🦘 Westpac’s New Scam Protection Measure, Canva Acquires Affinity Design Suite, Departing NAB Boss Issues Grim Warning

G’day everyone!

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

• Westpac’s New Scam Protection Measure

• Canva Acquires Affinity Design Suite

• Departing NAB Boss Issues Grim Warning

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

Westpac's New Tactic to Tackle Scammers

Westpac is stepping up its game with Westpac SaferPay, a nifty new feature aiming to shield its customers from the clutches of scammers.

With Australians losing a hefty sum to scams yearly, this addition could be a game-changer.

SaferPay will put the brakes on payments flagged as high-risk, quizzing customers with targeted questions to gauge the transaction's legitimacy.

This feature, debuting in the mobile app before hitting online banking platforms, is Westpac's bid to add an extra layer of security in the digital age.

Peter King, Westpac's CEO, highlighted the relentless threat of fraudsters, emphasizing the role of SaferPay in reducing scam-related losses significantly.

Integrating with the bank's existing fraud systems and leveraging AI, SaferPay personalizes the scrutiny for each transaction.

It's a pioneering step in Australia, aimed at curbing the financial devastation wrought by scams.

With a commendable track record of preventing over $400 million in potential scam losses, Westpac's initiative could set a new standard in banking security.

Canva Acquires Affinity: A Strategic Expansion

Canva, the Sydney-based graphic design behemoth, is making waves with its acquisition of the UK's Affinity, alongside its parent company Serif, for a sum whispered to be in the "several hundred million pounds." 

This move not only expands Canva's footprint but also enriches its offering to professional designers worldwide.

Serif, with a legacy dating back to 1987, reinvented itself with the Affinity suite, catering to creative professionals across the globe.

Canva's COO, Cliff Obrecht, emphasized the increasing demand for visual communication tools in the workplace, highlighting the acquisition as a stride towards enhancing Canva's B2B capabilities.

The Affinity suite, known for its prowess in photo editing, illustration, and more, aligns perfectly with Canva's mission to democratize design.

Ashley Hewson, CEO of Affinity, echoed this sentiment, expressing excitement over joining forces with Canva.

This acquisition is Canva's latest European conquest, underscoring its commitment to empowering a wide array of designers, from novices to professionals, further cementing its status as a global design powerhouse.

NAB's Departing Boss Sounds the Alarm on Housing Crisis

As he prepares to step down, National Australia Bank's CEO, Ross McEwan, is leaving behind a grave message about Australia's housing crunch.

With his departure announced for April 2, McEwan points to the nation's severe housing shortage as a ticking time bomb for the economy. 

Amidst an unparalleled influx of 548,742 migrants last year, he argues that the lack of adequate housing could not only stifle economic growth but also force a reconsideration of Australia's immigration levels.

McEwan's comments underscore a pressing need for solutions to boost housing availability and, by extension, productivity. 

This, he believes, is crucial for sustaining economic momentum and easing the Reserve Bank's interest rate policies.

His warning resonates amid broader conversations about the impact of immigration on the housing market, with figures like the Barefoot Investor questioning the wisdom of record migrant numbers during a housing squeeze.

Industry groups echo these concerns, highlighting a dire need for an additional 90,000 tradies to meet ambitious housing construction goals.

This spotlights the intersection of immigration policy and housing capacity as Australia navigates its future growth.

Smiggle and Peter Alexander Set to Fly Solo in Premier Investments Shake-Up

In a bold move reshaping the retail landscape, Premier Investments plans to spin off stationery giant Smiggle and sleepwear leader Peter Alexander into independent entities by 2025. 

This strategic decision, sparked by a comprehensive review following the unexpected exit of CEO Richard Murray, aims to unlock the full potential of these powerhouse brands.

Solomon Lew, Premier's chairman, hints that breaking away could enhance shareholder value, with both brands poised for aggressive international expansion. 

Smiggle is first in line, eyeing a demerger by next January, while Peter Alexander's split is slated for sometime in 2025.

Amid a challenging retail environment, Smiggle's sales dipped slightly, while Peter Alexander experienced a healthy surge, announcing ambitious plans to penetrate the UK market.

This strategic separation is anticipated to give each brand the autonomy to sprint ahead in their respective markets, with detailed plans for new store openings and an expanded global footprint.

Premier Investments' portfolio reshuffle reflects a keen focus on leveraging brand strengths to maximize growth, marking a new chapter in their storied retail saga.

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!