🗞️ Threatening your boss

Good morning. WiseTech's plan to cut roughly 2,000 roles - around 30% of its Australian workforce, took a serious turn with the CEO receiving a handwritten threat of violence targeting his family.

The redundancies, driven by the company's push to replace human work with AI, have been building tension since February when leadership publicly argued that AI agents can match human performance while never sleeping or asking for a pay rise.

Security at the Alexandria headquarters has been tightened.

All the headlines and more below...

AUSTRALIANS ARE SWITCHING JOBS AT HALF THE RATE THEY DID 20 YEARS AGO

Just 7.7% of workers changed jobs in the year to February 2025. That's 1 in 13 people. In 2005, it was 1 in 10. In 1989, it was nearly 1 in 5.

The decline spans housing, employment and business formation. Fewer people are moving interstate. Fewer are starting companies, with more people staying put.

According to some, the workplace is gripped by fear. AI, a tightening jobs market and global instability are making workers focus on keeping the job they have, not finding the next one.

AUSTRALIAN NEWS

• The ATO has finalised a ruling that limits holiday home tax deductions to owners who show the property’s main use is income generation by restricting private use to minimal off-season stays. LINK

• Australia’s federal government is set to reach $1 trillion in gross debt as global investors remain relatively unconcerned, while taxpayers still face long‑term costs and risks. LINK

• The war in Iran has disrupted the Strait of Hormuz for about 3 months, worsening Australian supply chains as inflation stays high and unemployment rises to 4.5%. LINK

• Australians are becoming less mobile and more risk-averse in jobs, business creation and interstate moves as workplace fears grow amid AI advances, global uncertainty and a tightening jobs market. LINK

• Australia and the UK have signed a new AI safety MoU that links the Australian AI Safety Institute with the UK AI Security Institute to share expertise, research and risk management. LINK

NAB HIRING 1,000+ IN ASIA

National Australia Bank plans to add over 1,000 workers to its India and Vietnam operations, where it already employs 7,000 people - 18% of its total workforce. In March, NAB cut 170 Australian jobs while opening 237 roles offshore.

Commonwealth Bank now has 6,788 staff in India, up from 2,854 in 2022. ANZ employs 11,000 across Bangalore and Manila, 28% of its headcount, and is cutting 3,500 domestic roles. The banks say they need access to more engineers. The unions say it's a jobs export at scale.

The cost advantage is disappearing. Top talent in Bangalore now earns close to Melbourne rates. Global tech firms and every major bank are competing for the same people.

Consultants reckon if AI works as promised, offshore centres full of non-customer-facing engineers will be the easiest place to cut next.

COMPANY NEWS

• WiseTech reported a handwritten threat of violence against CEO Zubin Appoo as it cuts 2,000 roles, about 30% of its Australian workforce, amid staff backlash over AI comments. LINK

• NAB plans to hire more than 1,000 additional staff in its Vietnam and India innovation centres, where it already employs 7,000 people, intensifying controversy over offshoring tech jobs. LINK

• The Regional Banking Investment Alliance has urged the ACCC to reject an ABA-coordinated trial of 20 fee-free regional ATMs, alleging predatory pricing by major banks. LINK

• CBA turned a March 2025 investment in Anthropic at a US$61.5B valuation into a near 15-bagger as the AI lab reportedly raises funds above US$900B. LINK

• Australian sports retailer Stateside Sports has entered voluntary administration, while its 31 stores continue trading amid weak consumer spending and inflationary pressures. LINK

• eBay has launched a national ad campaign ending seller fees in Australia as it partners with Vogue on Vogue Vintage Markets to grow its preloved fashion and other enthusiast categories. LINK

• Charter Hall reported $6.5B in inflows in FY25 and expects further growth as budget changes to negative gearing and capital gains tax push investors toward commercial property. LINK

• Cali Press is planning to double its footprint by expanding from 19 Sydney stores into Melbourne and Brisbane this year as it capitalises on soaring demand for healthy fast food. LINK

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BRAINTEASER

Today’s puzzle appeared on the 1% Club UK. It was the final question, meaning that 1% of the population could solve it correctly within the 30-second time limit. You have 30 seconds, starting...... now:

Using just two letters to fill in the blanks, what is the word below?

_ L _ _ V_ L _ _ _

Answer below

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