HEADLINES OF THE WEEK

Current Affairs
Written By Emily Guy

Australia, Canada and NZ issue a new statement to Israel

Australia, Canada and New Zealand in a joint statement have called for an immediate ceasefire in Gaza. This statement expresses concern over Israel's planned ground invasion of Rafah, Gazas southernmost city. Currently, Rafah is one of the most densely populated places on earth, sheltering 1.5 million refugees in just 64 square kilometres. Israel plans to invade Rafah as part of its aim to eradicate Hamas, however the Palestinian people have simply nowhere else to go. Israel claims that they will allow for civilians to leave the battle zone before actioning their invasion, but it remains undetermined when and where they will be allowed to go (Butler, 2024). 

Australia's Foreign Minister, Penny Wong, said that an expansion of Israel's invasion would merely bring additional devastation and would be entirely unjustifiable. Bordering Egypt, the impacts of an invasion of Rafah will be made additionally devastating, as Rafah serves as a critical point of entry for aid. Israel’s allies are yet to accept an actionable plan from Israel that will ensure the safety of the Palestinian people, and increasingly deem Israel’s inhumanity as disproportionate (Hurst, 2024).

Trump found guilty

Last week after an extensive trial, Trump was found guilty in the New York state business fraud case. As a result, Trump was ordered to pay $354 million in penalties (Joseph, 2024).

So what exactly did he do? For years, Trump lied about his net worth in financial statements, so as to become eligible for loans he would otherwise not have been able to obtain. It was ruled that Trump, along with executives in the Trump organisation, deliberately misinformed banks and insurers by overstating the true value of his properties. They were ultimately found guilty of falsifying business recorders, issuing false financial statements, conspiracy to commit insurance fraud and conspiracy to falsify business records (Sisak, 2024). 


Why is this such a bad thing? Trump was able to use these loans to fund his real estate ‘empire’ which was the precursor of his fame and presidency. Essentially, Trump lied his way into a position of power and wealth that he did not earn. He built his ‘empire’ on taking advantage of banks and insurers by making promises that he could not keep. 

What next? It was mandated that Trump would pay Interest starting back in March 2019 when the trial began. With this Interest included, the amount owed by Trump comes to $450 million USD, with additional interest that will add $600,000 each week if he does not pay the entire amount. Trump is attempting to appeal the verdict, but has until March 17 to make a decision (Joseph, 2024).

Woolworths CEO resigns

Amidst allegations of price gouging and unfair practices with suppliers, Woolworths CEO Brad Banducci announced his retirement. This announcement came after two substantial developments. The first being the posting of Woolworths half-year results. The results showed that despite a $781 million dollar loss due to ‘once off accounting write offs’, the supper market giant achieved a 2.5% increase in profits. While this may not seem overly substantial, it was suggested by the former Australian Competition & Consumer Commission (ACCC) chairman Allan Fels that the ‘write-offs’ may be a cover up of their true profit margins (Terzon, 2024).

The announcement also closely followed an ABC four corners interview where Banducci walked out. In that interview Banducci denied that Woolworths and Coles formed a duopoly, instead arguing that Australian supermarkets are in a perfectly competitive market. This goes against the rulings of Rod Sims, the previous head of the ACCC. Banducci went on to point out that Sims had retired, implying foul play and questioning his integrity. After his failed request to take that statement off the record, he left the interview. 

This will make for an interesting watch in next month's senate inquiry


On a positive note….

Australia's gender pay gap reaches an all time low

The ‘Gender pay gap’ is the term used to compare the earnings of men and women, in terms of men. Although this is a disheartening subject, the latest data produced by the ABS shows the lowest gap recorded. In 2020 women earned 78 cents for every dollar earned by a man such that women earnt 21.8% less than men. In November 2022 the gender pay gap sat at 13.3%, and fell to 13% in May 2023. In other terms, as of May 2023 women earned 87 cents for every dollar earned by a man (Gallagher, 2023). 

The gender pay gap has now fallen to 12%, such that women now earn 88 cents for every dollar earned by a man (Workplace Gender Equality Agency, 2024). This means that the incomes of women are increasing at a greater rate than the income of men, and Australia is thus edging closer to gender equality in the workplace. While there are undeniable discrepancies that remain, this progress demonstrates that Australia is consistently and noticeably trending towards equal pay.

Sources:

Emily Guy
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