🦘 The Richest Get Richer, Australia’s Sick Leave Dilemma, Aussie Cafes Doing It Tough

G’day everyone!

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

• The Richest Get Richer

• Australia’s Sick Leave Dilemma

• Aussie Cafes Doing It Tough

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

Billionaires' Wealth Soars: Aussie Rich List Rakes in $82M a Day

While the rest of us have been tightening our belts, Australia's billionaires have been enjoying a windfall, growing their fortunes by an eye-popping $82.2 million a day.

Oxfam's latest report reveals that since 2020, the collective wealth of the nation's richest has ballooned by a staggering 70.5%.

Globally, the top 1% have amassed a jaw-dropping $42 trillion over the past decade.

To put it in perspective, that's almost 36 times more than what the bottom half of the world's population managed to scrape together.

This financial chasm has sparked calls for change ahead of the G20 finance ministers meeting.

Measures like an annual net wealth tax of at least 8% on the ultra-wealthy will be hotly debated.

Proponents, including France and Spain, aim to curb tax avoidance and tackle inequality, while the US remains staunchly opposed.

Oxfam's Max Lawson says the momentum to hike taxes on the super-rich is "undeniable," but the question remains: will G20 governments act?

Oxfam Australia CEO Lyn Morgain slammed the disparity, describing it as "obscene."

Meanwhile, even with Australia's average wealth climbing 10% last year, wealth inequality persists, as median wealth trailed behind.

Rising living costs and lower birth rates only add to the complex economic puzzle.

Stay tuned for more financial fireworks from the G20 showdown!

The Sick Leave Dilemma: Why Aussies are Pushing Through Illness

A recent survey by Finder has highlighted a concerning trend: nearly half of Australian workers (47%) feel compelled to show up to work even when they’re under the weather.

Blame it on the cost-of-living crisis and a relentless work culture.

With the financial squeeze tighter than ever, many employees, especially those working remotely, feel guilty about taking a day off.

Who knew working from home could make sick leave seem excessive?

There’s also a hefty dose of “sick leave guilt” in fields like retail, where bosses may not always support their team taking time off.

Despite being entitled to ten days of paid personal leave annually, full-time workers often hesitate to use it, fearing they’re exploiting their employers.

Casual workers, who don't enjoy the same perks, face an even tougher choice between their health and their paycheck.

Interestingly, it's the younger crew who aren’t shy about taking their sick days, compared to the more seasoned Baby Boomers who seem almost allergic to it.

So next time you feel a tickle in your throat, remember: taking care of your health is not taking advantage. It’s just smart living.

Aussie Cafes in Peril as Coffee Lovers Tighten Purse Strings

Australia’s love affair with cafe culture is seeing a rocky patch.

A new nine.com.au survey of 537 readers revealed that:

• 45% of participants are cutting back on buying their beloved cafe coffees.

• Another 31% are on the fence about their coffee spending habits.

• Just 24% seem undeterred from their caffeine hit.

Why the sudden shift? It all boils down to rising living costs.

With inflation hovering at 3.6% - above the Reserve Bank's target of 2-3% - the price of coffee has been climbing, hitting a wallet-punching $8 in some spots.

Unsurprisingly, a whopping 93% of readers said they wouldn't fork out for these jacked-up prices.

The future isn't looking too hot for the hospitality sector, either.

CreditorWatch rings alarm bells, forecasting tougher times ahead for cafes and restaurants already saddled with high insolvency rates.

CEO Patrick Coghlan notes a troubling trend of declining order values and increasing payment defaults, signaling pressures from both rising costs and waning demand.

As another interest rate hike looms, the forecast is grim.

More businesses might just grind to a halt as Aussies cut back on non-essentials.

Nine Newspapers Strike: Journalists Walk Off Amid Pay Dispute with Management

Journalists from the Nine newspaper group have taken to the picket lines over a contentious pay dispute, just as the media giant gears up for its Paris Olympics coverage.

The five-day strike kicked off on Friday, led by Media, Entertainment and Arts Alliance members from key outlets like The Sydney Morning Herald, The Age, and The Australian Financial Review.

Union members rejected Nine’s latest pay proposal, demanding increases that outpace inflation amidst the company’s record profits and previous freeze on wage hikes during COVID.

Michelle Rae, a union official, highlighted the paradox of being asked to do more for less, especially when Nine recently announced it would cut 200 jobs due to a drop in ad revenue and the end of a lucrative deal with Meta.

Despite the walkout, Nine maintains that their $305 million investment in Olympic broadcast rights will not be compromised.

Meanwhile, Nine CEO Mike Sneesby, currently residing in a pricey Parisian hotel and recently participating in the Olympic torch relay, declined to comment on the strike’s appropriateness.

Nine insists their offer is fair and calls for a return to negotiations, but journalists remain firm in their stand for better pay.

As the strike intersects with the start of the Olympics, the tension is palpable both on and off the field.

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!