Holding Position

April has been a relatively quiet news month coming off the back of an eventful March. It's clear we are still in pain territory and cracks continue to appear in the economy (most recently, with Milkrun's very public wind-up). Performance reviews are under way for AusCorp and feedback on remuneration is mostly disappointing to say the least. The RBA halted rates for the first time in ages and may continue to do so. It definitely feels like we are in a bit of a holding position (but who knows what could happen next these days)!

At TAC HQ, we recently opened submissions up for Grad salaries across corporate Australia and already have over 600+ submissions! Submit here if you want to support the crusade against pay secrecy!

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We are currently looking for long-term partners at The Aussie Corporate. If you are interested, hit us up at [email protected]

💡 Brain’s Trust - conversations in Auscorp

ChatGPT has evolved

Since the ChatGPT frenzy began earlier this year, firms have been trying to figure out whether AI is friend or foe. Despite some initial resistance, we have already heard of a number of firms allowing staff to experiment with the tech, as well as a couple of the Big 4 Accounting firms actually implementing ChatGPT in some of its processes (KPMG's Kymchat tool and Clara tool as well as PwC's collaboration with Harvey).

Why is this interesting?

Suffice to say, AI is here to stay and it's up to each one of us to make sure we aren't left behind. The great thing is that AI can supplement what we do, by taking on the grunt work and boring admin that all of our job inevitably entails. ChatGPT and the category of AI it sits within, GenAI or generative AI, seems like the solution to all this, allowing us to increase productivity and focus on the real "value-add".

The world of AI is growing literally by the day, and the past few months have already put a number of the most changing projects in the spotlight:

• AutoGPT- built on GPT4, AutoGPT is basically the next level. AutoGPT basically does away with the need for human iteration, and will complete entire requests end-to-end by itself using "AI agents". This Twitter thread demonstrates some other cool ways that AutoGPT is taking it to the next level, like this to-do list that supposedly finishes any item you add.

• Adept AI - this is not yet available (waitlist only) but the concept is pretty mindblowing. Adept will allow people to complete tasks that span across different programs (e.g. Word, Excel, Chrome). For example, it will be able to make calculations in Excel or use the internet to find you a house on Domain just off your written prompts.

• OtterAI - Suggested by a number of you, Otter helps record your meeting, transcribes them into notes and even helps you summarise for key points. A perfect companion especially for those calls where you have no idea what's even going on.

• Synthesia - Scarily realistic and potentially a new way to present to clients in the future. Synthesia can quickly create professional videos with barely a sweat. All you need to do is to type in prompts, and Synthesia will create the video using stock photos, AI-generated human avatars and a voiceover. Neat.

• The Gist - A bit niche as it's a Slack add-on, but super helpful. Instead of scrolling through 100+ unread messages, this AI will summarise the thread and give you the key points instead.

Want more?

• AFR recently wrote an article that touches on how they think AI will transform certain industries, including law, professional services, property and financial services.

• A relatively new phenomenon of "overemployment" has grown recently, with hustlers using ChatGPT to juggle multiple jobs.

📮 Postbox - DM highlight

HECS debt bump

If you haven't heard already, that huge chunk of HECS debt sitting in your MyGov account is going up by 7.1% this year. For all those who aren't aware, whilst your HECS debt is "interest free", it's still tied to inflation and adjusted on 1 June annually based on that figure.

We've always been told that HECS is the "best debt" you could have, but in a high-inflation environment, this isn't necessarily true.

Why is this interesting?

On average, the average HECS debt of $24,770.75 will be increased by at least $1,700.

So the question now becomes - should you pay it off early? The general consensus seems to be that it i) depends on whether you think high inflation will persist; and ii) how many years left you have on repayments. Experts expect inflation to come back down in a couple of years back to the target rate of 2%, so if you still think you will still have a load of remaining debt then, it's probably okay to just take the 7% hit this year.

It's also worth taking into account whether you could use that same money to seek better returns by investing elsewhere (i.e. with returns of 7%+) or leaving numbers aside, whether you need it for a big life purchase.

Ultimately, seek your own financial advice and if it all seems too complicated, it probably isn't the worst idea to just ride it out.

Together with EarlyWork...

...we've come up with a comprehensive guide to one of the most unknown tech exit opportunities for Aussie Corporates. Wondering what this might be?

Read more about it below 👇

🙊 Community Bantz - DMs that didn't make the feed

Sassforce?

If you've been following our socials, we have been keeping a keen eye on the Salesforce building and the erecting of their logo atop it. They started installing the sign backwards from the "e" and two days later, started from the front.

