🗞️ Sick invite

Good morning. A politician wasn’t invited to a cricket final, so he did what any reasonable elected offical would do, plough through the pitch with a tractor.

The match quickly ended and the organisers chose not to file a complaint.

If he can’t watch cricket, nobody can.

All the headlines and more below...

TAKEAWAY COFFEE SALES ARE DROPPING FAST. CAFES SAY IT STARTED THE WEEK FUEL PRICES SPIKED IN MARCH.

More than 50% of Australian consumers are now cutting back on coffee and snacks, according to NAB research. The bank calls these purchases among the most resilient in household budgets. Cafe owners report the changed happened quickly and coincided with the March jump in petrol prices after the Iran conflict escalated.

The Westpac-Melbourne Institute consumer sentiment index posted its sharpest monthly drop since the start of the pandemic. The Australian Restaurant & Cafe Association says people are replacing barista coffee with home-brewed or petrol station alternatives.

NAB's head of behavioural economics says coffee is normally an "affordable luxury" people hold onto even when times are tight. The fact they're cutting it now suggests the psychological impact of high prices is hitting harder than the raw numbers. Some of the drop may also be people working from home to save fuel.

AUSTRALIAN NEWS

• Australian takeaway coffee sales are plunging as higher petrol and living costs squeeze household budgets, with NAB research showing over 50% of consumers cutting back on small treats. LINK

• IRE Pty Ltd’s 2Apply rental platform unlawfully collected unnecessary personal data from more than 8.5 million applications since 2020 using unfair design tactics. LINK

• An overhaul to the NDIS is set to be the largest government cut this century as reforms target long-term sustainability of the scheme. LINK

• Australia has secured an extra 200M litres of diesel as the government moves to boost fuel security amid global supply shocks. LINK

COLES ADDS 20C TO MILK AS IRAN WAR PUSHES UP DIESEL AND FERTILISER COSTS

Coles has lifted home-brand milk prices by up to 20c a litre, citing diesel and fertiliser cost surges tied to the US-Israel war on Iran. Woolworths is expected to follow. One litre of Coles milk now costs $1.85, up from $1.65. Three litres jumped from $4.65 to $5.15.

Norco announced its own increases Monday, with full cream milk set to cost families an extra 30 to 50c a week. Rabobank says branded milk will likely rise next, and high-protein dairy drinks and yoghurt could climb even higher once record whey protein costs filter through.

Australian Dairy Farmers says short-term relief payments won't cut it. Norco's CEO warned that without sustained support, Australia could face significant milk shortages within 12 months. Coles last raised milk prices by this much in July 2022, when fuel spiked and inflation took off.

COMPANY NEWS

• Westpac disbanded its customer and corporate services division, redistributing a few thousand operational roles across the bank as it appoints Carolyn Hoy COO in the institutional bank. LINK

• Employment Hero has launched HeroForce, an AI-powered co-employment platform that acts as the legal employer to automate payroll, award interpretation and compliance across Australia, NZ, UK and Canada. LINK

• NSW Police have charged a 32-year-old lawyer over his alleged role in the Penthouse Syndicate bank fraud, as the NSW Crime Commission has restrained $95M in assets. LINK

• The chairman of an independent NDIS review has revealed a completed CBA payments platform with embedded fraud protection was shelved by mid-2023 without explanation. LINK

• Qantas, Jetstar and Virgin Australia have announced domestic capacity cuts of about 6% combined as they manage soaring fuel costs, suspending several seasonal routes from July and August. LINK

• Bank of Queensland reported a 4% fall in half-year cash profit to $176M and a 20% drop in statutory profit to $136M as tougher economic and competitive conditions bite. LINK

• Cochlear has slashed its FY26 underlying net profit guidance to $290M-$330M from $435M-$460M, triggering a record 40.7% share price crash as weak sales and Middle East conflict hit demand. LINK

• Ampol reported a 10% rise in Q1 Lytton refinery production to 1,434M litres as profit surged to US$25.45 per barrel after Middle East conflict disruptions. LINK

• BHP has forecast full-year copper production at the upper end of guidance as it reports mixed quarterly output and confirms a multi-year iron ore supply deal with China’s CMRG. LINK

• Corporate Travel Management confirmed it will reverse £118M in UK revenue between FY19 and FY25 after a KPMG review found overcharging and retained client funds, with further reversals possible. LINK

• State Street has forecast that Australia’s ETF market will reach US$380B in funds under management by 2026, up from US$71B in 2020, as listed ETFs exceed 500. LINK

• Mable is reportedly preparing a stock market listing that could value the NDIS-fuelled online support worker marketplace at $1B as the scheme’s annual cost reaches about $50B. LINK

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Editor’s Pick: Why you should hang your bananas.

Draft Pick: The teams have been named for the Women’s State of Origin.

Odd Pick: Hot-air balloon filled with people lands in backyard.

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