Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Banks ordered to refund millions of Aussies
Nearly two million Aussies could soon receive hundreds of dollars after multiple major banks were ordered to issue more than $28m in refunds. A report by ASIC reveals that some banks have kept low-income customers in high-fee accounts, leading to financial strain. The findings highlight the need for better transparency and fairness in banking practices, urging institutions to review their account offerings to ensure they meet the needs of vulnerable customers.
Cauldron Ferm gets government backing for industry-first biomanufacturing facility at Mackay
Cauldron Ferm, a next-generation biomanufacturer based in regional NSW, has been given a major leg-up by the Queensland Government to develop a cutting-edge precision-fermentation contract-manufacturing facility in Mackay that will be the first and largest of its kind in the Asia-Pacific region.
Qatar Airways is set to acquire 25% of Virgin Australia. Who will be the winners?
Virgin Australia is reportedly in talks with Qatar Airways to explore a potential partnership, which could enhance competition against Qantas and Emirates. This collaboration aims to bolster Virgin’s international presence and offer more options to travelers, as the airline seeks to recover from the impacts of the pandemic.
Supermarket ‘shrinkflation’ to be targeted through fairer, more comparable pricing rules
Australia plans to implement new rules to combat “shrinkflation” in supermarkets, requiring clearer unit pricing to help consumers identify price increases hidden in product size reductions. The changes aim to enhance transparency and enable shoppers to make informed decisions, addressing growing concerns about rising living costs and consumer rights.
ASX closes lower as Middle East conflict intensifies, while oil prices rise on the crisis
The ASX 200 index declined last week influenced by global market trends and economic concerns. There were significant losses in technology and energy sectors. Investors remain cautious amid ongoing geopolitical tensions and inflation worries, impacting trading sentiment across various industries.
Analysts say WA’s gas exports remain key factor in future supply shortfalls
Western Australia’s new gas policy is facing criticism for prioritising exports over local energy needs, potentially exacerbating an energy shortage. Critics argue that the policy could lead to increased prices and limited availability for residents, urging the government to focus on domestic supply to ensure energy security for the state.
Cherbourg to receive $26 million for upgrades to contaminated water supply
The Queensland government has allocated $26 million to upgrade water supply infrastructure in Cherbourg. The funding aims to improve water quality and reliability for residents. The project will enhance existing systems and support the community’s long-term water needs, ensuring access to safe and clean drinking water.
Vitrinite accused of clearing koala habitat and illegal coal mining in Queensland
Koala habitat in New South Wales was cleared without federal approval, violating environmental laws. The area, crucial for koala conservation, faced deforestation despite warnings. Conservationists and local communities are urging government action to protect remaining habitats and hold those responsible accountable for the illegal land clearing activities.
How a US dock workers’ strike could have flow on effects for Australian shoppers
A strike by U.S. dockworkers is likely to disrupt global shipping, potentially leading to increased costs for consumers worldwide. The labor action, driven by demands for better wages and working conditions, may exacerbate existing supply chain issues, affecting various industries reliant on timely shipping and delivery of goods.
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