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Shein, IKEA and Housing Affordability
Record Black Friday sales, Australia's gender pay gap, and Victoria property tax to triple.
Pick & Scroll News
November 29, 2023
One Read, All Perspectives
Australian News
Victoria is set to triple its tax on unused Melbourne properties for three years to address the housing supply crisis. LINK
Australia’s national gender pay gap has dropped to 21.7%, with upcoming mandatory disclosures expected to drive it lower. LINK
Renters in major capital cities could financially benefit from buying their residences amidst a rental affordability crunch. LINK
The Albanese government is preparing legislation to re-detain severe international offenders that fall under the indefinite detention category. LINK
Melbourne home values may experience a monthly decline for the first time since January due to an oversupply, while Sydney's market also slows down. LINK
Retail sales dropped by 0.2% in October from September, defying the predicted 0.1% rise, indicating the impact of high borrowing costs on consumers' budgets amidst soaring inflation. LINK
RBA Governor Michele Bullock forecasts that robust demand is prompting businesses to transfer increased wages and costs to consumers, while monetary policy may not actually bring down costs in energy, rents, and premiums. LINK
Rising iron ore prices, spurred by China's demand, are projected to bring an additional $2.1B to the federal government's revenue. LINK
Growing investor interest in Specialist Disability Accommodation (SDA) has led to a three-year high in supply of high-physical-support units. LINK
Black Friday sales in Australia are set to hit a record $6.36B, with retailers offering deeper discounts averaging 30% this year. LINK
Housing affordability is expected to worsen due to high interest rates and reduced new supply, despite slowing price growth. LINK
The ATO warns small business operators against using unpaid tax and superannuation liabilities to bolster cash flow. LINK
The call centre industry is set for a revamp as AI and chatbots are likely to replace lower-level staff to improve customer complaint handling. LINK
Global News
Israel and Hamas have agreed to extend their ceasefire for an additional two days, hinting at the potential for more hostage and prisoner exchange. LINK
Expectation of a US spot Bitcoin ETF contributes to inflows into digital-asset investment products for the ninth consecutive week, with last week seeing US$346M (A$523M) inflows, mainly from Canada and Germany. LINK
South Korea aspires to become the world’s biggest arms dealer. LINK
Company News
Chartered Accountants ANZ mandates PwC Australia to pay nearly $100,000 and provide regular updates on its reform process regarding the tax leaks scandal. LINK
PwC Australia is probing an incident where its new head of risk was tricked into revealing hiring details by a fake email account. LINK
Major retailers like IKEA are increasing workers’ paid leave to five weeks annually aiming to retain long-term staff in light of increased productivity and automation. LINK
Post-tax leaks scandal, PwC Australia implements a strategy to evaluate the legal, reputational and financial risks of potential client work to prevent partners from offering risky, fee-driven advice. LINK
Collins Foods, the operator of KFC, saw only a gradual reduction in customer spending, reflecting the financial pressures on households but saw sales up 2.9% in Australia, and its Taco Bell same store sales up 8.7%. LINK
HSBC's head of global banking in Australia reveals that the bank's loan approvals to certain companies now include assessments of their carbon-reduction strategies. LINK
CBA is increasing its investment in virtual telco partner More to a 30% stake, banking on the continued uptake of telco services by its customers, as around 140,000 have already switched to discounted services from More since their partnership in 2021. LINK
National Australia Bank and Plenti are teaming up to co-brand loans for electric vehicles and provide finance for solar panels and batteries. LINK
Qantas' lack of competition since Virgin Australia's 2020 voluntary administration has prevented prices coming down. LINK
InstantScripts, a Wesfarmers-backed telehealth startup, incurs a $742,500 fine by the national medical board for unlawfully advertising prescription-only medications on its website. LINK
The federal government initiates a review into the recent nationwide Optus outage that left around 10 million customers without phone and internet services, seeking customer feedback to assess the impact and prevent similar incidents in the future. LINK
Shein has filed for an initial public offering in the US. LINK
Optus has confirmed cash compensation to affected customers, a move coming after initial criticism for offering only 200GB of extra data as an apology. LINK
Other News
Ben Roberts-Smith is set to bear nearly all legal costs of Nine Entertainment in a high-profile defamation case. LINK
This Week’s Top Picks
The Australian dollar rose to a three-month high of US65.94¢, driven by Australia's diverging interest rate outlook with the US. LINK
Australian hospitality venues will soon need to disclose the origin of their seafood to customers, following the federal government's decision to mandate country of origin labelling. LINK
Potential housing density hotspots in Sydney are being discussed as politicians decide which suburbs will bear the brunt of meeting state housing targets. LINK
A remote working lawyer at Sydney intellectual property law firm Chrysiliou IP was found to have been unfairly dismissed for spending hours on non-work related online browsing, as the Fair Work Commission recognised the blend of personal and work activities in "the modern digitally connected era" and ruled that the browsing history didn't warrant immediate termination without notice. LINK