven by add-on content and services like PlayStation Plus. LINK
Toyota Motor's global sales and production in April fell due to a 27% drop in China and a 14% decline in Japan, offsetting growth in the US and Europe. LINK
HP beat estimates for Q2 revenue, indicating a recovery in the PC market as customers upgrade their systems, spurred by new AI features from Microsoft. LINK
Meta identified "likely AI-generated" deceptive content on Facebook and Instagram. LINK
OpenAI signed content and product partnerships with The Atlantic and Vox Media, accessing their news content to train AI models. LINK
How much did we spend in April?
April's retail trade figures indicate continued consumer caution, with minimal growth suggesting broader economic challenges impacting spending habits.
Key Highlights:
Retail trade saw only a marginal increase of 0.1% month-over-month in April, following a decrease of 0.4% in March.
Influences such as high interest rates and inflation are continuing to constrain consumer spending, particularly on non-essential items.
What do the stats say?
Retail trade growth stands at just 1.3% year-over-year, which is below both inflation and population growth rates, indicating a squeeze on household budgets.
Key sectors such as Food Retailing and Clothing & Footwear experienced declines, whereas categories like Other Retailing, which includes goods like pharmaceuticals and cosmetics, saw a rise.
Challenges:
The minimal growth and the shift towards essential spending highlight significant challenges for the retail sector, particularly in adapting to reduced discretionary spending.
Outlook for Retail Trade:
Given the current economic indicators and consumer sentiment, the retail sector may continue to face challenges until broader economic conditions such as inflation and interest rates stabilise. However, upcoming fiscal measures like tax cuts and rebates could provide a temporary boost to consumer spending.
This Week’s Top Picks
Industrial AI could add $35.7B annually to Australia's GDP if implemented to world standards. LINK
Home construction activity has dropped to a near 2-year low in Q1 2024, hindered by a shortage of tradies. LINK
Japan has followed the US in banning poultry imports from Victoria following 2 avian influenza outbreaks in the state. LINK
Sales of fresh food at petrol stations and convenience stores in Australia are rising, despite a decline in tobacco sales, with brands like 7-Eleven and BP recording a 12.6% increase in food and beverage purchases. LINK
Only 38% of Aussie employees are using the AI technology, placing Australia second-lowest in the Asia-Pacific region for AI penetration LINK
AI could potentially eliminate 30% of executive jobs within 2 years. LINKPicky eating is linked to poorer cognitive performance compared to those with diverse diets. LINK
Queensland introduces a radical 50 cent flat-rate public transport fare to encourage use and ease road congestion, starting in August for 6 months. LINK
The US bans imports of poultry from Victoria due to an avian influenza outbreak. LINK
Australian insolvency rates are on track for their worst period since the Global Financial Crisis, with the increase in business failures predicted to continue. LINK
As hybrid working becomes the norm, co-working spaces are increasingly moving to suburban areas, offering a closer-to-home option for big company employees. LINK
Industrial microwave technology is emerging as a potential low-carbon source of heat for heavy industries, like steel manufacturing. LINK
