Digital Sales, Small Businesses, and WiseTech

Australian News

• One-third of home buyers were supported by the Federal government’s Home Guarantee Scheme in FY23, a significant increase on the previous year.

• The ATO is ramping up its push to claw back $5B owed by small businesses, with over 9,000 businesses owing unpaid tax and super obligations.

• Digital sales in Australia took a $2.9B hit in the third quarter, down more than 5% YoY.

• Australia’s aviation safety regulator (CASA) has been accused of undermining safety in the industry through chronic understaffing and excessive working hours as pilots, engineers and other technical specialists plan to walk off the job.

• The AU Gov has been urged to review the Qatar Airways decision after a Senate inquiry found Qantas exercised considerable influence in the matter.

Global News

• The death toll in the Israel and Gaza conflict has climbed to more than 1,100 people.

• Iran helped plot attack on Israel over several weeks.

• Chinese consumers travelled and spent less over the Golden Week holiday than the government had hoped.

• US investors are demanding up to 4 times their money back in return for funding Australian start-ups.

• China’s domestic tourism is finally back to pre-pandemic levels.

• Oil prices jump 4% in the wake of Hamas attack on Israel.

• The death toll from a 6.3-magnitude earthquake in western Afghanistan has risen to over 2,000.

• With Argentina’s 124.4% inflation, a local barbershop fought through 19,900% inflation in the last year.

Company News

• The Big 4 Banks have made more than 2,000 workers redundant this year as they tighten their belts in response to growing cost pressures.

• Transport logistics software group WiseTech Global has acquired shipping container optimisation platform Matchbox Exchange.

• Fast food chain Guzman y Gomez (GYG) will now have 2 chief executives running the company as it prepares for an initial public offering.

• Disney looks to sell its India streaming and TV assets.

• Australia's EcoGraf said on Monday it would evaluate prospects of developing a battery anode material (BAM) facility in Vietnam.

• Birkenstock Holding secured enough commitments from investors to price its IPO at the top of its indicated range and attain a $10B valuation.

• Tesla sales in China fell 11% in September.

• Microsoft to unveil its first AI chip next month.

• Amazon lowered the threshold for free grocery deliveries in the US.

Other Picks

• MyFitnessPal tracked 2,000 hybrid workers, comparing their activity while working from home to a typical day in the office.

  While working from home, the participants did 4,527 steps a day, compared with 8,087 when they were in the office. They also ate far more: 2,752 kilocalories a day, as opposed to 1,961 kcal in a typical day at the office.

This Week’s All Star Picks

• Revenue NSW is chasing over 17,000 people who have not paid their Covid hotel quarantine bill, as the government is still owed almost $40M in unpaid fees.

• Compared to last year, beef steaks are 10% cheaper, lamb leg prices are down 13.5%, lamb cutlets are only down 5%, and sausage prices are flat.

• Spanish police have seized 74 tonnes of stolen olives in the southern province of Seville, the latest theft triggered by soaring prices caused by a dwindling harvest.

• Barrenjoey reckons Westpac has hit a “pivotal” moment in its turnaround, and it could finally correct 15 years of under-investment in its technology systems.

• Michelin Guide to start ranking hotels in addition to restaurants.

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