Business Update – 3 May 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
AFL appoints Andrew Dillon as CEO
Andrew Dillon has been named CEO of the AFL, following a year-long search. Dillon started with the AFL in 2000 as an in-house lawyer and has moved on to various other legal and administrative roles.
Australia set for budget rebound, signals fiscal restraint
Although fiscal challenges still loom, Australia’s Labour government is set to reveal a budget with an improved bottom line, including money to offset cost of living pressures. Treasurer Jim Chalmers is expected to reveal a cautious budget that emphasises restraint.
Climate change is endangering Australian wine
Australia is the fifth-largest wine exporter in the world, but the industry is threatened by climate change. Hot, dry summers are increasing the risk of vineyards being destroyed by fire, with researchers anticipating the next 20 years will see an increase in temperature of 1.3 degrees, and a drop in rainfall. Additionally, the heat affects the flavour and quality of the wines.
Australian tech startups face tough economic conditions
Three years after it launched, food delivery platform Providoor announced it was ending operations immediately, due to challenging economic conditions in the hospitality sector. The company announced its closure shortly after the collapse of CoLab and MilkRun, which were also delivery services.
Rugby Australia chief executive Marinos to step down
Andy Marinos, chief executive of Rugby Australia, announced he would step down from his job to pursue other opportunities. Marinos is credited with turning around the business and guiding it through the worst financial crisis in its history.
Wendy’s slated to open in Australia
Wendy’s, a US burger chain with more than 7,000 locations around the world, has plans to open hundreds of locations across Australia. Wendy’s is the third largest burger chain in the US, but it had previously tried to enter the Australian market in the 1980s, surviving only a few years before all 11 restaurants closed and were absorbed by Hungry Jack’s.
Families faced with impossible decisions thanks to cost-of-living crisis
72% of Australians believe child poverty has worsened thanks to cost-of-living increases, a recent study found. That’s up from 56% in December 2020. Additionally, 81% of respondents believe child poverty will continue to worsen over the next year. Currently, around 750,000 children – or one in six – live in poverty.
Jock Zonfrillo, MasterChef judge, dies at age 46
Zonfrillo was born in Glasgow and moved to Australia at the age of 20. He also operated well-known restaurants in Sydney and Adelaide for two decades before becoming a judge on MasterChef in 2019. He was known for highlighting Australian native ingredients in his restaurants.
Coronation of King Charles reignites monarchy debates
With the impending coronation of King Charles, debate about the move to make Australia a republic has reignited. Some in Australia feel an Australian republic is only a matter of time, but others want to keep the monarchy. Australia will have some events to highlight the coronation, including a 21-gun salute, but the coronation in Australia is expected to be restrained.
Young Australians willing to sacrifice inheritance for aged care
New research suggests almost 75% of young Australians would sacrifice their inheritance so their parents and grandparents could have a better quality of life in their later years. A report into aged care funding suggests taxpayers cannot afford to cover care for seniors, and a co-funded model including contributions from care recipients would lessen the burden on taxpayers.
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