🦘 Slowest Economic Growth in 30 Years, Greens Supporting Renters Against Dodgy Landlords, Businesses Continue To Incorporate AI

G’day everyone!

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

• Slowest Economic Growth in 30 Years

• Green Supporting Renters Against Dodgy Landlords

• Businesses Continue To Incorporate AI

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

Australia's Economy Edges Up: GDP Grows by Just 0.2% Amid Cost-of-Living Struggles

Well, it’s official - Australia’s economy is growing, but only just!

New figures show the GDP crept up by a flimsy 0.2% in the June quarter, marking the weakest performance since the end of the 1990s recession.

Treasure Jim Chalmers is waving the “any growth is good growth” banner, especially in the face of household spending dropping by 0.2%.

This growth trend is largely thanks to government spending, but it’s clear that everyday Australians are feeling the pressure.

With inflation still sitting high at 3.8%, Chalmers is urging that without cost-of-living assistance, things could be worse for many households.

Opposition leaders are quick to criticize, saying the economy is in a “household recession” as families struggle to make ends meet.

Despite the challenges, Chalmers insists the government’s plans to tackle inflation and support citizens are on the right track.

But with consumers cutting back on spending, can this frail growth continue? Only time will tell!

Dodgy Landlords Beware: $78,000 Fines on the Horizon!

The Greens are turning up the heat on cheeky landlords and real estate agents in a bid to protect renters across Australia.

They’re proposing the creation of a National Renters Protection Authority (NRPA) that would wield some serious clout, including the power to slap fines of up to $78,000 on repeat offenders.

Renters, you may have some support!

The NRPA aims to investigate complaints directly from tenants, tackling issues like outrageous rent hikes and subpar living conditions.

With an estimated annual budget of $200 million, the new authority would be the watchdog renters need, aiming to treat them like first-class citizens for a change.

The plan even includes enticing states with $2.5 billion in Commonwealth funding, but only if they agree to cap rent increases and adopt rental freeze laws.

It’s a bold step to ensure that the millions of renters in Australia feel secure, fair, and, most importantly, safe in their homes!

AI in the Shadows: A Third of Aussie Businesses Not Disclosing AI Use!

Hold onto your hats, folks, because a recent survey shows a staggering one-third of Australian businesses using artificial intelligence are keeping it under wraps from customers and employees!

As the federal government unveils plans for "mandatory guardrails" around high-risk AI tools, many companies reveal they're using AI for everything from 24/7 customer support to dynamic pricing, yet half haven't performed human rights or risk assessments on how they use it. 

Industry Minister Ed Husic insists stronger protections are essential as society embraces AI's potential benefits while addressing its inherent risks.

Businesses could soon be required to disclose when AI is making decisions affecting individuals.

The survey singles out the hospitality and retail sectors as the least responsible in their AIs' application.

With serious concerns over discrimination and misuse already bubbling up, it’s clear AI needs a set of rules to play by. Hang tight; changes are on the way!

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You Made It!

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