Here is a look at what is making news around the country today.
Today’s national news includes Australia’s new credit law puts a squeeze on BNPL services, Australia’s GDP growth beating any G7 country, UBS saying that the inflation problem is not yet over, Nissui Corp. investing in Australian-based Immersion Group, and world heavyweight champion Tyson Fury to fight in Australia.
Economy
New credit law for the buy-now-pay-later sector
A new consumer credit product law to regulate buy-now-pay-later (BNPL) services now obligate BNPL providers to carry out background checks before lending in what would be one of the world’s toughest regimes for the startup sector, Reuters has reported. Australia is among the countries that have regulated BNPL as a standard credit product. BNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit checks that spread payments over weeks or months and are largely used by cash-strapped people taking debt, sometimes more than they can afford.
https://www.reuters.com/technology/australia-regulate-buy-now-pay-later-sector-2023-05-21/
Australia’s GDP growth beats any G7 country
Prime Minister Anthony Albanese has pointed to Australia’s GDP growth during Question Time which he says is higher than any G7 country, Sky News reported. “Our participation rate on employment at 66.7 per cent is higher than, guess what, Canada, France, Germany, Italy, Japan, UK, US,” Mr Albanese said. “Our employment growth of 2.9 per cent is, guess what, higher than Canada, France, Germany, Italy, Japan, UK, US.”
Inflation dilemma not yet over
UBS says food price inflation is continuing to climb as its supermarket price tracker survey suggests food inflation was 9.3 per cent higher in the year to April. UBS analyst Shaun Cousins says the survey shows prices at Coles are now higher than at Woolworths with both supermarket chains being affected by higher prices of both fresh and dry groceries. UBS says the results are a surprise and inconsistent with price declines reported by Coles and Woolworths in recent third-quarter updates, News.com has reported.
Business
Nissui invests in Asparagopsis
Nissui Corporation has invested in the Immersion Group, an Australian startup that specialises in the cultivation of Asparagopsis, a type of red seaweed that contributes to the reduction of methane emissions from ruminants and is attracting attention as a global warming countermeasure in the livestock industry. Nissui plans to support Immersion Group’s construction of a pilot plant near Geelong in Victoria, Australia and expansion of processing bases, as well as to verify the effectiveness and safety of the product and conduct test sales in Japan from 2024 to confirm the feasibility of commercialization, the Fish Site Media has reported.
https://thefishsite.com/articles/nissui-invests-in-asparagopsis-startup-immersion-group
Sports
Tyson Fury mulling a match in Australia
Britain’s world heavyweight champion Tyson Fury says he is seriously exploring the possibility of a fight in Australia, Inquirer.net reported. Fury is currently in the country to support a close friend and former WBO heavyweight champion Joseph Parker in his bout against Faiga Opelu. The 34-year-old Fury, who boasts a record of 33 wins from 34 fights with one draw, is visiting Australia for the first time.
https://sports.inquirer.net/511296/heavyweight-champ-tyson-fury-looking-at-bout-in-australia
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