🦘 How Much We Spend On Debit Card Surcharges, Supermarket Bosses Get Grilled, $1.5 Million Fine For Major Eyewear Brand

G’day everyone!

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

• How Much We Spend On Debit Card Surcharges

• Supermarket Bosses Get Grilled

• $1.5 Million Fine For Major Eyewear Brand

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

Swiping Your Way to a $1 Billion Bill: Aussies' Debit Card Dilemma

Aussies are coughing up a whopping $1 billion annually in hidden debit card fees, Finder's Graham Cooke spills the beans.

While tap-and-go reigns supreme for convenience, it's costing consumers up to $140 extra each year. 

Amidst a cashless society's allure, the fine print on card transactions has stirred a 'Cash Out Day' revolt, with folks lining up to withdraw cash in protest.

The kicker? Retail giants like Aldi are among the few transparent about passing these bank fees onto customers.

This growing frustration highlights the need for a more transparent, fair system where maybe, just maybe, banks and card issuers foot the bill for these hidden costs.

As Australia tiptoes towards a future sans cash, it's clear that convenience comes with its price tag.

Supermarket Showdown: Senate Inquiry Puts Execs in the Hot Seat

The heat's on for Aldi and IGA execs as they gear up for a Senate grilling over grocery price hikes. 

With allegations of price gouging and supplier strong-arming in the air, the inquiry is set to slice through the retail giants' profit pies. 

Aldi, playing the "stable prices" card, and Metcash, championing the little guys under the IGA banner, are prepping their defenses.

But with Coles and Woolworths waiting in the wings for their turn in the hot seat, all eyes are on how Australia's supermarket saga will unfold. 

Amidst accusations of lining pockets at the expense of Aussie households and farmers, the question looms: can these retail behemoths justify their billion-dollar bounties in the face of rising living costs? 

The plot thickens as the ACCC's looming inquiry promises to turn the heat up even further on the grocery giants.

Luxottica's $1.5 Million Oops: A Lesson in Email Etiquette

Luxottica, the big boss behind eyewear giants like OPSM, Oakley, and Sunglass Hut, just got a $1.5 million slap on the wrist for spamming their customers to the point of madness. 

The Aussie arm of this eyewear empire thought it was cool to send over 200,000 marketing messages, including some to folks who had hit the unsubscribe button harder than a snooze alarm on a Monday morning.

The Australian Communications and Media Authority (ACMA) wasn't having any of it, especially peeved about those 91,231 emails that were as inescapable as a bad date because they lacked an unsubscribe option. 

To add insult to injury, about half of these emails were sneaky sales pitches disguised as order confirmations or password resets.

Luxottica's now on a tight leash, with a court-enforceable order to get their act together and an independent consultant to school them on the art of not being annoying.

Moral of the story? If you're going to woo customers via email, at least give them a way out.

Aussie Commercial Real Estate: The New Japanese Love Affair

While the global love for Australian commercial real estate has cooled off a bit, Japanese investors are swooning hard. 

They've been throwing cash into Aussie properties like never before, accounting for a hefty 25.5% of the foreign investment pie in the year to March 2024.

That's a big leap from the less than 2% they contributed in the previous period. 

Vanessa Rader from Ray White Commercial notes that Australia's long-term economic stability makes it a magnet for overseas investors, particularly the Japanese who are hunting for better yields amidst their own country's negative interest rates saga.

This recent infatuation with Aussie properties isn't just about snatching up office spaces; it's more like a buffet featuring everything from build-to-rent to student housing and high-rise residential sites.

But here's the twist: Japan itself is becoming a hot spot for international investors, thanks to a weak yen and a bit of monetary magic from the Bank of Japan.

So, as Japan dips its toes into positive interest rates to fight inflation, the land down under remains an alluring prospect for Japanese funds looking for a safe and profitable haven.

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