- Meta (previously known as Facebook) who owns Facebook, WhatsApp, Instagram, and more importantly the attention of 3.6B users, has launched Threads - a direct competitor to Twitter. Threads in less than 24 hours have amassed 30M signups and counting. Meta aim to copy the concept and take market share from a struggling Twitter, which has endured a confluence of problems including a change of management, adjustments to Twitter’s algorithm, overhauling verification processes, destroying content moderation parameters, imposing tweet limits, mass retrenchments, ad revenue plummeting more than 50% (Apr-May 2023 data vs Apr-May 2022 data). To further complicate matters for Twitter, Jack Dorsey (past co-founder of Twitter) is also involved in a new project BlueSky – a decentralised invite-only social media network centred on text. So, what does that mean? It means BlueSky is in a testing phase, and when ready, could easily morph into another direct competitor to Twitter, with all the cash (fresh from the Twitter buyout), experience, connections, and expertise.??
- From an economic standpoint – yes! The winner of State of States from the quarter ending May 2023 was Tasmania, taking out the top spot on multiple key economic performance indicators. Tasmania placed first in equipment investment (real spending on plant and equipment), dwelling starts (commencement within a property, driven by population growth and housing finance), and relative unemployment (with unemployment 38% below its decade average). Other noteworthy states included Western Australia (leading economic activity), Victoria (leading retail spend / solid job market), South Australia (retaining top spot-on construction work completed and highest relative population growth), and Queensland (top spot for absolute population growth).?
- The Australian Energy Market Operator’s (AEMO) Integrated System Plan (ISP) identified 6 Victorian Renewable Energy Zones (REZs): Central North, South Victoria, Western Victoria, Gippsland, Murray River, Ovens Murray. REZs are areas across Victoria identified for having the greatest potential for wind, sunshine, rain, geothermal heat, and waves. Why is Australia developing REZs and big battery locations? To replace/phase out ageing coal-fired power stations and implement clean, reliable, affordable (at scale/in time) electricity systems whilst combatting Co2 emissions. Big battery projects include Equis Energy (1600MW) at Melton VIC, Origin Energy (460MW) at Eraring NSW, AGL Energy (500MW) at decommissioned Liddell Coal power plant NSW, Blackrock (850MW) at Lake Munmorah NSW.??
- US ADP Employment and US JOLTS data for June 2023 highlight private businesses in the United States unexpectedly generated 497,000 jobs, surpassing the projected 228,000 jobs. The services sector experienced the largest job gains, adding 373,000 positions. Leisure and hospitality contributed 232,000 jobs, followed by trade, transportation, and utilities with 90,000 jobs, and education and health with 74,000 jobs. Information technology saw a loss of 30,000 jobs, while financial activities and professional/business sectors experienced job losses of 16,000 and 5,000 respectively. On the other hand, the goods-producing industry created 124,000 jobs, primarily attributed to the construction sector with 97,000 jobs and mining with 69,000 jobs. Multiple data indicators highlight the continued robustness of the job market in the United States. These include a decline in the number of individuals filing new claims for unemployment benefits and an unexpected surge in hiring reported by payroll processor ADP last month. These positive data points serve as further evidence that the resilient US economy may prompt the Federal Reserve to resume raising interest rates in July, following a temporary pause in June.
