Good morning. BYD has recalled 32,000 Shark 6 utes after discovering the spare wheel can fall off while you're driving, worn through by a cable that wasn't tightened properly at the factory.
The defect affects Premium, Performance and Dynamic Cab Chassis models built between August 2024 and June 2026, and BYD warns a wheel coming loose at speed could cause serious injury or death.
The fix is free and takes half an hour, so it might be worth checking if you’ve got a BYD.
All the headlines and more below...
ATO PHOENIXING TASKFORCE CLAWED BACK $190M LAST YEAR AFTER IDENTIFYING $3.26B IN LIABILITIES
The cross-agency taskforce, which includes the Australian Federal Police, ASIC, the Fair Work Ombudsman and dozens of state and federal agencies, has returned $1.44B to the community since its launch in 2014 after finalising 420 audits and reviews in FY26 and receiving 3,870 tip-offs about suspected phoenixing schemes through its official integrity centre. The taskforce has identified more than $3.26B in total liabilities across that period.
Phoenixing is the practice of collapsing a company to avoid debts, then continuing the same business under a new entity. The ATO estimates the activity costs Australian workers, businesses and government $4.89B annually. Recent enforcement actions include a construction-sector operator linked to $1.6M in tax debts, a labour hire enterprise ordered to repay more than $2M after it cyclically liquidated to avoid obligations, and a property developer ordered to pay over $9.4M after liquidating its entities 6 times in 5 years.
The taskforce has published a warning list urging businesses to avoid insolvency advisors who suggest transferring assets to third parties, directly dodging debts or providing incorrect information to authorities.
AUSTRALIAN NEWS
Wholesale electricity prices have plunged by 21% to 43% across states, promising future bill relief but undermining returns for new renewables and complicating Labor’s energy transition strategy. AUS
The federal government’s latest Intergenerational Report has forecast that Australia’s fertility rate will fall to 1.34 by 2065 as deaths outnumber births and population growth slows to 0.9%. LINK
Australian and state authorities have intensified crackdowns on a domestic illicit seafood trade that feeds a US$23B global black market, increasing prosecutions, fines, boat destruction and surveillance technology. LINK
CBA, ANZ, NAB and Westpac now all forecast an RBA rate hike next week as sticky core inflation and surging Middle East-driven oil prices raise inflation risks. LINK
The federal government’s latest Intergenerational Report has forecast slower economic growth as an ageing population, weak productivity, higher healthcare demands and rising debt servicing costs strain Australia’s future budget. AFR
Airfares for the AFL grand final have surged, with Qantas, Jetstar and Virgin Australia charging up to $6,000 return as Fremantle and Brisbane fans scramble for limited seats. LINK
BANKS FLAGGED 32,000 DEEPFAKE SCAMS WITH META AHEAD OF MARCH 2027 SCAM LAWS
Commonwealth Bank says 1 in 3 Australians were presented with a deepfake scam in the past year, most of them investment frauds on social media impersonating business figures including Matt Comyn, Gina Rinehart, Alan Kohler and Prime Minister Anthony Albanese. A group of Australian banks working through the anti-scams intel loop has flagged 32,000 items of dangerous content with Meta and telecoms providers that need to be removed from platforms and messaging services. CBA's fraud chief James Roberts says the technology has reached the point where "you can actually no longer differentiate between a good one and genuine digital content."
Meta will be required to act on those removals under the federal government's scam prevention framework, which comes into force on 31 March and obliges digital platforms, banks and telcos to work together to prevent, detect and disrupt scams. In the year to 30 June, ASIC removed more than 19,400 online scams, up 182% on the previous year.
Fortescue chairman Andrew Forrest is suing Meta in California over scams that used his likeness to advertise fake cryptocurrency schemes. Meriton's Harry Triguboff and Visy's Anthony Pratt have also been impersonated.
COMPANY NEWS
ASIC has launched Federal Court action against former Super Retail Group CEO Anthony Heraghty, alleging undisclosed conflicts over a relationship with HR chief Jane Kelly, misleading disclosures and breaches carrying penalties up to $1.56M per contravention. LINK
Photographic and electronics retailer digiDirect paid penalties after the ACCC found it advertised products with strikethrough prices and terms like "price slashed" when those items were seldom advertised or hardly ever sold at the higher prices shown. LINK
Canva has confirmed that a breach at third-party provider Canny exposed limited enterprise customer data via its Salesforce connection, while its core product and databases were not compromised. LINK
Brand Collective has acquired Glue Store, The DOM and Running Bare to anchor a new marketplace division, gaining over 500,000 customers as it plans brand relaunches and store reopenings. AFR
Virgin Australia has cancelled about 30 flights over the weekend due to exhausted cabin crew refusing extra shifts as unions push for shorter duty limits and relief from cleaning duties. AUS
Domino’s has launched a major long-term brand platform, ‘Drop Everything, It’s Domino’s’, to shift away from deep discounting and emphasise food quality, personality and simplified menu choices. AUS
Moet & Chandon has become the title sponsor of the Melbourne F1 race as it targets Australia’s US$1.2B sparkling wine market and younger, celebration-focused global consumers. AUS
Master Claude AI (Free Guide)
The professionals pulling ahead aren't working more. They're using Claude.
Our free guide will show you how to:
Configure Claude to be the perfect assistant
Master AI-powered content creation
Transform complex data into actionable strategies
Harness Claude’s full potential
Transform your workflow with AI and stay ahead of the curve with this comprehensive guide to using Claude at work.
ONE MORE SCROLL
Odd Pick: Calvin Harris has received a Guinness World Records title for the largest attendance for a DJ set by a single artist after performing for an estimated 1.6M people in Sao Paulo.
Editor’s Pick: An RMIT University study has found that many environmentally aware Australians still buy ultra-fast fashion from Temu and Shein as price, convenience and psychological strategies outweigh sustainability concerns.
Doctor’s Pick: 7 of the weirdest things coffee does to your body.
TRIVIA
Which famous person's name is the anagram of: He bugs gore
Answer below
OUR SOCIALS
 |
Pick & ScrollJoin over 30,000 followers on our LinkedIn and Instagram for industry insights and snapshots. |
ANSWER
George Bush
