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Nike has been dropped from the S&P 100 for the first time in 18 years, after losing 76% of its value and US$230 billion since its 2021 peak.
Pick & Scroll News
September 08, 2026
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Good morning. Nike has been dropped from the S&P 100 for the first time in 18 years, after losing 76% of its value and US$230 billion since its 2021 peak.
The unravelling traces back to a 2020 decision to pull its shoes out of hundreds of retailers and sell direct for better margins, on the view that retailers needed Nike more than Nike needed them.
Foot Locker filled the empty shelves with On and Hoka, two running brands doing a combined $682M when Nike walked away and $3.2B by 2025.
All the headlines and more below...
AUSTRALIANS PERFORM 31 BILLION HOURS OF UNPAID WORK A YEAR, 1.3 TIMES ALL PAID EMPLOYMENT
The total is 9 times the paid hours in healthcare and social assistance, Australia's largest sector, and 14 times construction, the second-largest. Women do 31 hours of unpaid work per week on average, men 22 hours. The gap of 8.2 hours is equivalent to more than a full day's work, and women in paid employment do more unpaid work on average than men not in paid work at all. Meal preparation accounts for 25% of unpaid work, housework 21%, childcare 20%.
In the year a first child is born, mothers' unpaid work rises by 53 hours a week and fathers' by 15 hours, with mothers taking on close to four-fifths of the additional load. Mothers' paid work falls by 18 hours a week while fathers' rises by 2 hours. Four years later, mothers are doing 11 hours more housework and errands per week than fathers.
AUSTRALIAN NEWS
The government has released draft legislation to ban non-compete and some related clauses for workers earning under $190,100, as it seeks to lift wages and labour mobility. LINK
The Productivity Commission has found labour productivity in government-funded non-market sectors at a 10-year low and construction productivity down 2.5% over 12 months as hours outpace output. LINK
The federal government is preparing a digital duty-of-care bill to boost penalties on social media for child harms as experts urge opt-in algorithm controls and warn of likely paid subscriptions. LINK
NSW stamp duty revenue has fallen 20% year-on-year to $739.2M in July as a national property slump cuts transactions and intensifies credit downgrade risks for NSW and Queensland. AFR
AUSTRALIA'S WORKFORCE WILL SHRINK FROM 4 WORKERS PER RETIREE TODAY TO 2.6 BY 2066
The fertility rate has dropped from 3.5 in the 1950s to about 1.5 today, well below the 2.1 replacement rate, and the Intergenerational Report projects the ratio of working-age people to those 65 and over will fall from about 4 today to 2.6 within 40 years. Each working person will fund a larger cohort living longer on the pension, Medicare, the NDIS, the PBS and aged care.
Per-person economic growth fell for 7 consecutive quarters through September 2024 and fluctuated around zero through June 2026. Productivity declined again in the 12 months to June 2026, the latest in a series of falls over the past 4 years. Commonwealth debt passed $1 trillion last month, and the Parliamentary Budget Office projects gross national debt will exceed $2 trillion in 2029-30. Rising debt servicing costs will add to the burden on workers already hit by bracket creep and the reintroduced 37% tax bracket, while capital taxes have risen, discouraging the investment needed to drive productivity.
The family home remains excluded from the pension assets test, meaning retirees in multimillion-dollar homes can receive pensions and aged care subsidies funded by younger taxpayers. Childcare subsidies currently extend to households earning up to $538,000. The NDIS has no means test or cost sharing and is among the fastest-growing programs in the budget.
COMPANY NEWS
Kogan.com slashed Ruslan Kogan’s salary to $50,000 while granting him 6,740,331 performance rights that could earn about $50M if the share price doubles. AFR
Cathay Pacific has begun testing a Google AI tool that reroutes aircraft to avoid contrail-forming conditions, with early trials cutting contrail warming impact by about 40%. LINK
Deloitte Australia has returned to revenue growth to $2.55B after 2 years of declines as higher tax, legal and technology work offset weaker audit and deals. LINK
Mathspace has disclosed a data breach affecting 1,079,819 users in Australia and New Zealand after attackers exploited an unpatched software vulnerability to access personal information. LINK
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ONE MORE SCROLL
Odd Pick: Meet the donkey with the longest ears alive, all 18 inches of them.
Editor’s Pick: The true cost of keeping a kid in community sport is $4,567 a year once travel and lost income are counted.
Draft Pick: Kimi Antonelli went from 19th on the grid to winning the Italian Grand Prix, and extended his title lead doing it.
Doctor’s Pick: Is sleep training likely to help or harm your baby?
BRAINTEASER
You are in a room that has three switches and a closed door.
The switches control 3 light bulbs on the other side of the door. Once you open the door, you may never touch the switches again. How can you definitively tell which switch is connected to each of the light bulbs?
Answer below
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ANSWER
Turn on the first 2 switches. Leave them on for five minutes. Once 5 minutes has passed, turn off the second switch, leaving one switch on. Now go through the door. The light that is still on is connected to the first switch. Whichever of the other two is warm to the touch is connected to the second switch. The bulb that is cold is connected to the switch that was never turned on.
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