Hey, Nice Jacket

Hopefully everyone is feeling more like the Lions than the Swannies, who over the weekend squandered yet another chance at clinching the AFL premiership.

We’re now into our last quarter of 2024, which means Christmas (hooray) and the dreaded busy run-up is just around the corner (booo).

Talking about run-ups, our subreddit has grown since January at a cracking pace, with our member count just hitting 50,000 🎉. A huge milestone and a super helpful forum for Aussie Corporates to gather and connect.

Pick & Scroll is Aussie Corporate’s go-to daily morning news source for your top picks across Australian business, global and company news.

💡 Brain’s Trust

1. Meta and LinkedIn / Scraping data for AI

Congratulations, you're likely part of Big Tech's AI training program.

Meta and LinkedIn have admitted to have quietly been scraping data from users—including public posts, photos and personal information—to train their AI models. This means that those cringey Facebook posts you did a decade ago about your life's problems are actually impacting Meta's AI models.

Data is the new gold and AI is hungry for it. Platforms like Meta and LinkedIn are in a mad dash to train their generative AI models to do all sorts of things—whether it’s to suggest better content (which we probably won’t read) or to fine-tune AI recommendations.

If you’re outside the EU, there is unlikely to be an opt-out button any time soon. Meta and LinkedIn are hoovering up data with little oversight, and without serious legal changes, most of us will continue feeding the AI machine without even realising it. So next time you post your not so subtle LinkedIn brag about your promotion, also know that your post is being utilised in more ways than one.

We’ll have to wait and see if governments finally step in, or if Big Tech just keeps scraping away without looking back.

2. Fed Rate Cut

The US Federal Reserve has made headlines by cutting interest rates by 0.5% this month which sparked speculation about whether the Reserve Bank of Australia would follow suit. However, like your hungover friend on a Sunday, the RBA took the do nothing option and even doubled down declaring: no immediate rate cuts are planned.

It may be time to check-in on that friend who purchased big when the rates were below 2% as mortgage holders will have to hold on a little longer. On the flip side, with the Fed's & RBA's decision, the Australian dollar pushed higher making that Bali Bintang or ridiculous Temu purchase that little bit cheaper.

Looking ahead, the RBA is expected to keep a close eye on inflation and labour market data before making any moves. But for now, the RBA's message is clear: rate cuts are not imminent and borrowers need to prepare for a longer wait.

3. Coles and Woolies - Discounting Investigation ACCC

It feels like if you are a big business it is only a matter of time before you take centre stage for some form of wrongdoing. Qantas will be happy to pass the public scrutiny baton to Coles & Woolworths who are facing legal action from the ACCC over allegedly misleading discounts on more than 500 products. The ACCC claims the supermarket giants raised prices by at least 15% for a brief period before promoting them as "discounted" under their "Prices Dropped" and "Down Down" campaigns.

This feels like common practice across the retail industry and has no doubt helped your partner justify those expensive shoes purchases due to a 50% discount tag which had been orchestrated on an artificially higher price. However at a time when cost-of-living pressures are biting hard, the ACCC believes these alleged tactics are exploiting families already stretched thin.

Coles and Woolworths could face penalties of up to $50 million per breach and may see consumers switch to the next closest supermarket..... Coles or Woolworths.

Accomplish More. Juggle Less.

Your business is growing, and so are your responsibilities. So what do you do?

You do more.

You see a chance to expand your reach and increase your impact.

You do more.

You take on more hours, juggle more deadlines, and wear more hats. You miss a ball game here and there. Come home late a few more nights. You spend a holiday or two in your inbox. And you tell yourself,

This season just requires more.

But what if growing your business isn’t about doing more things — but instead doing the right things?

What if you could enjoy the holidays this year knowing that someone else is handling the “more”?

Your time is too valuable to waste. BELAY’s flexible staffing solutions can help.

Whether it’s administrative, accounting, or marketing support that you need, BELAY’s highly vetted professionals have the more you’re looking for.

Our exceptional Virtual Assistants, Accounting Professionals, and Marketing Assistants combine AI tools with extensive industry experience to ensure that you are always getting more without sacrificing quality or time.

Accomplish more and juggle less with BELAY.

Learn how with our free ebook, Delegate to Elevate, and leave the “more” to BELAY.

