Thursday, 26 September - You're my favourite flavour

September 26, 2024

Good morning, it’s Thursday, 26 September. In your Squiz Today…

  • Housing policy is back in the spotlight

  • Another search for the body of Samantha Murphy

  • And a soft serve of nostalgia…🍦

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Squiz the Weather

Squiz Sayings

“Tsunami watch is current.”

Was part of an erroneous message sent out by the Bureau of Meteorology yesterday. The warning was revoked a short time later, but not before recipients as far west as Canberra - more than 120km from the coast - wondered if they had time to get some floaties…

Reigniting an old housing stoush

The Squiz

Alleviating our national housing crisis is a key issue for federal policymakers, and yesterday, PM Anthony Albanese confirmed they are looking into making changes to one of the most contentious policies of ‘em all - negative gearing. It was a report in the Sydney Morning Herald/Age (paywall) yesterday morning that set the hares racing, and Albanese didn’t rule it out. “I’m sure the public service are looking at policy ideas,” he said. That’s led pundits to speculate that the government is feeling out the public’s appetite for change and will then decide whether to pursue it or not. 

Wait, what’s this negative gearing caper? 

Such a good question… This explainer is helpful, but essentially it’s a tax break for landlords that allows them to claim a loss from their investment property to reduce their taxable income. Combined with capital gains tax exemptions, it benefits Aussies who own multiple homes, so it’s often pointed out that if there are taxpayer-funded financial advantages on offer, maybe it should be directed towards those struggling to get on the property ladder. But proposals to change up negative gearing aren’t new… Former Labor leader Bill Shorten had a go and lost the “unlosable” 2019 election. And in the here and now, Albanese is under pressure from the Greens (who want to abolish the tax breaks) and the Coalition, who think there are better ways to alleviate the housing crisis. Note: around 1.3 million Aussies benefit from negative gearing, so it could be a tough sell… 

What about simply lowering interest rates?

Sure, but the Reserve Bank isn’t budging on interest rates yet, keeping them steady at 4.35% on Tuesday. Critical to that equation is inflation - and new data shows that in the 12 months to August, the Consumer Price Index - aka inflation - came in at 2.7%, its lowest since 2021 and crucially, within the RBA’s target range of 2-3%. But despite that sounding great, reports say that recent government energy rebates are responsible for the drop, so it might not stay that low once they end. It’s also just the monthly read - the crucial quarterly numbers will be out next month, so the Reserve Bank will be eagerly awaiting that to see if there’s a more sustained drop in inflation before a cut to interest rates is on the cards. Hang in there…

Squiz the Rest

Global crises in focus at the UN

World leaders are upping the pressure on the US to intervene in the Middle Eastern and Ukraine/Russia wars, with United Nations Secretary-General Antonio Guterres describing the conflicts as “a powder keg that risks engulfing the world”. But the attempts at diplomacy don’t appear to be working, with reports Israel is preparing to send troops into southern Lebanon in a ground offensive. Overnight at a meeting of the UN Security Council, UK PM Keir Starmer added to US President Joe Biden’s and our government’s calls for an “immediate ceasefire” in Israel’s conflict with militant group Hezbollah, which has so far killed 560 people - many of them civilians. But Lebanon’s Foreign Minister Abdallah Bou Habib says stronger action is needed, particularly by the US, because it’s the only country “that can really make a difference in the Middle East”. 

The search continues

Investigators from Victoria, NSW and the Australian Federal Police teamed up yesterday for a new search for the body of missing Ballarat local Samantha Murphy - but failed to turn up anything new. They scoured part of the Enfield State Park, about 30km south of Ballarat - where some of the first searches were carried out after she went missing on 4 February. It’s also the area close to where Murphy’s phone was found in May - and it’s full of undocumented mines… The man charged over Murphy’s alleged murder is 23yo Patrick Stephenson - he appeared in court last month when his defence team and prosecutors asked for more time to go through the “unprecedented” amount of evidence. He’ll next appear on 14 November.

