🗞️ Virtual boss

Good morning. Meta is building a photorealistic AI version of Mark Zuckerberg that can talk to employees on his behalf, trained on his mannerisms, tone and recent thinking on company strategy.

Zuckerberg is personally involved in training it. Meanwhile, the company is testing staff on "vibe coding" and some employees think it's a precursor to cuts.

The founder is building a replacement version of himself to talk to people while quietly working out which of those people he still needs.

All the headlines and more below...

NATIONAL FUEL PRICES (Day-on-Day Change)

PERTH AND BRISBANE HOUSE PRICES TO JUMP $50K WHILE BORROWING POWER FALLS $58K

Perth and Brisbane median house prices are both forecast to climb more than $50K by December. Canstar projects Perth will jump 12.3% to $1.11M and Brisbane 9.7% to $1.26M.

February and March rate hikes already cut borrowing capacity by $25K. Westpac forecasts three more 0.25% rises before year-end, taking total borrowing power lost to $58,700.

Sydney and Melbourne are both forecast to drop, but not enough to matter. Sydney down 0.6%, Melbourne down $7,800. The falls are being wiped out by tighter lending limits faster than they happen.

The gap between what's rising and what people can borrow is now moving in opposite directions at pace.

AUSTRALIAN NEWS

• Second-hand electric vehicle sales in Australia have surged 138% between February and March as Middle East conflict-driven fuel prices rise, cutting used EV supply from 77 days to under 1 month. LINK

• Australian consumers have shifted spending towards fuel and cost-of-living items as war-driven uncertainty has spurred canned food hoarding and a 161% surge in electric vehicle loans. LINK

• Median house prices in Perth and Brisbane are forecast to jump 12.3% and 9.7% in 2026 as rising cash rates cut average borrowers’ power by up to $58,700. LINK

• A growing number of Australians are carrying mortgages into retirement as refinancing inquiries among over 55s surge 12% and more than 40% do not expect to be mortgage-free, straining the pension system. LINK

• Australian shoppers are increasingly stocking up on long-life pantry staples such as canned tomatoes, lentils, rice and tinned spaghetti as cost-of-living pressures and fuel crisis fears grow. LINK

• Trump has ordered a naval blockade of the Strait of Hormuz after 21 hours of failed US-Iran talks in Islamabad. LINK

UBER ADDS 5C/KM FUEL SURCHARGE TO EVERY NON-EV TRIP FOR THE NEXT EIGHT WEEKS

From Wednesday, every Uber ride in a petrol, diesel or hybrid car costs an extra 5 cents per kilometre until 8 June. Only battery electric vehicles booked through Uber Electric are exempt. The surcharge goes directly to drivers.

Each rider in a shared Uber Pool pays their own surcharge. Uber says the fee covers drivers facing 50 cents a litre more for fuel, assuming typical fuel economy of 10 litres per 100km. DiDi introduced an identical surcharge on 18 March, but it also applied to EVs.

This comes three weeks after Uber raised fares by 6% on average in a permanent March increase. Some inner-suburban Sydney trips became nearly 40% more expensive under that change. Unleaded petrol hit 260 cents a litre in late March. By Monday, when Uber announced the surcharge, most cities were back under 220 cents.

The Transport Workers' Union backed the surcharge as "meaningful cost relief." Uber gets to call it driver support while customers cover the gap.

COMPANY NEWS

• Ozempic is set to become far cheaper for Australians as patents expire in 2029 and 2031, mirroring India where Natco Pharma sells a generic version for about US$20 a month. LINK

• Telix Pharmaceuticals has agreed a joint development and commercialisation deal under which it receives US$40M upfront from Regeneron and could earn up to US$2.1B in milestones and royalties. LINK

• Viva Energy has booked an additional US$25M impairment expense, lifting total FY25 write-downs on its retail convenience sites to US$558.8M after an ASIC financial reporting review. LINK

• Australian suppliers led by Bundaberg Brewed Drinks are seeking temporary price surcharges from Coles and Woolworths as fuel costs surge about 40% and threaten business collapses. LINK

• Uber has introduced a 5 cents per kilometre fuel surcharge on Australian petrol, diesel and hybrid trips from 15 April to 8 June, with revenue going directly to drivers. LINK

• IKEA has cut its change-of-mind returns policy for opened or assembled items in Australia and New Zealand from 365 days to 60 days with store credit only from 9 April. LINK

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CHART OF THE DAY

Where are the world’s rare earth metals?

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Editor’s Pick: An inside look into the burgeoning business of longevity, as people spend thousands on treatments to reverse ageing.

Draft Pick: Jannik Sinner reclaims World No 1 spot edging Carlos Alcaraz in Monaco to win third successive Master 1000 title.

Odd Pick: This company wants you to bully AI for $800 a day.

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