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🗞️ Money glitch
We wonder how many people would take advantage of a payroll loophole like below.
Pick & Scroll News
March 14, 2025
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Good morning. We wonder how many people would take advantage of a payroll loophole like below.
After realising he was responsible for hiring and onboarding employees onto the payroll, a Shanghai man created 22 fake employees and paid them salaries for 10 years, pocketing $2.2M USD.
One of the fake employees was finally picked up after someone in finance recognised the employee had never had a day off. It was even more suspicious considering he was Gen Z.
All the headlines and more below...
AUSTRALIAN NEWS
Australian employer super contributions will increase to 12% from 11.5%
Australian employer superannuation contributions will increase to 12% from 11.5% amidst transfer balance caps rising to $2M from 1 July 2025. LINK
Australia has failed to secure an exemption from Trump's 25% steel and aluminium tariffs. LINK
A Sydney hospital faces an inquiry after a baby died following delays in an emergency caesarean procedure. LINK
Australian Energy Regulator has announced price increases of up to 9% in NSW and 3%-6% in QLD and SA due to higher retail and network costs. LINK
Federal tax revenue will reach its highest level in 19 years due to migration, job growth and mining profits. LINK
WA supermarkets are experiencing egg shortages as avian influenza disrupts national supply chains. LINK
Employers seek to remove penalty rates for IT and finance workers while offering higher base salaries. LINK
The Opposition Leader has changed his stance on public servant office attendance requirements. LINK
Electric vehicle sales through novated leases have increased due to tax exemptions. LINK
Australian agricultural exports have reached $75.6B with significant growth in demand from India and Southeast Asia. LINK
The ACT's city centre traffic faces disruption due to road closures for light rail construction. LINK
GLOBAL NEWS
Australia’s dairy exports gain edge in China
Chinese demand for Western dairy products has created new export opportunities for Australian suppliers. LINK
COMPANY NEWS
Former Woolworths boss Brad Banducci to lead Ticketek owner TEG
Former Woolworths CEO Brad Banducci has been appointed chief executive of TEG, Australia's largest ticketing and events group. LINK
Netflix and Spotify are raising prices and adding premium tiers to maintain profitability. LINK
Australia's media union is demanding News Corp obtain journalist consent before using work for its NewsGPT platform. LINK
NBN's $750M fixed wireless upgrade has attracted only 100 new customers in the December quarter whilst losing more than 1,000 users in the past year. LINK
Nine Entertainment has appointed Matt Stanton as CEO to address workplace culture and financial challenges. LINK
Amora Hotels has acquired Hilton Adelaide with plans for a $40M renovation into a luxury 5-star property. LINK
ASIC has taken FIIG Securities to court over alleged cybersecurity failures affecting client data. LINK
Tesla is contesting a court ruling that invalidated Elon Musk's $100B compensation package. LINK
JPMorgan has acquired a 5.36% stake in Rio Tinto whilst becoming its second-largest shareholder after Vanguard Group. LINK
Blackstone has acquired a Brisbane industrial estate near key transport links for last-mile delivery advantages. LINK
CHART OF THE DAY
Globally, governments face the dual challenge of serving both their employees and citizens effectively
ONE MORE SCROLL
Editor’s Pick: Paris has no stop signs on any of its 6,100 streets.
Draft Pick: Bizarre moment golf star Rory McIlroy grabs a fan’s phone.
Odd Pick: Suspect in jewellery theft swallows $770K worth of Tiffany earrings just before arrest, police say.
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TRIVIA
Which animal holds the title of the hairiest animal on Earth? (Defined as the most hairs per square centimetre).
Answer below
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ANSWER
The sea otter. A 2010 study found that sea otters have 100,000 to 160,000 hairs per square centimetre. By comparison, humans have about ~100,000 hairs on our heads in total.
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