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Yesterday, the Government announced a crackdown on ‘buy now, pay later’ (BNPL) schemes. We explain exactly what those changes are below, but in the meantime…

TDA ran a survey yesterday to better understand our audience’s experiences with these schemes.

About 85% of the audience said they had used a BNPL service, with nearly 50% saying they use it monthly. About 45% said they had used it to purchase basic necessities, such as groceries.

Wanna hear more? We’ve covered this topic in today’s podcast!

The quote
"I place hope in Anthony Albanese to make it happen. I have to. This is the closest we have ever been to securing Julian's release.” – Stella Assange, wife of Wikileaks founder Julian Assange, during her National Press Club speech yesterday.

The stat
16%
The number of Australian rental properties available for under $400 per week in April 2023, according to new data from property analyst firm Prop Track. In April of last year, 30.2% of rentals were found to be under $400.

Today in history
1934: American criminals Bonnie Parker and Clyde Barrow were killed in a police ambush.

Some headlines from this morning:

Yesterday, ABC staff gathered outside the broadcaster's offices across the country in solidarity with ABC journalist Stan Grant.

Grant, a Wiradjuri man, announced he is stepping away from hosting Q+A and writing columns because of the "racial filth" he faces and the media's response to it.

In a statement on Friday, Grant said: "I want no part of it. I want to find a place of grace far from the stench of the media."

The coronation
Grant said people in the media had distorted his words and depicted him as "hate-filled" since he was included in coverage of King Charles III's coronation earlier this month. During the ABC's coverage of the event, Grant was part of a discussion about the legacy of the monarchy.

"I pointed out that the crown represents the invasion and theft of our land," Grant said in the statement on Friday.

Grant said he was "regularly racially mocked or abused" on social media after this, although added "this is not new".

#IStandWithStan
Several employees posted to social media with the hashtags #IStandWithStan and #WeRejectRacism yesterday, including Insiders host David Speers, 7.30 host Sarah Ferguson and host of Radio National Breakfast Patricia Karvelas.

Grant’s last show:
Before stepping away, Grant spoke directly to his abusers during an emotional final appearance last night.

"To those who have abused me and my family, I would just say — if your aim was to hurt me, well, you've succeeded," he said.

"I'm sorry. I'm sorry that I must have given you so much cause to hate me…

"I will get back up. And you can come at me again, and I will meet you with the love of my people.”

Buy now, pay later (BNPL) service providers like Zip and Afterpay will be subject to tougher requirements under new measures announced by the Federal Government on Monday.

The measures were announced by Financial Services Minister Stephen Jones in a speech delivered to the Responsible Lending and Borrowing Summit yesterday.

What is BNPL?
BNPL is a financing option that allows you to pay for items in multiple instalments, rather than all upfront. Popular BNPL services include Afterpay, Zip, and Klarna.

An item purchased with a BNPL provider allows the consumer to buy and use the item immediately, despite having not paid the full price for it yet.

The proposal:
The Federal Government wants to regulate BNPL products in the same way as credit products.

Credit providers must satisfy several different legal requirements to operate in Australia. This includes obtaining an Australian credit licence and complying with responsible lending obligations. Providers must also abide by marketing restrictions and disclosure obligations.

Currently, the BNPL industry doesn't need to meet these demands due to an "unintended regulatory gap".

Why does there need to be regulation?
According to the Government, the BNPL industry poses risks to consumers that have until now been "unregulated and unchecked".

Specifically, the Government has highlighted these risks are being more acutely felt among women, First Nations people, and those on low incomes.

In his speech, Jones said: "We have also heard that some people may be weaponising BNPL products in abusive relationships – doing things like coercing their partners to take on BNPL debts or taking out BNPL debts in their partner’s name without their knowledge."

The timeline:
The Government will now draft legislation to put its proposed changes into law, with a period of consultation to follow.

It plans on introducing a final bill to Parliament by the end of the year.

Shadow Treasurer Angus Taylor said the Opposition would support "sensible regulation" of the BNPL industry, but would consider any future measures "once they are in front of us".

Get all the news you need to know today in your ears on The Daily Aus podcast!

Researchers from the University of NSW have found that drop bears actually existed in Australian rainforests about 15 million years ago.

Fossil skeletons revealed the creatures weighed about 70 kilograms and are similar to wombats.

Scientists believe they spent some of their time suspended from tree branches like sloths, occasionally dropping onto animals below after losing their grip.

Hey there!

Want to stay on top of your health? Here are two new things we learned in the office this week that you won't want to miss.

Firstly, did you know that the test for cervical cancer, formerly known as a "pap smear," is now called a Cervical Screening Test? This new test doesn't just look for abnormal cells, it also detects the presence of the human papillomavirus (HPV), which causes almost all cervical cancers. By catching HPV early, the Cervical Screening Test can prevent abnormal or cancerous cells from developing.

But that's not all. If you're not comfortable with your doctor administering the test, there's now a new option available called "self collection". With a simple swab, you can collect your own sample in a private area within a healthcare clinic.

Remember, it's recommended that you get tested every 5 years if you're aged 25 to 74 and have ever had sexual contact. Cervical screening saves lives, so don't wait any longer. Visit health.gov.au/NCSP to learn more.

Take care of yourself and stay healthy!

Pauline Hanson is hand-knitting jumpers to raise money for her legal defence against Senator Mehreen Faruqi.

ICYMI, Faruqi has launched legal action over a tweet in which Hanson told her to “piss off back to Pakistan".

Faruqi alleges the tweet violated the Racial Discrimination Act, which makes it illegal to "offend, insult, humiliate or intimidate" someone on the basis of "race, colour or national or ethnic origin".

Hanson says she is knitting the jumpers – which will go to the highest bidders on her website – to fight “for our rights to freedom of speech”.

The Daily Aus acknowledges the Gadigal peoples of the Eora Nation who are the Traditional Custodians of the land on which we work. We acknowledge and pay respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.