16 Jun WHAT A WEEK; MONEY TO BURN; EXPLORER NO MORE
Welcome to this week’s business and media intelligence update.
WHAT A WEEK!
While stock markets plunged, Australia’s east coast grappled with an energy crisis, the US Federal Reserve delivered a super-sized interest rate hike, and the Fair Work Commission delivered low-paid workers a 5.2 per cent pay rise.
The reaction to the wage decision was mixed. On the downside, economists fear it will push inflation higher, businesses worry times will become tougher, and unions warn cash-strapped apprentices will receive barely half of the $40-a-week pay rise.
On the upside, women and younger workers are expected to benefit from the wage boost as they make up the majority of Australia’s minimum wage workforce.
MONEY TO BURN
Cash may have been sliding out of fashion in recent years, but there are still people out there who have money to burn, literally.
This week, a slightly unusual report from the Reserve Bank of Australia revealed that it’s become “relatively common” for people to damage their banknotes while storing them in toasters, ovens and even light fittings.
The RBA says people store or hide their cash in these kitchen appliances but often forget about them. When they eventually switch on the appliance, the notes end up burned or damaged.
More wads of cash have been destroyed by people trying to sterilise their banknotes using their microwaves, boiling water and hairdryers as a result of the COVID-19 pandemic.
PAKISTAN’S NEW REALI-TEA
Pakistan’s government has made an unusual request of its people to help keep the economy afloat amid high inflation and rising fuel prices.
As the world’s largest tea importer, Federal Minister Ahsan Iqbal has appealed to Pakistanis to reduce their tea consumption by “one or two cups” per day to help cut the country’s brewing bill.
Aussie tea lovers may want to start counting their tea leaves, given Reserve Bank Governor Philip Lowe warned the inflation rate might reach seven per cent by the end of the year.
EXPLORER NO MORE
Internet Explorer joins the Blackberry, VHS, floppy disks and pagers as memorable pieces of technology that are now outdated, outmoded and obsolete.
Microsoft pulled the plug on Internet Explorer on Wednesday. The application launched more than 27 years ago, introducing millions of people to the world of web surfing.
Once the dominant browser, Internet Explorer in recent years gained a reputation of being slow and archaic, with many users switching to the slicker and hipper Google Chrome and Safari.
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