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Tax Bracket Creep, Putin x Vietnam & Nvidia Loses Top Spot
Migrants in Australia are on average $140,000 worse off at retirement compared to the general population, with a 30% lower superannuation balance.
Pick & Scroll News
June 24, 2024
One Read, All Perspectives
Australian News
Wholesale gas prices in Sydney and Melbourne have surged to their highest in more than a year, raising fears of a shortage this winter. LINK
An analysis suggests that Australian universities are wealthier than they claim and are not using overseas student revenue primarily for research as they often state. LINK
Bracket creep is expected to cost the average taxpayer $2,000 over the next 4 years, generating an extra $29B in revenue for the federal government. LINK
Corporate airline travellers are paying up to 5 times the cost of normal airfares for flexibility, with Flight Centre data showing over half of corporate clients request flex fares for their convenience and benefits. LINK
Migrants in Australia are on average $140,000 worse off at retirement compared to the general population, with a 30% lower superannuation balance. LINK
Brisbane Olympics organisers will need to minimise costs due to high labour expenses, prompting changes in procurement for infrastructure projects. LINK
The Finance Sector Union calls for legislation to ensure AI productivity gains are passed on as pay rises and to halt AI-related job losses to allow workers to retrain. LINK
Australian universities face a return to government control over student numbers and penalties for exceeding caps. LINK
Global News
Japanese energy trading houses are considering investing in Australia's nuclear rollout. LINK
Vladimir Putin has signed deals with Vietnam to supply fossil fuels and enhance cooperation in various sectors during his visit. LINK
China is pushing Visa and Mastercard to lower transaction fees for foreign visitors to encourage spending, proposing a reduction to 1.5% from 2-3%. LINK
Global supply chains are at risk without new WTO rules for digital trade, as geopolitical tensions and protectionist policies strain globalisation. LINK
Japan's tourist hotspots are introducing 2-tiered pricing systems, charging tourists more than locals as the weak yen drives a surge in visitors. LINK
Initial applications for US unemployment benefits remained high last week. LINK
Company News
Meta is accused of blackmailing the government over its refusal to renew commercial deals with news outlets, leading to potential job losses and newspaper closures. LINK
Optus has handed over a Deloitte report into its 2022 cyber attack to Slater and Gordon, who are pursuing a class action on behalf of customers affected by the data breach. LINK
KMD Brands, owner of Rip Curl and Kathmandu, warns of worse-than-expected winter sales, with earnings expected to fall 53% in the year to July 31. LINK
Commonwealth Bank's new digital-only home loan product is not yet seen as a credible threat to mortgage brokers. LINK
Macquarie's customers are caught up in ASIC's investigation of Keystone Asset Management, which has led to the freezing of its funds' assets. LINK
Apple will delay the launch of 3 new AI features due to EU tech rules requiring compatibility with rival products. LINK
Amazon plans to revamp its Alexa service with a conversational AI and may introduce a US$5 monthly fee for access to the superior version. LINK
Rio Tinto joins a £300M investment round for Highview Power, which claims its storage technology can firm renewable energy more effectively than batteries or hydro. LINK
Spotify introduced a new streaming plan in the US at US$10.99 per month, offering benefits similar to its premium plan but without audiobook listening time. LINK
Huawei announced significant strides in operating systems and AI, with its Harmony OS now on over 900M devices, achieved in just 10 years. LINK
TikTok and ByteDance ban in the US is inevitable without a court order blocking the law. LINK
Nvidia shares declined nearly 3.4%, losing the title of the world's most valuable company to Microsoft, with its market cap dropping to $3.34T. LINK
Toyota has suspended production and delivery of the Grand Highlander and Lexus TX SUVs due to an airbag issue. LINK
Anthropic, backed by Google and Amazon, has released an updated AI model Claude 3.5 Sonnet, which is faster and cheaper for developers. LINK
