🦘 Meta vs Aussie Media Titans, Bitcoin ETFs Begin Trading in ASX, Eastern Australia Faces Gas Shortages

G’day everyone!

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

• Meta vs Aussie Media Titans

• Bitcoin ETFs Begin Trading in ASX

• Eastern Australia Faces Gas Shortages

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

Bitcoin ETFs Hit Epic Milestone in Australia: Trading Goes Mainstream!

Australia just rolled out the red carpet for Bitcoin with the introduction of Bitcoin ETFs (Exchange-Traded Funds) on the Australian Securities Exchange (ASX) - a first for the nation!

This leap could shake things up in not just the Australian market but globally as well.

What’s a Bitcoin ETF, Anyway?

Bitcoin ETFs are like your backstage pass to the cryptocurrency world, letting investors dabble in Bitcoin without actually having to buy or store the digital currency themselves.

Picture a fund that mirrors Bitcoin’s performance, making crypto investing as easy as buying a stock.

Why It Matters

The big bang from this debut is expected to ripple through the global cryptocurrency market.

Investors now have a more digestible way to get into Bitcoin, potentially sparking a wave of new investments and trading activities.

Looking Ahead

This isn’t just a win for Australia; it could set the stage for innovation in financial products globally.

The crypto landscape could evolve with even more innovative offerings hitting the market, making crypto investments more accessible than ever.

As interest in cryptocurrency soars, we could see a surge in new, creative financial products.

Stay tuned, this is just the beginning of an exciting journey into the future of finance!

Winter Woes: Eastern Australia Faces Gas Shortages Amid Cold Snap and Outages

Buckle up, eastern Australia, the chilly season has brought with it a potential gas crisis.

As temperatures drop, the Australian Energy Market Operator (AEMO) has issued a dire "threat notice" warning that gas supplies might not keep up with the winter demand.

This looming gas shortage could last until September 30, impacting Victoria, South Australia, ACT, Tasmania, and New South Wales.

Winter usually means a dip in renewable energy – with wind and solar generation taking a seasonal hit.

Renewables dropped to 27% of the national electricity market recently, down from their usual 38%.

To make matters worse, the Longford Gas Plant, co-owned by ExxonMobil and Woodside Energy, reported an unexpected outage.

This unplanned downtime has led to a strain on gas storage, especially at facilities like Iona in Victoria, Newcastle, and Dandenong.

Adding to the uncertainty, an April report by the Australian Competition and Consumer Commission projected a gas surplus but flagged potential issues like variable weather and regulatory delays that could plunge us back into shortage territory.

The cold, hard truth? Gas production in Victoria is set to plummet nearly 50% by 2028, turning the state from exporter to importer.

As the winter deepens, the race is on to boost production and keep those heaters running. Stay warm, Australia!

Meta Makes Headlines: Aussie Media Titans Sound the Alarm

Australia’s three biggest media powerhouses - Nine, News Corp, and Seven West Media - have united in a high-stakes face-off with Meta, the parent company of Facebook and Instagram.

They’re delivering a blunt ultimatum: renew our deals under the media bargaining code, or brace for newsroom job cuts.

These execs didn’t hold back at the Social Media and Australian Society inquiry in Canberra, branding social media's impact as "toxic" and calling out Meta for its role in fostering trolling, political meddling, and scams.

What's even spicier?

They suggested the government should boot Facebook from Australia if Meta doesn’t play ball with local laws and values.

Here are some key points from the inquiry:

Job Cuts Looming: Nine’s CEO, Mike Sneesby, highlighted that the stakes are high, with potential job cuts across newsrooms if Meta doesn’t renew agreements.

He noted the surge in news consumption on social media, with Nine’s videos racking up a whopping 5 billion views annually on Meta platforms.

Blackmail Accusation: Miller didn't mince words, accusing Meta of trying to “blackmail” the media and government by threatening not to renew deals.

Financial Blow: Losing Meta’s support could mean saying goodbye to $70 million a year for publishers, cranking up the financial pressure.

Call for Regulation: Miller pushed for a tough stance, urging that platforms refusing to follow Aussie rules should be shown the door, just like any other non-compliant company.

As tensions rise, all eyes are on how these negotiations will shake out, potentially reshaping the future of Australia’s media landscape.

No Rewards Without a Price: Westpac Bumps Up Credit Card Rates

Westpac has stirred the pot with sizzling new interest rates on its credit cards, climbing to a steep 20.99% on rewards and low-fee cards.

This tweak means none of the Big Four banks now offer rates below 20.99% for their rewards customers – think of it as the new normal in bank-land.

And if you're thinking of pulling cash from these cards, brace yourself, as cash advance rates also had a slight bump from 21.49% to 21.99%.

This rate hike is a synchronised move with its competitors, who have been hiking interest since last August.

Sally Tindall from RateCity put it plainly: aligning with competitors doesn’t necessarily make it right – it just means there's now zero chance of landing a rewards credit card under 20%.

Heads-up if you're with St George, Bank of Melbourne, or BankSA – expect similar changes coming your way on July 4.

Getting into the nitty-gritty, Aussies racked up a hefty $17.69 billion of credit card debt in April alone, paying an average 18.31% in interest, which rounds out to a whopping $8.9 million in daily interest charges!

For those feeling the pinch, Tindall suggests heading for the exit sign – consider alternatives that actually support your wallet rather than empty it.

Whether it’s sticking with the status quo or shopping for better rates, this shake-up serves as a wake-up call – it's time to re-examine where those loyalty points are truly taking you.

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!