- Pick & Scroll News by The Aussie Corporate
- Posts
- 🗞️ Running on empty
🗞️ Running on empty
Australia's economy grew a modest 0.4% in the three months to June, and much of what kept it moving was households buying electric cars, with vehicle purchases up 10.3% while spending on petrol and travel fell.
Pick & Scroll News
September 03, 2026
Was this email forwarded to you? Sign up here
Good morning. Australia's economy grew a modest 0.4% in the three months to June, and much of what kept it moving was households buying electric cars, with vehicle purchases up 10.3% while spending on petrol and travel fell.
Nearly half of the lift in discretionary spending came from cars alone, and the ABS's read is that people are switching to EVs to stop paying for petrol at current prices.
The reward for keeping things ticking over is that traders now think a rate rise on 29 September is more likely than not.
All the headlines and more below...
NEW DISCRETIONARY TRUST FORMATIONS DROPPED 70% AFTER BUDGET ANNOUNCED MINIMUM 30% TAX
Hub24's NowInfinity platform, which handles a quarter of all company formations in Australia, recorded a 70% drop in new discretionary trust formations in July and August. Accountant William Buck saw a 66% fall and Smats Group dropped 50%. About 840,000 discretionary trusts operate in Australia, almost triple the number from 3 decades ago.
Treasury is still working through submissions on how the tax will be applied and has not released draft legislation. Rollover relief to move assets out of discretionary trusts is scheduled to begin 1 July 2027, but NowInfinity chief executive Tim Steele said no timeline has been confirmed for the draft bill.
Advisers expect formation rates to recover once uncertainty lifts, as trusts still offer asset protection advantages that companies do not. Switching to a corporate structure avoids the minimum tax but brings higher regulation.
AUSTRALIAN NEWS
Australian universities have widely adopted AI tools to support teaching and some assessment tasks, while most still ban AI from grading, insisting human academics retain final judgment and responsibility. LINK
Refinancing lodgements jumped 16% in August compared to the same month last year, driven by cost-of-living pressure and 3 RBA rate rises since the federal budget. AFR
CBA has sharply downgraded its housing outlook, now expecting national dwelling prices to fall about 9% and 5-capital city prices 10%, with Sydney down 13% and Melbourne 12%. LINK
The RBA is widely expected to restart rate hikes to at least 4.6% as stronger than forecast GDP, inflation and household spending show demand still outpacing supply. AUS
Older, wealthier property investors stand to benefit as falling home prices and rising rents push national gross rental yields from about 3.8% towards the highest levels this century. AUS
The federal government’s electric car discount scheme has funded over 100,000 EV purchases at a cost above $3B in forgone fringe benefits tax while upcoming April rule changes will sharply reduce its generosity. AUS
DATA CENTRES PAYING JUNIOR ELECTRICIANS $200,000 AS AI BOOM COLLIDES WITH HOUSING AND ENERGY GOALS
1 in 10 members of the Electrical Trades Union now works on data centres, up from almost none a few years ago, as electricians with 2 years' experience earn $200,000 working overtime on builds in Sydney and Melbourne - more than double what early-career accountants, lawyers or teachers make.
The AI infrastructure rollout is colliding with 2 other generational builds, the Albanese government's 1.2M homes by 2030 and the energy grid transition. All 3 need the same workers, and all 3 will hit peak demand at the same time. The Burning Glass Institute estimates the shortfall will peak at 5,433 electricians in the third quarter of 2028, when energy grid connections are busiest, data centre projects progress through planning and housing construction reaches its fastest pace.
Apprentice numbers rose to 65,000 in 2023-24, but the total number of fully qualified electricians has stayed flat. It takes 4 years to qualify, so anyone starting today won't ease the 2028 crunch. Housing is expected to lose the bidding war as data centres pay a wage premium residential developers on tight margins can't match, and the Electrical Trades Union says the residential sector is already being stripped of workers.
COMPANY NEWS
ASIC has been criticised over its role in allowing systemic problems at KPMG to fester as revelations of widespread cheating and dishonesty raise concerns about compromised audit judgement. LINK
Qantas ground workers have voted 97% in favour of industrial action that could see more than 600 staff stage stoppages of up to 24 hours, threatening September school holiday travel. LINK
Telstra has accepted an external report finding preventable governance and prioritisation failures, including missing firmware updates and inadequate monitoring, caused July’s national outage and Triple Zero disruptions. LINK
Atlassian has introduced per-credit charges for excess Rovo AI usage from December as it shifts towards outcome-based pricing, with customers paying US1¢ per credit once limits are exceeded. LINK
Recycling Plastics Australia has entered voluntary administration after a major supplier’s insolvency derailed its plans to expand soft plastics processing using a $20M federal grant. LINK
Uber announced plans to cut about 3,300 corporate jobs, or 10% of its global workforce, as it simplifies management, tightens office attendance and invests $10B in autonomous vehicles. LINK
Uber drivers across the UK, the Netherlands and other European countries have launched a landmark class action against Uber alleging its AI-driven dynamic pay algorithm unlawfully profiles them, cuts earnings and breaches GDPR. LINK
Yo-Chi has rapidly expanded from 4 to more than 70 stores and is planning 150 outlets across 5 countries as sales surge 55% to over $227M and profits double. AFR
Country Road Group swung to a $250M net loss for FY26 as second half sales fell amid higher interest rates, rents and fuel prices, despite margin improvements. AUS
Master Claude AI (Free Guide)
The professionals pulling ahead aren't working more. They're using Claude.
Our free guide will show you how to:
Configure Claude to be the perfect assistant
Master AI-powered content creation
Transform complex data into actionable strategies
Harness Claude’s full potential
Transform your workflow with AI and stay ahead of the curve with this comprehensive guide to using Claude at work.
ONE MORE SCROLL
Editor’s Pick: Remote workers reported the highest well-being and office-bound staff the lowest in a study of 7,700 employees, and a year on, the unhappiest were the ones who had quit.
Draft Pick: Fremantle has recalled five players and Hawthorn has brought back Jack Ginnivan ahead of Thursday night’s qualifying final.
Doctor’s Pick: Keto diet may offer benefits beyond weight loss.
TRIVIA
The dot over the ‘i’ and ‘j’?
The technical term for the hashtag symbol (#)?
The smell after rain?
The small plastic or metal sheath attached to the end of a shoelace?
Answers below
OUR SOCIALS
 |