Dreamworld devalued by $75m after tragedy, richlister can’t get a loan, and more top news

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Dreamworld’s owners are set to write off $75m in value after the tragic ride accident. Ardent Leisure expected a 2018 financial year net loss of between $84m and $94m, while last year the company posted a $63m loss. Four people died when a river rapids ride malfunctioned in 2016 and the company said discounted ticket prices had failed to bring crowds back to the park. Since the tragedy, two chief executives have resigned.

Richlister Christian Beck says he can't get a bank loan and blames the Banking Royal Commission. He’s not alone, with new EY research showing 24% of Australian middle-market companies list access to credit is one of their biggest challenges to growth this year. Last year, only 6% of these businesses saw it as a problem. Beck is reportedly worth $775m and told the AFR (paywall): “Part of it is all the APRA requirements and because of the royal commission, the banks are all really paranoid.”

Victoria beat NSW as the country’s strongest economy while WA is in last place. It’s the first time Victoria has led the annual economic rankings by stockbroking firm CommSec. NSW had been in the top spot for the last three years but the report cited weaker housing market indicators while Victoria’s stronger population growth and construction meant housing prices were more stable. Chief Economist Craig James said the report showed "27 years of expansion in Australia” was not set to end any time soon.

Deliveroo Australia’s boss is considering a new ‘gig economy’ sick leave system where a worker would accrue paid benefits based on their output rather than hours worked. General Manager Levi Aron told an AFR summit: "We want to put value on output, not just value on how someone works on the hour, but, for example, on how many deliveries you do." Meanwhile a survey of 17,000 Australians over 16 years found "no evidence” of the gig economy creating more independent workers, as overall rates of self employment were declining.

“Mission: Impossible — Fallout” opened with a new high for the franchise, bringing in an estimated $61.5m in the U.S. and Canada. The last Mission Impossible film, 2015’s “Mission: Impossible — Rogue Nation,” earned $55.5 million in its opening weekend. The North American box office is up 7.8% so far from last year, according to comScore, and this summer season is up 10.2%.

Idea of the Day: All of us — including businesses — are responsible for a greener world, says Legal & General Investment Management’s Dame Helena Morrissey.

“We need to demonstrate that we have the power to shape the world around us, that individual action contributes to collective progress and that businesses can and should make good on environmental promises.”

— Cayla Dengate