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Good morning. Bitcoin has taken a significant hit in 2026, dropping roughly 30% year-to-date and briefly touching a low of $61,165.

The slide has been driven by a combination of persistent inflation, geopolitical tensions, and heavy outflows from spot Bitcoin ETFs that had previously provided strong institutional support.

With Bitcoin down bad and investor confidence shaken, NFTS now finally have a chance at their long-awaited comeback tour!

All the headlines and more below...

JB HI-FI CAUGHT WITH FAKE 'WAS' PRICES ON 17 PRODUCTS.

The ACCC has ordered JB Hi-Fi to reimburse customers after the retailer advertised products as discounted from higher prices that were either never real, only briefly offered, or had long expired before the promotion ran.

The products included laptops, phone cases, a VR headset and a gaming monitor. In some instances, items were listed at a higher price for just days before being marked down. In others, the "was" price had applied long before the supposed discount kicked in.

Unlike the cases against Coles and Woolworths, the ACCC says this wasn't a systemic strategy and that most breaches were due to system or human error, some of which JB Hi-Fi flagged and fixed before the watchdog stepped in. The company is contacting affected customers directly and processing refunds automatically where possible.

AUSTRALIAN NEWS

• Qantas has launched a domestic airfare sale discounting 1.4M economy seats on 30 routes under $150 and 59 routes under $200 for travel from July 22 to May 23, 2027. LINK

• Employees are being interrupted every 2 minutes during core work hours, averaging about 275 daily distractions from meetings, emails and chats, as constant digital pings undermine workplace focus. LINK

• Australian wages have risen 0.8% in the quarter and 3.1% annually as the Fair Work Commission’s 4.75% minimum wage increase for 2.8M workers is expected to add inflationary pressure. LINK

QANTAS DUMPS 1.4M SEATS AT $105 AS CONSUMER SENTIMENT CRASHES 1.7 STANDARD DEVIATIONS BELOW AVERAGE.

Qantas has put 1.4M economy seats on sale starting at $105 one-way for Sydney-Ballina, with 30+ routes under $150 and 59 under $200. The sale covers travel from July 2025 through May 2027, including Christmas 2026 and Easter 2027. It's the second domestic sale in two months.

Westpac-Melbourne Institute data shows sentiment fell again in June. UBS expects consumption growth to slow sharply toward flat year-on-year. Since the RBA began hiking rates in February 2026, sentiment has dropped 13% tracking near the weaker end of prior tightening cycles. Elevated energy prices from the Middle East conflict and expectations of further rate rises are both weighing on households.

COMPANY NEWS

• JB Hi-Fi has agreed to refund more than $250,000 to 206 customers after an ACCC investigation into allegedly misleading online promotional prices for 17 products. LINK

• Westpac reported a 20% fall in housing investor loan applications in the past 3 weeks as proposed changes to negative gearing and capital gains tax unsettle property investors. LINK

• CA ANZ has ordered KPMG and other top Australian accounting firms to undergo an extra audit quality review focused on ethical standards after the alleged KPMG confidential information misuse scandal. LINK

• CBA shareholders are asking the High Court for damages over allegedly inflated share prices after the bank paid a US$700M AUSTRAC fine for systemic anti-money laundering breaches. LINK

• Super Retail Group unveiled a 5-year strategy to lift its store network from 790 to over 900 by 2031, targeting regional growth with $30M annual costs and $75M FY29 savings. LINK

• Ventia has partnered with OpenAI to roll out ChatGPT Enterprise and API tools across its more than $5B operations, targeting safety, bid management and 15,000-plus field staff. LINK

• PwC withheld hundreds of thousands of dollars in Hong Kong partner payouts from a 2022 business unit sale to fund operations after a HK$1.3B penalty over China Evergrande audits. LINK

• Westpac has pledged to significantly cut costs to revive the underperforming consumer bank as analysts highlight it spends about $1,300 per customer versus CBA's $700. LINK

• Southern Cross Media has told staff that 5% to 8% of its 5,000 employees will be made redundant across every department as it navigates a tightening advertising market. LINK

• KPMG promoted ethical decision-making workshops and cultural reviews in its audit division as executives admitted failing to properly investigate a whistleblower’s data misuse complaint for 2 years. LINK

• KIISFM’s Sydney breakfast timeslot has dropped to an 8.2% audience share after Kyle Sandilands and Jackie Henderson’s departure, losing 132,000 listeners as rival FM shows gained listeners. LINK

WESTPAC SPENDS $1,300 PER CUSTOMER. CBA SPENDS $700.

Westpac's head of retail banking has conceded the division needs to strip out costs after a "lost decade" of underperformance. The bank is spending nearly twice as much per customer as Commonwealth Bank while delivering worse returns.

The disclosure came after Barrenjoey analyst Jonathan Mott pressed retail chief Carolyn McCann on the gap during a strategy briefing in Sydney. She didn't dispute it. She called Westpac "a fantastic franchise with significant unrealised potential" but acknowledged the bank needs to close the efficiency delta.

CEO Anthony Miller has already signalled cost discipline as a priority since taking over last year. McCann's comments suggest retail banking will carry a meaningful share of that effort. Saying it out loud to analysts with a specific dollar figure attached tends to set expectations for headcount and branch decisions.

2026 AUSCORP SALARY SURVEY

Since late 2022, your employer can no longer stop you discussing your pay. But most people still have no idea what the person next to them earns. We're trying to fix that.

This is our biggest survey yet and the more people who contribute, the harder it gets for anyone to be underpaid without knowing it. Anonymous, takes 2 minutes, and the results go straight back to the community.

CHART OF THE DAY

Where fish stocks are most overexploited

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Editor’s Pick: Frida Kahlo's biggest show in years opens at Tate Modern.

Draft Pick: The FIFA World Cup 2026 kicks off tomorrow.

Doctor’s Pick: Ozempic linked to 30% lower breast cancer risk.

TRIVIA

Here are five events that happened on the 12th of June. Put them in order in history:

1. Nelson Mandela is Sentenced to Life in Prison

2. Anne Frank Receives Her Famous Diary

3. Ronald Reagan Demands, "Tear Down This Wall!"

4. The Philippines Declares Independence from Spain

5. Artist Harry Houdini broke free from a straitjacket while hanging upside down forty feet in the air

Answers below

OUR SOCIALS

ANSWERS

1898: The Philippines Declares Independence from Spain
1923: Artist Harry Houdini broke free from a straitjacket while hanging upside down forty feet in the air
1942: Anne Frank Receives Her Famous Diary
1964 - Nelson Mandela is Sentenced to Life in Prison
1987: Ronald Reagan Demands, "Tear Down This Wall!"

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