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Today's reading time is 7 minutes. - Miko Santos
MARKET CLOSE
Presented by CommSec
During a calm trading session on Thursday, the Australian market slightly increased in value.
MORNING HEADLINE
CBA Pauses Account Migration After Customer Communication Backlash. Acknowledging poor communication, Commonwealth Bank is changing its strategy for migrating Complete Access account users; 90% of impacted customers will migrate to lower-fee accounts while pausing changes for others awaiting more consultation.
Bitcoin Surpasses $100,000 Milestone for First Time in Historic Rally. As Bitcoin kept rising past this important psychological barrier, it reached $100,000 for the first time, so attaining a historic mark for the coin.
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BUSINESS
ATO Launches Major Crackdown on Sophisticated GST Fraud Schemes
Photo by The New York Public Library on Unsplash
The Australian Taxation Office has raised concerns about an increasing tax evasion scheme that uses complicated related-party setups to claim fraudulent GST refunds. The Serious Financial Crimes Taskforce (SFCT) is coordinating a crackdown to protect Australia's tax system. The ATO is using advanced technology and partnerships to target businesses that employ complex company structures to claim fraudulent refunds, aiming to identify and stop these illegal activities. The ATO is taking action against these fraudulent schemes.
The Details:
The SFCT has identified multiple groups exploiting GST rules through sophisticated inter-related party structures designed to obscure fraudulent transactions.
Businesses involved in these schemes use fraudulent refunds to finance business ventures and personal purchases, giving them an unfair advantage over law-abiding taxpayers.
The ATO possesses advanced data matching and analytics capabilities, along with robust intelligence-sharing partnerships, to detect and prosecute financial crimes.
Authorities are providing businesses engaged in illegal arrangements with the chance to voluntarily disclose their activities before investigators reach out to them.
Why It Matters: This type of tax fraud directly impacts every Australian citizen by diverting funds away from essential public services such as healthcare, education, and infrastructure. Businesses that engage in these fraudulent practices break the law and unfairly outcompete honest businesses, distorting market competition and potentially destabilizing legitimate industries.
Big Picture: The increase in complex tax evasion schemes indicates a worrying development in financial crime that poses a threat to Australia's economic stability and social equity. This development necessitates stronger regulatory oversight and enforcement measures, while also highlighting the importance of maintain.
BIG PICTURE
Photo by Kyle Glenn on Unsplash
Former Trade Minister Simon Birmingham Joins ANZ as Asia Pacific Head. From February 2025, former Australian Senator and Trade Minister Simon Birmingham will be Head of Asia Pacific Engagement and Chairman of South Australia at ANZ, using his political experience to boost regional trade.
Virgin Australia and Air New Zealand Launch Codeshare Partnership for 2024. Starting December 9, 2024, Virgin Australia passengers can book Air New Zealand-operated flights on 14 routes and earn Velocity points and lounge access.
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FINANCE
CHOICE Exposes Hidden Holiday Price Hikes: Australian Christmas Favorites Get Smaller, More Expensive
Qantas has unveiled a massive pre-Christmas sale, slashing prices on over 170 popular travel routes across Australia, including major cities and regional destinations. With approximately 800,000 discounted economy class seats available, this sale presents an attractive opportunity for Australians planning their travels in 2025.
The discounted fares, valid for travel between February 3 to April 3 and April 29 to June 25, have quickly become a popular choice, sparking excitement among consumers seeking savings on their upcoming journeys.
The Details :
Qantas has discounted over 170 routes as part of its pre-Christmas sale.
Sale includes around 800,000 economy class seats.
Discounted fares start from $109 for routes like Launceston to Melbourne and Ballina to Sydney.
Routes from Brisbane to Proserpine are priced at $115, and Gold Coast to Sydney at $119.
Flights from Brisbane to Hervey Bay and Melbourne to Newcastle are priced at $129.
Busy routes like Brisbane-Sydney are on sale for $139, and Cairns-Townsville for $139.
Travellers can fly from Bendigo to Sydney or Hobart to Melbourne for $159.
Routes from Adelaide to Kingscote, Port Lincoln, Melbourne, Canberra, and Brisbane to Cairns are priced at $169.
Flights from Brisbane to Hamilton are priced at $179, and Geraldton to Perth flights are also $179.
The most expensive sale fares, ranging from $249 to $329, include routes like Broome to Perth, Cairns to Darwin, Adelaide to Alice Springs, and Darwin to Sydney or Melbourne.
Why It Matters: This sale is significant because it offers Australians an excellent chance to book affordable travel for the coming year. With fares starting as low as $109, consumers can take advantage of substantial savings on popular routes. This initiative by Qantas not only increases consumer interest but also boosts travel demand during the specified travel periods, potentially offering a significant boost to the tourism sector. The inclusion of baggage, complimentary food, beverages, and Wi-Fi on domestic flights further enhances the appeal of these discounted fares.
Bottom Line: From a financial perspective, Qantas' pre-Christmas sale represents a strategic move to stimulate travel demand and secure bookings well into 2025. The extensive discounting across a wide range of routes is likely to attract significant consumer interest and drive revenue for the airline.
Investors should take note of the potential positive impact on Qantas' financial performance, as the rise in bookings and passenger loads could result in improved profitability.
