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Minimum Wage, La Niña & Mounties
Donald Trump has joined TikTok, the app he once tried to ban, to appeal to younger voters.
Pick & Scroll News
June 04, 2024
One Read, All Perspectives
Australian News
House prices in some of the cheaper suburbs in Sydney and Perth surged by more than 10% in 3 months. LINK
Queensland is now the second most expensive city for housing in Australia. LINK
Generative AI tools for lawyers produce false or misleading information up to 1 in 3 times, according to a Stanford University study. LINK
Hundreds of Victorians are calling the RSPCA each month to surrender pets they can't afford to keep. LINK
Despite Australia's large farming industry, only 3% of spices are locally grown. LINK
Noosa Shire Council will tow away vehicles parked overnight at popular beach lookouts as part of a crackdown on illegal camping. LINK
Australian farmers are expected to increase winter crop planting amid a positive outlook for NSW and Queensland driven by a La Niña recovery. LINK
Business class airfares to and from Australia are falling closer to pre-pandemic prices as airlines ramp up international operations and leisure travel stabilises. LINK
The Fair Work Commission has raised the national minimum wage by 3.75%, effective July 1. LINK
Australian home prices climbed at their fastest pace since October, with national home prices rising 0.8% in May due to a supply squeeze in major capital cities. LINK
Global News
OPEC+ has extended deep production cuts into next year to stabilise oil prices but plans to start rolling back some of these cuts in October. LINK
Iran is open to reviving talks with Australia about accepting the return of failed asylum seekers after threats to blacklist the country from travel to Australia. LINK
Donald Trump has joined TikTok, the app he once tried to ban, to appeal to younger voters, gaining 2M followers with his debut video. LINK
Global airlines have raised their profit forecast for 2024 to $30.5B, driven by a record number of travellers despite recent strikes. LINK
Company News
Zara is expanding its live shopping broadcasts to the UK, Europe and the US, testing a format popular in China. LINK
Online fashion firm Shein is preparing for a potential London float, which could value the company at around £50B (US$63.70B). LINK
Qatar Airways CEO reports positive progress in talks with the Australian government to expand the airline's flight rights, aiming to double daily services to major Australian cities. LINK
Afterpay warns that the federal government's proposed rules on regulating buy now, pay later providers create regulatory uncertainty and fail to understand the usage of these credit products by millions. LINK
Sydney's Mounties club, a major operator of poker machines, is under AUSTRAC scrutiny for non-compliance with anti-money laundering and counter-terrorism laws. LINK
Trend Micro is working with Nvidia to create new AI-powered cybersecurity tools designed to protect data centers where AI work occurs. LINK
Emirates President warns that seatbelt signs will stay on longer as airlines take a more cautious approach to turbulence following the Singapore Airlines incident. LINK
This Week’s Top Picks
Over $18B in cryptocurrency has moved into re-staking platforms offering rewards for locking up tokens. LINK
Australia's wealthiest 200 individuals now control $625B, reflecting an 11% increase in their total fortune, with technology, resources and property driving growth. LINK
Guzman y Gomez is preparing for a $2.2B IPO on the ASX in June. LINK
Qantas will establish Perth as a major aviation hub with a $3B investment in new terminal and runway infrastructure at Perth Airport. LINK
Nvidia unveiled its next-generation AI processors, Rubin. LINK
How much did we spend in April?
April's retail trade figures indicate continued consumer caution, with minimal growth suggesting broader economic challenges impacting spending habits.
Key Highlights:
Retail trade saw only a marginal increase of 0.1% month-over-month in April, following a decrease of 0.4% in March.
Influences such as high interest rates and inflation are continuing to constrain consumer spending, particularly on non-essential items.
What do the stats say?
Retail trade growth stands at just 1.3% year-over-year, which is below both inflation and population growth rates, indicating a squeeze on household budgets.
Key sectors such as Food Retailing and Clothing & Footwear experienced declines, whereas categories like Other Retailing, which includes goods like pharmaceuticals and cosmetics, saw a rise.
Challenges:
The minimal growth and the shift towards essential spending highlight significant challenges for the retail sector, particularly in adapting to reduced discretionary spending.
Outlook for Retail Trade:
Given the current economic indicators and consumer sentiment, the retail sector may continue to face challenges until broader economic conditions such as inflation and interest rates stabilise. However, upcoming fiscal measures like tax cuts and rebates could provide a temporary boost to consumer spending.