Download now

 🗞️ Workplace Watch

1. Australia ranks as the most "burnt out" nation in the world, with 1 in 2 people affected by burnout, and the relentless pursuit of wellness is leaving Australians feeling more stressed than ever. LINK

2. Modern career progression has shifted to a more flexible, zigzag path, requiring executives to build diverse skill sets and navigate strategic career steps. LINK

3. The number of female CEOs in the ASX 300 fell in 2024, the second drop in 8 years, with 7 out of 10 executive leadership roles still held by men. LINK

4. Post-pandemic workspaces are being redesigned as companies focus less on individual desks and hot-desking, and more on private rooms. LINK

5. Australia's unemployment rate rose gradually to 4.2%. LINK

6. Atlassian criticised Amazon’s return-to-office mandate, describing it as “wilfully endorsing the old way”. LINK

7. Switching careers has become increasingly expensive, with honours degrees costing up to $30,000, leaving older generations burdened with student debt for longer periods. LINK

 🗞️ On Your Minds

🇦🇺 TOP AUSTRALIAN NEWS RECAP

1. Koala Airlines is preparing to take on the dominant Qantas-Virgin duopoly in Australia’s airline industry - the airline has yet to reveal specific details about its launch or operations. LINK

2. PwC Australia has terminated 6 staff for serious misconduct, including data privacy breaches. The revelations come as part of the firm’s FY24 results, which reflect the ongoing fallout from a tax scandal involving misuse of confidential government documents. LINK

3. Tax, rather than childcare fees, is the primary barrier keeping women out of the workforce - the effective tax rate for low-income mothers can reach as high as 80%, creating a "poverty trap" that discourages a return to work. LINK

4. Treasury is examining options to curb negative gearing and the capital gains tax (CGT) deduction for property investors. While Albanese did not specify if the review was requested by the government, he emphasised that the immediate focus is on boosting housing supply. LINK

5. A confidential staff survey has revealed deep dissatisfaction within the Australian Securities and Investments Commission. The review, coupled with a Senate inquiry, described ASIC as a “toothless tiger” and criticised its leadership. LINK

🌏 TOP GLOBAL NEWS RECAP

1. AI chatbots have a significant cost on water. Each prompt requires energy-intensive calculations, which generate heat and demand cooling in data centres, often using water and electricity - a single 100-word email generated by AI uses around 519mL of water. LINK

2. The US Federal Reserve cut interest rates by 0.5%, lowering its key overnight borrowing rate to a range of 4.75%-5%. This marks the Fed’s first rate cut since the COVID-19 pandemic, as inflation moderates and the labour market weakens. LINK

3. Coca-Cola is discontinuing its "permanent" new flavour, Coca-Cola Spiced, just 7 months after its US launch. The drink, which blended the classic Coke taste with raspberry notes, was targeted at Gen Z drinkers but failed to gain traction. LINK

4. Cards Against Humanity is suing Elon Musk’s SpaceX for US$15 million, claiming the company trespassed and damaged land near the US-Mexico border. The land was purchased by Cards Against Humanity in 2017 to thwart former President Donald Trump’s border wall plans. LINK

5. Rupert Murdoch is in a legal battle over the future of Fox News. The court case revolves around control of his media empire, with Murdoch’s eldest son, Lachlan, poised to take over. LINK

🙊 Community Bantz - AusCorp Subreddit highlight

A Different Kind of Stand-Up Meeting

We've all fantasised about it: standing up to that micromanaging, stress-inducing boss who blows up at the slightest breeze. Recently, one of our subredditors lived the dream.

After yet another unprovoked rant from their insecure manager, this office hero, armed with a freshly signed contract, decided enough was enough. They didn’t just take it —they stood up and called out the behaviour for what it was.

Whew! We’re on the edge of our seats with this one. But to make it even better, OP even posted the sequel for those invested in his journey.

🩺 Health Check - health tip/reminder

Brrrr, its cold in here

Ever since the Wim Hof Method went viral, buzz around ice baths and cold showers is hard to ignore. Literally nothing bad is said about them, so why don’t we all do it?

Why is it interesting?

For Aussie Corporates constantly juggling stress and long hours, cold exposure therapy promises increased mental clarity, faster recovery and even a mood boost. By exposing your body to cold temperatures, you activate a physiological response that releases endorphins and lowers inflammation. Some even say it sharpens focus, making it easier to power through the workday.

