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- NRMA Home Loans, Housing Affordability, and Mercedes-Benz
NRMA Home Loans, Housing Affordability, and Mercedes-Benz
Rent inflation to peak in the next 6 months, Coles and Woolies face growing distrust, and AGL power suppliers fined $6M.
Pick & Scroll News
October 27, 2023
One Read, All Perspectives
Australian News
The Financial Services Council has argued that Australia lags behind Singapore as an investment hub due to restrictive regulations, suggesting reforms could attract more offshore capital. LINK
Victorian Premier Jacinta Allan aims to seize a $500M share of the state's electricity market for the State Electricity Commission by targeting manufacturers, schools and hospitals. LINK
The Albanese government has lifted restrictions on commercial US rocket launches in Australia, facilitating collaborations with companies like Elon Musk's SpaceX to compete against China in the space race. LINK
Victorian households can now claim up to $3,600 in rebates for various appliances as the government intensifies its efforts to reduce consumer gas demand. LINK
The gap in housing affordability is widening as Australia's house prices are close to setting new records. LINK
Increasing listings and poor affordability have reduced house price growth in Australian capital cities by a third, to 1.9% in the September quarter. LINK
Despite rising interest rates, the housing market in WA and Victoria may remain robust due to a substantial undersupply of homes. LINK
Rent inflation may peak at a 34-year high of 10% in the next 6 months, exacerbated by a nationwide vacancy rate of 0.8%. LINK
The number of farmland real estate sales in Australia has decreased significantly due to factors like El Niño and drought, affecting land price growth. LINK
ASIC has yet to prosecute any construction companies suspected of insolvent trading. LINK
Streaming has become the largest income source for composers and songwriters. LINK
Global News
Israel has paused its planned invasion of Gaza at the US request to allow time for protective measures for American military bases in the region. LINK
The Japanese yen dropped to a near-33-year low against the US dollar, prompting concerns about potential intervention by Japanese authorities. LINK
High interest rates are challenging the rapid transition to electric vehicles, marked by the dissolution of a General Motors-Honda partnership and warnings from a battery maker. LINK
Company News
Mercedes-Benz grapples with supply chain issues and price cuts in the electric vehicle market, prompting the luxury carmaker to anticipate hitting the lower end of its 12-14% sales return forecast. LINK
AGL power suppliers have been fined $6M for failing to stay on standby during emergencies like bushfires, breaching their promise to customers. LINK
Westpac sees a 1.1% drop in shares as it announces a $173M reduction in profits due to restructuring and litigation costs. LINK
JB Hi-Fi reports a 0.2% slide in shares following a 0.1% decrease in its Australian sales according to its latest quarterly update. LINK
Wesfarmers boss Rob Scott calls for more productivity, cautioning that rising wages without corresponding productivity gains might lead to interest rate hikes. LINK
Boral averts a shareholder strike at its annual meeting, despite recent pressure to revise its 2025 carbon emissions targets. LINK
Meta’s growth rebounds in digital ads, marking a shift after years of digital advertising slump and cost-cutting efforts. LINK
Law firm Gilbert + Tobin relocates to Charter Hall’s Chifley Tower, further straining tenant retention at the Barangaroo precinct. LINK
Coles and Woolworths face growing consumer distrust as in-store technology and rising prices spark concerns. LINK
NRMA Insurance disrupts the mortgage market with a new offering funded by Bendigo Bank, potentially impacting major banks. LINK
Crown Resorts experiences a financial shortfall as hefty compliance measures and fines outweigh a 44% revenue boost. LINK
Fortescue struggles in its quest for a 5th iron ore export record, only managing an annualised rate of 182M tonnes in the last 3 months. LINK
Strategy firm Bain has deferred the start dates for its new Australian employees until October next year, indicating uncertainty about its future workload. LINK
This Week’s Picks
Australia's headline Consumer Price Index rose by 1.2% in the September quarter. LINK
The overseas student boom in Australia shows signs of slowing, evidenced by a slight decrease in visa applications in September. LINK
Details have been released concerning which suburbs near Sydney's new international airport will receive insulation against aircraft noise. LINK
A casual teacher shortage in NSW is affecting nearly every public school, leaving almost 10,000 lessons without adequate educational support daily. LINK
Ferrero Rocher has abandoned its $80M hazelnut orchard project in NSW, potentially removing up to 1M hazelnut trees. LINK
Medibank initiated a 4-day work week trial without loss of pay, as part of a global movement towards changing traditional working conditions. LINK
Halloween chocolate is more expensive this year due to El Niño affecting the cacao bean crop. LINK
China announced the potential easing of Australian wine tariffs, highlighting thawing trade tensions between Australia and China. LINK
Qantas is increasing airfares by 3.5% this week in response to escalating fuel costs. LINK