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Inflation, Apartment Rents, and Heineken
Fuel and utility prices are up, the number of international students is slowing down, and the Ruby Princess found guilty of negligence.
Pick & Scroll News
October 26, 2023
One Read, All Perspectives
Australian News
Australia's headline Consumer Price Index rose by 1.2% in the September quarter. LINK
Skyrocketing prices in automotive fuel and utilities like gas and electricity put pressure on Australian households, with inflation creeping up in essential categories. LINK
Renters and low-income households have seen their financial positions improve over the last 2 years despite high inflation and rising rents, largely due to strong employment and income growth, says RBA governor Michele Bullock. LINK
The overseas student boom in Australia shows signs of slowing, evidenced by a slight decrease in visa applications in September. LINK
Apartment rents are expected to spike by over 30% in many suburbs over the next 5 years due to an undersupply. LINK
As CBD sublease space increases, office users are locking in incentives worth 35% in Sydney towers, as demand for short-term office spaces is on the rise. LINK
Canberra businesses face the risk of $40,000 fines for improper food waste disposal as part of the ACT government's new circular economy strategy. LINK
Global Picks
Gaza families are now wearing ID bracelets to avoid burial in mass graves unidentified. LINK
Company Picks
Sara Lee has more than 40 buyers interested in taking over its frozen desserts. LINK
Tabcorp faced a 34% protest vote against its remuneration report, marking the first such strike since 2018. LINK
Spotify reported its first quarterly profit in over a year thanks to a price increase, a stronger ad market, and cost control. LINK
Alphabet's cloud division revenue growth slowed to 22.5% as high interest rates and economic uncertainty led companies to cut spending on cloud services. LINK
Chemist Warehouse faced a 22% drop in net profits to $302M for the financial year as high costs eroded earnings - its founders and their families still took home $364M in dividends. LINK
Zoom to use AI to evaluate sales calls as it aims to stay relevant. LINK
Amazon introduces Sequoia, a new robotics system in its warehouses to expedite delivery times and enhance safety measures. LINK
Afterpay's new $10 monthly subscription, Afterpay Plus, could trap vulnerable consumers in debt. LINK
Carnival Australia found negligent over the 2020 Ruby Princess voyage that saw 28 deaths and more than 660 people test positive to Covid-19. LINK
Heineken saw a 4.2% decline in Q3 beer sales due to a challenging macroeconomic climate and the exit from its Russian operations. LINK
Despite a yearly decline, online retailer Kogan reported growth in sales for the September quarter, signalling a potential turnaround. LINK
Woolworths sales in the new financial year began strong but saw moderated growth, mainly due to falling prices in fresh produce and meat. LINK
Ampol's earnings surged in the third quarter due to stronger refiner margins. LINK
Gucci sales fell 7% in the third quarter as it grapples with a slowing luxury market and internal challenges. LINK
Microsoft's sales jumped 13%, spurred by heavy investment in artificial intelligence. LINK
Honda and General Motors are scrapping a plan to jointly develop affordable electric vehicles. LINK
Apple has increased the subscription prices of Apple TV+ and Apple News+. LINK
Other News
This Week’s Picks
Details have been released concerning which suburbs near Sydney's new international airport will receive insulation against aircraft noise. LINK
A casual teacher shortage in NSW is affecting nearly every public school, leaving almost 10,000 lessons without adequate educational support daily. LINK
Ferrero Rocher has abandoned its $80M hazelnut orchard project in NSW, potentially removing up to 1M hazelnut trees. LINK
Medibank initiated a 4-day work week trial without loss of pay, as part of a global movement towards changing traditional working conditions. LINK
Halloween chocolate is more expensive this year due to El Niño affecting the cacao bean crop. LINK
China announced the potential easing of Australian wine tariffs, highlighting thawing trade tensions between Australia and China. LINK
Qantas is increasing airfares by 3.5% this week in response to escalating fuel costs. LINK
Menulog warns of a potential $15 price hike per delivery if the government enforces stricter employment conditions on gig work. LINK
Elon Musk announces 2 new subscription tiers for X, formerly known as Twitter, with varying ad levels and costs. LINK