🗞️ Pointless

Good morning. Australia’s big banks have started raising credit card fees and cutting rewards points, two months before the RBA’s ban on card surcharges kicks in on October 1.

The ban and tighter caps on card fees will cost the banks about $660M a year, so annual fees are creeping up, interest-free periods are changing and points are getting harder to earn.

The surcharge might disappear from your coffee receipt, but it doesn’t look like the banks will be the ones paying for it.

All the headlines and more below...

COMMONWEALTH BANK REPORTS 76% DROP IN SCAM LOSSES AS $3,000 REIMBURSEMENT RULE NEARS

Commonwealth Bank says customer scam losses fell 76% in the second half of FY25 compared to the peak in the first half of 2023. Australians lost $2.18B to scams in 2025, down 29.7% from the 2022 peak of $3.1B. Investment scams remain the most common and costly, followed by phishing and romance scams.

CBA research released for Scams Awareness Week found 72% of business customers who were scammed didn't discuss the suspicious situation with a colleague before realising it was fraud. Scammers increasingly engineer scenarios that push people from slow, considered thinking into fast, reactive decisions made in isolation.

Under the proposed Scams Prevention Framework, banks, telcos and digital platforms would be required to actively prevent scams, disrupt bad actors on their networks and simplify complaints processes.

AUSTRALIAN NEWS

• Australia’s information media and telecommunications sector has grown company numbers 4% to 26,250 last financial year, outpacing 3.1% broader business growth as SaaS layoffs fuel new startups. CB

• NAB has warned Australian house prices could keep falling for more than 6 months, forecasting a 7% peak-to-trough drop as tax changes and 3 rate rises hit investors. AFR

• Home ownership among younger Australians has stalled at 1940s levels, with fewer than 40% of 25 to 34-year-olds owning a home as rents in some areas soared 80% over the last five years. LINK

KPMG CUTS 27 PARTNERS AND 360 STAFF AS WHISTLEBLOWER SCANDAL AND CONSULTING SLUMP COLLIDE

KPMG Australia is cutting 27 partners and 360 employees after revenue fell to $2.26B in FY26, driven by a 17% drop in consulting and impending client defections following the whistleblower scandal. Boss John Sams told staff the firm expects difficult market conditions to continue in FY27 and did not rule out further cuts.

The firm’s consulting division, its largest, bore the brunt of an industry-wide downturn. Audit revenue grew 11% last year but is expected to reverse as major clients including Lendlease and potentially Macquarie Group, which pays KPMG $70M a year, shift to other auditors. Average equity partner pay fell 13% in FY26.

The scandal broke when it was revealed that senior partners accessed confidential client data to win new business.

COMPANY NEWS

• CBA reported a 76% fall in customer scam losses since their 1H23 peak as it backs a proposed Scams Prevention Framework with automatic reimbursements up to $3,000. LINK

• A senior Fortescue executive has been accused in an HR complaint of years-long sexual harassment, including intrusive personal demands, unauthorised home entry and offers of expensive gifts for favours. AUS

• Almost 4,000 FedEx drivers, warehouse and dock staff will hold two-hour strikes on Friday after the Transport Workers’ Union notified the company on Monday, the first strike in the union’s campaign across more than 200 logistics companies. AFR

• Tesla has recalled 2.98 million China-made vehicles over safety concerns with hidden door handles, as regulators order warning labels and software updates to aid emergency escapes. LINK

• Ampol has reported a replacement cost net profit of $857.2M for the 6 months to June 30 as Middle East conflict-driven fuel price surges boosted its margins. LINK

• Bendigo and Adelaide Bank posted a $375.1M net profit after tax for FY26, swinging back to profit from a prior loss. LINK

• PLS has swung to a $526M net profit after tax for the year ended 30 June 2026, reversing the prior year’s $196M loss. LINK

• Kogan reported record gross sales up 12% to $1.042B and group revenue up 5% to $510.7M as its loyalty subscriptions drive profitability in a weak retail market. LINK

• City Chic Collective reported a full-year net loss of $6.6M as reduced US purchasing due to tariff uncertainty hit revenue, while homeware retailer Adairs posted a $39.4M loss after impairments and exit costs. CB

Hire Ava, the AI BDR built for enterprise

Ava is the first AI BDR to run outbound end to end, finding leads or ingesting your CRM accounts, sending personalized emails on your reps' behalf, and booking meetings, autonomously or on copilot. She runs outbound for DoorDash and Grammarly. She's SOC 2 Type II audited, SSO and GDPR ready.

Book a demo

CHART OF THE DAY

Where travellers look for trip inspiration

ONE MORE SCROLL

Editor’s Pick: A NASA-supported study has found that coastal wetlands from Texas to Maine release a net 800M pounds of carbon annually as marsh erosion outpaces new growth.

Draft Pick: The AFL’s first 10-team finals series opens with a wildcard round, and ladder leaders Fremantle enter ranked the team to beat.

Doctor’s Pick: Is it true that… it’s harder for women to do pull-ups?

TRIVIA

What are the blood types for Blood and Plasma which are universal and can be given to people with any blood type?

Answers below

OUR SOCIALS

ANSWERS

O-negative is the universal donor for whole blood and red blood cells, while AB-positive (or AB-negative) is the universal donor for blood plasma.

Was this email forwarded to you? Sign up here