Spoiler: They finally got the sign up yesterday. If you missed it, check out our highlights on IG to relive this epic journey.

🩺 Health Check - health tip/reminder

Lunch is the most important meal of the day

How you take your lunch break is a personal choice - some of you eat alone at your desk, others go and join up with friends and some even use it to go to the gym. Hell, the rest of you even skip it because you feel you're too busy to take a break.

According to a survey conducted by the Australian Institute of Health and Welfare, only 37% of employees in Australia take a proper lunch break, with the majority either eating at their desk or skipping lunch altogether. Another survey by the Australian HR Institute found that 90% of employees believe that taking a lunch break is important, yet 27% reported feeling guilty or judged for taking a break.

Feels to us that it's time to break this stigma and to encourage lunch breaks as a way to improve job satisfaction. In many of our cases, lunch breaks aren't typically things that are enforced or tracked, so it's really up to you to set boundaries.

🔥 Hot tip: If you want to use your lunch break to go do something (e.g. gym, shop, walk around), block this out in your calendar. People will just assume you are busy and follow-up after lunch.

Even if it's a short break to scroll Instagram, Youtube or catch up on your FB messages, studies have shown that these mini breaks go a long way to help you recharge and unwind, and actually improve concentration, problem-solving skills, and cognitive function. So next time you're thinking of chaining yourself to your desk, give yourself some time (even if it's 10-15 minutes) to grab a bite to refuel!

👴🏻 Old is Cool - meme throwback (11 April 2022)

When Alan Joyce blamed travellers for airport queues due to not being "match fit"

👍 The Nook - AusCorp recommendations

👑 Coronation of King Charles (event) - King Charles III will be crowned on 6 May 2023, something that hasn't been done in more than 70 years. Unfortunately, there doesn't appear to be any public holiday announced yet...

🎤 Sydney Comedy Festival (show) - "If you're up for a laugh, check out the Sydney Comedy Festival for some world class acts. Always a great vibe!"

📕 How to Kill a Client (book) | Goodreads 3.95/5 | "We’ve all wanted to kill a client before, and this novel by a former Corrs partner is fantastic! Plus, if you’re in Brisbane, there will be a lot of familiar references."

📕 When McKinsey Comes to Town (book) | Goodreads 3.8/5 | "Well written expose of all the misdeeds of the notoriously publicity shy McKinsey."

☕️ The Blacklist (TV show) | IMdB 3.8/5 | - "Long-running TV show. Intrigue, intelligence agencies, James Spader in 22 episode long seasons? Yes please!"

🧉 Non (drink) | "Aussie soft drinks for grown-ups, packaged in wine bottles. Great for anyone wanting to go low/no alco and doesn't want lemon lime bitters."

📦 The Spoonie Society (product) | "Small Aussie female led business making the best and most versatile heat packs. Stay with me - cold hands on the way to work? Hand warmer heat packs. Sore back or cramps? Wrap around heat pack. Busted knee from your bosses running WIP? Wrap around mini heat pack. Migraine from working 4 x 16 hr days back to back? Migraine mask (for hang overs too!) Or just because you’re cold and can’t afford to keep heating your home office. They are the bomb!"

💻 Made in Australia - showcasing Aussie tech

We probably all know someone who suffers from period pain. This month, we're looking at Ovira, an health-tech start-up from Melbourne, which produces period pain relief devices. Having gone viral on TikTok (with 6m+ followers gained over a year), Ovira are riding high from their online exposure. Ovira's last raise was $1.5m (Seed) in 2020, with backing from Blackbird Ventures.

What is it?

Ovira tackles the problem of period pain experienced without the use of pills. The way that it works is pretty nifty - it sends small electrical pulses through two pads you stick your stomach or back, which then overloads your nerves and stops the pain signals travelling to your brain. Take this with a grain of salt, but Ovira reports that 98% of its users experience decreased pain levels within 30 minutes of using the device.

There has been a growing awareness around endometriosis recently and even calls for "period leave" to become a thing in AusCorp to tackle this problem. It looks like this Aussie-based company (now worldwide) understood the brief and has come up with something that knocks this whole thing out of the park.

🚗 Under the Hood - what we're working on

Grad Salary Survey

We've received over 600+ submissions (2022: 400+) so far for Grad salaries starting 2023, and even some starting 2024, so will be getting the data monkeys to start crunching the numbers in the next couple of weeks.

Fork in the road

Market intelligence, jobs board, community forum - we have a tonne of ideas in the pipeline and are strategising the best way forward on these. If you'd like to help or have any bright go-to-market ideas, hit us up!

✍️ 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.