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Helicopters, WeWork Bankruptcy and Rabbitohs
Office attendance-linked bonuses, CBA's 20.99% interest rate, and $11M spent on committee salaries for cancelled Commonwealth Games.
Pick & Scroll News
November 02, 2023
One Read, All Perspectives
Australian News
International Monetary Fund (IMF) supports another RBA rate increase, citing states' extensive infrastructure spending as a contributor to persistent inflation challenges. LINK
Nearly $11M was spent on the organising committee salaries for the cancelled Commonwealth Games by the Victorian government. LINK
NAB economists identify a structural home shortfall exacerbated by smaller household sizes and booming migration. LINK
There has been a 32% rise in superannuation-related complaints amidst delayed insurance and death benefit claim processing. LINK
Record low vacancy rates and escalating demand is driving industrial property developers to speculatively construct nearly half of the upcoming warehouse supply. LINK
Australia's surge in purpose-built student accommodation with over 9,000 new beds by 2028 falls short against rising international student numbers, driving rents up by 27% nationally from pre-Covid levels. LINK
Australian firms halt extravagant pay hikes for lawyers as the market cools, signifying a shift in the labour market and an end to "hiring frenzies" during Covid-19. LINK
Queenslanders will be able to access their driver's licence on their mobile phones however, the state government is warning of delays with the technology and has urged people to wait for the issue to be fixed before they download it. LINK
There are still more Aussies moving from the capital cities to the regions than vice versa, with recent years seeing the reversal of a decade-long population drain from regional areas. LINK
1.57M mortgage holders, or 30.3% of mortgage holders were "at risk" of mortgage stress in the three months to September. LINK
Global News
Asian manufacturing activity dipped in October, stressed by Middle East conflicts and rising oil prices, reflecting a vulnerable economic outlook for the region. LINK
US to fast-track Blackhawk helicopter deliveries to Australia post a fatal crash, though not in time for the imminent bushfire season. LINK
Saudi Arabia nears hosting the 2034 World Cup as Australia withdraws its bid, indicating a shift in the global sporting landscape. LINK
Company News
Commonwealth Bank will hike the interest rate on eight of its credit cards to 20.99%, with the bank also raising the international transaction fee on select credit cards from December 1, 2023. LINK
Atlassian acquires Melbourne-based AirTrack to enhance its flagship Jira product. LINK
Nvidia may lose up to $US5B in orders from Chinese companies due to new US export restrictions. LINK
Cotton On opens over 100 overseas stores in its international expansion, yet more than half of its record $2.2B sales in 2023 came from Australia. LINK
Macquarie undertakes unanticipated layoffs within its banking and financial services arm. LINK
EY Australia was behind a former partner accused by the ATO of $700K in unauthorised payments. LINK
Origin Energy and Suncorp Group employees face bonus reductions if they don't adhere to office attendance rules. LINK
Domino's Pizza embarks on a rebuilding year, focusing on cost-cutting and value provision after facing customer backlash on price hikes. LINK
Microsoft releases big Windows 11 update with Copilot AI assistant included. LINK
WeWork, once valued at US$47B, plans to file for bankruptcy as soon as next week. LINK
Other News
The valuation of rugby league club South Sydney Rabbitohs skyrockets to $45M, with significant ownership stakes from celebrities like Russell Crowe and billionaires like James Packer and Mike Cannon-Brookes. LINK
This Week’s Picks
CBA’s loan book shrinks for three consecutive months, a first in decades, due to avoidance of loss-making mortgages. LINK
Occupations including project engineers and customer service workers saw significant pay rises last year, amid a slowing economy and easing skill shortages. LINK
Crypto memes surge post-Bitcoin ETF frenzy with Pepe Coin and Bitcoin experiencing significant price hikes. LINK
1 in 3 employers considers working-from-home a privilege, with some looking into differentiated pay for remote work. LINK
NAB has abandoned its promise to hike monthly mortgage repayments only on the 12-month anniversary of variable rate loans, after unexpected rapid interest rate increases. LINK
IMAX CEO Rich Gelfond has announced plans to build 38 more screens in Australia, identifying the country as an underserved market. LINK
Taylor Swift has become a billionaire following her highly successful Eras tour. LINK