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AU bans engineered stone, Labor's luxury car tax, and Crown Resorts faces more investigations.
Pick & Scroll News
December 14, 2023
One Read, All Perspectives
Australian News
Australia's home-building sector faces disarray due to a ban on engineered stone products, leaving builders and customers uncertain about existing contracts. LINK
Labor's luxury car tax will include large hybrid vehicles like Toyota Klugers, applying a 33% tax to popular family models under a revised definition of fuel efficiency. LINK
Australia joined other nations in voting for a UN resolution for a Gaza ceasefire, with leaders from Australia, Canada, and New Zealand. LINK
AUSTRAC plans to intensify scrutiny of digital services like payment platforms and currency exchanges in 2024, targeting weak anti-money laundering settings. LINK
Treasurer Jim Chalmers announces that late taxpayers will no longer be able to deduct late fees. LINK
The federal government will invest $22.2M, plus $1.1M annually, to bolster departments following the scandal surrounding PwC Australia. LINK
Seek forecasts a moderation in employment, with a 4.3% decline in job ads from October to November and a 20.2% decrease year-on-year, particularly impacting the professional services sector in NSW and Victoria. LINK
A tax revenue surge of over $65B since May and a $7.4B delay in infrastructure spending have improved the budget's bottom line by $39.6B over four years. LINK
Total Australian ETF funds reached a record $169.7B as of November 30, driven by a mix of net inflows and market appreciation. LINK
Australia sees an increase in micro-taxes, such as levies on goat carcasses and aircraft noise. LINK
The small town of Appin in New South Wales is set to grow by nearly 13,000 homes as part of the state government's Rezoning Pathways program to address housing shortages. LINK
NSW paramedics have agreed to an average 25% pay rise, effective from January 1, averting a potential strike from New Year's Day. LINK
Global News
Argentina announced a significant devaluation of its currency and subsidy cuts as part of emergency measures to address its economic crisis, with the peso devaluing by 50% to 800 to the US dollar. LINK
The COP28 summit of 198 countries endorsed a deal to "transition away" from fossil fuels by 2050, marking the first time oil and gas are explicitly addressed in the climate treaty. LINK
Ukrainian service providers suspect Russia's involvement in a cyberattack that disrupted internet and mobile networks, damaging and locking customer data databases and impacting millions of Ukrainians. LINK
Company News
Netflix released its first-ever engagement report, revealing viewership data for movies and series. LINK
Warren Buffett's Berkshire Hathaway has halved its stake in HP. LINK
Victoria's casino regulator is investigating Crown Resorts following allegations that its CEO allowed customers removed by security to return to its premises in Melbourne. LINK
Ernst & Young is laying off dozens of partners across its US businesses, with cuts concentrated in advisory services, as the firm faces slowing demand and cost-cutting pressures after its failed break-up plan. LINK
Fitbit will pay an $11M ACCC fine for misleading consumers about the fitness and suitability of its smartwatches and fitness trackers. LINK
Other News
Australia's food regulator has deemed cell-cultured quail meat safe to eat, finding no allergy or nutrition risks, potentially paving the way for the cell-cultured meat industry's growth. LINK
A V/Line strike in Victoria disrupted the regional rail network, causing significant delays and stranding thousands of commuters. LINK
This Week’s Top Picks
Construction and professional, scientific, and technical services industries in Australia experienced the highest number of redundancies, accounting for nearly 25% of all retrenchments since November 2022. LINK
The ACCC reviewed over 100 online content creators, finding that 81% had posted misleading content, flagging concerns about the accuracy and honesty of influencer marketing. LINK
Australian CFOs are increasingly concerned about rising costs and higher interest rates, leading to a pessimistic outlook with potential investment cuts and layoffs. LINK
Adidas shifts its focus to emerging sports like breakdancing, climbing, skateboarding and BMX for next year's Paris Olympics. LINK
60% of employees hide who they are at work, downplaying aspects of themselves to conform to norms. LINK
Australia will triple fees on foreign purchases of existing homes. LINK
Zoom meetings are considered ineffective for meaningful staff interactions, with employees increasingly opting for silence in meetings due to various factors. LINK
Puma will end its sponsorship of Israel's national football team next year, in a decision made before Hamas' Oct. 7 attack. LINK