🗞️ iPad kid

Good morning. Toy Story 5 just landed the biggest opening weekend in the franchise's history, pulling in more than US$300 million globally.


The plot pits Woody and Buzz against their toughest rival yet, a tablet computer, which feels a little close to home for anyone raising an iPad kid.

It's a much-needed win for Disney and Pixar after recent flops like Lightyear and Elio.

All the headlines and more below...

DRIVERS PAY $10 MORE PER TANK AS FUEL EXCISE RETURNS FROM JULY

The emergency fuel discount introduced after the Iran war sent prices soaring in February is being phased out. From July 1, the excise cut drops from 32 cents per litre to 16 cents - about $10 more for a 65-litre fill.

Petrol in capital cities is now $1 per litre lower than when missiles started firing over the Gulf on February 28. Diesel costs 20 cents more. The discount was set to end completely in June but will now taper off in stages, with states contributing 5.7 cents per litre from their GST share.

Mining and farming groups say they don't use roads the excise funds. The rebate costs taxpayers $10.7B over the next three years.

AUSTRALIAN NEWS

• Australia has introduced a new law from July 1 2026 that bans Coles and Woolworths from charging significantly excessive grocery prices above supply cost plus reasonable margin, enforced by the ACCC. LINK

• Australia has detected a second H5N1 avian flu case in a northern giant petrel in WA as authorities investigate spread in wildlife and Inghams Group locks down WA farms. LINK

• Australia has signed a US$2.5B deal to sell its over-the-horizon JORN-based radar system to Canada, the country’s largest defence export, to monitor the Arctic. LINK

• The NDIS Amendment Bill has shifted the scheme from individualised, needs-based support to ministerially set group funding, which human rights lawyers say will harm people with serious, permanent disability. LINK

• Australia’s S&P/ASX 200 Index has delivered only a 1.2% gain this year as high interest rates, steep valuations and new tax changes drive investors toward stronger offshore markets. LINK

IGA CLOSED THE PRICE GAP TO COLES AND WOOLIES - NOW IT'S DOWN TO 2.1%

Metcash, the wholesaler behind IGA, Foodland, Mitre 10 and Total Tools, says sales rebounded in June after consumers paused spending in May. CEO Doug Jones blamed the pullback on spiking fuel prices, the federal budget and rate rise fears. June snapped back with group sales up 1.9% across the first 7 weeks of the new financial year, with hardware up 5.8%.

Full-year profit fell 1.5% to $279M on flat revenue of $17.4B. Jones singled out Victoria as "very weak" - overtaxed, crime-ridden and a laggard on enforcement against illegal tobacco. He said violent organised crime tied to illicit smokes has pulled customers away from legal retailers like IGA. Police action elsewhere helped return shoppers.

June's bounce suggests people still need groceries, even when confidence wobbles.

COMPANY NEWS

• The KPMG whistleblower executive has told a parliamentary inquiry he faced years of retaliation and attempts to discredit him after exposing alleged misuse of confidential Lendlease and Westpac documents. LINK

• Inghams has locked down its WA chicken breeder farms and ramped up biosecurity after 2 wild migratory birds near Esperance tested positive for H5N1 bird flu. LINK

• Metcash reported FY26 EBITDA up 1.9% to $761.7M as revenue rose 0.7% to $19.6B and operating cashflow grew 3.5% to $558M. LINK

• The Australian Federal Police human exploitation taskforce is investigating billionaire Richard White over allegations he lied about a Brazilian employee’s visa work arrangements as WiseTech shares hit a 5-year low. LINK

• ASIC has charged David McWilliams with 13 criminal offences alleging he misused about $10.1M raised for NDIS accommodation projects on luxury purchases and incomplete developments. LINK

• KFC Australia has launched a major brand reset with new humour-led adverts from agency Special that aim to build a long-term platform and move away from price-focused rational marketing. LINK

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Doctor’s Pick: Collagen benefits: Should I take a supplement?

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