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Disney, 4-Day Work Week & Record Median Rents
Nintendo announces plans to unveil Switch successor by March 2025.
Pick & Scroll News
May 08, 2024
One Read, All Perspectives
Australian News
Market expectations for RBA rate hikes diminish, with traders reducing bets on interest rate increases this year following the central bank's decision to maintain the current rate amidst ongoing inflation concerns. LINK
Credit agencies alert over Victoria's soaring debt, as the state government's budget reveals a projected debt of $188 billion without significant spending cuts. LINK
House price growth expected to slow, as experts predict a cooling market amid persistent high interest rates and emerging economic risks. LINK
Reserve Bank forecasts prolonged housing affordability issues, indicating that high demand will continue to pressure home prices and rents, with little sign of easing soon. LINK
Concerns arise over banks' $4.5 billion buyback strategy, questioning whether these buybacks indicate a lack of growth opportunities for banks like ANZ, NAB and Westpac. LINK
Victorian government size to shrink for the first time in 15 years, with a planned reduction in average expenditure, a focus on tighter budget management, increased waste and fire levies, and a pullback on infrastructure spending. LINK
Rising government spending challenges RBA's inflation control, with increased public expenditure pushing the Australian economy beyond sustainable levels despite weak growth figures. LINK
Western Australia incentivises landlords with $5,000 to address housing shortages by encouraging the rental of vacant properties. LINK
Victoria concludes its home buyer assistance program with an additional $700 million, shifting focus to regional buyers for the final year. LINK
Reserve Bank of Australia maintains interest rates, signalling caution as inflation pressures persist. LINK
NSW Clubs' data breach highlights Australia’s dependence on foreign tech, raising concerns about data security. LINK
Senate inquiry calls for stronger regulatory powers over supermarkets, including the ability to break up major chains and enforce a mandatory code of conduct, with final recommendations expected by the end of June. LINK
Australia's median rent hits a new record, escalating to $627 per week amid sharp increases in regional areas and suburbs, driven by long-term underinvestment in affordable housing. LINK
Company News
Woolworths to introduce a 4-day work week, allowing 130,000 employees to compress their hours, but requiring weekend availability for some. LINK
Bonza's fleet to be removed from Australia despite administration efforts, as court proceedings reveal that the airline's Boeing 737 Max 8s are already out of its control following lease terminations. LINK
Perpetual to be dismantled in $1.5 billion KKR deal, selling its historic name and restructuring into a dedicated funds management business. LINK
Westpac anticipates surge in business financing, driven by strong demand in sectors like manufacturing and energy, with projections for robust credit growth in the coming months. LINK
UniSuper outage persists with no clear repair timeline, as a misconfiguration in Google Cloud causes widespread system crashes, affecting over 600,000 members' access to their accounts. LINK
ANZ leverages AI for Suncorp merger, using generative AI to streamline the integration of complex systems and contracts, a pioneering approach in Australian banking mergers. LINK
Macquarie invests heavily in data centres to capitalise on AI growth, anticipating significant returns as major tech companies increase data consumption for AI development. LINK
ANZ plans to reward shareholders and expand lending, announcing a $2 billion share buyback and increased dividends despite a 7% drop in cash profit and competitive market conditions. LINK
Disney and Comcast seek financial advisor to mediate valuation disputes over Hulu, aiming for a fair transaction as they approach the sale of a 33% stake. LINK
UBS reports a return to profit in Q1, driven by robust wealth management revenues and efficiencies from the Credit Suisse merger. LINK
Nintendo announces plans to unveil Switch successor by March 2025 amid declining profits and sustained sales of current console models. LINK
BP’s Q1 profits fall to $2.7 billion, reflecting lower oil and gas prices and weaker fuel margins, yet commits to $3.5 billion in share buybacks. LINK
Amazon Web Services invests $9 billion in Singapore, aiming to expand its cloud infrastructure and enhance digital skills across ASEAN nations over the next 5 years. LINK
Apple develops AI data centre chips, collaborating with Taiwan Semiconductor Manufacturing Co. on a project that remains under wraps with uncertain outcomes. LINK
Macquarie Group wary of rising protectionism in upcoming US and EU elections, which could significantly impact global trade and investment flows. LINK
Airbus increases aircraft deliveries by 13% in April, with significant orders including 51 A321neo jets, highlighting robust demand in the aerospace sector. LINK
Toyota anticipates a boost from hybrid vehicles amid cooling enthusiasm for battery electric vehicles, despite facing market challenges in China and the US. LINK
AGL Energy increases financial guidance, reflecting positive progress in adapting to the energy transition. LINK
This Week’s Top News
Baby Boomers' spending habits have shifted towards supporting family financially, despite maintaining overall spending levels. LINK
Student visa appeals surge, with a significant increase in applications at the national appeals tribunal as rejected visa holders seek to extend their stay in Australia. LINK
Australia, US, Japan and the Philippines have pledged to increase military drills to uphold freedom of navigation in the South China Sea, a response to escalating tensions with China and its maritime claims. LINK
European intelligence agencies report that Russia is escalating covert sabotage activities across Europe, including bombings and arson, as part of a broader conflict strategy with the West. LINK
ATO tightens tax scrutiny, targeting work-related deductions and rental property claims, bolstered by data-matching technology that adjusted nearly half a million tax returns last year. LINK
ATO focuses on crypto tax evasion, planning to collect detailed transaction data from cryptocurrency exchanges to ensure traders meet their tax obligations. LINK
Labor's 'prac/placement payment' scheme analysis reveals eligibility concerns, with means-testing likely excluding 30% of students from receiving full benefits for mandatory work placements. LINK
Calls to reinstate HECS discount to aid debt recovery, with criticisms that current reductions in indexation rates are minimal and will not significantly affect future national finances. LINK
Victoria's economic troubles worsen, with dependency on property and population growth leading to a forecasted drop in state revenue. LINK
Gen Z's are misuing AI in job applications, with career consultants noting identical AI-generated cover letters as a common error among young job seekers. LINK