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NDIS Misuse, ASIC & P&O Cruises
Carnival Corporation will shut down P&O Cruises Australia due to high port charges and berth difficulties.
Pick & Scroll News
June 05, 2024
One Read, All Perspectives
Australian News
Businesses in regional Western Australia are building homes to attract staff due to a severe housing shortage. LINK
ASIC is investigating 3 lenders over lax systems as housing hardship applications surge. LINK
ABARES forecasts a $3B fall in agricultural export values in 2024-25 despite improved seasonal conditions, reflecting lower exportable supply and global crop price easing. LINK
The government has launched a review into native title laws to address limitations and support economic development for traditional owner groups. LINK
NDIS integrity chief reported 90% of plan managers showed significant indicators of fraud, including misuse of scheme funds for drugs and alcohol. LINK
Immigration has surged as a voter concern now ranking among the top 5 concerns for 24% of voters. LINK
Profit growth has dropped sharply amid a household spending slowdown, with the manufacturing, wholesale and transport sectors hit hardest. LINK
The Government HAFF housing fund applications exceeded 50,000 in the first round. LINK
The world's largest living coral reef exhibit in Townsville remains closed, costing millions in tourism dollars due to delayed refurbishment plans. LINK
Global News
Indian shares fell as early election results showed Prime Minister Narendra Modi's alliance leading but not achieving the expected landslide victory. LINK
Singapore's rapid development of waste-to-aviation fuel capacity threatens Australia's future in the biofuels industry. LINK
Oil prices extended losses amid concerns over rising supply and weakening US demand, with Brent and WTI both falling to 4-month lows. LINK
Company News
Carnival Corporation will shut down P&O Cruises Australia due to high port charges and berth difficulties, folding the brand into Carnival Cruise Line next March. LINK
ASIC revealed up to $2.8M was cut from its audit oversight program, resulting in the discontinuation of its annual report on the big four accounting firms' audit quality. LINK
ABC Radio experienced a ratings crash in Melbourne but saw a significant increase in Sydney. LINK
Block has decided to expand Afterpay in Australia instead of launching Cash App, enhancing features under a new subscription service. LINK
Charter Hall and Dexus are testing CBD office tower valuations with billions of dollars worth of assets quietly offered for sale. LINK
Microsoft is cutting hundreds of jobs in its Azure cloud unit, impacting teams including Azure for Operators and Mission Engineering. LINK
Google is laying off at least 100 employees from its cloud unit across several teams as part of a strategic business evolution. LINK
The Precious Cargo childcare chain has entered administration, with administrators seeking a buyer for the 19-year-old business to continue operations. LINK
Toyota Chairman apologised for cheating on vehicle certification tests, resulting in the suspension of production for 3 models. LINK
This Week’s Top Picks
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 state for housing in Australia. LINK
Hundreds of Victorians are calling the RSPCA each month to surrender pets they can't afford to keep. 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.
