🗞 Sharing the Good Stuff

Good morning. We're all about sharing the good stuff so if you know someone who could use a little more Pick & Scroll in their life, pass this newsletter along.

Plus, as a little thank you, every referral this week puts you in the running for a $100 voucher at Edes Restaurant & Bar.

Your referral link is here. Thanks very much for your support, and here’s to a great week ahead!

All the headlines and more below...

AUSTRALIAN NEWS

Sydney Metro M1 line transports over 1 million passengers in first week

• The Sydney Metro M1 line saw over 1 million passengers in its first week of operation, with 99% of services running on time. LINK

• Banks and the government have intensified efforts to protect Australians from scams, with some early successes. LINK

• Financial elder abuse is growing as our population ages rapidly and some family members want inheritances sooner. LINK

• Domestic violence crisis services are currently so stretched that some victims do not receive a response. LINK

• The right to disconnect legislation, effective today, will give employees the right to ignore after-hours contact from employers unless it is unreasonable. LINK

• Regional QLD schools are struggling to attract and retain staff. LINK

• Underquoting complaints - deliberately advertising a property for less than its expected selling price - have surged, with buyers in Melbourne and Sydney expecting properties to sell for significantly more than the advertised prices. LINK

• QLD, SA and the ACT have signed new infrastructure funding agreements with the Commonwealth, requiring states to cover a greater share of project costs. LINK

• Top corporate tenants are retreating to high-amenity office spaces in Sydney's CBD core, leaving fringe buildings with soaring vacancy rates. LINK

• Auction clearance rates in Sydney and Melbourne are holding steady as the spring selling season approaches, but there has been an increase in listings. LINK

• Developers are turning to micro apartments as a solution to the housing crisis, with plans to build thousands across Australia. LINK

GLOBAL NEWS

Putin tells Russians to get over it, as anxiety grows over Ukraine

• Putin's regime has launched a propaganda campaign urging Russians to accept Ukraine's occupation of Russian territory as the "new normal." LINK

• Sicilian authorities have launched a manslaughter investigation into the sinking of Mike Lynch's superyacht, which claimed 7 lives. LINK

• An enormous error in US payroll data has overstated the US economic boom, leading to predictions of a possible jumbo rate cut by the Federal Reserve. LINK

• A slower New Zealand economy is impacting ASX-listed companies, with construction materials supplier Fletcher Building, Seek and retailer Kathmandu impacted by the downturn. LINK

• China has suspended approvals for new steel plants due to a deep demand slump, raising concerns for Australia's iron ore miners. LINK

COMPANY NEWS

Poultry producer Inghams warns chicken sales will slow this year

• Inghams Group warns that while chicken sales grew strongly in FY24, growth is beginning to slow as consumers opt for cheaper cuts or smaller quantities. LINK

• Spirit of Tasmania has been fined $4,000 in relation to the deaths of 16 polo ponies on its ship. LINK

• Microsoft will hold a cybersecurity summit in September after a global IT outage caused by a faulty update from CrowdStrike affected millions of devices. LINK

• Fisher & Paykel Healthcare has upgraded its earnings guidance due to increased demand for its respiratory devices from hospitals. LINK

• Deloitte reported an external hiring freeze in the private sector with unemployment expected to rise. LINK

• Wesfarmers plans to enter the retail media sector with Bunnings, Officeworks and Priceline launching their own media businesses to diversify revenue. LINK

• CBA has cut interest rates for some home loan products. LINK

• Bank of Queensland's recent restructuring is seen as laying the groundwork for a potential merger with Bendigo Bank including significant job cuts and a shift in branch ownership. LINK

• Tabcorp has been fined $4.6M by the Victorian Gambling and Casino Control Commission for repeated breaches of the gambling code. LINK

• APRA has increased ANZ's capital add-on by $250M due to suspected misconduct at its bond trading unit. LINK

• Shein found 2 cases of child labour at its suppliers last year, suspending orders from the suppliers until they strengthened their processes. LINK

• Nvidia and Jeff Bezos-backed Perplexity AI plans to introduce advertising on their AI-powered search platform by Q4. LINK

TOGETHER WITH

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CHART OF THE DAY

AI could have the biggest job impact in the Finance Industry

THE ODD PICK

High Court stays probe against man accused of cruelty for denying wife French fries

TRIVIA

National Traffic Awareness Month

I'm sure you already knew this but it's National Traffic Awareness month (feels like it doesn't need its own month but gives a good trivia topic so here we are).

We've taken 5 cities from Tomtom's top 50 worst traffic cities. Can you put them in order from worst to 'best'?

London, Vancouver, Sydney, Rome, New York

Answers below

ANSWERS (with rankings out of 50)

1. London (ranked worst)
2. Rome (12th)
3. New York (20th)
4. Vancouver (32nd)
5. Sydney (47th)

The full list of cities is here. For the record, Melbourne was 63rd.