🦘 Aussies Switching Jobs Less Frequently, Spend $600 Million In International Transaction Fees, Telstra Apologises For Huge Data Leak

G’day everyone!

Here’s what we’ve got in store for you today:

• Aussies Switching Jobs Less Frequently

• Aussies Spend $600 Million In International Transaction Fees

• Telstra Apologises For Huge Data Leak

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

Job Switch Slump: Millennials Still Leading the Pack in Mobility

Move over quiet quitting, it looks like job switch anxiety is the new trend!

According to the Australian Bureau of Statistics (ABS), job mobility is taking a noticeable dip across the country.

This drop is being driven by a mix of economic uncertainty and the rising cost of living making workers think twice before jumping ship.

Younger workers, often the job-hopping trailblazers, are still switching jobs more frequently than their older counterparts but have also become a bit more cautious.

They may hold onto those business cards just a tad longer as the overall job-changing game slows down.

Why the cool down? Here are the key factors:

1. Increased Employee Caution: With the economy in a bit of a wobble, workers are tightly gripping the stability of their current gigs.

2. Captain Abandon Ship No More: The era of "quiet quitting" seems to be fading. Employees are done offering extra effort without the extra cash to match.

3. Happy Campers: Despite fewer job changes, a whopping 75% of workers are happy right where they are!

So, while the younger crowd still holds the trophy for job mobility, the rush for new gigs is taking a breather.

Expect this trend of job caution and satisfaction to stick around as stability and security take center stage in career choices.

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Sneaky Fees Swipe $600 Million From Aussie Holiday Savings

Australian travelers, beware!

Hidden international transaction fees are snatching up a hefty $600 million from Aussies' wallets, which adds up to about $100 per traveler.

As winter chills peak, many are chasing the sun overseas, only to find their vacation budgets blindsided by these sneaky charges.

ING's year-long research reveals that a whopping 81% of Australian travelers are using their cards abroad, but fewer than 15% realize they're being hit with international transaction fees.

ING's Consumer Insights head, Matt Bowen, advises globe-trotters to double-check fees with their banks before jetting off.

The survey finds it takes almost two years to save for a two-week European escapade, with budgets stretched thin - families considering side hustles or dialing down on heating to save up.

Paris tops the list as the priciest city, followed by London and Rome.

So, travelers, get savvy with your spending, ask your bank about fee rebates, and keep those holiday funds intact.

Telstra’s Spillage: Details of 140,000 Privacy-Seeking Customers Leak Over Decade

Telstra may have some explaining to do!

The Australian Communications and Media Authority (ACMA) just uncovered a significant privacy blunder: the unintentional publication of details for more than 140,000 unlisted customers over a decade.

If your number was meant to be hush-hush between 2013 and 2023, it might have sneaked its way into the public domain.

How did this happen? It appears a "misalignment of databases," not hacking, caused the mess-up.

Over 24,000 private records made their way into the White Pages, and a whopping 139,402 into Telstra's own directory assistance system.

Talk about an "oops" moment!

ACMA has demanded remediation measures from Telstra, including biannual database reconciliations, staff training, and compliance audits to ensure such leaks don’t happen again.

Fail to toe the line, and Telstra could face court with fines reaching up to $10 million per breach.

Telstra’s scrambling to fix things, offering affected customers support and beefing up their tech game to avoid future slip-ups.

They’re now also sending yearly reminders to customers about their listing status.

So, if you've been paying to stay under the radar, keep an eye out for updates from Telstra – your privacy might just be back on track!

Booktopia Shutters in Dramatic Shake-Up, Slashing 165 Jobs

Booktopia, the beloved Aussie online book retailer, has hit a rough chapter, axing 165 jobs and leaving just 18 employees in the wake of entering voluntary administration.

McGrathNicol, the administrators now holding the reins, confirmed the job cuts, which are a massive blow to the company’s workforce that once numbered over 200.

After delisting from the stock market two weeks back, Booktopia's financial woes have snowballed.

A disastrous first-half revenue slump and elusive additional funding led to this drastic measure.

The company’s collapse has left it drowning in unfulfilled orders worth about $12 million – talk about a cliffhanger!

Administrators are sifting through the rubble to assess the business, eyeing a potential buyer to rescue what's left.

Though voluntary administration aims to restructure and revive struggling companies, Booktopia's struggles against giants like Amazon and internal woes with pricing and delivery didn't help.

While some loyal customers have had positive vibes with Booktopia, many others are singing the blues over delayed deliveries and snail-paced refunds.

Whether the company gets a plot twist that enables it to keep turning pages, or calls it a day and winds down for good, remains a mystery.

Stay tuned for the next episode in Booktopia’s saga!

You Made It!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

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