🗞️ Absurde and Sea King

Good morning. It’s Melbourne Cup day so we hope those in Victoria are enjoying the day off.

While some companies have toned down their Melbourne Cup celebrations in recent years, it’s good to see that a few employees at Macquarie have once again paused their money-printing operations and impressive growth numbers to provide us with their quantitative analysis of the Melbourne Cup.

Fresh off their win last year, picks from their original model—and their new PunterGPT—are here for 2024 for anyone interested.

Good luck, and enjoy the day!

All the headlines and more below...

PunterGPT

PODCAST

🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Australia cancels Lockheed Martin military satellite project

• Australia has cancelled its multi-billion dollar military satellite project with Lockheed Martin to focus on a multi-orbit system due to evolving space technologies. LINK

• The Sydney Marathon has achieved official recognition as a member of the Abbott World Marathon Majors, joining elite events in cities like New York, Tokyo and Berlin. LINK

• Rising orange juice prices due to increased manufacturing costs have improved local farmers' profitability despite consumer cost increases. LINK

• CFMEU delegates in NSW have scheduled a third mass walkout to protest their branch's administration amid concerns over management. LINK

• A Deloitte report reveals 90% of Australians support stricter social media age restrictions due to concerns about children's wellbeing. LINK

• Unions warn that proposals to classify "sleepovers" as breaks in the care industry could result in 28-hour shifts without penalty rates. LINK

• Australians are expected to spend an average of $819 this holiday season, with overall spending forecast to rise 4% despite cost-of-living pressures. LINK

GLOBAL NEWS

Thousands of protesters join London march for clean water

• Thousands of protesters marched through London demanding government action against Britain's water pollution. LINK

• Markets are indicating higher probability of a Democratic victory as Kamala Harris connects with voters while Trump makes controversial statements at a Pennsylvania rally. LINK

COMPANY NEWS

Australian Federal Police raid PwC offices over tax scandal

• Australian Federal Police have raided PwC's Sydney headquarters as part of a criminal investigation into the alleged sharing of confidential government tax plans. LINK

• OpenAI launched ChatGPT search to compete with Google and Microsoft. LINK

• Myer has launched a national Christmas campaign featuring the Humbug mascot, inspired by John Lewis' holiday advertisements. LINK

• Westpac has reported a 3% decline in full-year profit to $7B while announcing a $1B increase in its share buyback program despite mortgage competition pressures. LINK

• Medibank will implement "hyper-localisation" in its customer contact centres following a successful trial to reduce wait times. LINK

• Origin Energy CEO has called for a comprehensive redesign of the National Electricity Market to boost investment in gas power plants supporting renewables. LINK

• NextDC's shares have risen nearly 2% after securing a $2.9B refinancing deal that extends loan maturities and reduces pricing. LINK

• Nine Entertainment's board faces pressure as Institutional Shareholders Service (ISS) recommends voting against its chair and director due to toxic culture concerns. LINK

• Microsoft's AI tool Copilot has generated false criminal allegations against German journalist Martin Bernklau. LINK

• Ryanair has reported an 18% drop in H1 profit due to lower average fares, though it expects moderation in fare declines. LINK

CHART OF THE DAY

How household debt levels have evolved

ONE MORE SCROLL

Editor’s Pick: The CDC declared this vegetable to be the healthiest.

TRIVIA

The race that stops the nation

It's Melbourne Cup day today so we take a quick break from HSC themed questions and delve into some Melbourne Cup trivia.

1. What is the distance of the Melbourne Cup race?

   A) 1,800 metres

   B) 2,400 metres

   C) 3,200 metres

   D) 4,000 metres

2. Who won the 2023 Melbourne Cup?

   A) Gold Trip

   B) Verry Elleegant

   C) Without A Fight

   D) Twilight Payment

3. How many years has the Melbourne Cup been running, as of 2024?

   A) 124 years

   B) 143 years

   C) 163 years

   D) 200 years

4. Which owner holds the record for the most Melbourne Cup wins?

   A) Lloyd Williams

   B) Sheikh Mohammed

   C) Gai Waterhouse

   D) John Singleton

5. Which horse was the first to win the Melbourne Cup three times?

   A) Phar Lap

   B) Makybe Diva

   C) Archer

   D) Kingston Rule

Answers below

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ANSWERS

1. C) 3,200 metres
2. C) Without A Fight
3. C) 163 years
4. A) Lloyd Williams
5. B) Makybe Diva

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