🦘 Wage Theft Costing Aussies Millions, CEO and CFO at The Star Step Down, Grand Prix Fever Sends Airfare Prices Soaring

G’day everyone!

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

• Wage Theft Costing Aussies Millions

• CEO and CFO at The Star Step Down

• Grand Prix Fever Sends Airfare Prices Soaring

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

Aussie Workers' Paychecks Pinched by Wage Theft

A staggering revelation has hit the Australian workforce: nearly $850 million vanishes from workers' pockets each year due to wage theft.

James Lea, once a bartender underpaid by $15,000, turned his frustration into action by rallying with his colleagues, recouping a collective $150,000 in lost wages.

This problem isn't niche; about 59% of Aussie companies fumbled payroll in the last two years, with errors ranging from underpayment to missing super contributions. 

Big businesses are the usual suspects, more prone to mistakes than their smaller counterparts.

Amid a cost-of-living crisis, the financial hit from these errors isn't just about dollars; it's about the profound impact on young Australians' lives.

The sobering stats call for a wake-up call across industries, spotlighting the need for vigilance and advocacy to safeguard earnings rightfully earned.

Top Brass at The Star Resign Amid Licensing Turmoil

The Star Entertainment Group is shaking up its leadership, with CEO Robbie Cooke and CFO Christina Katsibouba stepping down amid a second probe by the NSW Independent Casino Commission.

This inquiry is set to determine the company's fitness to hold a casino license. 

Cooke, who's been with The Star since 2022, expressed disappointment but acknowledged that his departure might aid the company's quest for regulatory approval.

Chairman David Foster will serve as executive chairman during the search for Cooke's successor, praising Cooke's efforts in stabilizing the company and addressing regulatory challenges.

The Star is undergoing significant changes, including a cashless gaming trial and compliance with new laws aimed at minimizing gambling harm.

Katsibouba's exit marks the end of her nine-year tenure, during which she played a key role in navigating financial hurdles.

Neale O’Connell will take over the CFO role, bringing experience from Corporate Travel Management and Tatts Group.

The leadership overhaul comes as The Star strives to regain its footing and ensure compliance with stringent regulatory standards.

Flight Fares Soar Amid Grand Prix Fever

Air travel between Sydney and Melbourne has hit sky-high prices this week, thanks to the Formula 1 grand prix events in Melbourne.

One-way fares skyrocketed to a minimum of $400 on Monday, with prices peaking at $900 by Wednesday across major airlines.

Surprisingly, some business class seats were cheaper than economy.

This price surge is attributed to the grand prix and the approaching Easter, creating a perfect storm of high demand.

Aviation experts label this scenario as "supply and demand on steroids."

Despite the Australian Competition and Consumer Commission's oversight, airlines freely adjust fares based on market dynamics.

The ACCC emphasizes competition as the key to keeping prices fair, but with limited options, consumers face steep costs.

Travelers are advised to book early and be flexible to mitigate the impact of peak-period pricing. 

This week's fare frenzy underscores the need for strategic planning and early booking, especially around major events and holidays.

ACOSS Advocates For Increase In Centrelink Payments

In a passionate plea, the Australian Council of Social Service (ACOSS) is urging the government to significantly increase JobSeeker and Youth Allowance rates to $80 per day. 

Cassandra Goldie, ACOSS's chief, highlights the daily destitution faced by many Australians, exacerbated by the cost-of-living and housing crises.

This proposed increase from the current rates of $55 and $45, respectively, aims to ease the burden on those struggling the most. 

ACOSS is also pushing for tax reforms to fund these essential increases, pointing to the urgent need for Australia to collect more revenue for investing in vital services.

As the federal budget looms, the divide between the financially secure and those in distress widens, with ACOSS advocating for systemic changes to offer relief and dignity to the country's most vulnerable.

That’s All!

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, have an awesome day folks!