🦘 Childcare Workers Get Huge Pay Increase, Save On Your Coles Shop With This Chrome Plugin, Qantas Ex-CEO Takes $10 Million Pay Cut

G’day everyone!

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

• Childcare Workers Get Huge Pay Increase

• Save On Your Coles Shop With This Chrome Plugin

• Qantas Ex-CEO Takes $10 Million Pay Cut

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

Big Pay Bump for Aussie Child Care Workers: PM Albanese Delivers on Promise

Good news, child care workers!

Prime Minister Anthony Albanese has greenlit a 15% pay hike, adding at least $8,000 to annual incomes by December 2025.

While it’s 10% less than what workers originally lobbied for, this boost is still significant.

Announced as part of the May budget, the $3.6 billion package will roll out in two phases: a 10% increase in December and an added 5% the following year.

What’s more, parents won't bear the brunt of this increase.

A government cap will prevent child care centers from hiking their fees by more than 4.4% over the next year, ensuring that the pay rise doesn’t get passed on to families. High-fives all around!

Prime Minister Albanese emphasized the essential role child care workers play in prepping the next generation for school, stating, “We can never thank them enough for what they do – but we can make sure they are properly valued and fairly paid.”

The United Workers Union (UWU) is pretty stoked too, pointing out that these predominantly female workers have been undervalued for decades.

They might even see additional gains thanks to the Fair Work Commission, potentially bumping the total increase to over $10,000 by late next year.

Education Minister Jason Clare chimed in, calling it a "cost-of-living double whammy" – better wages for workers and controlled costs for families.

As we await the final report from the Productivity Commission on early childhood, this pay increase marks a significant step forward for the sector.

Keep on shaping young lives and scoring those well-deserved raises!

Save Big at Coles with This Clever Chrome Extension!

Money-savvy shoppers, rejoice!

Adam Williamson, a clever Aussie data scientist, has devised a Google Chrome extension that could save you a bundle on your Coles grocery bill.

This nifty tool tracks price variations, enabling customers to pinpoint the best times to buy.

Sharing his find on TikTok, Williamson quickly amassed over 200,000 views, revealing a huge demand for smarter shopping strategies amidst the current cost-of-living crunch.

His Chrome extension scans Coles' price data and displays how long items stay at certain prices before changing, letting you catch those elusive discounts.

Unlike other price comparison apps, this extension hones in on Coles alone, helping you see through those tricky price tags.

Think that "50 cents off" markdown is a sweet deal? Double-check with the extension to ensure you're not being fooled by a recent hike.

Electric toothbrushes, nappies, olive oil – savings abound with potential cuts like $99.50 on an Oral B toothbrush pack and $36.50 on dishwashing tablets.

Williamson's tool is gaining traction fast, with 1,000 downloads already, and he’s eyeing Woolworths for his next venture.

Feeling lost in the supermarket maze? This Chrome extension might just be the compass you need. Download it now and start saving!

Qantas Cuts Ex-Chief Alan Joyce's Pay by $10M After Legal Battles

Former Qantas CEO Alan Joyce’s payout has been trimmed down by nearly $10 million.

Why the big cut? The airline lost a High Court case over illegally sacking ground staff in 2020 and just settled with regulators over flight cancellations.

Joyce’s once massive remuneration of $23.6 million dropped by $9.26 million due to these expensive blunders.

Despite the hit, he’s still walking away with over $12 million for the 2023 financial year.

Under the microscope, the Qantas board also slashed short-term bonuses for other top brass by 33%.

The decision came after a thorough governance review that began last October and found the Qantas leadership’s "command and control" style - centered around Joyce - led to major decision-making missteps and public backlash.

The review highlighted a reliance on financial performance over stakeholder and customer concerns.

With Qantas’ new CEO Vanessa Hudson at the helm, the airline’s shifting gears to mend its reputation.

Notably, the board pledged to adopt 32 review recommendations aimed at bettering transparency, customer relations, and executive accountability.

As Qantas gears up to present its annual report, all eyes are on how these dramatic changes will play out and whether they’ll successfully rebuild trust amongst stakeholders and customers.

Myer Braces for 30% Profit Dip as Sass & Bide, Marcs Drag Down Performance

Myer Holdings is preparing for a tough financial year with an expected 30% drop in net profit for FY24, forecasting between $50 million to $54 million compared to last year’s $71.1 million.

This downturn is partly due to the closure of key stores in Brisbane CBD and Frankston, as well as sluggish performance from its Sass & Bide, Marcs, and David Lawrence brands.

The department store giant saw total sales fall by 2.9% to $3.26 billion, despite a slight 0.4% same-store sales uptick.

The triple whammy of weak consumer sentiment, inflationary costs, and a rough trading environment for its specialty brands is taking a toll.

Myer had considered offloading these underperforming brands but decided against it after a strategic review.

In a plot twist, Myer is exploring a potential merger with Premier Investments’ Apparel Brands, aiming to create a retail powerhouse across Australia and New Zealand.

Executive chair Olivia Wirth emphasized the company’s focus on optimizing costs, inventory, and margins during these challenging times, citing the resilience shown in the second half of FY24.

As Myer gears up for an investor presentation in October, all eyes will be on their strategic maneuvers to bolster growth in a tough retail climate. Time to buckle up, Myer – it’s going to be a bumpy ride!

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 💪

Keep an eye out for tomorrow's newsletter. Until then, we’d love to get your feedback below!