Not Out of the Woods Yet

As we grind away through September, interest rate rumours continue to swirl… and apparently we won’t be seeing any cuts until mid next year. We’ve also included a new section called “Workplace Watch” where we pick up what the big firms are doing around the grounds. So while we wait for the RBA to make up its mind, at least we’ve got plenty of corporate action to keep things interesting!

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. GDP Up but Down

The +0.2% GDP increase was a bit like the way your parents viewed your C+ paper at university, it looked like a pass, but they weren't that happy about it. That's because GDP on a per capita basis, which accounts for the effect of record levels of immigration, fell -0.4% on a quarterly basis, turning that initial C+ into a disappointing C-.

The weak economic performance can be largely attributed to the pressure on household spending as those home brand products with the bland packaging start to get much more of a look-in. Meanwhile, government spending and population growth are the only factors keeping the economy from slipping further, mortgage repayments and a rise in income taxes have further eroded disposable income. With Australians typically choosing variable rates, homeowners were quick to feel the pinch soon after each rate hike.

The outlook remains challenging. Your rent, daily coffee or Friday 5pm Stone & Wood isn't looking like it’s coming down any time soon. While the RBA predicts a gradual improvement in GDP growth by late 2024, it’s expected to be a slow climb.

2. Minimum Social Media Age

Australia is gearing up to introduce new laws that set a minimum age for social media use. On the back of adults throwing multiple hours a day down the drain on social media, the federal and South Australian government are looking to provide parents with a policy that will stop their children from doing the same.

The policy would ban children under 14 from platforms like Instagram and TikTok while those aged 14 and 15 will need parental consent, with fines in place for social media companies that fail to comply. In a slightly disappointing move, the ban would not extend to adults posting baby photos, motivational quotes or ‘look at me, I'm exercising’ photos.

There is plenty of research pointing to the damages of social media on children. The big question is how platforms will enforce these age restrictions and whether it will drive young users to less regulated corners of the internet. Telling someone they can't do something is often the quickest way to make them want to do it.

3. South America is going through some stuff...

Venezuela's President wants to celebrate Christmas in July, December, October?

In a move that’s left people scratching their heads, Venezuelan President Nicolás Maduro declared Christmas will kick off on October 1. While he claims he's spoken and declared it OK with the big man up above, the party’s opposition are crying foul. Post Maduro's election victory claim in July, there is growing evidence to suggest he actually lost the election. His rival, Edmundo Gonzalez, has recently flown to exile in Spain as a warrant has been issued for his arrest.

Brazil's Supreme Court has blocked X because its owner, Elon Musk, refused to comply with court orders to suspend certain accounts. Musk and Justice Moraes have been sparring for months. Musk says Justice Moraes is illegally censoring conservative voices. Justice Moraes says Musk is illegally obstructing his work to clean up the Brazilian internet. Either way, the result was that no one in Brazil could tweet about the first NFL game of the season which historically kicked off in Brazil last week.

Also:

• Wildfires raged across Bolivia and Brazil.

• South American rivers are running dry, impacting exports.

• And Paraguay’s first national sex ed curriculum claims condoms can’t be trusted and boys don’t cry.

 🗞️ Workplace Watch

1. PwC UK has issued a mandate requiring workers to spend more time in the office and plans to track their location. LINK

2. Australia's top-tier law firms have granted significant pay rises, especially for graduates and are offering a range of work perks, including free gyms, bonuses and flexible work options to attract and retain talent. LINK

3. Deloitte is monitoring staff logging in from overseas as part of a crackdown on employees violating work-from-home policies. LINK

4. Productivity in Australia's public service and government-funded sectors, including health and education, has hit an 18-year low. LINK

5. Office values have dropped by 22% over the past 2 years due to the rise of remote work and high interest rates. LINK

6. Mid-tier law firms in Australia are experiencing growth in partner numbers, while top-tier firms are focusing on consolidation and cultural fit in lateral hires. LINK

7. Australia's legal market has seen a significant increase in female lawyers joining partnerships, with women now making up 31% of all equity partners. LINK

 🗞️ On Your Minds

🇦🇺 TOP AUSTRALIAN NEWS RECAP

1. Westpac's head of audit has sued the bank, alleging she was bullied after raising concerns about financial crime and fraud within one of its franchises. LINK

2. Katanning, a small town in WA, has seen a surge in tourism thanks to viral YouTube videos by Malaysian content creators. LINK

3. Merivale, one of Australia's leading hospitality groups, has been accused of fostering a culture that exploits female staff and condones drug use. LINK

4. Many parents are skipping meals to feed their children, with 3 out of 5 families operating on a deficit budget to afford basic necessities. LINK

5. Australian liquor makers are experiencing a downturn in sales as cash-strapped consumers reduce discretionary spending. LINK

🌏 TOP GLOBAL NEWS RECAP

1. Conor McGregor scraps UFC comeback, will instead run for President of Ireland in 2025. LINK

2. Huawei has unveiled the world's first tri-foldable smartphone, the Mate XT, just hours after Apple's newly launched iPhone. LINK

3. New Zealand will nearly triple entry fees for foreign tourists to NZ$100 (A$91.90) starting October 1, to help manage the impact of tourism on its natural environment and infrastructure. LINK

4. Bali has become the top destination for Australian travellers seeking value-for-money holidays, pushing Italy out of the top 5, while Thailand and Japan have also seen increases in Australian tourists. LINK

5. Cox Media Group (CMG), one of Facebook’s alleged marketing partners, has been using technology to listen to users’ smartphone microphones and advertise to them based on their conversations. LINK

🙊 Community Bantz - AusCorp Subreddit highlight

The 40% Theory: Should Millennials Aim for Adequacy at Work?

