- Commonwealth Bank and YouGov released data confirming 26% of Australians have experienced financial abuse (when someone aims to limit another person’s financial independence by using money to control or exploit them). CommBank released a program last month called Next Chapter, where the bank will provide services, support and conduct research aiming to eliminate financial abuse.
- Economic consultants, AlphaBeta, released data that found 38% of Australians making early withdrawals from their superannuation had suffered no loss in income. 21% had actually increased their income by over 10%.
- Cosmetic empire, Mecca Brands (owners of Mecca Cosmetica and Mecca Maxima) will expand to the Chinese market through an e-commerce platform called TMall Global that allows international brands to sell their products to the Chinese market. Mecca’s CEO Jo Horgan said, “In three years’ time [China] is predicted to be the number-one market. And consumer dynamics in China are changing in Mecca’s favour; there’s a growing interest in niche, premium brands, in more international brands.”
- Tim Wilson, the chair of Parliament’s economics committee will lead a parliamentary inquiry into AMP’s culture and handling of sexual harassment complaints. “The current situation raises questions about internal probity and accountability, as well as whether they are investigating matters appropriately and promptly which should guide decision making about whether any executive’s position is tenable,” Mr Wilson said. The inquiry follows AMP’s promotion of Boe Pahari who was penalised $500,000 after sexual harassment claims were made against him by a female staff member in 2017.
- The former First Lady, Michelle Obama has made headlines after openly stating “Donald Trump is the wrong president for our country”, in her address during the Democratic National Convention.
