Here is a look at what is making news around the country today.
Today’s national news includes Australians cutting back spending on nice-to-haves to afford higher rents, Chevron Corp. and unions are close to a deal that would end strikes at liquefied natural gas plants, and a second South Australian construction company has collapsed in the space of a month due to supply chain issues and labour shortages.
Also in the news are ICON Kajima has teamed up with Icon Oceania to develop a $265 million hotel in Sydney’s CBD, and a First Nations fashion show has wowed audiences at London Fashion Week.
Economy
Rent hikes send household spending soar
Australians are cutting back their spending on nice-to-haves as well as essentials to afford higher rents, analysis of transaction data shows. Renters hit with a 10 per cent increase recorded a 3.4 percentage points decline in discretionary spending as captured by Visa’s Australian spending momentum index. The index, which charts the number of people in spending mode, also recorded a sharper 5.1 per cent fall in discretionary spending for debit card-holding renters. It was unsurprising to see households cutting back as rents were going up, Visa chief economist Wayne Best said, bay93.9 reported.
https://www.bay939.com.au/national-news/rent-hikes-send-household-spending-through-the-roof/
Business
Chevron strike nears end
Chevron Corp. and unions are close to a deal that would end strikes at liquefied natural gas plants in Australia that have roiled global markets, with the nation’s labour regulator putting forward new proposals to resolve remaining disputes, Bloomberg has reported. “The parties are on the precipice of achieving historical first enterprise agreements,” the Fair Work Commission said in a statement dated Thursday. “A large number of issues have been settled. However, a failure to settle all of the outstanding issues will result in those agreed provisions simply evaporating.”
Companies
Second SA builder collapse in just a month
A second South Australian construction company has collapsed in the space of a month as the industry faces increasing supply chain issues and labour shortages, 9News reported. Builder Wake Concepts, which was involved in the construction of the One Festival Tower in Adelaide’s CBD, went into liquidation today, as confirmed by documents from the Australian Securities Investments Commission. Wake Concepts employs around 100 staff. Anthony Phillips from insolvency firm Heard Phillips Lieberenz was appointed as liquidator.
Japanese group plans luxury hotel in Sydney
ICON Kajima, the local arm of Japanese property giant Kajima, has teamed up with Sydney-based boutique developer Icon Oceania to develop a $265 million hotel in Sydney’s CBD, the Australian Property Journal has reported. The SJB-designed hotel will be located at 499 Kent Street and will comprise 229 rooms, a rooftop bar and an infinity pool with expansive city and Darling Harbour views.
https://www.australianpropertyjournal.com.au/2023/09/21/japanese-group-plans-luxury-hotel-in-sydney/
Fashion
First Nations designs take London Fashion Week by storm
A First Nations fashion show has wowed audiences at London Fashion Week, NITV reported. Six Indigenous brands, Kirrikin, Miimi and Jiinda, Liandra Swim, MAARA Collective, Ngali and Kamara Swim came together at Australia House to showcase their newest collections. Amanda Healy, a Wonnnarua woman and the founder of Kirrikin said it was “nothing short of incredible” and a “privilege” to bring the designers together. The Kirrikin Foundation led the event as part of its Traveling Runways initiative which aims to showcase First Nations designs on the global stage.
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