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Moderna-OpenAI, HECS Discount, and 10 Days of Paid Health Leave
Qantas settles lawsuit for $120M over selling tickets on cancelled flights.
Pick & Scroll News
May 07, 2024
One Read, All Perspectives
Australian News
ATO tightens tax scrutiny, targeting work-related deductions and rental property claims, bolstered by data-matching technology that adjusted nearly half a million tax returns last year. LINK
Victoria's fiscal pressures may impact the federal budget, as the state's treasurer prepares to unveil a budget amidst rising debts and promises of cost-of-living relief. LINK
Unions advocate for reproductive health leave, pushing for 10 days of paid leave nationally for treatments and health screenings. LINK
Dirty corruption money could be flowing from Cambodia to Australia, revealed by a report highlighting $516 million transferred in 2020, with Australia’s real estate sector being a major recipient. LINK
Australians expect brands to contribute positively to society, prioritising fair pay and tax compliance over political involvement -research shows 94% of Australians want brands to pay employees and suppliers fairly, 92 per cent want businesses to provide stable and fair employment and 91 per cent want brands to pay the appropriate taxes in Australia. LINK
Chinese students fare better in Australian visa approvals, contrasting sharply with lower approval rates from countries like Pakistan, Nepal, and India. LINK
Labor intensifies efforts against money laundering, proposing to include real estate agents and lawyers under the scope of anti-money laundering laws to curb the misuse of dirty money in property purchases. LINK
ATO focuses on crypto tax evasion, planning to collect detailed transaction data from cryptocurrency exchanges to ensure traders meet their tax obligations. LINK
Labor's 'prac/placement payment' scheme analysis reveals eligibility concerns, with means-testing likely excluding 30% of students from receiving full benefits for mandatory work placements. LINK
Calls to reinstate HECS discount to aid debt recovery, with criticisms that current reductions in indexation rates are minimal and will not significantly affect future national finances. LINK
Victoria's economic troubles worsen, with dependency on property and population growth leading to a forecasted drop in state revenue. LINK
Farmland price growth expected to slow to 5% in 2024, as the agricultural sector faces higher interest rates and a downturn after years of booming growth. LINK
Gen Z's are misuing AI in job applications, with career consultants noting identical AI-generated cover letters as a common error among young job seekers. LINK
Global News
Company News
Transurban to enhance toll fare transparency, introducing new signage to better inform drivers of costs and benefits. LINK
Qantas settles ACCC lawsuit for $120 million over selling tickets on cancelled flights, agreeing to compensate over 86,000 customers and pay a substantial fine to resolve the dispute. LINK
Westpac boosts share repurchase program by $1 billion and announces a special dividend, despite a 16% drop in profit due to competitive pressures and high operating costs. LINK
Commonwealth Bank introduces an identity fraud detection app, launching ahead of a government initiative, to protect Australians from the increasing threat of identity theft following data breaches. LINK
PwC retains its audit role at Macquarie, surviving a critical review despite controversies surrounding its consulting practices and handling of confidential information. LINK
Dan Murphy’s Endeavour Group reports 2.2% sales growth, but cautions about subdued market conditions, noting a performance lag in its third quarter. LINK
GrainCorp issues profit warning, raising concerns about meeting its earnings target amidst challenging agricultural conditions and global supply pressures. LINK
Controversy over Kogan’s executive payouts, as the ASX questions the $17 million compensation deal just before a significant share price drop. LINK
Moderna collaborates with OpenAI to expedite drug development, aiming to launch 15 new products in the next 5 years by integrating AI across multiple departments. LINK
Telstra postpones 3G network shutdown to August 31, addressing concerns over access to emergency services, with reminders for customers to upgrade their handsets. LINK
This Week’s Top News
Baby Boomers' spending habits have shifted towards supporting family financially, despite maintaining overall spending levels. LINK
Student visa appeals surge, with a significant increase in applications at the national appeals tribunal as rejected visa holders seek to extend their stay in Australia. LINK
Australia, US, Japan and the Philippines have pledged to increase military drills to uphold freedom of navigation in the South China Sea, a response to escalating tensions with China and its maritime claims. LINK
European intelligence agencies report that Russia is escalating covert sabotage activities across Europe, including bombings and arson, as part of a broader conflict strategy with the West. LINK