Tomato crops go splat

One of the country’s largest fruit and veggie growers Perfection Fresh says it might have to shelve up to 500 jobs after an outbreak of tomato brown rugose fruit virus in South Australia. It’s the first time the virus has been detected in Australia, and although the tomatoes are safe to eat, it hits the plants’ productivity - meaning fewer fruits grow. It also means government biosecurity restrictions, with Perfection Fresh and 2 other growers quarantined. Some states have banned tomatoes from SA - which produces 18% of Australia’s tomatoes - and NSW is only allowing those from cleared businesses in. Premier Peter Malinauskas says “a $230 million industry” is on the line if they can’t contain the outbreak, but Perfection Fresh boss Michael Simonetta takes a different view… He says “with no timeline for when the lockdown might be lifted”, workers will be stood down. 

Silicon Valley, we’ve got a problem…

They didn’t survey Aussie kids, but the Health Behaviour In School-aged Children (HBSC) survey is a big one, with 280,000 children aged 11, 13 and 15yo from North America, Europe and parts of Asia demonstrating “problematic” social media use, showing up as addiction-like symptoms). And it’s risen steeply since the pandemic... In 2018, 7% of children engaged with social media in a problematic way. That was up to 11% in 2022, with researchers saying girls are more susceptible. It’s a fine line, though… The study found kids who use social media “heavily” rather than “problematically” report stronger social connections. Researcher Dr Jo Inchley says promoting “healthy online behaviours” - aka learning when to put the phone down - is key. Ain’t that the truth…

Whipping up some nostalgia

The high-pitched chimes of Greensleeves might have been permanently out of tune, but that never dulled the excitement for millions of Aussies who’d run out onto the street to grab a treat from the local ice cream truck - a nostalgic moment that’s set to return… That’s thanks to Here Come The Habibs comedians Rob Shehadie and Tahir Bilgiç who’ve launched the first Mr Whippy van in years, with plans for a second soft-serve vehicle in Sydney soon - complete with its iconic tone-deaf call… And that’s not the only retro item that looks set for a comeback… British man Mark Squires - aka Dr Pinball - who’s repaired more than 500 of the old arcade favourites reckons the hobby is “thriving” as more of us are keen to rediscover our youth. With 90s core on the rise, maybe we’ll see a flip to some old-school dating too…

Apropos of Nothing

In more evidence that youngsters are proving to be more responsible than their elders, an increasing number of Year 12s are ditching the traditional “muck-up day” antics and embracing the wholesome social media trend of a “senior sunrise”. Unless of course, it’s the ultimate ruse and they’re simply delaying their ambush…

Octopuses have always struck us as a rather placid species but scientists have dispelled that notion by revealing that they gang up with fish to hunt their prey and ‘punch’ those that don’t cooperate. It would explain why they need so many tentacles…

In an astronomically extraordinary year for us, there’s another good reason to look up this week as an exceptionally bright comet is already visible to the naked eye and will be at its most luminous on Friday. Just don’t ask us why it's called C/2023 A3 Tsuchinshan-ATLAS…

Squiz the Day

9.30am (AEST) - Cricket: One Day Cup - New South Wales v South Australia - Sydney, and watch on Kayo

10.00am (ACST) - Australian short-course championships (on until 29 September) - Adelaide, and watch on 9Now

10.00am (AEST) - The RBA will release its Financial Stability Review - Sydney 

10.00am (AWST) - Cricket: WNCL - Western Australia v Tasmania - Perth, and watch on Kayo

12.00pm (AEST) - Former Treasurer and US Ambassador Joe Hockey to address the National Press Club on the 2024 US election and what a Trump or Harris presidency will mean for Australia and for the world - Canberra 

12.00pm (AEST) - Federal Environment Minister Tanya Plibersek to launch a National Food Waste Campaign - Sydney

More than 1,000 Qantas engineers will strike in Melbourne which is likely to impact flights in all capital cities - not to mention people travelling for the footy finals

Ukrainian President Volodymyr Zelensky is at the UN General Assembly to present his “victory plan” to US President Joe Biden

ABS Data Release - Job vacancies Australia, August; Labour force, August; National Accounts, June 

Aria award nominees for 2024 announced

The Melbourne Royal Show (until 6 October)

World Contraception Day

A birthday for Serena Williams (1981)

Anniversary of:

  • Operation Jaywick, the action that became the starting point for Australia’s Special Forces (1943)

  • the first publication of comic book Tintin (1946)

  • the release of The Beatles' Abbey Road (1969)

  • Republican Richard Nixon squaring off against Democrat John Kennedy in America’s first televised presidential debate (1960)

  • Saudi Arabia announcing the overturning of its ban on women driving - the last country in the world to do so (2017)