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TikTok Resumès, Deloitte and Superannuation Fees
Marvel disappoints, ANZ launches ANZ Plus, and Australia's economic competitiveness drops.
Pick & Scroll News
November 14, 2023
One Read, All Perspectives
Australian News
Australia's economic competitiveness has dropped to 20th place from 1st place in 2004, due to faltering energy infrastructure, stagnant entrepreneurship, and inadequate competition regulations. LINK
Optus, Telstra and other major telecommunications companies are being mandated to annually update and endorse cyber risk management programs or face hefty penalties, following new laws categorising telecommunications as "critical infrastructure" to align with existing regulations on vital sectors like healthcare and utilities. LINK
Australia's accommodation management industry experiences a significant valuation surge to around $8B, marking a 67% increase from the previous year. LINK
Sydney motorists are projected to pay over $123B in tolls up to 2060. LINK
The Australian meat industry sees a price rebound as prices rise by 14% to $3.99 per kilogram, and lamb prices increase by 12% to $4.59 per kilogram, following favourable rain conditions and a year of price plummet due to oversupply. LINK
Australia's energy grid is highly susceptible to climate change disruptions, with Western Australia and the Northern Territory being the most vulnerable regions. LINK
Despite a 2% fall in superannuation fees to a record low of 0.93% per annum, Australians are still shelling out $32B in fees. LINK
Commonwealth Bank attributes a 1% decline in the October household spending index to a ripple effect of interest rate hikes, with recreation, hospitality, and food and beverage sectors seeing cuts in spending. LINK
Company News
DP World Australia gradually resumed operations allowing trucks to clear around 30,000 containers stranded due to a cyberattack since Friday. LINK
Optus' network outage last Wednesday was caused by incorrect router settings from overseas during a software upgrade, requiring technicians to physically visit facilities across the country to restore the network. LINK
Hilton Australasia transitions to TikTok video applications for job recruitment, abandoning traditional CVs, as a response to the rise of artificial intelligence tools like ChatGPT. LINK
ANZ reported a 14% increase in full-year cash profit to $7.4B. LINK
ANZ launches ANZ Plus, a new digital bank offering home loans through a streamlined smartphone application process. LINK
Australian tech firm Deputy records a profit following a 38% surge in revenue last financial year, marking a solid turnaround from Covid-19 impacts. LINK
Deloitte faces accusations from Honda car dealers of utilising confidential auditing information to aid Honda in reducing payments to them. LINK
Other News
Bushfires ravage a small community on Tasmania’s east coast, forcing dozens to seek shelter and resulting in property destruction. LINK
The Marvels, the latest installment from the Marvel Cinematic Universe (MCU), records a disappointing US$47M (A$73M) opening weekend in the US, marking the lowest box office sales for the franchise to date. LINK
Despite a challenging year marked by host changes and a timeslot move, ABC’s Q&A program is slated to return for its 17th season in 2024. LINK
This Week’s Top Picks
Dior unveils a $441 fragrance, Bonne Etoile, for babies, diverging from traditional perfume compositions by employing 98% "natural-origin" ingredients. LINK
10.2M Optus customers are facing phishing scams targeting those seeking compensation. LINK
A cyberattack on DP World Australia left tens of thousands of shipping containers stranded at ports. LINK
A High Court ruling will see immigrant detainees released due to indefinite detention deemed unlawful. LINK
Aussie borrowing power has decreased by nearly 30%, after 13 interest rate hikes. LINK
The Sydney-Melbourne route emerged as the highest revenue-generating flight route globally, amassing $1.9B revenue in H1 2023, almost double the pre-pandemic level, despite a drop in passenger numbers. LINK