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McDonald's, Meta and McGrath
Virgin AU flight turned back midway, Gucci sales slump, and Tax cuts fail to compensate for tax bracket creep.
Pick & Scroll News
March 26, 2024
One Read, All Perspectives
Australian News
New system to track labour hire in government introduces the Contractor Reporting, Integrity Information Solution system for a comprehensive overview of labour hire usage. LINK
NSW to revitalise TAFEs as central community hubs after a review highlights years of mismanagement and declining public and industry confidence. LINK
NSW wage claims up to 8% from unions could set a precedent for broader pay increases across Australia, as they prepare to negotiate new agreements. LINK
Shift of bank lending from housing to business encouraged for a healthier economy, reflecting on historical shifts towards residential mortgage lending. LINK
Long wait times for mortgage transfers between big banks, despite ACCC efforts to speed up the process, result in lost savings for borrowers. LINK
Tax cuts fail to offset inflation for high earners, with those earning over $224,000 a year not compensated for tax bracket creep. LINK
$19 billion in dividends to soon be distributed to shareholders and super funds from profits recorded in the recent reporting season. LINK
Western Australia's tourism revival is boosted by new direct flights, with Qantas and Thai Airways among the airlines contributing to the surge. LINK
Global News
China phases out US tech in government PCs, aiming to exclude Intel and AMD microprocessors and Microsoft's Windows in favour of domestic alternatives, enhancing "safe and reliable" tech procurement. LINK
Company News
Blackbird slashes valuations of top Aussie start-ups such as Culture Amp, Eucalyptus and Hivery. LINK
Gucci's recent sales slump in China has alarmed the luxury fashion industry, with some companies reconsidering their heavy reliance on the Chinese market. LINK
McDonald's has terminated its partnership with its local franchisee in Sri Lanka, leading to the closure of all 12 outlets in the country. LINK
Meta's encryption expansion is anticipated to significantly hinder child abuse investigations, potentially masking severe offenses under enhanced privacy measures. LINK
ANZ Group settles class action over credit card interest charges for $57.5 million, addressing allegations of "unfair contract terms and unconscionable conduct" without admitting liability. LINK
Nissan's business plan targets an additional 1 million vehicle sales by fiscal 2026 and aims for a 30% reduction in electric vehicle production costs by 2030, striving for cost parity between EVs and combustion engines. LINK
Kelsian avoids disruption with a last-minute pay deal for Kangaroo Island ferry workers, resolving a long-standing enterprise agreement dispute just before the Easter tourist surge. LINK
Meta platforms attract scammers, with nearly 100,000 scam incidents detected across Facebook, Instagram and WhatsApp, far surpassing rivals like X and Reddit. LINK
G8 Education settles class action for $46.5 million, reaching an agreement over allegations of financial losses suffered by shareholders due to downgraded forecast earnings for 2017. LINK
Virgin Australia's flight returns to Brisbane midway through its journey to Queenstown due to engineering issues, choosing to turn back due to unavailable support in the destination. LINK
CBA invests in Global Screening Services, a UK start-up improving standards for screening cross-border payments against international sanctions lists, with plans to deploy for international payments next year. LINK
BWP nears Bunnings property deal securing 57.5% ownership of Newmark Property REIT, aiming for over 80% control to ensure the merger progresses. LINK
McGrath endorses buyout by Knight Frank and Bayleys, closing its turbulent nine-year period on the sharemarket and marking a return to private ownership. LINK
This Week’s Top Picks
Cancellation fees rise at restaurants to counter last-minute no-shows, impacting venues' revenues significantly. LINK
71% of Australians have concerns over a cashless society, especially the elderly who rely on cash transactions. LINK
Mortgage delinquencies hit a post-pandemic high, with more Australians struggling under the current high-interest rates. LINK
Truck sales soar amidst economic challenges, reflecting a demand surge in logistics and delivery services. LINK
Australian music sales hit a record $676 million in 2023, with streaming accounting for 69% of revenue and vinyl records growing 14% to $42 million. LINK
About 5% of mortgage borrowers spend more than their income on essentials and their mortgage. LINK
PwC's role in Evergrande's accounting is being scrutinised by Chinese authorities following accusations of a $78 billion fraud. LINK
Australia ranks as the 10th happiest country in the world, moving up two spots and surpassing New Zealand according to the latest World Happiness Report. Finland remains number one for the seventh consecutive year. LINK