🗞️ Word of the year

Good morning. In case you missed it last week, the Macquarie Dictionary announced its Word of the Year for 2024: "Ensh*ttification"—a term describing the gradual decline in quality of a service or product.

We’re sure a few brands might come to mind (perhaps an Australian airline), but we hope the Pick & Scroll brand isn’t among them. See if you can drop "Ensh*ttification" in a sentence today.

All the headlines and more below...

AUSTRALIAN NEWS

Australia passes social media ban for children under 16

• The Australian government has passed a world-first law banning social media access for children under 16, with potential fines of A$49.5M for tech giants like Meta and TikTok for non-compliance. LINK

• Australia has passed legislation targeting multinational tax discrepancies, following reports of companies like Apple paying only 1% tax on $12 billion earnings in FY23. LINK

• The government has introduced new policies allowing fines up to $50M for tech companies engaging in anti-competitive behaviour. LINK

• Auction clearance rates in Sydney and Melbourne have reached their lowest point of the year, with over half of Sydney homes withdrawn from auctions. LINK

• Victoria and the ACT have been identified as having the least business-friendly payroll tax systems in Australia, while SA and NSW lead with competitive settings. LINK

• Australian house prices have grown by 0.1% nationally in November, the weakest increase since January 2023, with annual growth reaching 5.5% and a median value of $812,933. LINK

• Australian software testers with defence and election experience have been enlisted to conduct extensive trials of age-checking technology to enforce the national teen social media ban. LINK

• Economists are now expecting the RBA to delay interest rate cuts until May 2025. LINK

GLOBAL NEWS

When return-to-office mandates backfire

• Global Return-to-office mandates lead to a 14% increase in employee turnover among white-collar workers. LINK

• Gen Z is spending a record 6 hours daily online, particularly driven by TikTok and Snapchat usage. LINK 

• Russia's President Vladimir Putin has warned that Russia may target decision-making centres in Kyiv with its new Oreshnik ballistic missile in response to Western missile attacks. LINK 

• South Korea's export growth has fallen to a 14-month low, rising just 1.4% year-on-year in November, as shipments to the US and China declined amid tariff uncertainties. LINK

COMPANY NEWS

News Corp’s REA sues Domain for allegedly scraping listings data

• News Corp-backed REA (Realestate.com) has filed a Federal Court lawsuit against Domain for alleged copyright infringement involving property photos and floor plans scraping. LINK 

• Virgin Australia has received interim approval to sell tickets for 28 weekly Qatar Airways-operated flights connecting Doha with Australian cities. LINK

• The ACCC has granted interim approval for Qatar Airways to add 7 extra weekly flights to Australia. LINK

• The Bank of Queensland has restructured its pay system, removing bonuses for junior staff while expanding the bonus pool for senior bankers and executives. LINK

• Centuria Capital Group reaffirmed its FY25 guidance and positive market outlook, following a 30% annual gain. LINK

• Nine Entertainment's leadership will undergo development programs and coaching to improve workplace culture following a review. LINK

• Lendlease has maintained full-year guidance despite high debt, expecting a $1.06B residential sale with initial $515M payment this week. LINK

• CBA is implementing generative AI to modernise core banking systems and enhance customer engagement. LINK

• Chanel has secured a lease for Harrolds' former flagship store at Melbourne's 101 Collins Street following Harrolds’ debt liquidation. LINK

• Temu and Shein expanded their toy offerings ahead of Black Friday despite facing concerns over counterfeit products. LINK

CHART OF THE DAY

The most beloved cuisines

• Chinese and Italian cuisines are among the top 3 most popular globally, with Chinese cuisine ranking second in India, Mexico and the UK, and Italian cuisine being favoured particularly in Germany and France.

• Traditional national cuisines are the most popular in most countries.

ONE MORE SCROLL

Editor’s Pick: Russian ballet star is latest Putin critic to die in 'fall' from building.

Draft Pick: Melbourne Renegades win first Women’s Big Bash League title after Hayley Matthews clinic.

Odd Pick: Starbucks has opened a new cafe near South Korea's Demilitarized Zone, offering customers views into North Korea.

TRIVIA

Colombia

Colombian drug lord, Pablo Escobar, died on this day in 1993. Here's an all Colombian trivia to start off your Monday.

1. What is the capital city of Colombia?

2. What is Colombia’s official currency?

3. Colombia is the world’s second-largest exporter of which product?

4. What two oceans does Colombia have coastlines on?

5. What mountain range runs through Colombia?

Answers below

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ANSWERS

1. Bogotá
2. Colombian peso
3, Coffee
4. The Pacific Ocean and the Atlantic Ocean (via the Caribbean Sea)
5. The Andes

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