🦘 Unemployment Nudges Down Slightly, Aussies Working $21,500 Worth of Overtime, Qantas Takes Full Control of TripADeal

G’day everyone!

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

• Unemployment Nudges Down Slightly

• Aussies Working $21,500 Worth of Overtime

• Qantas Takes Full Control of TripADeal

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

Australia's Unemployment Rate Edges Down to 4%

Australia's unemployment rate nudged down to 4% in May, shedding 0.1 percentage points from April.

This drop comes as 40,000 more people found jobs, and the number of unemployed decreased by 9,000, according to the Bureau of Statistics.

Interestingly, the trend unemployment rate, which smooths out monthly volatility, ticked up to 4%—the highest since the ABS reintroduced this metric in April 2022, post-lockdown chaos.

Analysts predict that unemployment will continue to climb and expect the RBA to maintain its cautious stance.

Tony Sycamore from IG pointed out that the current unemployment rate aligns perfectly with the RBA's second-quarter forecast, suggesting that rates will stay at 4.35% for the fifth consecutive meeting.

Full-time roles drove May’s employment growth, increasing by 41,700, while part-time positions dipped slightly by 2,100.

This breaks the year’s trend where most new jobs were part-time.

On the broader economic horizon, Callam Pickering of global job site Indeed noted that monetary policy is working, albeit slower than the RBA would like.

With spare capacity inching back into the labor market, the RBA is likely to avoid any drastic rate changes unless inflation numbers surprise unfavorably.

As for the nitty-gritty, the underemployment rate climbed to 6.7% and the under-utilization rate to 10.7%. The number of long-term unemployed also rose, from 90,800 to 125,500 in the past year.

Time to buckle in for what looks to be a steady but cautious economic ride!

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Aussie Workers Giving Up Big Bucks in Free Labour

Aussie workers are clocking up loads of unpaid overtime, and it’s not just a few minutes here and there.

A whopping $21,500 worth each year, according to a survey by Unions NSW.

A deep dive into responses from 5000 New South Wales employees revealed a staggering 86% of them work unpaid overtime weekly.

And we're talking about nine extra hours each week. Add it all up, and that’s over 11 weeks of unpaid work annually based on the average income of $96,660.

Not just limited to staying late or coming in early, this overtime spills into weekends for two-thirds of the workers.

Even lunch breaks are on the chopping block, with folks skipping them three times a week on average.

The survey also highlighted a major concern: saying "no" to unpaid overtime? More than half of the respondents (64%) felt it could hold back their careers.

Unions NSW is pushing for some serious changes.

They’re calling on the government to protect employees by allowing them to refuse unpaid overtime, especially those earning below the $167,000 high-income threshold.

They also want to bump up annual leave from four to five weeks and enforce stricter overtime record-keeping.

So, the next time you're clocking those extra hours, just remember, it might be worth a tad more than your boss’s appreciation!

Qantas Takes Full Control of TripADeal in $211M Deal to Supercharge Loyalty Program

Qantas is ready to dive deeper into the travel game, snapping up the remaining 49% stake in Aussie online travel biz TripADeal for a cool $211 million.

This move is set to fast-track Qantas Loyalty's entry into the booming $13 billion market for online holiday packages.

By linking up Qantas and Jetstar's routes with TripADeal's curated tours, travelers are in for more personalized adventure perks, especially those in the frequent flyer program.

Having already snagged a majority share in TripADeal two years back, Qantas plans to wrap up this deal by month’s end.

The airline expects this acquisition to bring in cost and revenue synergies of at least $50 million annually.

Founded in Byron Bay by Norm Black and Richard Johnston, TripADeal has grown like wildfire, seeing a 70% surge in bookings over the past year.

Andrew Glance, Qantas Loyalty's top dog, is all in on this expansion, praising TripADeal's knack for crafting trendy and wallet-friendly packages.

He’s confident that combining forces will bolster offerings and create more value for Qantas customers and the Loyalty business.

It looks like it's all systems go for Qantas as they set their sights on a whirlwind of new travel possibilities!

ACCC Pumps the Brakes on Chemist Warehouse’s $8.8B Merger Plans with Sigma

Hold onto your pill bottles, folks!

The Australian Competition and Consumer Commission (ACCC) has thrown a caution flag on the mega-merger between Chemist Warehouse and Sigma, creating quite the buzz in the pharmacy world.

This $8.8 billion deal was meant to birth a new healthcare giant but faces serious scrutiny.

The ACCC’s cautious approach highlights concerns over competition, fearing this super-merger might weaken the vibrant yet regulated sector of independent pharmacies.

To give you a bit of history, small community pharmacies have long dominated Australia, but big pharmacy chains like Chemist Warehouse have recently disrupted the scene with their giant-scale efficiency and consumer discounts.

Despite these benefits, the ACCC worries that the merged entity could unfairly tip the scales, particularly affecting pharmacies that rely on Sigma for supply.

The ACCC is particularly wary that the new conglomerate might prioritize Chemist Warehouse affiliates, disadvantaging others.

While Sigma’s stock took a hit, falling nearly 6%, the deal isn’t entirely off the table.

There’s still hope if Sigma and Chemist Warehouse can convince the ACCC with solid remedies ensuring fairness for all players involved.

But don’t hold your breath - September’s final judgement could still toss this proposal into the “no-go” pile.

Stay tuned; September promises a thrilling climax to this pharmaceutical saga!

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!