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Lobsters, Stamp Duty and Google's Gemini Ultra
Car sales are getting faster, Sydney Airport delays caused by two people on leave, and the AU gender pay gap is shrinking at its fastest rate..
Pick & Scroll News
February 13, 2024
One Read, All Perspectives
Australian News
Australia's top 20 defence projects are cumulatively 37 years behind schedule and over budget. LINK
Sydney's inner west, eastern suburbs, and northern beaches are the tightest housing markets in Australia, with only about 0.3% of homes available for purchase. LINK
Large consultancies continue to dominate graduate employment, though the extravagant starting salaries and bonuses seen in 2023 are moderating. LINK
The gender pay gap in Australia has seen its fastest shrinkage in 20 years, attributed to men spending more time on childcare and housework. LINK
Australian business leaders are falling behind their international counterparts in adopting technologies like AI and data analytics. LINK
The infrastructure boom has led to a 90% increase in construction-related travel, with Brisbane Airport experiencing the most activity. LINK
Flight delays and cancellations at Sydney Airport were caused by the absence of two air traffic controllers and staff shortages. LINK
Auction clearance rates in Australia have soared to their highest levels since 2022. LINK
Stamp duty costs have quintupled for Australians in one generation, affecting decisions on moving, job changes, and family planning. LINK
Global News
Russian forces are reportedly using Starlink terminals in occupied areas of Ukraine. LINK
China's economic slowdown and deflation concerns dampen the Lunar New Year spirit, despite a rebound in domestic travel to pre-pandemic levels. LINK
Over $150 million worth of Western Australian lobster has reportedly bypassed China's trade ban, reaching Chinese markets through unofficial routes. LINK
The Australian dollar hits an eight-month low against the New Zealand dollar amid bets on New Zealand's central bank resuming its rate hikes. LINK
Bitcoin is on the brink of its longest winning streak in a year, driven by strong ETF inflows. LINK
Company News
Creditors of the Australian operations of the collapsed FTX are expected to receive all their funds back by June. LINK
Google commits €25 million to support AI learning initiatives in Europe for social enterprises, nonprofits and individuals. LINK
ANZ Bank reports that its first-quarter revenue aligns with the quarterly average of the first half of fiscal 2023, primarily driven by its institutional division's markets business. LINK
Lendlease's sale of its housing operation to Stockland is under inquiry by the ACCC over marketing competition. LINK
Appen announces US$13.5 million in cost cuts after losing a significant contract with Google. LINK
Despite a challenging year for management consultancies, EY remains a top choice for graduates. LINK
JB Hi-Fi's shares rise as the retailer exceeds first-half expectations, with discipline around cost control and sales. LINK
Beach Energy freezes projects in a bid for a turnaround, with new CEO Brett Woods conducting a strategic review. LINK
Carsales.com is seeing quicker new car sales, helping dealers compete against private sellers. LINK
BHP's train drivers in Western Australia prepare for a 24-hour strike. LINK
CSL faces a setback as its anticipated heart-attack drug trial fails, leading to significant financial and research implications. LINK
Google launches its GPT-4 rival, Gemini Ultra, for US$20 a month. LINK
This Week’s Top Picks
The return to office has stalled as companies accept hybrid work routines of no more than three days a week in-office. LINK
Some universities are cancelling offers to international students from India and Nepal amid a visa crackdown. LINK
Australian managed funds lost a record net $31 billion in 2023, with the ETF industry set to triple in size this decade. LINK
Foreign buyer surcharges of up to 10% are discouraging apartment purchases in Australia by investors from China and Hong Kong - the number of foreign purchases in Australia dipped to $1.5 billion in the September quarter from $2.4 billion in June 2023. LINK