A recent Reddit post highlights the burnout that many millennials are feeling. Is the solution then not to push yourself but settle comfortably in the middle 40% of performers? Rather than burning out at the top or risking performance reviews at the bottom, many seem happy with the idea of coasting.

This idea raises an interesting question: Is coasting in the 40% preserving our sanity, or are we missing out on bigger opportunities by settling for "good enough"? While appealing, is it the best long-term strategy for success at work?

🩺 Health Check - health tip/reminder

Noo-trition

Nootropics — those brain-boosting supplements you’ve probably heard about. But are they just another wellness fad, or could they really give your brain a boost?

Why is it interesting?

For those constantly battling mental fog, nootropics promise sharper focus, better memory and improved cognitive function. Think of them as a little coffee for your brain, but without the jittery side effects. They range from natural options like caffeine and L-theanine to synthetic ones like modafinil.

But here’s the thing — just like that cup of coffee, nootropics won’t turn you into a genius overnight. The jury is still out on how effective a lot of these are and in any case, need to be paired with other healthy habits like good sleep, a balanced diet and regular exercise. So while popping a pill won’t magically get that report done, it might help you focus long enough to start.

Curious? Do your research before diving in, and always consult a professional before adding any to your routine!

Want more?

As we mentioned, research is still being conducted on the many different supplements out there and how effective / useful they are to the human body. Here is a neat chart that helps to illustrate which supplements actually have strong scientific research backing them.

👴🏻 Old is Cool - meme throwback (11 September 2023)

💻 Made in Australia - showcasing Aussie start-ups

This one is a bit different to our other features. The whole market has been abuzz with the sale of AirTrunk to Blackstone for $24B a couple of weeks back and it’s still the talk of the town.

What is it?

AirTrunk is a hyperscale data centre provider that designs, develops and operates large-scale data centres across the Asia-Pacific region and Europe, and was founded in 2015 by Robin Khuda.

AirTrunk is notable because it is a leading provider of hyperscale data centres in the Asia-Pacific (APAC) and Japan regions, serving major global tech companies, including large cloud providers like Amazon Web Services (AWS), Google and Microsoft. There’s been a big fuss about it all because AirTrunk has positioned itself as such a pioneering business for the following reasons:

1. Hyperscale Focus: AirTrunk specialises in hyperscale data centres, which are large facilities designed to support cloud computing and big data companies, reflecting the increasing demand for massive, scalable infrastructure.

2. Strategic Locations: Its presence in rapidly growing markets across APAC, such as Australia, Singapore, Japan and Hong Kong, is strategically aligned with the booming demand for digital services, driven by cloud adoption, data sovereignty requirements and increased internet usage.

3. Sustainability Leadership: AirTrunk has been recognised for its focus on energy efficiency and sustainable infrastructure, implementing cutting-edge cooling and energy management systems to reduce environmental impact.

4. Technology Infrastructure Boom: With the global push toward cloud computing, AI and 5G technologies, AirTrunk is positioned at the heart of the digital economy, making it a key player in the global tech infrastructure ecosystem.

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

👍 The Nook - AusCorp recommendations

📺 Couples Therapy (TV Show, SBS | IMDb 8.3/10) - "Details the importance of communication. Couples Therapy is a documentary-style TV show that provides an intimate look at real-life couples as they undergo therapy with psychologist Dr. Orna Guralnik, delving into their relationships, struggles, and emotional dynamics.”

📺 Slow Horses (TV Show, Apple TV | IMDb 8.2/10) - "Slow Horses is a British spy thriller about a group of disgraced MI5 agents who work at Slough House, navigating dangerous missions while dealing with their own professional failures.”

🎥 Rebel Ridge (Movie, Netflix | IMDb 7.0/10) - “An ex-Marine grapples his way through a web of small-town corruption when an attempt to post bail for his cousin escalates into a violent standoff with the local police chief.”

🎧 Money of Mine (Podcast) - “Niche podcast covering mining stuff in Australia.”

🎧 BG2Pod (Podcast) - “This podcast offers commentary on all things tech, markets, investing and capitalism.”

📙 Duck A L’Orange (Book, Karina May | Goodreads 3.8/5) - “A great easy read if you want some downtime reads!”

📙 The Red Rising (Book Trilogy, Pierce Brown | Goodreads 4.27/5) - “Starts slow but then goes bananas. Good escape.”

📘 Think Again: The Power of Knowing What You Don't Know (Book, Adam Grant | Goodreads 4.15/5) - “This book encourages you to challenge your assumptions, embrace the power of rethinking, and adopt a mindset of intellectual humility fostering personal growth and better decision-making through a willingness to question beliefs and learn from others.”

☕️ Seventhwave Coffee & Tea (Coffee Roaster, Redfern, Sydney) - “Great coffee and a tranquil place to read a book."

🎵 Requiem by Keshi - “Requiem by Keshi is a reflective and emotionally rich album blending R&B and lo-fi beats, exploring love, loss, and growth with a minimalist, intimate sound.”

🎯 Flight Club (Bar, Sydney) - “Food and throw some darts.”

🚗 Under the Hood - what we're working on

AusCorp Jobs Update

AusCorp Jobs is now focusing on posting law jobs. We think this is the best strategy to grow the platform before we move on to other industries.

So if you’re a legal professional on the one hand, or HR / a Recruiter / Talent Acquisition in the law space, check out our jobs board. Currently, everything is free!

Merch, merch, merch

An update: there’s a fairly sizeable collab in the near future (our first one!) which has us at TAC quite excited. Details will come soon once it’s all locked down but this one should be around the corner. Clue? You can rely on this one when you’re on the high seas!

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

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