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13/11/2025

$70 Million Fortune Teller Scam in Sydney

Two women, aged 53 and 25, were arrested at a Dover Heights home in Sydney’s eastern suburbs.
Police allege the pair ran a $70 million fraud scheme targeting members of Sydney’s Vietnamese community.
The older woman, described as a fortune teller or feng shui master, allegedly convinced victims to take out large loans by claiming she could see “a billionaire in their future.”
She then took a share of the money from those loans.
During the police raid, officers seized financial documents, mobile phones, luxury handbags, a 40-gram gold bar worth about $10,000, and $6,600 in casino chips.
The 53-year-old has been charged with 39 offences, including directing a criminal group, fraud, and dealing with crime proceeds. She has been refused bail.
The 25-year-old faces related fraud and identity offences. She was granted conditional bail and is due to appear in court in January 2026.
Police have frozen about $15 million in assets, bringing the total value of seized assets to around $75 million.
The case is part of Strike Force Myddleton, an ongoing investigation into large-scale financial fraud schemes in Sydney.

Cre: 7NEWS.

𝐁𝐥𝐞𝐚𝐤 𝐧𝐞𝐰𝐬 𝐟𝐨𝐫 𝐕𝐨𝐢𝐜𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐫𝐬 𝐚𝐬 𝐭𝐡𝐞 𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐝𝐮𝐦 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧 𝐞𝐧𝐭𝐞𝐫𝐬 𝐢𝐭𝐬 𝐟𝐢𝐧𝐚𝐥 𝐰𝐞𝐞𝐤The prospects of a successful referendum...
09/10/2023

𝐁𝐥𝐞𝐚𝐤 𝐧𝐞𝐰𝐬 𝐟𝐨𝐫 𝐕𝐨𝐢𝐜𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐫𝐬 𝐚𝐬 𝐭𝐡𝐞 𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐝𝐮𝐦 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧 𝐞𝐧𝐭𝐞𝐫𝐬 𝐢𝐭𝐬 𝐟𝐢𝐧𝐚𝐥 𝐰𝐞𝐞𝐤

The prospects of a successful referendum for supporters of the Voice to Parliament have dwindled further as the final vote approaches.

With just days to go until Saturday's official poll, a majority of surveys have shown a further contraction in the number of those intending to vote Yes, in line with months of diminishing support for the constitutional change.

That includes a drop amongst those who had been amongst the proposal's most strident supporters, including young people and Labor voters.

In the latest Newspoll results, taken from 1225 respondents between October 3 - 6, support fell below 50 per cent in both demographics.

Despite the Resolve and Essential surveys showing a small increase in support, possibly a result of the extensive Yes campaign, the No vote nonetheless remained ahead overall in every survey.

It is a dispiriting result for supporters of the change, with the high bar of a double majority, necessary for successful referenda, now seemingly out of reach.

With Queensland and Western Australia showing the firmest intention to vote No, South Australia had been considered a battleground state. However even NSW, considered a bedrock for a successful Yes vote, has slipped into majority No support, per the latest Resolve poll.

The campaign's final week has seen a flurry of activity from both camps.

Prime minister Anthony Albanese, who stated his intention to implement the Uluru Statement from the Heart at his election victory last year, cast his vote in favour of the Voice on Saturday.

He called on voters to seize a "once in a generation" opportunity to recognise First Nations people in the constitution.

A concert attended by 8,500 people in Shepparton also saw high-profile supporters of the Voice, including Briggs, Baker Boy, Jimmy Barnes and Paul Kelly, rally behind the proposal.

Briggs, the Yorta Yorta Wurundjeri rapper, took his support for the Voice to another level last week with his viral video pushing for voters to accept the change racking up millions of views.

Meanwhile, prominent No campaigner Jacinta Nampijinpa Price has been vocal and visible in appearances across the country, pushing for a rejection of what she has described as a "division" along racial lines.

Former prime ministers Tony Abbott and John Howard also took aim at the proposal, saying the Voice would not fix the "failed state" of the Northern Territory.

