Australian inflation has seen a significant jump, reaching 4.6 per cent in the first full month of data since the onset of the Iran war, reflecting an oil shock that has impacted consumer prices. Meanwhile, market activity saw oOh!Media shares soar by 41 per cent following a substantial $754 million takeover bid from private equity suitor Pacific Equity. oOh!Media is an out-of-home advertising company, operating billboards, street furniture, and digital screens across Australia and New Zealand. It connects brands with audiences in public spaces. The media company is reportedly preparing for a valuation fight, raising concerns that a prolonged due diligence process could distract its management.
In the childcare sector, G8 Education announced plans to close 40 centres nationwide. The company attributed this decision to mounting cost-of-living pressures impacting families and a decline in public confidence in the sector, following a spate of serious child safety incidents. Separately, former Optus chief executive Kelly Bayer Rosmarin is making headlines with her new venture as an AI start-up founder. Her new company is launching an automated agent management platform, which has already secured venture capital backing and achieved a $20 million valuation.
Broader market sentiment is also focusing on the tech sector, with discussions around OpenAI hinting at how the ‘AI bubble’ might evolve. Concerns about the company’s growth have stirred the tight-knit ecosystem, coinciding with a reported battle for survival between its CEO Sam Altman and Elon Musk. In policy news, the Prime Minister has ruled out a new gas export tax, while the US has rebuked Australia’s proposed news levy plan, with powerful American tech lobby groups demanding ‘targeted trade remedies’ to pressure the Albanese government.
