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Up to 100,000 Australians who bought their first home using the government's 5% deposit scheme in the past 2 years could owe more than their house is worth if prices fall 10%.
Pick & Scroll News
June 10, 2026
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Good morning. Up to 100,000 Australians who bought their first home using the government's 5% deposit scheme in the past 2 years could owe more than their house is worth if prices fall 10%.
Sydney, Canberra and Melbourne are already down, forecasts point to a 5-10% national decline, and if these buyers walk away the government guarantee kicks in and taxpayers cover the shortfall to the banks.
All the headlines and more below...
YOUNG AUSTRALIANS LESS HAPPY NOW THAN DURING COVID LOCKDOWNS
Australians aged 25 to 34 now rate their life satisfaction at 6.8 out of 10, down from 7.5 in 2019. That's the steepest drop of any age group, despite the country's average household wealth hitting $1.56M.
Median household wealth has stagnated at $700K while average household wealth jumped to $1.56M.
KPMG's analysis shows wealth gains went overwhelmingly to asset owners. Super, shares and property all climbed. Real wages fell 5%. The gap between those who owned before prices surged and those who didn't has blown out.
Australians over 65 stayed steady, rating life satisfaction the same as 2019. Higher home ownership, super buffers and pensions insulated them. The 45-55 bracket, juggling adult kids and ageing parents, reported the second-lowest satisfaction.
AUSTRALIAN NEWS
Young Australians have reported a sharp fall in life satisfaction as a K-shaped economy leaves non asset owners facing stagnant median wealth of about $700,000 and real wages 5% lower. LINK
Australian exports are facing proposed new US tariffs of up to 12.5% that EY modelling says could add US$1.6B a year in costs as Australia seeks an exemption. LINK
Anglicare and welfare advocates are urging the federal government to substantially lift Centrelink JobSeeker and Parenting Payment rates as its 2026 index shows single recipients falling up to $251 a week behind essential costs. LINK
WOOLWORTHS CUTS HUNDREDS OF CORPORATE JOBS WHILE OPENING 24 NEW STORES
Woolworths confirmed it is moving roles in finance, HR and IT offshore to cut costs, with most expected to come from its IT division. The company employs nearly 10,000 people across its corporate offices in Australia and has support offices in Hong Kong, China, Bangladesh, India and the Philippines.
$400M in costs cut over the past year.
CEO Amanda Bardwell has stripped costs and reduced the product range to improve margins as Amazon eats into online market share for household essentials like nappies and toilet paper. NAB flagged plans to hire 1,000 staff in Vietnam and India. Officeworks is moving customer service roles to India and the Philippines.
The company is adding 2,500 store roles through new supermarkets while cutting white-collar jobs. It cited pressure to keep prices low as the reason, framed around competition from Amazon, Costco and Aldi.
Woolworths is due in Federal Court over misleading discount allegations that saw Coles found guilty on 13 of 14 products in May.
COMPANY NEWS
Woolworths is offshoring hundreds of corporate finance, human resources and IT roles as it seeks to simplify operations, cut costs and remain competitive amid rising cost-of-living pressures. LINK
Barbeques Galore will wind up from 16 June 2026 after a Gordon Brothers-backed rescue deal collapsed, shutting 62 company-owned stores and putting about 500 jobs at risk. LINK
OpenAI, Anthropic and SpaceX have confidentially moved toward IPOs as index rule changes and surging demand on CBA’s CommSec platform heighten AI-related concentration risks for Australian super holders. LINK
KPMG secretly and repeatedly accessed a whistleblower’s work computer to extract documents on alleged data misuse, then shared them with senior partners and ex-chief executive Andrew Yates. LINK
Apple has launched new child-safety controls and an upgraded Siri AI at its Worldwide Developers Conference, as Tim Cook credited Australia’s under-16 social media ban for partly inspiring the features. LINK
Levi Strauss & Co has sued Australian company Globe and its S-Double brand for allegedly copying its pocket tab trademark design, repeating similar action from 15 years ago. LINK
Apple unveiled a new Siri AI for its 2027 software that enables Gemini-like on-device assistants with text, image and file analysis while excluding Europe and China at launch. LINK
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CHART OF THE DAY
More than 4 in 10 US adults reported symptoms like stress, anxiety, or depression in the past year. Rates vary widely by country, with China and Japan reporting notably lower prevalence. This likely reflects cultural differences in willingness to discuss mental health, rather than true differences in occurrence.
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TRIVIA
How much did this house in Waverley, Sydney sell for?
The property has 5 bedrooms, 3 bathrooms and 1 garage.
Answer below
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