🚀 Dutton's New Policy: Lower Migration, Support for Nuclear Power, and Internet Offence
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The S&P/ASX 200 closed 127.6 points higher, up 1.65%.
At 7,881.3, the S&P/ASX 200 (XJO) closed 127.6 points higher than its session low and just 0.24% above its high. In the more inclusive S&P/ASX 300 (XKO), advancers outscored decliners by a commanding 214 to 67 ratio. [ Read more]
💡Here are a few headlines from this morning:
Coalition Demands Judicial Inquiry into University Campus Antisemitism. In a letter to the prime minister today, the Coalition and other senators and non-government members demanded an immediate judicial investigation into antisemitism on Australian university campuses.
Australia will host the 2026 Women's Asian Cup. Australia was the only member nation to bid to host the tournament, and the AFC executive committee confirmed the decision in Bangkok on Wednesday.
Cyber Attack Hits MediSecure: User Data at Risk. The national cyber security coordinator announced on Thursday that a large-scale ransomware data breach had affected a health organisation. The Evening Post AU can confirm this. The health organisation is MediSecure.
🗳️ HEADSTART
Dutton's New Policy: Lower Migration, Support for Nuclear Power, and Internet Offence
The leader of the opposition, Peter Dutton, has declared that if elected, he will lower the yearly total of permanent migrants and international students from 185,000 to 140,000.
He has also reiterated his support for nuclear power and committed to creating a new federal offence for coercive behaviour on the internet.
Peter Dutton has reiterated the Coalition's position that people can access their superannuation as a down payment for a home and has suggested a two-year prohibition on foreign buyers and temporary residents.
The government determines this amount, sometimes known as the permanent migration cap, prior to the start of each fiscal year. [Read more]
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🔥 HOT COPY
From 3.9% in March to 4.1% in April, the seasonally adjusted unemployment rate increased by 0.2 percentage points, according to data released today by the Australian Bureau of Statistics (ABS).
"With employment up by about 38,000 people and the number of unemployed up by 30,000, the unemployment rate went up to 4.1% and the participation rate went up to 66.7%," stated Bjorn Jarvis, head of labour statistics at ABS. [Read more]
🛒 MARKET EDGE
Pizza Hut Australia Fined $2.5 Million for Spam Messages.
Pizza Hut Australia, a company owned by Pizza Pan Group Pty Ltd, has settled a $2,502,500 fine for violating Australian spam laws by sending over 10 million marketing messages over a four-month period.
According to an investigation conducted by the Australian Communications and Media Authority (ACMA), Pizza Hut Australia sent 5,941,109 texts and emails to customers between January and May 2023, even though those customers had either revoked or not given their consent to receive marketing communications. [ Read more]
Study Reveals Money Dysmorphia Trends Among Young Australians
A distorted perception of financial health is causing young Australians to engage in contradictory and potentially harmful financial behaviours, according to a new finance research study on "Money Dysmorphia" by Val Morgan Digital.
More than one thousand Gen Z and Millennial Australians were polled about their saving and spending practices for the study. Additionally, a readership sample from Val Morgan Digital's brands—which includes PopSugar, LADbible, Buzz Feed, and Fandom—represents 4.24 million Australians. Conjointly, an Australian all-in-one survey research platform, was used to conduct the study in April.
The study indicates that a considerable proportion of young Australians are reallocating their savings to enrichment activities like music, fashion, and travel, indicating a shift away from traditional financial success markers and towards experiences and personal fulfilment. According to both groups, they could spend up to $1500 a month pursuing those interests.
Compared to Millennials, Gen Z respondents claim to know more about debt, despite having less knowledge of all financial concepts overall. Of them, 59% say they have no debt, compared to 37% of Millennials. In general, 61% of those surveyed said they understood the concept of debt well or very well. Additionally, the study revealed that Gen Z is facing the highest rates of HELP debt and Buy Now Pay Later services, suggesting a lack of understanding on the nature and consequences of debt.
Goals and perceptions of what Gen Z and Millennials believe their finances can accomplish are not aligned, despite aspirations for homeownership. Of the Gen Z respondents, 43% say they are saving for a house, but 37% think it is an impossible goal to achieve.
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🌏 World Tonight
🇸🇰 Slovakia. Following multiple gunshot wounds on Wednesday, Slovakia's conservative prime minister Robert Fico was critically injured, but his deputy prime minister expressed optimism that Fico would make a full recovery.
🇷🇺 Russia. Chinese President Xi Jinping and Russian President Vladimir Putin pledged to deepen their strategic partnership in Beijing on Thursday, highlighting their growing alignment as Moscow's troops advance in Ukraine.
🇳🇨 New Caledonia. France declared a state of emergency in New Caledonia and sent police and military reinforcements to quell days of unrest over its provincial election reform.
🇰🇪 Kenya. Following floods that claimed at least 169 lives in the last month and left dozens more missing, Kenya's president issued an order on Tuesday ordering the evacuation of all homes along the country's rivers.
🇮🇩 Indonesia. Indonesia's floods in Sumatra have claimed 67 lives, with 20 people still unaccounted for.
🏅VIEWPOINT 360
Red alert: How cinema helps the Modi myth
By Sayandeb Chowdhury, Krea University in Tirupati
Cinematic fiction has become the convenient way of ‘correcting’ historical frictions, especially where facts are inconvenient
Like several instances in the last century, the political leashing of cinema is a concern again in India.
"I filmed the truth as it was then. Nothing more."
This assertion by 1930s German film director Leni Reifenstahl, best known for her documentary films supporting Adolf Hitler's National Socialist Party, would likely find favour with a section of Indian filmmakers today with releases lined up before the Indian general elections.
The ‘truth' is a slippery thing, with cinema being pushed to be part of a new media ecology much of which thrives on post-truth. [Read more]
📰 Good News, Inspiring, Positive Stories
The world's best chamber musicians were asked to reveal their guilty pleasures - here's how you can hear them!
From Jabra Latham’s Kiss From a Rose (made famous by Seal), to Rachmaninov’s Cella Sonata Op 19, Cindy Lauper’s Time After Time, James Horner’s Titanic Theme and Robert Constable’s Slinky Foxtrot Nocturne to Leonard Cohen’s Famous Blue Raincoat, the artists of the 2024 Australian Festival of Chamber Music will share their guilty musical pleasures in Townsville-Gurambilbarra in just a few months [Read more]
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