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- Woolworths and Coles accused of land banking, YouTube wants to take Meta's spot for news, and Aussies prefer cash
Woolworths and Coles accused of land banking, YouTube wants to take Meta's spot for news, and Aussies prefer cash
Aussie office utilisation is at a post-pandemic high of 40%
Pick & Scroll News
April 12, 2024
One Read, All Perspectives
Australian News
Average office utilisation in Australia has reached a post-pandemic high of 40% due to growing job security concerns, signalling a shift back to city workplaces from regional living. LINK
A new university course on climate-related financial disclosures is launching in Australia, aiming to prepare executives for mandatory reporting requirements starting January 2025. LINK
Small businesses and individuals owing taxes in Australia will face increased interest charges from July 2025, with the ATO targeting over 50,000 "disengaged" taxpayers. LINK
Asking rents in Australia have reached new record highs in major cities, with the steepest quarterly gain for houses in 17 years and units marking 11 consecutive quarters of growth. LINK
Construction activity in retirement living is set to grow as Australia's population ages, with an estimated 67,000 units required by 2030 to meet market demand. LINK
Payroll jobs in Australia rose 0.4% to mid-March, with education and training sectors driving this month's growth, despite an overall slowing trend compared to the previous year. LINK
An RBA discussion paper reveals Australians prefer cash over a proposed retail central bank digital currency, citing trust in the existing banking system's safety and regulation. LINK
Adelaide train workers strike over pay disputes, affecting all train lines from 9 am to 3 pm, with potential for further action next week. LINK
Global News
Track and field athletes at the Paris Olympics will receive prize money for the first time, with World Athletics allocating US$2.4 million for gold medallists. LINK
The US, Japan and Australia have announced a new joint air defence strategy to counter China's actions in the Indo-Pacific, including expanded military cooperation and exercises. LINK
Rising inflation in the US, particularly from fuel and rent, has dampened hopes of a Federal Reserve rate cut in June, with the annual inflation rate reaching 3.5% in March. LINK
The shipping industry's carbon footprint may increase due to the Red Sea crisis, forcing longer routes and additional vessels to maintain trade flow. LINK
The rise of fast-fashion e-commerce retailers like Shein and Temu is challenging the global air cargo industry, competing for limited space and striving for quick delivery times. LINK
Company News
Apple doubles iPhone production in India to $14 billion, moving away from China and producing about 14% of its iPhones in India last fiscal year. LINK
Amazon Web Services must pay $525 million to tech company Kove for violating patents in data storage technology, according to a jury decision. LINK
Nike aims to rejuvenate its brand with new Olympic kits for national teams it sponsors, focusing on performance gear to regain market share. LINK
Airbus faces upfront costs as it gears up for a 50% production increase of its A320neo jets by 2026, investing in new workers and assembly lines. LINK
TikTok claims to contribute $1.1 bilion annually to the Australian economy, emphasising its significant impact amid global scrutiny and bans, with Australia choosing not to follow the US' lead in banning the app for government staff. LINK
Woolworths and Coles are accused of land banking, using their dominant market positions to purchase land and properties to limit competition, an issue highlighted in a Senate inquiry into supermarket practices. LINK
YouTube is actively removing thousands of accounts daily to combat misinformation, prioritising content from "authoritative" sources to ensure information accuracy during the largest election year in history. LINK
Melbourne Law School ranks 10th globally, an improvement despite student discontent and administrative issues. LINK
KPMG Netherlands fined $38 million by US regulators for "egregious" exam cheating and misleading conduct, marking a record penalty for audit oversight breaches. LINK
NextDC CEO advocates for nuclear energy to support the booming demand for data centres, as the company plans a $1.32 billion expansion in Sydney and Melbourne to meet the surge in AI-driven computing needs. LINK
McKinsey & Co to cut around 360 jobs globally to address a slowdown in client demand across various divisions, affecting approximately 3% of its specialist and technical staff. LINK
This Week’s Top Picks
YouTube introduces new Shopping features, enabling creators to curate shoppable collections and monetise content more efficiently, as competition with TikTok Shop intensifies. LINK
Construction for Australia's new housing starts have dropped to their lowest in 11 years, falling short of the national target by 90,000 homes. LINK
Only 56% of Australia's music festivals were profitable in 2022-23, with a shift in the market demographic away from young audiences. LINK
Property investors are returning to major city suburbs in Sydney and Melbourne despite low rental yields, reversing the trend of investing in regional areas. LINK
Retail insolvencies have more than doubled in 2 years due to high interest rates and living costs. LINK
A Federal Finance department spreadsheet error exposed confidential pricing data for 410 consulting vendors, leading to calls for reform of Australia's $70 billion tender system. LINK
The average retirement age in Australia has peaked at 66.2 for men and 64.8 for women, with a shift away from physically demanding jobs and more people working from home as contributing factors. LINK
More than half of Australians expect the economy to enter a recession in the coming year, though households are becoming slightly more optimistic. LINK
Mortgages for new home construction in Australia dropped to a 5-month low in February, even as investor and first home buyer loan commitments increased. LINK
OpenAI transcribed over 1 million hours of YouTube videos to train GPT-4, despite concerns this may violate YouTube's rules against using its videos for independent applications. LINK
Amazon continues to expand checkout-free shopping in Australia with the "Just Walk Out" technology, despite scaling back in the US. LINK
Qantas revamps its frequent flyer program with the introduction of Classic Plus, offering over 20 million reward seats but at a potentially worse value compared to current offerings. LINK
Australian insurers have incurred over $650 million in losses from home insurance over the past four years, with premiums set to rise further. LINK
Approximately 70,000 people aged 30 to 40 left Sydney between 2016 and 2021. LINK
Australia's cruise industry experiences a record-breaking summer with an influx of young travellers. LINK
Charter flights now carry 13% of all domestic air travellers in Australia, outpacing traditional airlines like Rex and Bonza. LINK
The number of independent brewers in Australia have increased significantly, but recent months have seen many small brewers facing financial difficulties or entering administration. LINK
Specialty and artisanal cheese varieties gain popularity as supermarket cheese prices reach $16/kg. LINK
Just 57 companies are identified as being responsible for 80% of the world's greenhouse gas emissions. LINK