Australia announced on Friday that it would hold a parliamentary inquiry to look into the negative impacts of social media platforms, saying they have significant reach and control over what Australians see online, with almost no scrutiny. The government has criticised social media platforms for not being quick enough to remove violent posts and seeks...
Category: Bussiness
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The government’s future gas policy first must ensure Australia’s future gas needs
Almost immediately after Resources Minister Madeleine King unveiled her plans for an expansion of our gas industry, the sniping began, the battle lines already drawn. On one side is the federal government, with seemingly conflicting ideals of reducing carbon emissions while kickstarting a rebuild of our manufacturing sector, arguing that more gas is needed for...
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Australia increases financial support to Tuvalu in face of competition with China
In short: Australia boosts funds to Tuvalu amid Pacific competition for influence with China. Penny Wong says Australia has committed $110 million in its national budget to Tuvalu. What’s next? Australia cements a landmark climate migration and security deal. Australia and Tuvalu have declared there are only a “narrow set of circumstances” where the federal government might trigger a...
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Why a ‘bemused’ Matt Comyn is wary of banking’s new battleground
Commonwealth Bank chief executive Matt Comyn isn’t quite in “I told you so” mode, but he does admit he’s found comments made by his biggest rivals in the past week about unsustainable margins in the mortgage business “almost bemusing”. Comyn started banging the drum on loss-making mortgages early last year. Last November, as rivals and...
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Report: Australian businesses less likely to report ransomware attacks
Report: Australian businesses less likely to report ransomware attacks One in 10 Australian organisations hit by ransomware attacks do not report the incident. A new report has shown a worrying trend among Australian businesses that have fallen victim to ransomware attacks. While most businesses report such attacks to the proper authorities, 10 per cent of...
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REA Group revenue jumps 24pc
Realestate.com.au operator REA Group (ASX: REA) has reported a 24 per cent jump in revenue in the March quarter to $334 million amidst a rise in residential listings, particularly in the key markets of Sydney and Melbourne. REA, which is majority owned by News Corporation (ASX: NWS), reports its growth rate in Australia was the...
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Gas stocks soar after Albanese government releases its ‘Future Gas Strategy’, CBA third-quarter cash profit falls 7pc — as it happened
The Australian Chamber of Commerce and Industry (ACCI) has joined the Australian Energy Producers in welcoming the government’s future gas strategy. Australian businesses will be relieved by the federal government’s recognition that gas has a vital role in the nation’s transition to net zero. A comprehensive strategy is needed to stabilise the gas market and provide...
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Reserve Bank of Australia Governor Michele Bullock reveals why business failures are at the highest level in a decade and Labor’s new policy to address construction skills shortages
Australia’s most powerful central banker has suggested corporate insolvencies are at a decade-high during a building crisis because many companies couldn’t cope with interest rates rising from record lows. The annual tally of corporate collapses is now on track this financial year to surpass the 10,000 mark for the first time since 2012-13. Building companies...
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Australian retail industry’s peak bodies agree on merger
After several years toying with the idea, Australia’s peak retail bodies have firmed up plans to merge in a bid to provide a single voice for the $420 billion sector amid growing challenges faced by the industry. The Australian Retailers Association (ARA) and the National Retail Association (NRA) have signed a formal heads-of-agreement to join...
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IPH joins race for QANTM Intellectual Property
Long-term shareholders in QANTM Intellectual Property (ASX: QIP) may be experiencing a sense of déjà vu today after the Melbourne-based company confirmed much larger rival IPH (ASX: IPH) had thrown a $265 million takeover offer in the ring, joining two other contestants in the tussle for control The scrip-based offer follows proposals from Rouse International and...
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Perpetual in $2.2b sale of key divisions to KKR
Australian investment group and asset manager Perpetual (ASX: PPT) is poised to sell two of its key business divisions to US private equity group Kohlberg Kravis Roberts (KKR) for $2.https://www.businessnewsaustralia.com/175 billion, making good on its plans to shake up the Australian financial services sector. The formal proposal announced today follows confirmation by Perpetual on 29...
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Black Hops Brewing set for liquidation as sale ‘imminent’
record-breaking crowdfunding campaign in 2022 that raised $2.2 million from almost https://www.businessnewsaustralia.com/1,000 investors in 24 hours. Black Hops was founded by Daniel Norris, Michael McGovern and Edward Oldfield, who initially undertook a non-equity crowdfunding campaign in 20https://www.businessnewsaustralia.com/16 to help fund the company’s first taproom at Burleigh Heads. Oldfield and McGovern remain the company’s biggest shareholders...