Category: News
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ACCC rejects insurers’ car commission deal
The Australian Competition and Consumer Commission (ACCC) has rejected the combined effort of insurance companies to cap the commissions they pay to those that sell their add-on policies. The insurance companies attempted to cap the commissions of car dealerships that that sell their add-on policies to 20%, after it was determined that the market was failing…
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Qantas among airlines fighting airport fees
Australasian airlines, including Qantas and Air New Zealand, have made moves to fight excessive airport fees for consumers by setting up a new advocacy group for the aviation industry. The move comes after a report from the Australian Competition and Consumer Commission (ACCC), which claimed Australian airlines and airline passengers had paid up to $1.6bn…
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Turnbull declares Australian ‘energy crisis’
Prime Minister Malcolm Turnbull has today warned of an impending “energy crisis” as tensions rise surrounding a dramatic shortfall in gas-powered electricity production. Speaking to a conference hosted by the Australian Financial Review this morning, teh Prime Minister warned that the findings of Wednesday’s report by the Australian Energy Market Operator (AEMO) were concerning. He argued…
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Centrelink overpayment errors ‘not counted’
The Senate inquiry into Centrelink’s automated debt recovery system has found that the system has not kept track of how many overpayment errors were caused by the agency itself. Greens senator Rachel Siewert has called for greater clarity from the government service on the functionality and reliability of the new automated system. “I think it…
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Tech giants respond to CIA hacking leaks
Technology titans including Apple, Samsung and Microsoft have been quick to respond to the Wikileaks files detailing CIA hacking tools by publishing security reviews of their products. The whistleblower website, founded by Julian Assange in 2006, published on Tuesday the first part of what it code-named ‘Vault 7’. ‘Vault 7’ is the largest ever collection of…
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ATO targeting the cash in hand economy
The Australian Tax Office (ATO) is cracking down on the cash in hand economy that generates up to $15 million in turnover each year. Currently, 1.6 million businesses that operate with cash only, including hairdressers, cafes and trade persons. Assistant Commissioner Tom Wheeler has said that the measure is not targeting any particular business. “We know that the majority…
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Wikileaks drop ‘Vault 7’ documents
Wikileaks have dropped thousands of documents that reveal sensitive information about the CIA and their entire hacking capabilities. The documents allege that the CIA exploited flaws within Apple and Samsung phones to monitor the actions of citizens and corporations. The CIA reports show the USG developing vulnerabilities in US products, then intentionally keeping the holes open. Reckless beyond…
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Reserve bank leaves interest rates at 1.5%
In an unprecedented move, the Reserve Bank has left interest rates at 1.5% for the seventh month in a row. This was the first meeting of 2017 and it has surprised economists that the rates have stayed the same despite concerns about the housing market and the growing economy. The bank’s governor Philip Lowe has…
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Bitcoin value overtakes gold for first time
The digital cryptocurrency known as Bitcoin has exceeded the value of gold for the first time since the introduction of the payment method in 2009. Demand for the digital currency has skyrocketed in recent times,particularly in China. Its stock price closed today at a base value of US$1268, with an ounce of gold trailing it at…
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Australian trade surplus falls by two-thirds
Australia’s trade surplus has fallen to $1.3bn for January 2017, a drop of almost two-thirds from December 2016’s significant $3.3bn surplus. This surprising decline defied the expectations of many market experts, who had predicted further growth in the surplus following the record-breaking surplus recorded for December 2016. However, economists have been quick to address the situation, stating…