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Ozempic, Long COVID and Macquarie Group
Significant shift in substance use, Apple's major reveal, and Tasmania's population decline.
Pick & Scroll News
March 01, 2024
One Read, All Perspectives
Australian News
Tasmania faces a population decline as young working Tasmanians move interstate. LINK
The ACCC announced a review into supermarket discounting practices and customer profiling, aiming to scrutinise competition and pricing strategies among major players. LINK
Australian research links ultra-processed foods to a 50% increased risk of death from cardiovascular diseases, highlighting the need for government intervention similar to tobacco restrictions. LINK
Wage growth in Australia has slowed to its lowest rate in over two years, reflecting a shift in the labour market's balance of power back to employers amid economic slowdown. LINK
Long COVID is linked to significant cognitive decline, including memory, reasoning, and planning deficits, in a comprehensive study involving nearly 113,000 people. LINK
Online shopping has been credited with keeping inflation lower, saving Australian households nearly $3,500 since 2019 by exerting downward pressure on goods prices. LINK
Australia's top tax rate is encouraging a trend towards four-day work weeks, as the "Why work eight hours on Friday and get paid for four" mindset takes hold due to tax inefficiencies. LINK
A significant shift in substance use among young Australian women post-pandemic sees them drinking more and matching young men in illicit drug consumption. LINK
Entering the top 1% of wealthy Australians now requires less wealth than before, reflecting the impact of a weaker Aussie dollar and slower economic growth on the country's rich. LINK
The Australian government will restrict pharmacies from creating generic versions of weight-loss and diabetes drugs like Ozempic and Mounjaro. LINK
Global News
Company News
Cash Converters saw a surge in credit product applications, reflecting its profit rebound to $9 million amid the cost of living crisis despite not passing on its +64% increase in interest expenses to customers. LINK
Ramsay Health Care's CEO warned of potential hospital closures due to rising costs and inadequate funding from insurers and the government. LINK
Apple's CEO, Tim Cook, announced significant investments in artificial intelligence, hinting at a major reveal later this year. LINK
Macquarie Group is outperforming the major banks in deposit growth, offering a savings account with an introductory interest rate of 5.35%. LINK
Westpac is cutting 132 jobs, with half of these roles being outsourced to India and the Philippines, as part of its strategy to reduce costs amidst slowing credit growth. LINK
Woolworths faces competition from Coles as its sales growth falls behind, prompting speculation on strategies to improve its market position and price perception among consumers. LINK
Star Entertainment attributed a 14.6% revenue decline to competition from pubs and Crown Resorts, alongside stricter game-time regulations. LINK
This Week’s Top Picks
Headline inflation maintained at 3.4% in January, with rising housing market costs balancing price drops in food staples. LINK
A new text message scam, posing as Medicare, threatens to freeze access to services. LINK
The Workplace Gender Equality Agency's new data reveals significant gender pay gaps within companies. LINK
An extra day in the calendar leap year could prevent Australia from entering a technical recession by adding US$6.6B to the economy. LINK
A record 1.6 million Australians face mortgage stress due to rising interest rates and living costs, with an increasing number dedicating a significant portion of their income to home loan repayments. LINK
The Australian Financial Review reveals gender pay gaps within Australia's top 250 companies, highlighting disparities in base and total pay between genders. LINK
Wage growth is now the main driver of inflation in Australia, with average full-time earnings surpassing $100,000, according to Treasury analysis. LINK
Apple explores new wearable devices, including a fitness ring, smart glasses, and AirPods with cameras. LINK
Regional housing markets see faster growth than capitals, with higher interest rates and migration trends affecting urban home values. LINK
Absurd job titles rise as companies create complex and sometimes misleading roles. LINK
Taylor Swift's Australian concerts expected to add only $10 million to the economy, significantly less than the anticipated impact dubbed "Swiftonomics". LINK
Low-income students to be guaranteed university places, as part of efforts to increase tertiary education access for disadvantaged groups. LINK