🗞️ Second jobs

Good morning. More than a million Australians are now working a second job, the highest number in the 32 years the Bureau of Statistics has been counting.

That is 1 in every 14 workers and 103,700 more than a year ago, with about 1 in 10 of everyone aged 20-24 now doing it.

Economists put it down to mortgages and the cost of living, which means having a side hustle is the only way to get by these days.

All the headlines and more below...

CBA AND WESTPAC STILL CHARGE OVERLIMIT FEES BANNED 14 YEARS AGO TO CUSTOMERS WHO OPENED ACCOUNTS BEFORE 2012

Commonwealth Bank and Westpac are charging long-term credit card customers $15 a month when they exceed their limit, using a loophole that lets them apply fees banned for new accounts since June 2012. The Gillard-era reform outlawed overlimit fees by default for any account opened after that date, but allowed banks to keep charging customers who signed up earlier. The banks say customers can opt out by contacting them to have transactions declined instead, but the onus is on the customer to act.

CBA and Westpac have both overhauled their credit card programs in recent months ahead of Reserve Bank changes that include a ban on card surcharges and a cap on interchange fees. Neither scrapped the overlimit fee for pre-2012 customers. Even if a customer switches to a different card or is moved automatically when a product is phased out, the fee still applies because the original account predates the ban.

NAB removed overlimit fees for all customers before the 2012 ban took effect. ANZ dropped them for pre-2012 customers holding base level cards, but still charges $20 in some cases.

AUSTRALIAN NEWS

• Australians’ retirement confidence peaks at 60% in their 30s then drops to 40% in their 40s, as cost-of-living pressures and limited financial advice bite. LINK

• Australian businesses are increasingly hiring overseas as 88% report growing difficulty finding qualified local talent, driving year-on-year hiring jumps of 108% in the Philippines and 100% in India. LINK

• The Queensland government has scrapped Labor’s electric bus plan and delayed sector climate plans as it tenders for 630 Euro 6 diesel buses. LINK

• Australian companies are increasingly using “quiet cutting” to trim costs through reduced hours, efficiency drives and AI-linked productivity gains while largely avoiding mass layoffs despite rising economic pressures. AUS

• The federal government has made the $20,000 instant asset write-off permanent for businesses with turnover under $10M, while loan data shows firms borrowing for survival rather than equipment. LINK

• Electric vehicle sales in Australia have surpassed petrol cars for the first time, reaching more than 27,000 August sales or 24.9% of new cars, as high fuel costs and federal efficiency standards boost uptake. LINK

• High-end Sydney chefs and restaurateurs are shifting into scalable fast-casual ventures such as bakeries, frozen yoghurt and rice-bowl chains as fine dining margins shrink and value-seeking diners dominate. AFR

WORKER GAINED $10,000 SWITCHING JOBS. ONLY 7.2% ARE DOING THE SAME

Just 7.2% of employed Australians changed roles in the 12 months to February, the lowest figure since tracking began. Research by the e61 Institute shows the typical worker gains $5,700 by moving, with professionals and executives in demand securing up to 10% more.

Job mobility has fallen steadily across every age group for 2½ years. University of Melbourne economics professor Jeff Borland says the post-COVID drop suggests something beyond economic cycles is at work - possibly heightened sensitivity to job-loss headlines or uncertainty around AI displacing roles. KPMG flagged 5% workforce cuts, WiseTech Global and Atlassian have cut staff, and ANZ plans to shed 3,500 full-time roles and 1,000 contractors this month. Headcount growth at small to medium enterprises peaked in late 2025 and has dropped through 2026.

Unemployment sat at 4.5% in July but remains under pre-pandemic levels. There were 329,500 job vacancies in May, down from the post-COVID peak but well above pre-2020 figures. Retrenchment rates remain lower than before the pandemic. Wage growth of 3.2% in the year to June is being outpaced by inflation at 3.6%, but switching jobs still delivers pay rises 9 percentage points higher than staying put.

COMPANY NEWS

• ASIC has launched a sweeping review of 551 whistleblower complaints at KPMG, Deloitte, EY and PwC since July 2023 as its KPMG auditing scandal investigation widens. LINK

• Workplace Health and Safety Queensland has reopened inquiries into The Star Brisbane after a new safety complaint about its Sky Deck balustrade following an employee’s death. LINK

• Xero apologised for an unapproved Instagram ad from influencer Amelia Sordell suggesting its AI tools could replace accountants, as angry accounting partners accused the company of undermining their profession. LINK

• Anthropic has released an open-source blueprint for merchants to build customised Claude AI commerce agents, which handle customer queries and back-end tasks, as partners like Shopify, Visa and Mastercard support integrations. LINK

• Emirates has introduced adjustable privacy screens, U-Dream headrests and wireless charging in premium economy on new A350s as airlines race to premiumise cabins for higher-paying passengers. LINK

• Pizza Hut launched a $10M overhaul of its Australian network to regain top pizza-chain status as experts warn price-sensitive Gen Z may not be swayed by quality-focused marketing. LINK 

• Lovisa lifted full-year revenue 17.6% to $938.8M and net profit 10.7% to $95.6M as aggressive global store expansion drives strong growth in Europe, the US and Canada. LINK

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CHART OF THE DAY

Is AI taking over the web?

ONE MORE SCROLL

Editor’s Pick: AI models fold when a user pushes back, University of Arizona researchers found, even when the pushback is wrong.

Draft Pick: Pierre Gasly has claimed his maiden F1 pole at Monza, edging George Russell and Oscar Piastri.

Doctor’s Pick: Does exercising make people hungrier and eat more?

TRUE OR FALSE

A monk named Dom Perignon invented Champagne.

Answer below

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ANSWER

False. Contrary to the legend, the famed Benedictine monk didn't invent champagne but his rules for winemaking (1718) helped make it a premier wine of France.

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