🗞️ Workplace comparison

Good morning. In case you didn't know, comparing someone at work to the Star Wars villain Darth Vader is insulting.

The comparison to Darth Vader came after someone filled out the Star Wars themed Myers-Briggs type questionnaire for a colleague while she was out of the room.

A judge in the UK concluded that being told you have the same personality type as the infamous sci-fi baddie is a workplace “detriment” and is worth.....$60,000 in damages.

All the headlines and more below...

AUSTRALIAN NEWS

Cash rate cut to 3.85% amid lowering inflation but RBA boss warns global economy is ‘complete rollercoaster’

• The RBA cut the cash rate by 0.25% to 3.85%, marking the second rate reduction following 13 rises since 2022. LINK

• The Australian dollar slipped on Tuesday after the RBA cut interest rates, with markets expecting at least 2 more cuts this year. LINK

• A fallen power cable has disrupted Sydney train services whilst forcing the evacuation of 300 passengers. LINK

• Australian Gen Z workers report unmet mentoring expectations as only 36% receive desired managerial guidance whilst millennials seek better work-life balance. LINK

• The Victorian Government has unveiled a 15-year renewable energy plan featuring 7 energy zones and 4 transmission lines whilst targeting 970 turbines and 5.2 million solar panels. LINK

• The Victorian state budget delivers a $600M surplus while cutting public service jobs to address rising debt. LINK

• NSW builders face new planning restrictions due to embodied carbon emissions in housing projects. LINK

• KPMG reports Australia's $4.2T superannuation sector requires expansion through mergers to manage rising costs. LINK

GLOBAL NEWS

What does Joe Biden's prostate cancer diagnosis mean? What are the symptoms?

• President Biden has been diagnosed with prostate cancer with a Gleason score of 9/10. LINK

• Global workers express need for stability as 75% report workplace tension amid rapid AI implementation. LINK

COMPANY NEWS

Big four banks pass on RBA cut in full

• The big 4 banks have quickly passed the full RBA cash rate cut on to their mortgage borrowers, with NAB, CBA and ANZ implementing the cut from May 30, while Westpac's reduction will take effect from June 3. LINK

• Commonwealth Bank stocks hit a record price of $172, ahead of RBA rate cut. LINK

• Qantas and Jetstar now control 64% of domestic passengers while Virgin Australia holds 34.4% market share. LINK 

• Deloitte's Asia Pacific CFO Survey reveals that Australian CFOs prioritise revenue and cost control amid economic uncertainty. LINK

• The US Department of Justice is investigating a US$400M cyberattack on Coinbase. LINK

• Peter Stevens Motorcycles has entered administration, putting 400 jobs at risk across 15 dealerships nationally. LINK

• Nvidia has launched NVLink Fusion that enables chip to chip communications, announcing new partnerships with Marvell and MediaTek. LINK

• Nike has implemented layoffs in its technology division whilst shifting work to third-party vendors. LINK

• Honda has reduced its planned electric vehicle investment from ¥107T to ¥70T by 2030 to meet rising hybrid demand. LINK

• TechnologyOne has achieved record revenue and profit for the 16th consecutive year through rapid SaaS-based ERP platform deployment. LINK

• 23andMe has sold its genetic data bank to Regeneron for US$256M during bankruptcy proceedings. LINK

CHART OF THE DAY

Both AI and non-AI workloads will be key drivers of global data centre capacity demand growth through 2030

ONE MORE SCROLL

Editor’s Pick: Here’s a simple, science-backed way to sharpen your thinking and improve your memory.

Draft Pick: State of Origin: Terrell May wants to earn NSW Blues' trust after Twitch stream comments.

Odd Pick: A golden retriever was spotted sporting a life jacket and riding a jet ski, while being pulled by a man using a water-propelled jet pack.

TOGETHER WITH

Doga Sydney - Corporate Cuddles & Puppy Yoga

Take what you’re doing offline and circle back on team wellness because real team bonding happens with puppies, not PowerPoint. Give your team an event they’ll actually look forward to with Puppy Yoga!

We’ve got you covered with Corporate Cuddles and Puppy Yoga 🐶

TRIVIA

We go niche geography today celebrating the independence day of Montenegro. How well do you know the European country?

1. What is the currency of Montenegro?
   

2. Which country did Montenegro become independent from in 2006?
   

3. What is the capital of Montenegro?

   A) Podgorico
   B) Belgrade
   C) Sarajevo
   

4. Which country does not border Montenegro?

   A) Croatia
   B) Albania
   C) Bulgaria
   

5. What colours are on the Montenegrin flag?

Answers below

OUR SOCIALS

ANSWERS

1. Euro
2. Serbia
3. Podgorico
4. Bulgaria
5. Red & Gold

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