Source: SBS.
Link: https://www.sbs.com.au/nitv/article/bleak-news-for-voice-supporters-as-the-referendum-campaign-enters-its-final-week/p6kxvyg5y

𝐇𝐨𝐰 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐅𝐚𝐢𝐫 𝐖𝐨𝐫𝐤 𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐬𝐡𝐮𝐭𝐝𝐨𝐰𝐧 𝐫𝐮𝐥𝐞𝐬 𝐰𝐢𝐥𝐥 𝐢𝐦𝐩𝐚𝐜𝐭 𝐲𝐨𝐮 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 𝐚𝐧𝐝 𝐍𝐞𝐰 𝐘𝐞𝐚𝐫 𝐩𝐞𝐫𝐢𝐨𝐝The Fai...
05/10/2023

𝐇𝐨𝐰 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐅𝐚𝐢𝐫 𝐖𝐨𝐫𝐤 𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐬𝐡𝐮𝐭𝐝𝐨𝐰𝐧 𝐫𝐮𝐥𝐞𝐬 𝐰𝐢𝐥𝐥 𝐢𝐦𝐩𝐚𝐜𝐭 𝐲𝐨𝐮 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 𝐚𝐧𝐝 𝐍𝐞𝐰 𝐘𝐞𝐚𝐫 𝐩𝐞𝐫𝐢𝐨𝐝

The Fair Work Commission introduced the changes for 78 modern awards from May this year.

With the Christmas and New Year holiday period soon approaching, many businesses will temporarily close for a period of time.

This period is called a shutdown, and the rules about what kind of leave workers are entitled to take during this time can be confusing.

The Fair Work Commission decided in August last year to update the shutdown provisions, with the changes impacting 78 modern awards coming into effect in May this year.

Under the new provisions, employers cannot direct workers to take leave without pay during a shutdown period.

Instead, employees may be required to take annual leave during the period, with the employer having to give at least 28 days’ written notice of the temporary shutdown.

This notice period can be reduced if the employer and the employee come to an agreement.

The requirement to take annual leave must also be reasonable.

Workers who do not have enough annual leave to cover the shutdown can talk to their employer and agree on other options to cover the days, such as using accrued time off, using annual leave in advance or using leave without pay.

If the business is closed during any public holidays, the employee will be paid for any holidays that fall on the days they would normally work.

Industry awards impacted by these changes include:

•Fitness industry award
•Hair and beauty industry award
•Hospitality industry award
•Nurses award
•Real estate industry award
•Food, beverage and to***co manufacturing award

A full list of the awards can be found on the Fair Work Commission’s website, and a search tool is available for workers to help determine what award they belong to.

Source: 7NEWs.
Link: https://7news.com.au/business/workplace-matters/how-the-new-fair-work-commission-shutdown-rules-will-impact-you-during-the-upcoming-christmas-and-new-year-period--c-12098544

𝐒&𝐏 𝟓𝟎𝟎, 𝐍𝐚𝐬𝐝𝐚𝐪 𝐒𝐥𝐢𝐝𝐞 𝐀𝐟𝐭𝐞𝐫 𝐌𝐢𝐱𝐞𝐝 𝐏𝐡𝐚𝐫𝐦𝐚 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬; 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐃𝐚𝐭𝐚 𝐢𝐧 𝐅𝐨𝐜𝐮𝐬The S&P 500 and the Nasdaq opened lower ahead o...
01/08/2023

𝐒&𝐏 𝟓𝟎𝟎, 𝐍𝐚𝐬𝐝𝐚𝐪 𝐒𝐥𝐢𝐝𝐞 𝐀𝐟𝐭𝐞𝐫 𝐌𝐢𝐱𝐞𝐝 𝐏𝐡𝐚𝐫𝐦𝐚 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬; 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐃𝐚𝐭𝐚 𝐢𝐧 𝐅𝐨𝐜𝐮𝐬

The S&P 500 and the Nasdaq opened lower ahead of manufacturing and job openings data that could clear the air on a soft landing for the U.S. economy, while investors assessed mixed earnings from pharmaceutical heavyweights Merck and Pfizer.

The Dow Jones Industrial Average rose 26.46 points, or 0.07 percent, at the open to 35,585.99.

The S&P 500 opened lower by 10.13 points, or 0.22 percent, at 4,578.83, while the Nasdaq Composite dropped 71.09 points, or 0.50 percent, to 14,274.93 at the opening bell.

