🗞️ Fight or flight

Good morning. Ever wonder why some houses in great locations look like no one lives in them? That's because.....no one lives in them.

In Sydney alone, an estimated 23,982 homes are considered 'inactive,' proving that it is in fact possible to move to Bondi and then leave - the beach suburb itself accounts for 140 of these empty homes.

This housing inactivity is a growing concern for state governments who are already grappling with the housing shortage. As always, the simple solution for dealing with those with seemingly too much wealth? Tax them.

Victoria is taking this route, introducing a vacant property tax starting in 2025. So it might just be time to ship your parents into that vacant Brighton home—must be nice.

All the headlines and more below...

AUSTRALIAN NEWS

Boeing-backed Wisk targets 2032 take off for self-flying taxis in Brisbane

• Brisbane will have self-flying taxis by the 2032 Olympics, thanks to a partnership between Boeing subsidiary Wisk and Australian company Skyports. LINK

• Aussie adults lose an average of $1,500 a year in potential interest by picking the wrong savings accounts. LINK

• Perth Airport has surpassed pre-Covid passenger numbers, with 16 million people passing through, contrasting with slower recoveries at other major Australian airports. LINK

• Fair Work Commission will review part-time employment rules and establish a new working from home clause. LINK

• AI workers are being hired in Australian workplaces to handle mundane tasks, with companies like SafetyCulture employing AI agents to improve efficiency. LINK

GLOBAL NEWS

Philippines to start winding down operations of offshore gaming hubs

• Philippines will cancel the licences of offshore gambling firms, implementing the President’s order for a total industry ban by the end of the year. LINK

• China made an unexpected interest rate cut following its key policy meeting. LINK

• India will spend $24B on job-spurring efforts and boost rural spending over the next 5 years after. LINK

• Global airlines are reporting disappointing quarterly reports despite record summer travel demand, with excess supply of seats forcing fare discounts. LINK

• China added 6.98 million urban new jobs in H1 2024, maintaining a stable employment situation and pushing for job stabilisation. LINK

COMPANY NEWS

Tesla to have humanoid robots for internal use next year, Musk says

• Tesla will have humanoid robots in low production for internal use next year and aims for high production for other companies by 2026. LINK

• Uber will still charge customers a fuel surcharge for hybrid vehicles even if they select "Uber Green". LINK

• Reddit has partnered up with the NBA, NFL and MLB to boost revenue. LINK

• SAP reported a 25% increase in its cloud revenue in Q2 2024, but sees its restructuring efforts impacting 9,000-10,000 jobs. LINK

• Warner Bros. Discovery has matched a rival offer from Amazon to keep their existing broadcast rights to air NBA games. LINK

• Goldman Sachs has purchased 7 logistics-focused properties across Australia for about $200M, targeting last-mile assets for e-commerce, transport and wholesale distributors. LINK

• Super Retail Group has taken court action to suppress sensitive material as it faces a bullying and sex scandal involving top executives. LINK

• CrowdStrike has apologised for the faulty update that caused a global shut down, acknowledging potential demands for compensation or litigation. LINK

• Woodside Energy has revealed a US$500M cost hike at its Scarborough LNG project, raising the development cost to US$12.5B. LINK

• Transurban is facing growth limits in the Australian market, overseeing 22 roads and encountering regulatory roadblocks. LINK

• Porsche cut its sales and profitability outlook due to an unexpected aluminium alloy supply shortage, which could lead to production shutdowns. LINK

• AustralianSuper and Assemble have committed to building more apartments under a rent-to-own model. LINK

• Alphabet is expected to report a nearly 14% rise in quarterly revenue driven by AI-powered cloud computing services and an uptick in the ad market. LINK

• Google reversed its plan to remove third-party cookies from Chrome after concerns from advertisers about the impact on personalised ads. LINK

• Nvidia is preparing a version of its new flagship AI chips for the Chinese market that would be compatible with current US export controls. LINK

TRUE OR FALSE?

It’s Game Time

True or False: Today you’ve got 5 True or False Australian business questions to navigate. Can you get 100%? Good luck!

1. True or False: The Reserve Bank of Australia sets the official interest rate for Australia.

2. True or False: The Australian Stock Exchange (ASX) is the oldest stock exchange in the world.

3. True or False: Woolworths is the largest supermarket chain in Australia by market share.

4. True or False: Australia is the world's largest exporter of iron ore.

5. True or False: Qantas is the world's oldest continuously operating airline.

Answers below

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ANSWERS

1. True
2. False
3. True
4. True
5. False