🦘 ASX Week In Review: 14/10/2024

Hey mate, hope you had a good weekend! It’s nearing the end of the year now, I bet we’ll start seeing Christmas trees in our shopping centres soon!

Let’s have a look at the market snapshot before jumping into the news:

Week In Review - TLDR

Rio Tinto is making waves with its recent big splash into the lithium scene, acquiring Arcadium Lithium for a cool $6.7 billion.

This bold move surprised many, especially as the lithium market has wobbled recently, with prices plummeting 90% since last year's peak.

But why is Rio betting on lithium now? The mining giant is eyeing North American assets to fuel the booming electric vehicle (EV) market. 

Despite a weaker outlook for prices in the short term, Rio's big boss is confident about long-term demand as the world moves toward greener energy.

With this acquisition, Rio Tinto will control about 5% of global lithium supply, positioning itself alongside major players.

While some analysts are cautious, there's a buzz that lithium could rebound sooner than expected, especially after China's economic stimulus kicks in. 

So, grab your popcorn - this lithium story is just getting started!

Housing Help or Heartache? Albo's Game Plan to Get Aussies into Homes

Prime Minister Anthony Albanese is making waves with his renewed push for the Help To Buy Bill, aimed at helping 40,000 Australians snag their first homes. 

This initiative lets eligible buyers grab a place with just a 2% deposit, but there’s a catch: single buyers must earn less than $90,000 a year, while couples need to stay under $120,000. 

Unfortunately, previous attempts to pass this bill got stalled in the Senate, with the Greens opting to delay until November for more talks.

Housing Minister Clare O'Neil is urging all parties to prioritize progress instead of politics.

But the Greens argue this plan might not cut it, raising concerns that it won’t reach key workers like nurses and teachers, plus it could bump up house prices instead.

As the housing crisis looms, tensions are rising over the best way to make homeownership a reality for everyday Aussies.

Retail Cry for Help: RBA, Cut Those Rates!

As the retail sector gears up for the golden holiday shopping period, panic is setting in.

Retail associations are making a desperate appeal to the Reserve Bank of Australia (RBA) to cut the cash rate ahead of critical sales days like Black Friday and Christmas.

The Australian Retailers Association (ARA) warns that many businesses rely on this six-week sales window to pull in a substantial chunk of their annual profits.

They’re predicting a whopping $69.7 billion in sales during this period, but with the ongoing cost-of-living squeeze, retailers need all the help they can get to entice shoppers.

Economists suggest the RBA might play it cool and hold off on rate cuts until February, which means retailers need to brace themselves for a tough holiday season. 

So, will the RBA respond to retail’s plea? Stay tuned!

Watch Out! New Scam Alert Targets QR Code Users!

Aussies, it’s time to be extra cautious with those QR codes!

Scammers have launched a new method called "quishing," which is taking advantage of our familiarity with QR codes in public places. 

The trick?

They’re slapping their own fake QR codes over legitimate ones, making it all too easy for you to get conned. 

Once you scan, you might inadvertently be led to a malicious website designed to siphon off your personal and financial details.

One victim shared they inadvertently signed up for a gym instead of paying for parking!

With reports of this scam popping up not just in Australia but also in the UK and the US, the scam trend could gain even more traction in 2024.

So, the next time you're about to scan a QR code, think twice!

Check for any signs of tampering before you hit that scan button. Stay safe out there!

Qantas Grounded: A $100 Million Smackdown for Misleading Passengers!

Buckle up, folks! The Federal Court has no time for Qantas' flighty antics after slapping the airline with a staggering $100 million fine.

This hefty penalty comes after the Aussie carrier sold tickets for flights it had already cancelled, leaving many travelers in the lurch.

From May 2021 to July 2022, Qantas continued to advertise cancelled flights to unsuspecting passengers, breaching Australian Consumer Law. 

The Australian Competition and Consumer Commission (ACCC) pointed out the need for swift notifications when flights get grounded, ensuring folks aren’t left high and dry.

Thanks to cooperation from Qantas, the court action wrapped up quickly, but not without highlighting the airline's dodgy practices that potentially impacted up to 880,000 travelers!

So, if your travel plans went haywire, make sure to check in and submit your claim – the clock is ticking!

Work-From-Home Era on a Seesaw: Dell and Flight Centre Call Everyone Back to the Office!

The work-from-home trend is facing some serious turbulence as Dell and Flight Centre join the ranks of companies wanting employees back in the office full-time.

These major players have indicated that the days of remote work could be numbered, urging staff to move from the couch back to their desks.

In fact, research shows 82% of Aussie CEOs are eyeing a return to five-day office weeks within the next three years.

However, workers may not be so thrilled about it. A recent poll revealed that 69% of employees stated they'd walk if their WFH perks vanished.

While businesses tout the benefits of in-person collaboration, employees expect hefty pay increases, around 10%, to make the return more appealing due to added commuting costs.

As the return-to-office saga unfolds, it looks like more companies may be crossing the threshold back to traditional work environments soon!

Money Woes: One in Five Aussies Stressed About Wallet Woes Daily

Australian wallets are feeling the pinch, with a fresh report revealing that one in five people are stressed about money every single day.

Amid the ongoing cost-of-living crisis, a survey from Compare the Market found that 46% of those surveyed are grappling with financial worries at least once a week.

With inflation stubbornly hovering above the Reserve Bank’s target for over two years, everyday expenses are taking a toll.

• Grocery bills alone have surged by a staggering third in just six months, from an average of $150 to $200.

• Utilities are also draining wallets, with electricity bills jumping from $300 to $350 in the same period.

On a brighter note, experts suggest that smart shopping could help ease financial stress.

Many haven't started comparing prices to save on bills - a simple tweak that might just lighten the financial load.

Let's hope for a bit of good news for tighter budgets ahead!

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