Cre: By Reuters _ theepochtimes.com

Link: https://www.theepochtimes.com/article/s-economic-data-in-focus-5436648

𝐀𝐢𝐫𝐩𝐨𝐫𝐭𝐬, 𝐫𝐚𝐜𝐢𝐧𝐠 𝐭𝐨 𝐡𝐢𝐫𝐞 𝐰𝐨𝐫𝐤𝐞𝐫𝐬, 𝐜𝐨𝐦𝐩𝐞𝐭𝐞 𝐭𝐨 𝐥𝐨𝐨𝐤 𝐚𝐟𝐭𝐞𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐢𝐝𝐬𝐀 𝐬𝐦𝐚𝐥𝐥 𝐛𝐮𝐭 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐔.𝐒. 𝐚𝐢𝐫𝐩𝐨𝐫𝐭𝐬 𝐚𝐫𝐞 𝐩𝐮𝐬𝐡𝐢𝐧...
31/07/2023

𝐀𝐢𝐫𝐩𝐨𝐫𝐭𝐬, 𝐫𝐚𝐜𝐢𝐧𝐠 𝐭𝐨 𝐡𝐢𝐫𝐞 𝐰𝐨𝐫𝐤𝐞𝐫𝐬, 𝐜𝐨𝐦𝐩𝐞𝐭𝐞 𝐭𝐨 𝐥𝐨𝐨𝐤 𝐚𝐟𝐭𝐞𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐢𝐝𝐬
𝐀 𝐬𝐦𝐚𝐥𝐥 𝐛𝐮𝐭 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐔.𝐒. 𝐚𝐢𝐫𝐩𝐨𝐫𝐭𝐬 𝐚𝐫𝐞 𝐩𝐮𝐬𝐡𝐢𝐧𝐠 𝐭𝐨 𝐨𝐟𝐟𝐞𝐫 𝐜𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐭, 𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐥𝐞 𝐜𝐡𝐢𝐥𝐝 𝐜𝐚𝐫𝐞 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐚𝐭𝐭𝐫𝐚𝐜𝐭 𝐚𝐧𝐝 𝐫𝐞𝐭𝐚𝐢𝐧 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐩𝐨𝐬𝐭-𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐞𝐜𝐨𝐧𝐨𝐦𝐲.

Trudi Shertzer can’t wait to bring her 8-month-old to work every day.

An operations duty manager at Pittsburgh International Airport, she is counting the days until she can drop off her son at a 61-slot child care center opening there next month — the only such facility housed in a U.S. airport terminal.

“I’m just waiting for them to give us the list of stuff I need to start packing up for my son Hunter,” said Shertzer, whose husband, Ben, works as a wildlife manager at the airport. “This will be so convenient. With the facility right here, we’ll be able pop in and check on him, which will give us peace of mind.”

While the airport authority’s 475 employees get first dibs on enrollment, the child care center is also open to kids of other staffers at PIT’s 6,000-person campus, including concessionaires, cleaners and construction workers.

The Pittsburgh facility comes as the airline industry continues its hiring push to meet resurgent travel demand in a still-tight labor market. At least three other U.S. airports are devising new child care plans of their own, joining the growing ranks of employers trying to expand access to a service that remains a costly barrier for many caregivers in their prime working years.

Shertzer said a babysitter has been looking after Hunter while she and her husband are at work, and enrolling him in the on-site center will offer “significant savings” to the family’s bottom line.

Allegheny County Airport Authority, with operates PIT, has set the facility’s tuition at about 10% below area market rates and made sure it qualifies for state subsidies, CEO Christina Cassotis said. The hope is that employees in lower-paying, hard-to-fill jobs like those at the airport’s food, beverage or retail shops will also be able to enroll their children.

“We are trying to build in ‘sticky’ and foundational benefits so that people feel like we’re investing in them as people,” she said, “as opposed to just someone needed to fill a job.”

The center, operated by the national day care company La Petite Academy, will have its own entrance in a surplus part of a terminal once used by US Airways. Hours will initially be weekdays from 6:30 a.m. to 6:30 p.m., but Cassotis eventually wants it operating 24/7 to accommodate later shifts.

“Child care has always been a challenge for working parents,” said Annie Russo, chief political and congressional strategy officer for Airports Council International-North America. But she said airports present an added challenge because many are far from urban centers and services.

“Having child care centers on or near airport property could solve that logistical problem for working parents and help airports recruit and retain employees, especially women,” she said.

A survey this spring of 10,000 U.S. mothers by well-being brand Motherly found 43% of women who changed or left jobs over the prior year cited staying at home with children or a lack of child care for their decision. Fifty-two percent of at-home moms said it would take affordable child care to lure them back.

Many caregivers have already returned the workforce since the pandemic, as competition for labor drove up wages and inflation squeezed household finances over the past year. After Covid-19 disrupted child care and schooling for more than two-thirds of U.S. parents, the labor force participation rate for mothers with young children snapped back to pre-pandemic levels in 2022.