While a cold shower isn’t some miracle cure, it could complement other healthy habits. The benefits may not be instantaneous, but with consistent practice, cold exposure could help you feel more alert and reduce stress.

Curious? Start with short cold showers. The hardest part is consistency. And just remember, please listen to your body and ease into it as its something that can come as a shock to the system!

Want more?

Here’s a helpful guide that can help you build up your cold exposure tolerance. Like anything new, your body takes time to adjust (especially to something pretty extreme).

To get you started, here are some easy recommendations that you can start today:

• Contrast Showers - Alternate between a warm shower and as cold as you can bear for 15-30 seconds.

• Finishing cold - At the end of your warm shower, change to cold water for 15-30 seconds, progressing to 2 minutes when you become well adjusted.

👴🏻 Old is Cool - meme throwback (6 October 2023)

💻 Made in Australia - showcasing Aussie start-ups

An Aussie Corp Always Pays Their Debt

InDebted is a Sydney-based fintech start-up that specialises in providing digital-first debt collection services. The company focuses on using technology and customer-centric practices to make the debt recovery process more transparent, empathetic and efficient.

Recently, InDebted secured an impressive US$66 million Series C funding round, valuing it at over US$467 million. The funding round included investments from Airtree, Australian Retirement Trust, Premier Capital Partners, Reinventure, Carthona and Perennial.

What is it?

InDebted uses machine learning and data-driven insights to customise communication with customers, ensuring they receive personalised support rather than aggressive tactics typically associated with debt collection. If you’ve ever been subject to a debt collection, you’ll know what we mean!

The whole point is to change debt collection into a more humane and tech-enabled process, benefitting both companies and individuals.

InDebted now operates across multiple countries, including Aus, NZ, US, Canada and the UK and with its fresh raise, are looking to add more to that list (including UAE, Mexico, Europe and South America)!

If you know (or are creating) a great Aussie product, we'd love to hear from you!

👍 The Nook - AusCorp recommendations

📺 The Perfect Couple (TV Show, Netflix | IMDb 6.6/10) - "Pretty cleverly crafted whodunit, blending suspense with layered character dynamics, making you question everyone's motives while keeping you hooked on its twists.”

📺 Prison Break (TV Show, Netflix | IMDb 8.3/10) - "Bit of a throwback. Don’t just quit at Season 1, breaking out was just the beginning.”

📺 Monsters (TV Show, Netflix | IMDb 7.9/10) - "Monsters on Netflix is a chilling and thought-provoking series that delves into the darkest aspects of humanity, leaving viewers both captivated and unsettled.”

📺 The Grand Tour - One For the Road (TV Show, Amazon Prime | IMDb 9.6/10) - "For Clarkson/Hammond/May era TopGear fans, this is a terrific watch.”

🎥 Descent on Grouse House (Youtube) - “Hilarious new unhinged Aussie web series in the comedy sci-fi genre”

🎧 The Worst Day (Podcast) - “New podcast released by a fellow Aussie Corporate. Listen to the inspiring stories of people who've been through the worst experiences – and found happiness on the other side.”

🎧 The Truth About Amy (Podcast) - “It's all about this woman whose seemingly normal life unravels as they dig into her past. A gripping listen!”

🚗 Under the Hood - what we're working on

AusCorp Jobs Update

We’ve locked in an exciting partnership with a recruiter that will give prospective lawyers an avenue to explore their career and ask questions. More details soon!

If you’re a legal professional, or HR / a Recruiter / Talent Acquisition in the law space, check out our jobs board. We’ve introduced both private practice and in-house categories, so there’s something for everyone.

Merch, merch, merch

We will be launching our general pre-sale for our Helly Hansen collab to the rest of our IG later this week / early next week - our aim for the jacket is for it to be subtle enough to wear at work, but obvious enough for people to know what it’s all about.

WFH Survey Refresh

In light of the continuing shift in sentiment in WFH since COVID-19, we will be launching a WFH Survey Refresh to provide an updated helicopter view of what companies in AusCorp are doing.

If you’re interested, here are the results from our (now outdated) WFH Survey from 13 March 2023.

Like what you read? We do it every day.

Pick & Scroll is our go-to daily morning news source for your top picks across Australian business, global and company news.

✍️ Feedback Loop - share your thoughts

If you have want to provide more detailed feedback or have any topics that you want to hear more about, you can let us know HERE.