🗞️ Debt spiral

Good morning. Anthony Albanese tried to get on the front page of the paper for something positive this weekend but we are undecided on how positive this announcement is. We'd love to get your view and we will report back tomorrow:

The Albanese government will reduce student debts by 20 per cent should it win the looming federal election in 2025.

All the headlines and more below...

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🎧 Your morning wrap on-the-go LINK

AUSTRALIAN NEWS

Re-elected Albanese government would slash HECS-HELP debts by 20%

• The Albanese government will reduce HECS-HELP debts by 20% if re-elected, offering average savings of $5,520 per graduate at a budget cost exceeding $500M. LINK

• Sydney house prices have declined 0.1% in the past month, marking their first fall in 21 months due to high borrowing costs and increased listings. LINK

• House prices face mounting pressure as national auction clearance rates drop to their lowest this year, with CoreLogic reporting 63.4% and Domain showing 57%. LINK

• Australia's big four banks are set to report combined profits exceeding $30B for FY24, despite an 8% decline as borrowers manage high rates and living costs. LINK

• Australia's smoking reduction efforts face setbacks from arson attacks on Victorian tobacconists. LINK

• E-scooters are approaching legalisation in NSW as half a million users await decisions on e-rental company operations. LINK

GLOBAL NEWS

22 tonnes of cheddar missing in London’s greatest cheese heist

• A man has been arrested in relation to London's "great cheese heist" where 22 tonnes of Neal's Yard Dairy cheddar destined for a French supermarket remains missing. LINK

• The flash floods in Spain have claimed at least 158 lives, with 155 fatalities in the Valencia region, becoming the country's deadliest natural disaster in recent history. LINK

• Elon Musk predicts humanoid robots will outnumber humans by 2040. LINK

• Argentina's central bank has lowered its benchmark interest rate to 35% from 40%, signalling optimism about inflation control and boosting bond prices. LINK

• Germany's three-party coalition government faces potential collapse before September 2025 elections due to severe infighting and economic policy paralysis. LINK

• The United States, Japan and South Korea have jointly condemned North Korea's first intercontinental ballistic missile launch in nearly a year amid concerns over missile technology exchanges with Russia. LINK

COMPANY NEWS

Shoppers are increasingly turning to Flybuys points to help cover grocery costs

• Flybuys points redemptions have increased 33.8% to $559.1M in 2024, driven by Coles' "$10 off your shop" promotion. LINK AUS

• Metcash will build Australia's largest single-level distribution centre in Victoria for $300M to support over 4,000 independent stores. LINK

• Qantas, along with tech giants Google and Apple, has paid significantly less tax than mining companies, which contributed to the majority of Australia's record $100B corporate tax collection in FY23. LINK

• Microsoft's Xbox brand is moving toward a digital and streaming focus with its disc-free Series X. LINK

• Mecca has outperformed its rival Sephora in Australia's beauty market over the past decade, though Sephora continues expanding with backing from LVMH. LINK

• Immutable, an Australian blockchain start-up valued at $3.5B, faces US SEC investigation over alleged securities law violations regarding its cryptocurrency tokens. LINK

• Volkswagen is facing challenges with worker conflicts and EV transition as it implements cost-cutting measures to maintain its market position. LINK

CHART OF THE DAY

Robot harvesters are cheaper than human labour

ONE MORE SCROLL

Editor’s Pick: The reason why you can’t sleep in new places.

Draft Pick: Melbourne Cup form guide 2024: Every horse rated.

TRIVIA

Lab rats

It's the 4th and final week of HSC exams so we will continue the trend of acknowledging how little knowledge we have retained from school. First up at 9:25am this morning, Chemistry:

1. What is the chemical formula for table salt?

   A) NaCl

   B) KCl

   C) MgCl₂

2. Which gas is most abundant in the Earth’s atmosphere?

   A) Oxygen

   B) Nitrogen

   C) Carbon Dioxide

3. What is the atomic number of carbon?

   A) 6

   B) 8

   C) 12

4. What is the pH of a neutral substance like pure water?

   A) 0

   B) 7

   C) 14

5. Which element has the highest melting point?

   A) Iron

   B) Tungsten

   C) Gold

Answers below

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ANSWERS

1. A) NaCl
2. B) Nitrogen
3. A) 6
4. B) 7
5. B) Tungsten

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