But child care issues have remained enough of a workforce headwind to draw attention from the Biden administration, which issued over 50 directives to federal agencies in April aimed at reducing costs and improving access. In a visit to PIT this month, first lady Jill Biden praised on-site child care as allowing workers to “pursue the careers they want without having to worry about finding care for their kids.”

Some airport directors had discussed expanding their child care offerings before the pandemic, but “it has now become a larger focus,” said ACI-NA’s Russo.

Phoenix Sky Harbor International Airport, which in the 1960s offered an in-terminal nursery so parents could dine or shop kid-free before boarding flights, is now in the final design phase of a child care facility for employees.

“Businesses at Sky Harbor continue to have challenges hiring and retaining staff,” said Matthew Heil, deputy aviation director for the city of Phoenix. Developing on-site child care, coupled with a $4 million pool of city and federal funds to help workers find care locally, “allows us to support those people with children in a direct way,” he said.

Denver International Airport is currently conducting a child care needs assessment, Deputy Chief of Staff Andrea Albo said. Cincinnati/Northern Kentucky International Airport, which is home to cargo hubs for DHL and Amazon, is looking into developing on-site or nearby child care facilities, too.

“When my children were young, I was blessed to have stable, safe, dependable child care, and I know what a difference it can make,” airport CEO Candace McGraw said. “I’d like to see that happen at CVG.”

KinderCare said several major carriers, including American Airlines, JetBlue and Southwest Airlines, provide tuition credits at its facilities. Delta Air Lines said it offers up to 25 days a year of subsidized child care for situations like school closures and family emergencies. But many airport workers have few such benefits, and while some U.S. airports have experimented with child care services for decades, only a handful of programs still exist.

Miami International Airport opened a child care center near its main terminal in 1987 with room for more than 100 employees’ children, but it closed in the early 2000s. There are no plans to bring it back, partly owing to space constraints, a spokesman said. Boston Logan International Airport and New York City’s John F. Kennedy International Airport had similar programs at earlier periods, but spokespeople said there are no plans to reintroduce them.

San Francisco International Airport and Los Angeles International Airport still support nearby child care centers for employees’ kids.

Since 1993, SFO has been subsidizing extended-hour child care at a Palcare-run center in a county-owned building about 3½ miles from the airport; 36 of its roughly 110 slots are filled by children of SFO staffers. The current $7 million five-year agreement provides tuition subsidies for the kids of low- and middle-income airport workers, plus two meals per day for all enrollees. It also includes additional funds to handle enrollment growth.

Last October, the operator of LAX reopened the First Flight Child Development Center, which offers child care at discounted rates to on-site workers, after a pandemic closure. First opened in 1998, the center is located a few blocks north of the airport and run by La Petite Academy, which will also manage PIT’s.

Sean Sondreal, chief business development officer of the Learning Care Group, La Petite’s parent company, said, “We hope to work with many more air transportation organizations to plan and execute on their vision for creating greater opportunities for an ever-evolving workforce.”

First Flight — whose subsidized rates range from $240 to $404 a week for LAX workers’ kids — is “a great recruitment tool,” said Becca Doten, chief airport affairs officer for Los Angeles World Airports, whose child has attended it.

“Many people are re-evaluating what they want from their workplaces and, post-pandemic, seeking better work-life balance,” Doten said. “As they choose new places to work, we know how important it is that we can offer a safe place for their children.”

Kristen Owens, a consultant for a project management contractor at LAX, has been bringing her son, Jack, 1, to First Flight since he was 4 months old.

“This day care costs a little more than half of what other day cares in the area are asking,” she said. “If I was not an employee of the airport and had to go to a different center, it would be so much more expensive and so much less convenient.”

Owens added, “This is definitely a benefit that makes me want to stay.”

Cre: By Harriet Baskas _ nbcnews.com

Link: https://www.nbcnews.com/business/economy/airports-child-care-daycare-best-benefits-employee-hiring-rcna91631

𝐃𝐞𝐥𝐚𝐲𝐬 𝐢𝐧 𝐢𝐧𝐬𝐮𝐫𝐞𝐫 𝐜𝐥𝐚𝐢𝐦𝐬 𝐡𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐜𝐚𝐦𝐬 𝐝𝐫𝐢𝐯𝐞 𝐫𝐞𝐜𝐨𝐫𝐝 𝐫𝐢𝐬𝐞 𝐢𝐧 𝐜𝐨𝐦𝐩𝐥𝐚𝐢𝐧𝐭𝐬 𝐭𝐨 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐨𝐦𝐛𝐮𝐝𝐬𝐦𝐚𝐧Australians ...
28/07/2023

