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🗞️ Deeply indebted
Global debt has reached a staggering $353 trillion as of the end of March 2026, a new all-time record according to the Institute of International Finance.
Pick & Scroll News
May 08, 2026
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Good morning. Global debt has reached a staggering $353 trillion as of the end of March 2026, a new all-time record according to the Institute of International Finance.
The debt pile grew by more than $4.4 trillion in the first quarter alone, which is the fastest pace of increase since mid-2025.
All the headlines and more below...
DELOITTE SAYS AI WILL AUTOMATE 30% OF CONSULTING WORK IN 3 YEARS.
Deloitte Australia mapped every advisory role in the firm with the University of Sydney. AI can automate roughly 30% of tasks within 3 years. Not entire jobs, but enough of each role that the firm now has capacity to redeploy. The plan is to triple its managed services arm from $300M to $1B by 2030, running client back-office functions, finance especially.
30% of routine consulting tasks could be automated by AI within 3 years.
Clients expect Deloitte to run those functions 30-40% cheaper than they do in-house. Deloitte absorbs the operational risk, strips out manual processes and Excel dependency at scale, and splits the savings.
The big 4 posted consecutive years of declining revenue locally. Deloitte, the largest at $2.55B, says it'll return to growth this year.
AUSTRALIAN & GLOBAL NEWS
A national UNSW survey of nearly 10,000 migrant workers has found Australia’s international students are underpaid about US$61M each week, or US$3.18B annually, through systemic exploitation. LINK
Brent crude futures have plunged 7.8% to US$101.27 a barrel as renewed hopes for a US 14-point Iran deal emerged after prices recently hit US$126.41. LINK
A paddock-to-plate revival is emerging as surging food freight costs and Iran War disruptions expose vulnerable global supply chains, yet distance prevents many farmers and shoppers participating. LINK
2 IN 3 MIGRANT WORKERS PAID BELOW LEGAL MINIMUM THROUGH SYSTEMIC EXPLOITATION.
The largest national survey of migrant worker conditions ever conducted in Australia found 66% of the nearly 10,000 workers surveyed were paid less than their legal entitlements. More than a third earned below the national minimum wage.
$61M stolen from international students every week through wage theft.
Three-quarters were employed casually or through ABN arrangements. ABN classification strips workers of Fair Work Act protections entirely, even though most were misclassified employees. Casual and ABN workers were twice as likely to be paid below minimum wage. The more severe the underpayment, the more likely workers were paid in cash, denied payslips, had wages deducted or weren't paid super.
Workers cited fear of visa consequences and sham contracting as reasons they stayed silent. About 38% were employed casually, giving employers full control over whether they received shifts. Compliant businesses are being undercut by operators who've reduced labour costs through systematic wage theft. The government's recent workplace reforms are described as insufficient to address what researchers call an interlocking system designed to keep migrant workers underpaid and difficult to protect.
COMPANY NEWS
Deloitte Australia is planning to more than triple its managed services arm into a US$1B business by 2030 as AI automates 30% of routine consulting tasks and may cut some fees by 40%. LINK
Apple told an Australian parliamentary inquiry that CBA and other major banks are pushing for forced access to its NFC chip to protect their dominance in digital payments. LINK
Tabcorp lost more than $500M in market value as AUSTRAC launches an enforcement investigation into the gambling company’s AML/CTF compliance after flagging serious concerns. LINK
DoorDash has forecast Q2 marketplace gross order value above analysts' estimates as resilient demand for convenience and expansion in grocery, retail and international markets boost its business. LINK
Orica posted its highest half-year EBIT in over 20 years as first-half underlying net profit after tax rose 8% to $283.1M and EBIT climbed 5% to $512M. LINK
Super Retail Group lifted its FY26 group and unallocated cost expectations by $6M to $66M as modest 0.4% like-for-like sales growth is pressured by weaker BCF performance and softer gross margins. LINK
HMC Capital has sold a US$750M Chicago data centre and is pivoting investment to its Sydney facility as US data centre projects face rising community and regulatory pushback. LINK
Shell reported Q1 profits of US$6.9B, up 115% from the previous quarter and 24% year on year, after traders benefited from war-driven energy price surges. LINK
Vodafone has launched a major Ali Wong-fronted marketing campaign to promote its cheaper “big telco” experience and improved coverage, claiming network reach within 1% of Telstra. LINK
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ONE MORE SCROLL
Editor’s Pick: Authors sue Meta over AI training.
Draft Pick: Federation Square to host world cup after premier’s intervention.
Odd Pick: Robot passenger delays a flight.
TRIVIA
Which three-letter word can go AFTER “upper”, “under” and “cross” to make three other words?
Answer below
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