Good morning AusCorp. Australians are spending less on furniture and nights out and more at the chemist, and close to half of the people who went bankrupt last year owed money on buy now, pay later.
Private schooling versus public schooling, and does it have an impact on your career? Seems like lots of people get asked about schooling and it comes up at work more often than most people would like.
So while it does help you get through the door in some industries, we asked the community where the advantages lie and why judging a colleague on it isn’t a good look.
THE BIG CONVERSATION
Private school or public school?
In Sydney and Melbourne, you’ll probably get hit with this question at one point or another when meeting someone, and a lot of people can’t stand it. We get why it happens though. Australia is small, and where you went to school is everyone’s shortcut to finding something in common, whether that’s a mutual mate, a sport or the suburb you grew up in. So should it matter? In tech, engineering, mining and government it barely comes up. In law, consulting, stockbroking and property, it’s a different story and the same goes for a lot of Perth, Brisbane and Adelaide.
Most people agree that one advantage of private school would be getting your foot in the door. Knowing the right people gets you the coffee, the referral and sometimes the interview. It matters most in the final round, once the online tests and credentials are ticked off and it comes down to whether the person across the table trusts you’ll deliver for them. It’s a lot easier to trust someone whose brother you know or whose kids went to the same school as yours. That’s how the old boys’ club shows up in upper management now, as a bias towards people who feel familiar. From what we heard about women’s networking events, the girls’ clubs and female leadership run on exactly the same thing.
Getting in is one thing, but doing the job is another, and being the nepo kid only gets you so far once you’re there. Plenty of hiring managers in our community ignore school entirely and hire on capability, and some mark private school down because they don’t want that air of elitism in their team. That isn’t fair either, since nobody picked their school at 12. We’d be lying if we said nobody cares though. Some people still do, and it’s worth knowing that bias is there so you’re not losing out without understanding why.
If you went to a public school, you mightn’t realise what the person next to you picked up along the way, whether that’s years of interview practice, a parent’s mate in the industry or just being comfortable around senior people. Knowing that helps far more than resenting it, and a chip on your shoulder about it, in either direction, only gets in your own way. And if you’re in the same role as someone and still sizing them up by where they went to school, that says more about you than them. Don’t be the one asking whether your colleague went to Joeys or Scots...
So we’ll put it to you - knowing your own career trajectory…
PICK & SCROLL BY THE AUSSIE CORPORATE | LAST WEEK'S TOP PICKS
Outer Melbourne and Sydney mortgage arrears are running at 3 times the national average. LINK
ANZ has dropped KPMG after 57 years as auditor amid the whistleblower fallout, making it the second major bank to cut ties following Macquarie. LINK
28% of homes listed for sale in Australia have sat unsold for 6 months. LINK
Westpac cut 102 jobs under its Bain & Co-led Catalyst restructure after earlier assuring staff there would be no redundancies, with a further 72 workers moved into new roles. LINK
Rising housing and living costs in Australia are squeezing single-person households hardest, with renters on Centrelink struggling under a growing “singles tax” that adds about $7,800 a year. LINK
A money-laundering network was believed to have moved tens of millions of dollars in illicit tobacco profits offshore, using private ATMs, payment platforms and suburban businesses to send cash to cartel figures including. LINK
Flat White lands every week. The news doesn't. Every weekday morning at 8:00am, we send you everything that happened across Australian business and corporate news in a 2-minute read. Same team. Same voice. Just daily.
THE INSIDE TRACK
PIA - protected industry action
THREAD OF THE WEEK - r/AUSCORP
The higher I climb in consulting, the more I realise what is sold in proposals is complete BS
The “tailored approach”, “innovative methodology”, “senior leadership involvement” the “added value” etc etc most of it smoke and mirrors, so far from reality once the work is won.
With the use of AI this got worse and worse.
When I was a junior I didn’t understand much what I was doing. But as you climb the ladder you learn how to master creativity in PowerPoint templates, how to “tailor” team members experience… and all of that.
I go to work and I feel like I’m part of a scam. The balloon has popped and I think it’s time for a career change.
I wonder, why are companies still paying consultants so much for this?
“It’s to pay for the logo on a decision and outsource the risk”
Top Comment
THE BRAINS TRUST
Nearly half of the Australians who went bankrupt or entered a debt agreement last financial year had at least one BNPL debt, according to AFSA. A third of people who use it say they couldn’t manage their money without it. 40-44% of Australian adults use buy now pay later regularly, with the average outstanding balance sitting at $1,110 per user.
UBS expects usage to grow from here, since households under pressure are more likely to turn to anything that delays a payment back a few weeks. The cash rate is at 4.60%, Roy Morgan counts around 1.08 million mortgage holders in severe stress, and last week we reported that consumer sentiment has fallen to 80.4. Anything under 100 means pessimists outnumber optimists, and readings around 80 usually show up during recessions.
Macquarie’s spending data shows electronics, furniture and bar tabs all falling sharply, while spending at the chemist is growing in the mid-teens. Chemist Warehouse customers spent 23% more per visit in the September quarter last year than a year earlier, and the average basket has gone from $39 to $49 in 4 years.
Spending on furniture and nights out is the first to go, while medicine and groceries keep getting paid for at higher prices, and all the leftovers are getting split into four payments. If you’ve got a few of those plans running at once, just don’t let those late fees add up.
OFF THE CLOCK
GOING
The best free things to do in Sydney
Sydney can be pretty exxy, but there are heaps of free and cheap things to do if you know where to look. LINK
EATING
One Australian spot has cracked the 2026 World’s 50 Best Bars list
The global authority on where to find the best booze and service announced its annual rankings at a ceremony in Milan last night. The Aussies have had a bit of a shake-up. LINK
READING
What your favourite book says about you
What makes a book your favourite? From childhood favourites to stories you keep coming back to, Australia’s Top 100 Books celebrates the reads that have stayed with us and the personal memories behind them. LINK
WATCHING
Netflix’s best new show has Josh Hartnett fighting a sea creature
Josh Hartnett is back in the spotlight, this time starring alongside Mackenzie Davis and Charlie Heaton in Netflix’s new limited series Below. With an 82% Rotten Tomatoes score and an unexpected storyline, it might be worth adding to your watch list. LINK
WEARING
15 Australian-born jewellery brands to know before everyone else does
Looking to update your jewellery collection without spending a fortune? These Australian jewellery brands are making it easier to try the latest trends, from pearls to statement earrings, at more affordable prices. LINK
AUSCORP EVENTS
AusCorp Puppy Yoga x Doga Sydney event
AusCorp Runs | Melbourne | Coming Soon 👀
ODD PICKS FROM LAST WEEK
Hidden habits that make your social anxiety worse - and how to break them. LINK
Here's how to catch up on sleep the right way. LINK
The radical idea that temperature sets when we sleep. LINK
A 65-year-old British farmer broke his third world record by winning a giant pumpkin competition with a pumpkin. LINK
Spotify is getting more serious about selling enterprise software. LINK
FEEDBACK LOOP | SHARE YOUR THOUGHTS
If you have want to provide more detailed feedback or have any topics that you want to hear more about, you can let us know HERE.