𝐃𝐞𝐥𝐚𝐲𝐬 𝐢𝐧 𝐢𝐧𝐬𝐮𝐫𝐞𝐫 𝐜𝐥𝐚𝐢𝐦𝐬 𝐡𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐜𝐚𝐦𝐬 𝐝𝐫𝐢𝐯𝐞 𝐫𝐞𝐜𝐨𝐫𝐝 𝐫𝐢𝐬𝐞 𝐢𝐧 𝐜𝐨𝐦𝐩𝐥𝐚𝐢𝐧𝐭𝐬 𝐭𝐨 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐨𝐦𝐛𝐮𝐝𝐬𝐦𝐚𝐧

Australians have lodged a record 96,987 complaints with the financial ombudsman in the past 12 months, a 34 per cent increase on the previous year.

The Australian Financial Complaints Authority (AFCA) says complaints about delays in insurer claims handling topped the list of complaints last financial year, jumping 76 per cent.

The majority of those complaints had nothing to do with claims linked to natural disasters.

The second most complained about issue regarded unauthorised transactions, up 69 per cent, which included complaints about financial scams.

David Locke, AFCA's chief ombudsman, said he was "deeply concerned" about the volume of complaints Australians had to make to AFCA in the 2022-23 financial year.

"It's not fair on consumers and not good for business. We need to see a significant improvement from firms," he said.

Overall, in 2022-23, consumers secured $253.8 million in compensation and refunds after seeking help from the ombudsman.

Insurance, scams, and poor service
Insurance claims handling was the most complained about issue in the 2022-23 financial year.

General insurance complaints rose 50 per cent compared to the previous year, and there was a 136 per cent surge in complaints about claim delays from superannuation funds, including the payment of death benefits.

"We have been raising concerns about claims delays with insurers for over 12 months now," Mr Locke said.

"It is disappointing that this continues to be a concern.

"While we acknowledge the challenges insurers have faced, the bulk of complaints in the past year were not about natural disaster but about regular claims."

Australians are also extremely concerned about unauthorised transactions.

That category of complaint includes, among other things, credit card transactions that aren't authorised by the cardholder, ATM withdrawals made with a stolen card, and the sale of an investment without authority.

Scam-related complaints rose 46 per cent last year financial year, to 6,048, data from AFCA shows.

"We witness first-hand the human cost of this serious and sophisticated financial crime," Mr Locke said.

"It's pleasing to see initiatives by individual banks to combat scams but we would welcome a more consistent approach across the sector."

Earlier this month, the Albanese government launched a new investment scam taskforce to try to prevent Australians falling victim to financial scams.

It's also proposed introducing new codes of practice for the financial services sector, telecommunications companies, and social media platforms, to address financial scams.

Mr Locke has welcomed the proposal for new codes of practice.

"AFCA believes there is a need for enforceable standards, to lift the bar on scam prevention and remediation. This will also aid the work we do as an ombudsman service," he said.

Rising interest rates and financial stress
Mr Locke said AFCA's complaints data also shows the impact of financial stress from rising interest rates and the cost of living.

He said complaints rose significantly towards the end of the 2022-23 financial year — across April, May and June — as the Reserve Bank lifted the cash rate target to 4.1 per cent.

For example, he said complaints involving financial difficulty rose 9 per cent over the year, but were 31 per cent higher in the June quarter this year compared with the same three-month period last year (quarter on quarter).

He said home loan complaints were up 10 per cent over the year, but were 19 per cent higher quarter on quarter.

Credit card complaints were up 15 per cent, but were 34 per cent higher quarter-on-quarter.

"We want to see banks and other finance providers continue to take active steps to identify and support customers who are experiencing financial difficulty," Mr Locke said.

He said buy now pay later (BNPL) complaints were 57 per cent higher in 2022-23, as more people turned to alternative forms of credit to manage tight budgets.

"This underlines the importance of the federal government's plan to regulate BNPL under the National Consumer Credit Act, and recent reforms addressing what's known as 'payday lending'," he said.

AFCA has been a 'game changer'
Overall, the 34 per cent increase in complaints lodged with AFCA last financial year was a record for the ombudsman, which was established in 2018.

AFCA is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation.

It was established by the Turnbull Coalition government in response to recommendations from the "Ramsay Review," which had been set up ahead of the banking royal commission.

The Ramsay Review had been asked to investigate the framework that governed the way in which Australians could lodge complaints about financial services firms and superannuation funds, and have their complaints resolved.

