Australian shares traded lower near noon AEDT, weighed down by the mining sector. In company news, Koala climbed on its debut after its IPO. Collins Foods has finalised its exit from Taco Bell, while the CEO of Beach Energy issued a warning regarding gas reservation policies. Inflation expectations have also hit a high, adding to market concerns.
In economic policy news, the Reserve Bank of Australia (RBA) is set to ban credit and debit card surcharges. This decision, which will take effect in six months, follows the RBA’s move to dismiss concerns raised by major banks and small businesses, as it proceeds with its plan to reduce transaction fees. Separately, approximately half a million young Australian workers are poised to receive a significant pay increase, potentially up to 42 per cent.
The Fair Work Commission has decided to abolish junior pay scales for 18- to 20-year-olds in the fast food and retail industries, meaning they will soon receive adult wages. Elsewhere, media personality Jackie “O” Henderson is reportedly suing ARN Media, the owner of Kiis FM, for $82 million. Henderson alleges she was illegally sacked after raising health and safety concerns related to her working environment with Kyle Sandilands.
