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Australia's productivity fell 0.7% in 2024, ranking 29th out of 39 advanced economies. New Zealand outperformed us.
Pick & Scroll News
July 02, 2026
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Good morning. The world's billionaire ranks jumped by 13% over the past year.
Their combined fortunes climbing 25% on average, more than double the 10.8% growth seen in everyday global wealth.
UBS reckons its because of the recent AI stock boom, with the ultra-rich having far heavier exposure to the recent gains.
All the headlines and more below...
PETROL JUMPS THIS WEEK AS GOVERNMENT CUTS FUEL TAX DISCOUNT IN HALF.
The 32-cent-per-litre fuel excise cut drops to 16 cents from Wednesday. It ends entirely in August. The cut was introduced after US and Israeli strikes on Iran closed the Strait of Hormuz and sent Australian fuel prices through the roof.
A 10% rise in petrol costs correlates with a 3.8% drop in consumption.
Low-income households spend a much larger share of income on petrol and will be hit harder by the price rise.
Treasurer Jim Chalmers says prices are still lower than before the war started as global oil markets have stabilised. The NRMA expects a price rise this week but says falling global oil prices will cushion the immediate impact.
Ceasefire talks are underway in Doha, but the US has accused Iran of attacking commercial ships in the Strait of Hormuz this week. The strait remains contested.
AUSTRALIAN NEWS
Australia’s housing market has entered a sharper downturn led by a 1.2% June fall in Sydney’s median to $1.265M as Labor’s tax changes and rate-rise risks hammer buyer confidence. LINK
Prime Minister Anthony Albanese condemned the alleged privacy breach of his confidential banking details, as criminal charges are laid against two men, aged 21 and 25. LINK
Australia has introduced new anti-price gouging laws targeting Coles and Woolworths, effective 1 July with fines up to $10M for significantly excessive prices while experts doubt shoppers will see cheaper groceries. LINK
The federal government has launched a major Defence overhaul as a review of about 12 projects found pre-contract costs had surged 38% to hit taxpayers with an extra $29B. LINK
AUSTRALIA RANKED 29TH FOR PRODUCTIVITY. NEW ZEALAND BEAT US.
Australia's productivity fell 0.7% in 2024, ranking 29th out of 39 advanced economies. New Zealand outperformed us.
Australia spends 1.1% of GDP on R&D. The US spends 3.5%.
Productivity growth averaged 0.1% over the past 5 years. In the 2000s, it was 1.5%. The Productivity Commission says productivity historically drove 80% of national income growth over 30 years. Low productivity is why inflation stayed high even before the February 2026 Middle East conflict. The RBA says the economy can only grow 2% annually without stoking inflation. We've exceeded that limit 4 quarters running.
The government's May budget lifted R&D tax incentive thresholds from July 2028, costing $910M over 4 years. The Corporate Tax Association says it still falls short of US equivalents.
Weak productivity is economy-wide, not confined to any sector.
COMPANY NEWS
The PwC tax leaks and KPMG audit scandals have prompted a Treasury position paper proposing stricter governance for PwC, Deloitte, KPMG and EY, including possible break-ups, ASIC oversight, fines above US$200M and cutting partner caps to 400. LINK
Westpac non-executive director Peter Nash has resigned from the bank’s board effective immediately as his long-term ties to scandal-hit KPMG raised concerns over audit tender bias. LINK
2026 AUSCORP SALARY SURVEY
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This is our biggest survey yet and the more people who contribute, the harder it gets for anyone to be underpaid without knowing it. Anonymous, takes 2 minutes, and the results go straight back to the community.
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ONE MORE SCROLL
Editor’s Pick: Queensland introduces some of the country’s strictest e-bike and e-scooter laws.
Draft Pick: LeBron James is leaving the Los Angeles Lakers to become an unrestricted free agent.
Doctor’s Pick: Scientists discover an unexpected way to make pancreatic cancer cells self-destruct.
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