One of the review's key recommendations was to create a single body to handle the external dispute resolution (EDR) process, which led to the creation of AFCA.

In March 2022, the chair of the Australian Securities and Investments Commission, Joe Longo, said the reforms that flowed from the Ramsay Review had been "transformational" for complaints handling and dispute resolution in Australia.

"A true 'game changer' in financial services consumer protection in this country," he said.

Since its inception in 2018, as of June 30, 2023, AFCA has received more than 367,000 complaints and helped to secure $1.07 billion in compensation and refunds for customers through its dispute resolution work.

Have you been targeted by or fallen victim to a scam? Tell us your story

Cre: By business reporter Gareth Hutchens _ abc.net.au

Link: https://www.abc.net.au/news/2023-07-27/record-rise-in-complaints-to-financial-ombudsman-scams-insurance/102649222

𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐟𝐚𝐥𝐥𝐢𝐧𝐠 𝐢𝐧 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 𝐚𝐧𝐝 𝐍𝐞𝐰 𝐙𝐞𝐚𝐥𝐚𝐧𝐝 — 𝐛𝐮𝐭 𝐡𝐨𝐰 𝐝𝐨 𝐰𝐞 𝐬𝐭𝐚𝐜𝐤 𝐮𝐩 𝐚𝐠𝐚𝐢𝐧𝐬𝐭 𝐭𝐡𝐞 𝐫𝐞𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝?For more than 1...
21/07/2023

𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐟𝐚𝐥𝐥𝐢𝐧𝐠 𝐢𝐧 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 𝐚𝐧𝐝 𝐍𝐞𝐰 𝐙𝐞𝐚𝐥𝐚𝐧𝐝 — 𝐛𝐮𝐭 𝐡𝐨𝐰 𝐝𝐨 𝐰𝐞 𝐬𝐭𝐚𝐜𝐤 𝐮𝐩 𝐚𝐠𝐚𝐢𝐧𝐬𝐭 𝐭𝐡𝐞 𝐫𝐞𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝?

For more than 12 months, Australians have been hit with interest rate rise after interest rate rise in pursuit of a golden ideal — bringing inflation down.

Now, it seems like that golden moment might finally be dawning.

The Australian Bureau of Statistics reported in March that inflation had lowered slightly, compared to where we were a year ago.

This week the Reserve Bank of Australia (RBA) has said that inflation in Australia seems to be slowing.

And we're not the only ones to be trending down.

This graph of the latest monthly readings of annual inflation rates globally shows inflation peaked in the US, the UK, Canada and Australia late last year, and has been coming down fairly steadily since.

What is inflation and what causes it?
Inflation measures how much more expensive a set of goods and services has become over a certain period of time (usually a year).

The most well-known indicator of this is the Consumer Price Index (CPI).

The CPI measures the percentage change in the price of a basket of goods and services consumed by households.

Temporary changes in inflation may be caused by events like supply disruptions or seasonal sales, according to the Reserve Bank of Australia (RBA).

More persistent changes in inflation generally arise when people and businesses change their expectations about future price moves, and thus start demanding higher wages or passing on cost increases to their customers to compensate for them.

In the worst case, these expectations of rising prices can cause inflation to spiral out of control.

What does inflation look like in Australia?
It hasn't been an easy road to tamping down inflation in Australia over the past few years.

After 12 interest rate hikes from the RBA since May last year, inflation is slowly declining.

In March, the Australian Bureau of Statists announced that Australian CPI had also dipped in the first quarter of 2023 — down from 7.8 per cent to 7 per cent in March.

But it doesn't mean things are getting cheaper — they're just getting more expensive, slower.

For example, the March quarter CPI readings revealed price lifts of 15.5 per cent for electricity along with a 26.2 per cent jump in gas and other household fuels.

Some experts say that interest rate rises and the privatisation of essential services are now encouraging high inflation rates at home.

Australia's second-quarter inflation figures are due out next Wednesday and they will provide important insight into what's next for local inflation.

These figures will be a major consideration into the RBA's meeting on August 1.

United States of America
Current inflation rate: 3 per cent

Inflation rate July 2022: 8.5 per cent

The US is an example of how inflation feels globally right now.

Despite CPI falling 5.5 percentage points in the last 12 months, prices are still rising, they're just rising slower.

Over the last 12 months in the US, prices for groceries increased 4.7 per cent, according to the US Bureau of Statistics.

Which sounds like a lot, but compare that to a 12-month increase of 13.5 per cent for the year ended August 2022.

