1. 🚨 ASIC Threatens Private Credit Over $200B Risk

The corporate regulator, ASIC, is demanding a significant lift in standards from Australia’s rapidly growing private lending sector. This industry has extended about $200 billion in loans, much of it to higher-risk property developers. ASIC warns that without immediate improvement, the sector, which raises funds from private investors, will face tighter regulation akin to banks. This move aims to control risk in a market with high-interest loans.

2. 🏦 Commonwealth Bank Named ‘Shonkiest of All Time’ by Choice

Consumer group Choice handed the Commonwealth Bank (CBA) its infamous Shonky Award for the fourth time, labelling it the “shonkiest” company ever. CBA won this year for refusing to refund $270 million in fees charged to low-income customers. For 20 years, the awards have named and shamed “dodgy products, services and companies,” with CBA being one of five winners this year, alongside Temu and others.

3. 📉 RBA Forecasts Suggest Prolonged Cost-of-Living Pain

The Reserve Bank of Australia’s (RBA) latest forecasts suggest the economy will continue growing at around 2% annually. Crucially, the RBA expects the recent shock jump in unemployment to 4.5% was temporary, with the jobless rate set to remain steady just below that level for the next two years. This optimistic employment view suggests there will be no more interest rate cuts in the near term, meaning Australians will face high cost-of-living and borrowing costs for longer.

4. 💰 Norway Fund to Vote Against Elon Musk’s $1.5 Trillion Tesla Pay Deal

The world’s largest sovereign wealth fund, Norway’s, announced it will vote against ratifying Tesla CEO Elon Musk’s massive proposed compensation package, which is potentially worth $US 1 trillion ($1.54 trillion). The vote, set for later this week, concerns the likely largest-ever CEO pay agreement. Critics call the deal excessive, though Tesla’s board is pushing for approval, warning Musk could leave if the deal is rejected.