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All the headlines and more below...

WOOLIES "PRICE DROPPED" 276 PRODUCTS, 96% COST MORE THAN BEFORE

Of 276 products under Woolworths' "Prices Dropped" program, 265 were sold for more than they'd been in the previous six months. In 254 cases, the price spike and supplier funding for the "discount" were arranged before the increase even happened.

A family pack of Oreos sat at $3.50 for nearly two years. Woolworths hiked it 43% to $5 for 22 days, then dropped it to $4.50 under the red ticket. Customers paid a dollar more than the month before while being told they were saving. The ACCC filed in September 2024. Woolworths killed the program in December and replaced it with "Lower Shelf Prices," which doesn't show a "was" price.

Woolworths argues the discounts were real because the labels accurately showed the previous higher price. The ACCC's position: representing a temporary spike as the benchmark makes the discount illusory, particularly during a cost of living crisis. Trial starts Tuesday.

Coles still runs "Down Down" despite being sued. Woolworths now has six pricing programs at once, which one former exec said confused even people inside the company.

AUSTRALIAN NEWS

• Australian life satisfaction has fallen to a record low of 6.22 out of 10 as 34.9% struggle on their current income. LINK

• A group of nearly 30 peak bodies including the Business Council of Australia has urged the government to cut red tape costing businesses $160B a year, highlighting cafés needing up to 37 licences. LINK

• Foreign airlines are cancelling flights and cutting routes to Australia as the US-Israel war on Iran pushes up fuel prices, with Fiji Airways and AirAsia reducing services. LINK

• Australian fresh food prices are set to rise as Middle East conflict disrupts fuel and fertiliser supplies, lifting supermarket costs and boosting Woolworths and Coles profits by $125M. LINK

• The RBA has reported that cash use in Australia has risen for the first time since 2007, with 15% of 2025 payments in cash, prompting government moves to protect access. LINK

CASH USE IN AUSTRALIA JUST ROSE FOR THE FIRST TIME SINCE 2007

15% of all payments in Australia were made with cash in 2025, up from 13% in 2022. It's the first recorded increase in nearly two decades of data, and it runs counter to every prediction about Australia going cashless by 2030.

Cash now accounts for roughly 1 in 4 payments under $10. About 7% of Australians are high cash users, at least 80% of their transactions involve notes or coins. That figure hasn't budged since 2022. Neither has the share of people who don't use cash at all, which sits at around half. Every prior survey since 2007 had shown cash use falling across all age groups, income levels and geographies.

The reasons people gave for holding cash weren't just for nostalgia. Some merchants only accept cash. Others use it to budget or to avoid card surcharges. 75% keep enough in their wallet to cover them if electronic payments go down.

A third of Australians say they'd face hardship or major inconvenience if cash became hard to access.

COMPANY NEWS

• Woolworths has been accused by the ACCC of misleading shoppers after 265 of 276 products in its “Prices Dropped” program cost more than in the previous 180 days. LINK

• NAB research shows 42% of small and medium businesses already use AI, with wide industry disparities. LINK

• SpaceX has warned it could exclude Australia from its Starlink-based mobile network as the federal government considers auctioning vital spectrum needed to meet its 2027 coverage target. LINK

• Worley downgraded its FY26 underlying EBITA guidance to US$30M to US$40M as the ongoing Middle East conflict delays operations and contract awards while margins stay at 9% to 9.5%. LINK

• NAB has forecast $706M in first-half credit impairment charges as it boosts bad-debt provisions amid energy price shocks from the Iran war and Middle East conflict. LINK

• Viva Energy confirmed its fire-damaged Geelong refinery is set to lift petrol, diesel and jet fuel output from 60–80% to above 90% within weeks, stabilising Australian fuel supplies. LINK

• Google hosted dozens of ads for prescription-only synthetic peptides such as BPC-157 and GHK-CU in Australia, breaching its own policies as related searches surged up to 900%. LINK

• Atlassian is being removed from the Nasdaq 100 10 years after its celebrated listing, as 40-year-old hardware maker Sandisk replaces it on the tech index. LINK

• James Hardie is being investigated for alleged misleading conduct as its shares plunged 34% over 2 days after FY26 guidance was cut and adjusted net profit fell 29% to US$127M. LINK

• Norco has lifted milk prices by 5% per litre to offset soaring diesel, fertiliser and freight costs, adding about 30c a week to household bills while returning $1M a month to farmers. LINK

• Qube warned that the Middle East conflict and adverse weather will cut its FY26 EBITA by up to $25M. LINK

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CHART OF THE DAY

Inflation concerns down from peak, but stay elevated

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Editor’s Pick: BabyCenter releases the most popular baby names for 2025 in America. See which names made the list.

Draft Pick: Australian golfer Hannah Green wins 4th title in five starts with play-off victory in LA Championship.

Odd Pick: Why you might get a "peanut butter"-style pay raise in 2026.

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