🗞️ Lofty goals

Good morning. Canva co-founder Melanie Perkins is launching a Global Goals Platform that asks people a single question - what is one goal you'd like to see achieved in your lifetime?

The idea borrows the feedback machinery Canva uses to build its software, where 4 million user suggestions a year shape new features, and points it at democracy instead, starting with a pilot in Wollongong.

It will be interesting to see whether a system built for choosing between design templates can translate to running a city.

All the headlines and more below…

GLP-1 USERS ARE DITCHING PROCESSED FOOD FOR PROTEIN AS APPETITE DRUGS RESHAPE WHAT PEOPLE BUY.

Mounjaro mimics a hormone that regulates blood sugar and slows digestion, keeping users full longer.

Mounjaro joins Ozempic and Wegovy among GLP-1 drugs now prescribed in Australia, with global demand surging over the past two years, though none are PBS-subsidised for weight loss alone.

If adoption scales, expect food manufacturers to see less demand for snacks and more for fresh protein and produce.

AUSTRALIAN NEWS

• Daily smoking in Australia has fallen to 5.6% as illicit tobacco use among smokers has more than doubled. LINK

• Nearly 600,000 Australian households became owner-occupiers from 2021 to 2025 as COVID-era low interest rates and migration boosted home ownership despite falling national rates. LINK

• The government announced plans to strengthen the Modern Slavery Act by introducing criminal sanctions for companies with revenue above $100M that cannot prove reasonable prevention efforts. LINK

• Australia's cost-of-living crisis has been driven by steep price rises in privatised essential services, with gas up 5.9% annually as overall CPI averaged 2.9%. LINK

• Australia's data centre boom has driven a more than 13-fold rise in IT machinery investment to $5.2B in the March quarter, comprising 69% of business investment. LINK

• Australia's mortgage downturn has deepened as home loan demand plunged 14% in June from a year earlier, outpacing May's 10.9% fall and hitting first-home buyers hardest. LINK

• The Australian Financial Complaints Authority defended its engagement with scam victims as it takes a key role in Australia's anti-scam efforts, after HSBC was fined $35M. LINK

• The Australian government ordered ASIC to tighten regulation of the Big Four accounting firms after governance scandals and whistleblower complaints, including alleged misuse of confidential data at KPMG. LINK

WORLD CUP DRIVES 50% JUMP IN JERSEY SALES BUT CAN'T LIFT RETAIL SLUMP.

Decathlon Australia sold out of Portugal, France and England jerseys during the FIFA World Cup, with overall sales at the retailer lifting more than 10% year-on-year during the tournament, which began on 11 June. Ball and jersey revenue alone jumped 50% compared with the same period last year.

End-of-financial-year sales across retail broadly failed to generate the same enthusiasm as previous years, with consumer spending continuing to slow despite the tournament. Decathlon, the world's largest sporting goods retailer, saw the boost concentrated in football-specific categories, but the lift didn't translate into sustained momentum across the sector.

Rebel Sport also reported stronger World Cup-related sales, though the gains came against a backdrop of subdued discretionary spending.

COMPANY NEWS

• Foxtel told hundreds of thousands of customers it will raise monthly fees for its Foxtel Plus and Platinum Plus cable bundles by $5 from September after signing a record $5.3B NRL rights deal. LINK

• Aldi has agreed an in-principle settlement to pay $55M to resolve SDA Federal Court claims that about 32,000 workers were directed to perform unpaid pre and post-shift work. LINK

• Corporate Travel Management apologised after admitting it underpaid staff in Australia and New Zealand by $2.39M as it negotiates a UK government repayment plan to remain solvent. LINK

• Coles has appealed the ACCC's first decision under its new merger control regime blocking a lease over a 2,800-square-metre Kalgoorlie site, warning of broader implications for future supermarket developments. LINK

• TechnologyOne has expanded its executive leadership team by creating 4 new senior roles, including executive vice presidents for regulated industries and government, to support its AI-focused growth strategy. LINK

• Qantas’ 2025 cyber breach at a Manila call centre compromised 5.67 million customer records with personal and frequent flyer data but no financial details. LINK

• Milkrun temporarily suspended new orders across Australia and New Zealand due to a payments-related technical issue, as the Woolworths-owned service works to restore normal operations. LINK

• Morgan Stanley reported a 58% jump in June quarter net profit to US$5.6B as revenue rose 26.8% to US$21.3B, driven by strong trading and wealth management. LINK

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TOGETHER WITH

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CHART OF THE DAY

Global vaccine progress is stalling

ONE MORE SCROLL

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BRAINTEASER

Which four-letter word can go BEFORE "bow", "coat" and "forest" to make three other words?

Answer below

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ANSWER

Rain: Rainbow, Raincoat, Rainforest

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