🗞️ Perth gets defensive

Good morning. In a real rise against the machines other states, some Perth property owners are rejecting higher interstate offers when selling their homes, preferring local buyers to counteract rising property prices.

Which begs the question - would you sell your house for $10k less for the good of the local property market? We didn’t think so...

All the headlines and more below...

AUSTRALIAN NEWS

Building company insolvencies at the end of June were already on par with 2018-19 full-year totals

• Perth homeowners are rejecting interstate offers and preferring local buyers to counteract rising property prices. LINK

• Insolvencies in the building and construction sector are expected to exceed historical highs in 2024. LINK

• Health insurance is proving ineffective for families wanting private maternity care due to ward closures and high out-of-pocket costs. LINK

• Australians' favourite sports are changing, with activities like climbing and hang-gliding gaining popularity. LINK

• Op shops are overwhelmed with clothing donations, now faced with the prospect of sending excess stock to landfill. LINK

GLOBAL NEWS

Big donors swing behind Kamala Harris with $41M

• Kamala Harris secured $41M from major Democratic donors after Joe Biden dropped out of the presidential race due to concerns about his mental and physical ability. LINK

• China and the Philippines have signed a deal to reduce confrontations in the South China Sea. LINK

• South Korea warned that its demand for Australian thermal coal will decrease as it shifts to nuclear power and experiences milder weather. LINK

COMPANY NEWS

Booming Cash Converters revenues point to squeeze on the poor

• Cash Converters reported an 11% revenue increase in Australia, indicating a rise in asset sales by households under financial stress. LINK

• Meta is in talks to buy a 5% stake in Ray-Ban maker EssilorLuxottica, following EssilorLuxottica’s recent acquisition of streetwear brand Supreme for US$1.5B. LINK

• Super Retail saw the departure of several executives who had made allegations of improper workplace behaviour. LINK

• CrowdStrike outage could cost Australian businesses over $1B, with impacts expected to last for months. LINK

• Google has renewed deals under the News Media Bargaining Code with Australian publishers, adding an annual cancellation clause. LINK

• Australia’s Infrastructure Minister ordered a review of major construction projects after allegations of CFMEU-linked criminal activity. LINK

• Virgin Australia will end its Cairns-Tokyo service in February 2025 due to weak demand from Japanese travellers. LINK

• Synchron has integrated ChatGPT into its brain-computer interface, enhancing communication for patients with paralysis. LINK

• Woodside Energy acquired US LNG company Tellurian for $1.35B to expand into the Gulf of Mexico. LINK

• MLC is showing signs of recovery with an earnings upgrade under new leadership at Insignia Financial. LINK

• Lendi and Aussie Home Loans face internal issues, including disputes over mortgage referrals and poor morale. LINK

• Mighty Craft entered voluntary administration after failing to merge with Better Beer and amid asset sales to pay down debt. LINK

COUNTRY MANIA

It’s Game Time

Country of the Week: On the back of Spain's successful week last week; winning the Euros, Wimbledon Mens, Sail GP and even beating Tonga at Rugby (yes they play rugby), Spain is our Country of the Week. Can you nail the 5 questions below?

• What is the capital?

• What are the two primary flag colours?

• What month is the Running of the Bulls Festival held?

• What is the population (+ or - 10%)?

• What is their largest export market?

Answers below

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ANSWERS

1. Madrid
2. Red and Yellow
3. July
4. 48 million (Give yourself a mark if you were between 43 and 53 million)
5. Vehicles