So, like in Australia and many places around the world, while it might seem as though inflation is easing, real prices are still getting higher.

United Kingdom
Current inflation rate: 7.3 per cent

Inflation rate July 2022: 8.8 per cent

The UK's CPI rose to 7.3 per cent last month, down from 7.9 per cent in May.

And even further down from the peak of 9.6 per cent in October last year.

Falling prices for motor fuel led to the largest downward contribution to the monthly change in CPI annual rates, according to the UK's Office for National Statistics.

UK food prices rose in June 2023 but by less than in June 2022, also leading to an easing in the rates.

Canada
Current inflation rate: 2.8 per cent

Inflation rate June 2022: 8.1 per cent

Canada's annual inflation rate dropped massively to a 27-month low of 2.8 per cent in June led by lower energy prices, according to Statistics Canada.

In Canada, unlike Australia, the CPI figure includes mortgage interest costs. If you take out the effect of rising rates to fight inflation, then Canada's CPI only rose 2 per cent over the year to June.

Despite this downward trend, food and shelter costs increased.

Canada's Finance Minister Chrystia Freeland urged Canadian businesses — especially food retailers — "to be responsible right now and to support Canadians and the Canadian economy by a responsible approach to their pricing".

Despite high food prices, Ms Freeland has hailed the inflation report as a "milestone moment".

Germany
Current inflation rate: 6.4 per cent

Inflation rate August 2022: 7.1 per cent

Germany has seen some inflation ease after hitting 7.9 per cent in December 2022.

Since then, the CPI has seen a gentle decrease throughout the first half of 2023. But just in the last month, the CPI jumped 0.3 of a percentage point.

The culprit? You guessed it, food.

"Food remained the biggest driver of inflation," the president of Germany's Federal Statistical Office, Ruth Brand, said.

"There also is a base effect due to the federal government’s relief measures of 2022 — the 9-euro ticket and the fuel discount, — which pushes up the current rate of inflation."

Current inflation rate: 6 per cent

Inflation rate June 2022: 7.3 per cent

Despite falling 1.3 percentage points from last year's CPI, inflation in New Zealand is high due in part to the high expense of food.

The cost of vegetables has skyrocketed 23 per cent in the last year, according to Stats NZ, New Zealand's official data agency.

Basics like eggs, milk and cheese followed suit, increasing in price by 13.8 per cent.

"Prices are still increasing at rates not seen since the 1990s but are rising at a lower rate than the last few quarters," Stats NZ consumers prices senior manager Nicola Growden said.

Japan's nationwide core CPI rose 3.2 per cent in May from a year earlier, according to the Statistics Bureau of Japan.

The increase was driven by steady price hikes for food and daily necessities.

Analysts have warned that inflated prices may stay.

"As the pass-through of rising costs runs its course, core consumer inflation will peak around summer," said Mizuho Securities market economist Ryosuke Katagi.

"But companies may keep passing on costs for longer than expected. Risks to inflation are skewed to the upside."

Cre: By Velvet Winter _ abc.net.au

Link: https://www.abc.net.au/news/2023-07-21/inflation-rates-cpi-new-zealand-australia-us-uk-germany-japan/102620210

𝐒&𝐏 𝟓𝟎𝟎 𝐈𝐧𝐜𝐡𝐞𝐬 𝐃𝐨𝐰𝐧 𝐚𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐃𝐢𝐠𝐞𝐬𝐭 𝐌𝐨𝐫𝐞 𝐁𝐢𝐠 𝐁𝐚𝐧𝐤 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬The benchmark S&P 500 edged lower on Tuesday as investors ...
18/07/2023

𝐒&𝐏 𝟓𝟎𝟎 𝐈𝐧𝐜𝐡𝐞𝐬 𝐃𝐨𝐰𝐧 𝐚𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐃𝐢𝐠𝐞𝐬𝐭 𝐌𝐨𝐫𝐞 𝐁𝐢𝐠 𝐁𝐚𝐧𝐤 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬

The benchmark S&P 500 edged lower on Tuesday as investors digested earnings reports from top lenders Morgan Stanley and Bank of America, after the markets rallied last week in anticipation of the results and signs of inflation cooling.

The Dow Jones Industrial Average rose 11.73 points, or 0.03 percent, at the open to 34,597.08. The S&P 500 opened lower by 1.01 points, or 0.02 percent, at 4,521.78, while the Nasdaq Composite dropped 32.70 points, or 0.23 percent, to 14,212.25 at the opening bell.

