Catch up on this week's editions
More than 10,000 Australians have already joined the waitlist for Wegovy's new daily pill, the first GLP-1 weight-loss tablet cleared for use here.
Binance lost US$6.3 billion to hackers in what's being called the biggest crypto heist on record, with suspicion falling on North Korea.
Hackers tried to drive plasma freezers at three French blood banks from -30°C up to 110°C.
THE WEEK'S BIG STORIES
RBA raised the cash rate by 25 basis points to 4.85%, its 5th hike this year and the highest level in 18 years, to tackle stubbornly above-target inflation. LINK
Auction clearance rates across combined capitals fell to a 6-year low of 47.2% as vendors withdrew almost 25% of scheduled auctions amid expectations of another interest-rate rise. LINK
1 in 10 Australians now say their life will be worse in the next few years - triple the number who felt that pessimistic when the survey began in 2006. LINK
Jobs and Skills Australia reported that 279 occupations, or 27% of those assessed, were in shortage this year as employers struggled with constrained worker supply, unsuitable applicants and retention issues. LINK
National dwelling values dropped 1.2% in October, extending the slump to 6.7% since March, as rising interest rates and higher taxes weigh on housing demand. LINK
RBA rate rises and APRA’s 3% serviceability buffer are trapping many mostly younger borrowers in “mortgage prison”, as refinancing approvals and borrowing capacity fall sharply. AFR
Hackers took control of supermarket fridges and freezers across Europe, cranking some up to 50 degrees and forcing stores in Sweden, Belgium, Ireland and Luxembourg to throw out their stock. LINK
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FEATURE OF THE WEEK
David Jones customers race to spend gift cards as 188-year-old retailer enters administration
David Jones customers are rushing to stores to redeem gift cards before the department store chain's future is decided, with the retailer entering voluntary administration and receivership. Physical and online stores are continuing to trade while administrators and receivers from FTI Consulting review operations.
The collapse comes amid reports the retailer struggled to pay rent and failed to file accounts on time. There is a massive risk that gift cards won't be honoured if the business doesn't survive or changes hands. Shoppers were already clearing stock at the Highpoint store in Melbourne's west, with some shelves short of stock.
Retail consultant Dean Salakas said profit is no longer the concern for administrators, whose job is to recoup as much cash as possible for creditors. The focus will be solely on sales, which means heavy discounting is expected as administrators disregard cost price and chase maximum income. If David Jones changes ownership, the new owner has no obligation to accept refunds on purchases made before the sale, as the contract was with the previous company.
ONE MORE SCROLL
Editor’s Pick: PwC boss says work from home is damaging young workers' careers and progression.
Doctor’s Pick: How we can exercise more without even trying?
Odd Pick:Â Black Labrador Java breaks world record for hanging washing pegs with her mouth.
FLAT WHITE
In this week’s newsletter, we look at what happens to people who swap a bank or law firm for a bakery or side-hustle. We’ve also got another rate rise and 3 in 4 cars that are being salary packaged are now electric.
Flat White lands every Tuesday. Get it here.
