🗞️ Have a break

Good morning. KitKat has reported that 12 tonnes of its chocolate has gone missing enroute from its factory.

This is either a logistics disaster or the most well-timed marketing stunt of the year given it landed on April 1, two days before Easter and right when plain text social media posts are trending.

Either way, someone at their agency deserves a break.

All the headlines and more below...

NATIONAL FUEL PRICES (Day-on-Day Change)

The Australian Government has confirmed that national fuel reserves remain robust and that the current issue is primarily a localised distribution and logistics challenge rather than a product shortage.

THE RBA JUST KILLED CARD SURCHARGES

Surcharges on debit, prepaid and credit cards are banned from October 1 across eftpos, Mastercard and Visa. The RBA says it will save consumers $1.6 billion a year in surcharge fees and businesses another $200 million. Interchange fee caps for credit cards are being slashed from 0.8% to 0.3%, which banks estimate will cost them $660 million annually.

The Australian Banking Association says slashing interchange fees will "undermine Australia's sovereign capabilities" and hand revenue to foreign multinationals like Visa and Mastercard. Small business groups warn that cafes running on 3% margins are effectively giving away half their profit to merchant fees when they can't surcharge to recover them.

While it sounds great in theory, the cost doesn't disappear from the system. It just moves from a line item you can see to a price increase you can't.

AUSTRALIAN NEWS

• APRA has finalised capital rule changes for annuities and longevity products, enabling insurers to use an advanced illiquidity premium and introducing new risk controls from 1 July. LINK

• A war in the Gulf has severely disrupted the global fertiliser market by cutting off nearly 45% of traded nitrogen as China, Russia and Turkey impose export curbs during crucial planting seasons. LINK

• The Fair Work Commission has ruled that around 500,000 workers aged 18 to 20 in retail, fast food and pharmacy will receive the full award wage, phasing out junior rates over 4 years starting December. LINK

• Australia’s 5-year dwelling production pipeline has fallen short by more than 380,000 homes as infrastructure barriers and costs have risen up to 20%. LINK

• Treasury has identified that the big four accounting firms operate in a regulatory grey area with inadequate audit oversight. LINK

5M ACCOUNTS REMOVED IN 100 DAYS BUT CYBERBULLYING HASN’T DROPPED

Facebook, Instagram, TikTok, Snapchat and YouTube are all under investigation for potential non-compliance with Australia's under-16 social media ban. The eSafety Commissioner's first compliance report found "major gaps" in enforcement nearly 4 months after the laws took effect.

5 million accounts have been deactivated or removed since December. But platforms haven't asked many existing users to verify their age at all, and complaints about cyberbullying and image-based abuse from under-16s haven't dropped.

Australia convinced a dozen countries to follow its lead on this ban. Whether the platforms actually comply is a different question entirely.

COMPANY NEWS

• Canva co-founder Cliff Obrecht has alarmed staff by sharing a message comparing the company's workforce of about 5,000 to Anthropic’s 2,500. LINK

• ARN Media is facing two federal court lawsuits from both Jackie Henderson and Kyle Sandilands seeking over $80M each following contract termination. LINK

• ABC and unions have reached a near-final pay deal offering a 10.5% rise over 3 years, ending strike action after Fair Work Commission mediation. LINK

• The RBA has cut the maximum interchange fee banks can charge from 0.8% to 0.3%, with expectations of reduced airline reward points from Qantas and Virgin frequent flyer schemes. LINK

• Binance has been ordered to pay a $10M fine after exposing 524 Australian investors to high-risk derivatives, causing $8.66M losses and $3.89M in fees. LINK

• Koala has begun trading on the ASX with a $68M IPO and a $305M valuation. LINK

• Metricon has posted a $100.3M net profit for its 2025 year while maintaining average home contract prices at $483,000 as it manages rising costs. LINK

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CHART OF THE DAY

Oil intensity to GDP (for the Australian economy)

ONE MORE SCROLL

Editor’s Pick: People in the happiest relationships do 7 things on weeknights - that most neglect.

Odd Pick: YouTuber roasted for claiming he is ‘stranded’ due to Iran War only to then reveal there are seats available in economy.

BRAINTEASER

This question was the 30% question meaning 30 out of 100 people got it correct. You have 30 seconds only to answer the below questions. Your time starts now:


Q: Allegra has just turned 40. She has four children: Anni, Cat, Bo and Mac. Her twins were born when she was 26. Bo is 16. He is younger than Anni. Who are the twins?

Answer below

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ANSWER

Cat and Mac. As Bo is 16, Allegra was 24 when she had him, so he is not a twin. Neither is Anni, who is older than Bo. This leaves Mac and Cat as the twins.

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