🗞️ November Monthly Wrap

Good morning. And just like that we're into December and the year is all but done. If your work hasn't cut the spending for your Christmas party then enjoy the event, but don't be that guy who gives unsolicited feedback to work colleagues that you've been dying to say all year.

Today we cover the social media ban for under 16s, the Bitcoin rocket-ship and a big sporting November.

All the headlines and more below...

NOVEMBER IN THREE

1. That’s not very skibidi toilet

Australia is making headlines with a groundbreaking move to ban social media access for children under 16, set to take effect in late 2025. Aimed at tackling mental health and online safety concerns, the policy comes with heavy penalties—platforms like Instagram and TikTok could face fines of up to A$50 million if they fail to comply. While some hail the move as a necessary step to protect young people, others warn of potential unintended consequences, such as isolating vulnerable youth or raising new privacy concerns.

The digital landscape has evolved dramatically since the days of MSN Messenger or ranking your top 20 friends on Bebo. Today, cyberbullying, mental health challenges and alarming statistics on self-harm have pushed policymakers to act. While many parent groups see the ban as overdue, critics argue that it raises questions about consistency—platforms like YouTube are exempt due to their educational value, which some say creates an uneven playing field.

Public opinion largely supports the ban, with 77% of Australians in favour. However, scepticism remains about enforcement. Will it be a robust system or just a simple "tick the box" age verification? Teenagers, known for their tech-savviness, often see restrictions as a challenge, which could ironically increase demand for banned platforms. Whether this bold move sets a global precedent or exposes its flaws will only become clear with time.

2. Bitcoin to the moon

Your friend, who doesn’t trust the government and moved all their money to Bitcoin in 2021, can finally breathe easily again (this includes the entire country of El Salvador, which adopted Bitcoin as a national currency in 2021). The cryptocurrency has surged to nearly US$100,000—one of its highest levels ever—as investors place their bets on a White House they believe might be more crypto-friendly. November marked Bitcoin’s hottest month since February, and the so-called "Trump bump" has many feeling optimistic.

So, why is Bitcoin on the rise? A lot of it has to do with Trump’s surprising shift in tone. Once sceptical of digital currencies, he’s now an outspoken crypto advocate, even talking about turning the US into the “crypto capital of the planet.” This change in stance, coupled with the earlier approval of spot Bitcoin ETFs, has created a wave of institutional interest, with an estimated $4 billion flowing into the market since the election. Investors are speculating on everything from reduced regulatory pressures—Trump has even suggested firing SEC Chair Gary Gensler—to the potential adoption of Bitcoin as a US treasury reserve asset.

Of course, it’s not all smooth sailing. Critics have pointed out the environmental toll of Bitcoin mining, the heightened risks of financial crimes and the uncertainty surrounding Trump’s own foray into the crypto space. These unresolved questions continue to weigh on the industry, even as the markets soar. Whatever happens, Bitcoin has re-entered BBQ conversations whether you like it or not.

3. Healthy competition

The month of November delivered plenty of sporting highlights, from Tyson’s return to a temporary Wallabies revival. Here’s a summary to keep you armed with conversation starters for the boys’ chat at the Christmas party.

India stunned the Australian cricket team with a commanding 295-run victory on home soil, sparking heated debates in WhatsApp group chats across the country. With no David Warner to focus criticism on, attention has shifted to the other senior top-order batters, who now face intense scrutiny heading into the rest of the series. The second Test is this Friday at Adelaide Oval.

The Wallabies injected fresh hope into a struggling Rugby Union fanbase with a stunning win against England, followed by a dominant performance over a lacklustre Welsh side. However, losses to Scotland and Ireland quickly brought even the most die-hard fans back to reality. Spirits remain higher than a few months ago with hope that the Lions tour will be competitive. Hopefully new coach Joe Schmidt can continue the upward momentum.

In one of the more bizarre sporting events of the month, 58-year-old Mike Tyson faced off against YouTuber-turned-boxer Jake Paul. Tyson, unsurprisingly, showcased why 58-year-olds should avoid stepping into a boxing ring, sometimes appearing like he was stuck in mud. Meanwhile, 27-year-old Jake Paul drew criticism for instigating the bout, but his estimated $20 million payday is likely to soften the sting of any armchair criticism.

WHAT DID CORPORATE AUSTRALIA CARE ABOUT IN NOVEMBER?

 
🇦🇺 Top Australian News

1. The Albanese government's $16B university student debt reform is projected to benefit male graduates more than female graduates. LINK

2. A growing divide between young Australian men and women shows increasing directionless behaviour among young men. LINK

3. House prices are declining in 40% of Sydney suburbs and 76.3% of Melbourne suburbs, reflecting widespread market downturns. LINK

4. The decline in graduate hiring at major accounting firms reflects a broader trend of reduced job opportunities for new graduates. LINK

5. The Australian government will mandate businesses to accept cash for essentials by January 2026, supporting 1.5 million cash-reliant citizens. LINK

 🌏 Top Global News

1. In opposing a controversial bill seeking to reinterpret New Zealand’s founding treaty, the Opposition party MP tore up the bill and began a rousing impromptu haka which a number of MP's joined in. LINK 

2. Airbnb's $2.3M sponsorship to host staged gladiator battles at Rome's Colosseum has sparked controversy among cultural critics. LINK

3. Australians visiting the UK will need to obtain a visa from January 8, as Britain implements its universal Electronic Travel Authorisation scheme. LINK

4. Russian lawmakers are considering implementing a childlessness tax, drawing inspiration from policies used during Joseph Stalin's era. LINK

5. An AI-generated grandmother named Daisy Harris has become scammers' worst nightmare by engaging them in lengthy, distracting conversations, demonstrating AI's potential in combatting phone fraud. LINK

 
💼 Top Company News

1. Coles is launching a first-of-its-kind trial of AI-powered shopping trolleys in Australia. LINK 

2. The Australian Federal Police is investigating 4 former PwC partners who could face 10-year jail terms for alleged tax leaks. LINK

3. Aldi has confirmed it will not expand into online groceries in Australia to maintain its position as the country's lowest-cost supermarket, currently holding over 10% market share with 600 stores. LINK

4. Employment Hero faces criticism over workplace culture following controversial statements by its founder and cancelled initiatives. LINK

5. Amazon AU is adding free DoorDash food delivery fees for 24 months to its Prime membership benefits. LINK

6. Instagram now allows users to reset their algorithm to regain control over their content feed, providing a personalised browsing experience. LINK

CHARTS OF THE MONTH

How household debt levels have evolved

Biggest spenders by country

NOVEMBER’S ONE MORE SCROLL

• John Krasinski (Jim from The Office US) has won People's 2024 Sexiest Man Alive, which he was very surprised about.

• This employee monitoring software has attracted attention as it takes screenshots of your desktop at every interval and creates real-time recordings and heat maps of where you click in any program.

• A high court law in the UK has established that calling a bald man “bald”, could potentially constitute sexual harassment.

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