🗞️ Skid marks

Good morning. Much like your introverted friend’s weekend plans, the RBA seems content with doing nothing.

While the Federal Reserve cut rates last week, the RBA has held steady at a 12-year high of 4.35%, citing stubbornly high underlying inflation.

For mortgage holders, relief is still some distance away, with February next year looking like the earliest window for a potential rate cut.

All the headlines and more below...

AUSTRALIAN NEWS

RBA leaves the cash rate unchanged

• The RBA held rates steady at 4.35% but softened its hawkish stance, suggesting that interest rate cuts could be on the horizon later in the year. LINK

• The Australian dollar hit its highest level of 2024 after the RBA maintained a hawkish stance on inflation. LINK

• Young women are outperforming men in education and work participation, leaving men behind in key areas like university attendance and workforce engagement. LINK

• NSW nurses and midwives have walked off the job, demanding a 15% pay rise, causing expected delays in emergency departments and elective surgeries across the state. LINK

• Cost-of-living insolvencies are rising among small businesses, with cash flow issues becoming a more prominent cause of distress. LINK

• Rewards credit cards are losing their appeal as benefits shrink, requiring higher spending for the same rewards, according to a new analysis from Mozo. LINK

• ASIC has raised alarms about the crypto industry, calling for clearer regulations on how digital assets are defined under corporate laws. LINK

• Offshore wind farm opponents in Australia and Europe are increasingly collaborating with US-based groups. LINK

GLOBAL NEWS

Leaders at UN urge world's richest to do more on climate

• Developing nations have urged the world's wealthiest countries to take more action on climate change at the UN General Assembly, accusing them of doing little to address the devastating effects of rising temperatures. LINK

• A report found that the US public workforce system perpetuates racial inequities by steering Black workers into low-wage opportunities. LINK

• China has unleashed a series of stimulus measures as it aims to hit its annual growth target of 5%. LINK

• Data centres are on the brink of a design overhaul as AI consumes more power, prompting the need for new cooling methods. LINK

COMPANY NEWS

PwC Australia cuts partner pay as revenue tumbles on economic slowdown and tax fallout

• PwC Australia has cut partner pay as revenue fell 26% due to the sale of its government consulting business and the fallout from its tax scandal. LINK

• Meta's AI chatbot is set to gain voices from celebrities like Judi Dench and John Cena, offering users a new audio feature in its ChatGPT-like digital assistant. LINK

• Bingo Industries secured a $100M lifeline but lost key executives, including the CEO and CFO, as the company struggles with a heavy debt load. LINK

• Aldi is expected to benefit from the public backlash against Woolworths and Coles following allegations of misleading price promotions. LINK

• Afterpay is introducing a new spending cap feature as part of its response to the cost-of-living crisis, allowing customers to set limits below their approved spending thresholds. LINK

• Workday has upgraded its recruitment software with AI-driven "agents" that can automate business workflows, though human involvement remains crucial. LINK

• Aristocrat Leisure secured a legal victory in the US, winning an injunction against Light & Wonder to stop the rollout of its rival dragon-themed game Dragon Train. LINK

• The US is preparing to sue Visa for allegedly using anticompetitive practices to shut out rival payment processors. LINK

• BYD, the Chinese electric vehicle giant, remains unfazed by the planned US ban on Chinese smart car software, as it focuses on growth in Asia, South America and Australia. LINK

• Cettire's valuation surged by $247M after auditors approved its accounts, easing investor concerns and boosting the online luxury retailer's market value to $850M. LINK

CHART OF THE DAY

ONE MORE SCROLL

Editor’s Pick: Australians suffer ‘burnout’ more than any other nation.

Odd Pick: Lego ejected from nose after 26 years.

TRIVIA

Weatherman

There has been a bit of weather chat this week as many parts of Australia are supposed to experience significant rain fall. We're therefore talking temperatures in our quiz today. Can you name city that has the higher average temperature?

• Los Angeles vs. New York City

• Tokyo vs. Sydney

• Mexico City vs. Beijing

• Chicago vs. Istanbul

• Bangkok vs. Singapore

Answers below

IN PARTNERSHIP WITH

Looking for a collab? Shoot us an email here.

OUR SOCIALS

ANSWERS

Los Angeles (18.6°C) vs. New York City (12.7°C)
Sydney (18.5°C) vs. Tokyo (16.0°C)
Mexico City (16.0°C) vs. Beijing (12.4°C)
Istanbul (15.0°C) vs. Chicago (10.0°C)
Bangkok (28.0°C) vs. Singapore (27.0°C)

Was this email forwarded to you? Sign up here