🦘 Bunnings Under Hot Water, The Star’s Regulatory War Continues, NAB Boss Eyes New Zealand Growth Prospects

G’day everyone!

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

• Bunnings Under Hot Water

• The Star’s Regulatory War Continues

• NAB Boss Eyes New Zealand Growth Prospects

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

Bunnings Under Fire: Executives Face Senate Grilling Over Supplier Treatment

Australia's hardware behemoth, Bunnings, faced a hammering in a recent Senate probe over alleged mistreatment of plant suppliers, with accusations flying about unfair contractual practices.

The inquiry illuminated claims from a nursery manager who felt like a "slave" after Bunnings abruptly canceled a lucrative deal, causing her a staggering $2.3 million revenue loss.

In defense, Bunnings’ Belinda Raker emphasized the chain's commitment to fostering long-term, non-exclusive relationships with its 250 suppliers.

However, the inability of executives to provide concrete details on supplier agreements provoked ire from Nationals Senator Ross Caddell, who criticized the executives for dodging direct questions and offering empty assurances instead of tangible facts.

This heated exchange underscores growing concerns about the power large corporations wield over small suppliers, sparking a broader discussion about corporate ethics and responsibility in Australia's business landscape.

The Star's Corporate Drama: CEO's Exit and Regulatory Battles Highlight Internal Turmoil

The Star Entertainment Group is once again under the regulatory spotlight as a second inquiry probes deeper into the company's governance and compliance failures.

Tensions have escalated to what has been described as a "state of war" between former CEO Robbie Cooke and the NSW casino regulator's special manager, Nicholas Weeks. 

This clash came to light following Cooke's resistance to regulatory recommendations and his subsequent resignation just before the inquiry commenced. 

The saga revealed internal communications suggesting a combative stance towards regulatory oversight, including discussions of potential legal actions against the regulator.

This corporate melodrama unfolds as The Star strives to regain its casino license amidst allegations of failing to curb money laundering and terrorist financing.

The inquiry continues to peel back the layers of conflict and mismanagement that have marred the casino operator's reputation, highlighting the complex interplay between corporate leadership and regulatory compliance in Australia's gambling industry.

Teachers' Strike Looms in Western Australia Over Pay Dispute

It's pencils down and picket signs up for Western Australia's teachers, as a looming strike threatens to disrupt classrooms next Tuesday. 

The State School Teachers' Union of WA (SSTUWA) is clashing swords with the state government over what they call an insufficient pay offer.

While the government has dangled an 11% pay increase over three years, the union is holding out for a 12% rise over two years. 

But it's not just about the paycheck; the union is also pushing for better working conditions and smaller class sizes, citing current figures as the highest nationwide.

Union President Matt Jarman described the government's latest offer as "insulting" and reflective of a deeper crisis in public education, with teachers overburdened and undervalued.

Despite ongoing negotiations, the union has signaled readiness for a half-day strike involving "thousands" of teachers, with their website crashing under the traffic surge from members eager for strike details.

As the clock ticks down, Education Minister Tony Buti remains hopeful of averting the strike, stressing ongoing "good faith" negotiations, while families brace for potential disruptions.

National Australia Bank's New Chief Eyes Growth in New Zealand

Andrew Irvine, the fresh face at the helm of the National Australia Bank (NAB), which owns the Bank of New Zealand (BNZ), is setting his sights on the 'Land of the Long White Cloud' for potential growth.

Speaking alongside BNZ's CEO Dan Huggins at a Trans-Tasman event in Auckland, Irvine expressed a keen interest in boosting BNZ’s contributions to NAB’s overall earnings. 

The new chief, taking over after New Zealander Ross McEwan, plans to spend considerable time in New Zealand to deepen his understanding of the market.

Despite facing challenges like shrinking net interest margins—a key profitability metric—in both Australia and New Zealand due to rising borrowing costs, Irvine remains optimistic about avoiding a recession.

He's also cautious, planning to maintain high provisions for bad debts amidst increasing financial strain on customers.

This strategic shift in focus to New Zealand marks a significant point in NAB's operational strategy, aiming to strengthen trans-Tasman economic ties and capitalize on growth opportunities in both nations.

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