Cre:
By Reuters _ theepochtimes.com

Link: https://www.theepochtimes.com/sp-500-inches-down-as-investors-digest-more-big-bank-earnings_5405629.html

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐚𝐫𝐞 𝐬𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐭𝐨 𝐟𝐞𝐞𝐥 𝐛𝐞𝐭𝐭𝐞𝐫 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐔.𝐒. 𝐞𝐜𝐨𝐧𝐨𝐦𝐲𝐓𝐡𝐞𝐫𝐞'𝐬 𝐬𝐭𝐢𝐥𝐥 𝐚 𝐥𝐨𝐧𝐠 𝐰𝐚𝐲 𝐭𝐨 𝐠𝐨 𝐭𝐨 𝐫𝐞𝐭𝐮𝐫𝐧 𝐭𝐨 𝐩𝐫𝐞-𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐬𝐭𝐫...
17/07/2023

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐚𝐫𝐞 𝐬𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐭𝐨 𝐟𝐞𝐞𝐥 𝐛𝐞𝐭𝐭𝐞𝐫 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐔.𝐒. 𝐞𝐜𝐨𝐧𝐨𝐦𝐲
𝐓𝐡𝐞𝐫𝐞'𝐬 𝐬𝐭𝐢𝐥𝐥 𝐚 𝐥𝐨𝐧𝐠 𝐰𝐚𝐲 𝐭𝐨 𝐠𝐨 𝐭𝐨 𝐫𝐞𝐭𝐮𝐫𝐧 𝐭𝐨 𝐩𝐫𝐞-𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐬𝐭𝐫𝐞𝐧𝐠𝐭𝐡. 𝐁𝐮𝐭 𝐚𝐬 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐝𝐚𝐭𝐚 𝐡𝐚𝐬 𝐢𝐦𝐩𝐫𝐨𝐯𝐞𝐝, 𝐬𝐨 𝐡𝐚𝐬 𝐬𝐞𝐧𝐭𝐢𝐦𝐞𝐧𝐭.

There's still a long way to go — but U.S. consumers are starting to feel better about the economy.

The University of Michigan's monthly Consumer Sentiment Index hit 72.6 for July — the highest reading since September 2021.

By comparison, the index, which polls individuals about overall business conditions and how they're getting along financially, remains below the high of 101 it reached in February 2020, just prior to the start of the Covid-19 pandemic.

But the sentiment measure has now climbed eight of the past 11 months.

In an interview in advance of Friday's release, index director Joanne Hsu said the tracker remains closely tied to inflation. With price increases slowing from their June 2022 highs, it makes sense that a rebound in sentiment is occurring, she said.

"Even though many consumers are still bracing for a possible downturn up ahead, they've noticed how inflation has cooled, and upgraded their views," she said.

Consumers still consider current prices — and expenditures — very high, Hsu said. And the latest index reading found expectations for inflation one year from now changed little from last month.

But inflation isn't the only consideration: The strong labor market is also helping bolster sentiment, Hsu said. At 3.6%, unemployment is at historic lows. The so-called Misery Index, which adds the unemployment rate to the inflation rate, is now approaching pre-pandemic levels.

While there is nearly uniform agreement among economists that the U.S. is not in a recession, certain segments of the American public don't seem to believe it — especially Republicans.

Political affiliation is one the strongest determinants of views of the economy, Hsu said — with the Michigan index now at 96.7 among Democrats compared with 49.3 among Republicans (among Independents, it's 71.5).

Historically, individuals who identify with the party out of power from the White House rate the economy lower than those who shares the president's party, Hsu said.

In fact, the Michigan index shows sentiment among all three political affiliations now trending upward.

Still, the partisanship gap has rarely been this acute, Hsu said.

Other polls show similar breakdowns. For instance, Gallup finds that while overall, Americans rate the economy negatively, Republicans rate it at -65, while independents are at -35 and Democrats are in positive territory at +5.

Even as improved economic data is published, it can take years for people to meaningfully change their minds about the economy, said Jeff Jones, senior editor with Gallup. Following the global financial crisis of 2008, views about the economy did not truly improve until about 2012 — even though economic growth technically bottomed in the spring of 2009.

While earnings growth is now outpacing inflation, the improved purchasing power only amounts to a few cents. And the cumulative price increase of the post-pandemic era has been nearly 20%.

“Historically, we’ve seen it takes people a while to notice when the economy has improved,” he said.

Cre: By Rob Wile _ nbcnews.com

Link: https://www.nbcnews.com/business/business-news/consumers-are-starting-feel-better-us-economy-rcna94063

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