🗞️ Running on empty

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Good morning. The Prime Minister addressed the nation at 7pm last night to tell us the fuel crisis is going to last for months, that we should catch public transport if we can, and not hoard petrol over Easter.

The government has halved the fuel excise, cutting 26 cents a litre from the pump, cancelled the heavy vehicle road user charge, and legislated a national strategic reserve.

If you've read the news for the past 3 weeks, none of that was new. But at least now it's a 7pm national address instead of an email that could've been a Slack message.

All the headlines and more below...

NATIONAL FUEL PRICES (Day-on-Day Change)

The ACCC is actively monitoring the retail fuel market to ensure transparency and compliance with consumer protection standards during this period of disrupted supply.

SABO SKIRT IS SUING KMART, SHEIN AND 14 OTHERS FOR COPYING ITS DESIGNS

Brisbane-based fashion label Sabo Skirt has taken 16 companies to the Federal Court for allegedly duplicating 36 of its clothing designs and selling them at lower quality for lower prices. Shein is the lead respondent, accused of copying 6 items including distinctive patterns, neckline cuts and waist details.

Kmart is also named for allegedly replicating print designs featuring lobsters, shells and leaves. Sabo Skirt is seeking compensation based on total sales revenue from each respondent plus lost intellectual property value and reputational damage. The Iconic sued Shein in late 2024 over a trademark dispute and settled for a confidential sum.

The Federal Court will decide whether "inspired by" has a legal limit.

AUSTRALIAN NEWS

• The federal government is working to shore up fuel supplies to prevent rationing as Australia currently has about 30 days of diesel, 39 days of petrol and 30 days of jet fuel. LINK

• The Australian government has introduced legislation to create an independent aviation consumer ombudsman and protection authority as airlines warn of higher passenger costs. LINK

• Sydney and Melbourne home prices have dropped 0.2% and 0.6% respectively in the March quarter as affluent suburbs face bigger declines amid cost-of-living concerns. LINK AFR

• Australian consumers are experiencing electric vehicle wait times of 2-3 months as BYD and other manufacturers face surging demand fuelled by oil supply risks and higher petrol prices. LINK

• ASIC is investigating managed discretionary and separately managed account providers for conflicts of interest and fee disclosures as sector assets could exceed $400B by 2030. LINK

• Consumers are unlikely to see lower chocolate prices this Easter as the world cocoa price has plunged from US$12,000 to US$3,000 per tonne after increased production. LINK

• Oil prices have fallen over 15% to $99.78 a barrel as global stock markets rallied after Donald Trump claimed the Iran war would end soon. LINK

ATLASSIAN LAID OFF 500 AUSTRALIANS ONE MONTH BEFORE THEIR SHARES VESTED

Atlassian cut almost 500 Australian jobs in March as part of a 1,600-person global layoff. The union representing tech workers says those employees were let go weeks before shares included in their compensation were scheduled to vest, effectively costing them thousands.

Professionals Australia lobbied to extend the notice period to May so departing staff could collect their equity. Atlassian said no. Departing employees received 16 weeks' pay plus a week per year of service, and pro-rated cash bonuses were brought forward.

The timing looks worse given Atlassian's share price has more than halved in 3 months on fears AI will make its business model obsolete. Meanwhile Oracle shocked staff globally this week with redundancies that could number in the tens of thousands.

When a company's entire compensation model is built on equity, the month they choose to make you redundant becomes a financial decision.

COMPANY NEWS

• Sabo Skirt has filed a Federal Court case against Shein, Kmart and 14 other brands alleging they copied 36 of its clothing designs, damaging sales and reputation. LINK

• Logistics providers including Couriers Please, DHL eCommerce and StarTrack have imposted surcharges up to 36.5% amid surging fuel costs. LINK

• Anthropic has signed a memorandum of understanding with the government as it faces a legal battle with the Trump administration. LINK

• Raptis and Sons Group, Australia’s largest wild prawn fishing company, has collapsed with $31.6M owed and 196 jobs lost as administrators failed to secure a buyer. LINK

• ME Bank has faced widespread customer complaints as about 300,000 clients, or 85% of its users, struggled to access accounts and reach support after migrating to its new ME Go app. LINK

• Oracle is laying off thousands of employees as part of a workforce reduction, with 491 redundancies in Washington state effective June 1, while Seattle offices remain open. LINK

• Bosscap Group has collapsed with 14 companies entering administration as almost 100 staff lost jobs and customers faced safety risks from recalled $200,000 EVs. LINK

• Optus has raised the price of its mobile plans by $5 a month effective May 18, increasing some plans by up to 15.4% as the ACCC raises concerns. LINK

• RS Rewards has had its trade promotion licence cancelled by the NSW Department of Fair Trading after multiple breaches of community gaming laws while still running $890,000 in giveaways. LINK

• ING Australia has reported an 11% lift in 2025 net profit to $591M as its loan book grew 12% to $86.4B with residential mortgages up 14%. LINK

• Ford has announced a $4,000 fuel card offer for purchasers of select bi-turbo and four-cylinder cars as used electric vehicle demand has surged 111% in March. LINK

• Australia Post is set to sell 7 major logistics sites for about $400M as it shifts capital into new facilities and updates its network. LINK

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CHART OF THE DAY

Where same-sex marriage is legal

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Odd Pick: Passenger tries to open emergency exit on IndiGo flight before landing.

TRIVIA

How much did the above 3 bedroom, 2 bathroom, 2 car park house sell for in Port Melbourne?

Answer below

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ANSWER

$7 million

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