Additionally, this sale underscores Qantas' competitive positioning in the domestic travel market, as the airline continues to leverage pricing strategies to attract customers and maintain market share. Travellers and investors alike should keep an eye on how this promotion influences travel trends and Qantas' overall business performance as 2025 approaches.
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ECONOMY
Australian Treasurer Defends Economic Strategy Amid Growth Concerns: Balancing Relief with Responsibility
Image: ABC news
Federal Treasurer Jim Chalmers addressed Australia's economic challenges at a joint press conference in Brisbane, acknowledging economic weaknesses but also highlighting positive signs like wage growth and inflation reduction.
He defended the government's cost-of-living relief and budget management, highlighting budget surpluses and continued support for social services and cost-of-living assistance. The discussion highlighted the balance between fiscal responsibility and preserving essential services like healthcare and education in difficult economic circumstances.
The Key points:
National Accounts data shows weaker-than-expected growth, but with signs of improvement in wages and inflation
Government delivered $80 billion in savings across three budgets, showcasing a commitment to fiscal responsibility while maintaining essential services.
Mid-year fiscal outlook (MYEFO) faces pressure from increased automatic spending in veterans' support and Medicare
The opposition's proposed $315 billion in spending cuts has been labeled as a potential cause of recession.
❝
"If Peter Dutton was in charge, we would be in recession right now. We know that because he didn't support the cost-of-living help." - Jim Chalmers
Why it matters: The government's decisions on spending, savings, and service delivery will determine immediate relief measures and long-term economic stability. The contrast between the government's cautious approach and the opposition's proposed spending cuts offers voters a clear choice between different economic management philosophies.
Big Picture: The economic management debate raises broader questions on balancing fiscal responsibility and social support during tough economic times, influencing policy decisions and societal well-being. The government's choice to sustain service spending while aiming for efficiencies directly opposes austerity policies, hinting at a change in Australian economic policy that might impact how future governments handle economic challenges.
TECHNOLOGY & INNOVATION
➡️ Amazon Web Services Delays $7.5B New Zealand Data Center Launch to 2025. South Korea's defence minister resigned and President Yoon faces impeachment after the National Assembly overturned his six-hour martial law in Seoul.
➡️ Tesla China Hits 2023 Sales Record with 73,000 EVs in November. Government incentives like rural NEV promotion programmes and trade-in subsidies helped Tesla sell over 73,000 vehicles in China in November, its highest monthly sales in 2023.
➡️ Peloton Launches Strength+ App for Gym-Based Audio Workouts. Strength+, an iOS app from Peloton, offers audio-guided gym workouts with custom workout generation and Apple Watch integration for $1/month for six months before rising to $9.99/month.
BUSINESS & MARKETS
➡️ ACCC Raises Competition Concerns Over Orikan's Proposed Parking Technology Merge. The Australian Competition and Consumer Commission (ACCC) has expressed worries about Orikan's suggested acquisition of Duncan Technologies possibly lowering on-street parking solutions market competitiveness, so affecting local councils' innovation level and possibly resulting in higher prices.
➡️ 📰NSW Secures $160 Million Boost for Murray-Darling Basin Communities in Historic Agreement Starting June 2025, the Australian and NSW governments have agreed to a $160 million funding package to assist Murray-Darling Basin communities impacted by water buybacks with money allocated for job creation and economic development initiatives.
➡️ Historic Billson's Brewery Avoids Liquidation After Creditors Vote. Historic Billson's Brewery in Beechworth, Victoria avoided liquidation after creditors approved a restructuring plan, allowing the 159-year-old business to keep all employees.
POLITICS & WORLD AFFAIRS
➡️ French PM Barnier Falls in Historic No-Confidence Vote, Deepening Political Crisis. The no-confidence vote against Prime Minister Michel Barnier's government forced his resignation and plunged France into its deepest political crisis in decades, which could affect domestic policy and European stability.
➡️ Amnesty International Accuses Israel of Genocide in Gaza in Landmark Report. Based on extensive research including 212 witness interviews, satellite images, and official documentation, Amnesty International has published a thorough report concluding that Israel is genocizing Palestinians in Gaza and advocating immediate worldwide action to stop the crimes.
➡️ South Korea's President Faces Impeachment Threat Over Brief Martial Law Episode. South Korea's defence minister resigned and President Yoon faces impeachment after the National Assembly overturned his six-hour martial law in Seoul.
TRAVEL
➡️ 📰Qantas launches major pre-Christmas sale, offering discounted fares on over 170 routes, sparking excitement among travellers for 2025 trips. Starting from $109 and covering major cities and regional destinations, Qantas is running a massive pre-Christmas sale with discounted flights across Australia for travel in early-mid 2025.
➡️ TAP Air Portugal Launches Los Angeles, Boston Routes for Summer 2025. Additions of new seasonal routes from Porto to Boston, Lisbon to Los Angeles, and a Terceira stopover on Lisbon-San Francisco will help TAP Air Portugal increase its US presence for summer 2025.
➡️ Turkish Airlines Eyes Non-Stop New Zealand Service with New A350-1000s. Turkish Airlines may launch non-stop flights between Istanbul and Auckland in 2026 using new Airbus A350-1000s as part of its ultra-long-range expansion to Sydney and Melbourne.
GAMES
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