The Reject Shop to be acquired by Canadian retail giant
Australian discount retailer The Reject Shop is set to be acquired by Canadian company “Franchise Group”, in a major international retail deal. The deal, valued at $78 million, will give the Canadian group full control of the popular Australian chain, known for its budget household goods. The Franchise Group, which owns various retail brands globally, sees the acquisition as an opportunity to expand its international footprint and inject new capital and operational efficiencies into The Reject Shop’s business.
Shareholders of The Reject Shop are expected to vote on the proposal in the coming weeks. The acquisition is subject to regulatory and shareholder approval but is anticipated to proceed smoothly.
Published date: 1 April 2025
Source: 9News
U.S. Implements 10% Tariff on Australian Imports
The United States has commenced the collection of a unilateral 10% “baseline” tariff on imports from various countries, including Australia. This tariff took effect at U.S. seaports, airports, and customs warehouses at 12:01 a.m. Eastern Time on April 5, 2025. President Donald Trump described this move as part of an “economic revolution” aimed at bringing back jobs and businesses to the U.S. He urged Americans to “hang tough,” emphasizing that while the process may be challenging, the anticipated outcomes would be historic. Higher levies on goods from 57 larger trading partners are scheduled to commence on April 9, 2025.
Published Date: 5 April 2025
Source: ABC
Australian Dollar Falls Below 60 US Cents Amid Global Market Turmoil
The Australian dollar has dropped below 60 US cents for the first time since the COVID-19 pandemic, experiencing its largest daily decline in 17 years. This depreciation follows the announcement of new tariffs by U.S. President Donald Trump, which have heightened fears of a global recession and led to significant sell-offs in global stock markets. Currency analyst Sean Callow from ITC Markets noted that such a steep fall in the Australian dollar typically indicates adverse global events. While a weaker currency reduces Australians’ purchasing power overseas, it can benefit exporters by making Australian goods more competitively priced internationally.
Published Date: 7 April 2025
Source:ABC
Australian Beef Exports to China Soar as US Trade War Blocks American Supply
The escalating tariff war between the US and China has effectively halted US beef exports to the Chinese market, opening the door for Australia to rapidly increase its shipments. In March, nearly all US beef exports to China ceased due to unresolved export licence renewals and China’s retaliatory tariffs, which now total a staggering 116% on US beef. Australia has swiftly filled the supply void, with grain-fed beef exports to China rising by nearly 40% in February and March compared to last year. Analysts note that Australia is now the sole major supplier of premium marbled beef to the Chinese market. However, experts and policymakers caution against over-optimism, warning that if the broader US-China trade war slows global economic growth, demand for Australian exports could decline across other sectors as well. The situation also marks a shift in global trade dynamics, where strategic alliances and national security are taking precedence over traditional economic policy considerations.
Published Date: 12 April 2025
Source: ABC News
Labor and Coalition Unveil Competing First Home Buyer Policies Ahead of 2025 Election
Australia’s major political parties have rolled out new housing policies aimed at first home buyers, shaping a critical debate in the lead-up to the May 3 federal election. The Coalition, led by Peter Dutton, has proposed a “first home buyers mortgage deduction scheme” allowing buyers of new builds to deduct interest payments (on up to $650,000) from taxable income for five years. The scheme, expected to cost $1.25 billion, is means-tested and aims to boost housing supply. In contrast, Prime Minister Anthony Albanese’s Labor government promises to expand the current First Home Buyers Guarantee by removing income and availability caps. Under Labor’s plan, all first-time buyers would qualify for a 5% deposit scheme without needing mortgage insurance. Additionally, Labor pledges to construct 100,000 new homes reserved exclusively for first home buyers. Analysts note both policies aim to stimulate housing demand but differ on supply-side approaches. The proposals signal a broader political push to address Australia’s growing housing affordability crisis.
Published Date: 14 April 2025
Source: ABC News
Flight Centre Lowers Profit Forecast Amid US Tariff War Impact
Flight Centre Travel Group (ASX: FLT) has revised its full-year profit forecast downward by up to 17%, citing volatile trading conditions and diminished consumer confidence stemming from the ongoing US tariff war. The company now anticipates an underlying profit before tax between AU$300 million and AU$335 million, a significant reduction from the previously projected AU$365 million to AU$405 million. Flight Centre attributes this adjustment to weakened consumer sentiment and challenging trading environments, particularly in the United States, where recent tariff policies have disrupted market stability. Despite achieving record total transaction values, the company faces margin compression and operational leverage issues, especially as growth concentrates in lower-margin operations. In response, Flight Centre has announced a AU$200 million share buyback program set to commence around May 12, aiming to bolster shareholder value amidst these challenges.
Published date: 28 April 2025
Source: Business News Australia
Over 31,000 Australian Bank Customers’ Passwords Stolen by Malware and Traded Online
Cybersecurity researchers have uncovered that more than 31,000 passwords belonging to customers of Australia’s Big Four banks—Commonwealth Bank, ANZ, NAB, and Westpac—have been stolen through infostealer malware and are being circulated on platforms like Telegram and the dark web. The malware, which infects users’ devices rather than exploiting bank systems, harvests sensitive information including banking credentials, credit card details, and browser data. Dvuln, the Australian firm that identified the breach, emphasizes that the threat originates from compromised personal devices. Experts warn that the exposed data poses significant risks, including unauthorized fund transfers and identity theft, urging individuals to enhance their cybersecurity measures.
Published date: 29 April 2025
Source: ABC