Australian shares experienced a rise of 0.8 per cent near midday AEDT despite inflation data coming in above forecasts at 3.8 per cent in January. Woolworths and Tabcorp have exceeded expectations, while Fortescue reported record shipments. DroneShield also announced a soaring profit.
WiseTech, a logistics software giant, announced it would be cutting 2,000 developer and customer service jobs, representing almost 30 per cent of its staff. The company, which provides software solutions for the logistics industry, cited the “most significant shift in decades” towards automation, particularly the adoption of artificial intelligence, as the primary reason for the redundancies. WiseTech’s software helps businesses manage complex logistics operations, streamlining processes and improving efficiency.
The office property sector is facing new challenges as companies assess the potential impact of artificial intelligence on workspace demand. While current demand remains positive across Australian markets, the sector is grappling with how AI-driven job losses may affect future needs. Elsewhere, Craig Tiley has resigned as Tennis Australia CEO to take up a similar post in the US, while a CFMEU organiser was allegedly offered a $50,000 bribe to withdraw claims.
In other news, a former Macquarie banker is selling his Vaucluse home for $66 million after relocating overseas, and a managed fund has invested $3 million in a 416-year-old viola.
