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Happy Friday.
I’ll keep it short today: I hope your coffees are strong and your lunch breaks are long.
Onwards to the weekend!
I've got 10 seconds
The quote
"You can now do about 15 lines... People [will] travel down the Hume Highway hoping to experience the ACT's party lifestyle." – Senator Michaelia Cash, speaking in support of her bill to block the ACT's drug decriminalisation reforms in Parliament on Thursday.
The stat
$515,040
The penalty Ticketek paid after Australia's media regulator found it sent nearly 100,000 spam texts and emails in 2022.
Today in history
1973: The Sydney Opera House was opened by Queen Elizabeth II. Happy 50th birthday!
I've got 30 seconds
Some headlines from this morning:
20 aid trucks will be allowed into Gaza from Egypt’s Rafah Crossing to assist civilians in what UN Secretary-General Antonio Guterres has called “a moment of profound crisis”. Gaza, which is governed by Hamas, is home to about two million people. About 80% of its population relies on humanitarian aid. The agreement between Israel and Egypt was reached after a visit from U.S. President Joe Biden, who helped broker the deal alongside the UN. Under the agreement, UN officials will inspect aid trucks entering the region.
The Government has asked Australia’s consumer watchdog to monitor domestic airlines, in an attempt to improve competition in the sector, currently dominated by Qantas. Over the next three years, the ACCC will investigate the cost of airfares, passenger demand, the frequency of cancellations and delays, and profits reported by carriers. Findings will be included in reports to be released every three months.
I've got 1 minute
The Australian arm of international dessert brand Sara Lee has gone into administration after 52 years of frozen cheesecakes, crumbles and ice-creams.
Voluntary administration is when a company is unable to pay its debts and so appoints an administrator to take control.
Administrators have now been appointed for Sara Lee to restructure and sell the business while it continues operations.
Background:
Established on the Central Coast in NSW, the Australian Sara Lee business has been selling desserts since 1971. The manufacturing facility currently employs more than 200 staff.
In 2013, the business was acquired by frozen-food giant, McCain Foods for $82 million.
In 2021, New Zealand private equity firm South Island Office (SIO) bought the business for an estimated $95 million.
Business is sweet?
At the time of Sara Lee's transition to SIO, the brand reportedly occupied over 50% of the Australian and New Zealand retail frozen desserts market.
Documents filed to the Australian Securities and Investments Commission reportedly showed the business made nearly $30 million in profits in the 2021/22 financial year.
However, despite strong trading, the documents indicated the business had become "reliant on the continued support from its shareholders and banker".
The company did not say what specifically caused its recent downfall.
Administration:
FTI Consulting has been appointed as voluntary administrators of Sara Lee.
Administrator Vaughan Strawbridge said in a statement FTI "are immediately commencing a process to sell or restructure the business and continue its long history of manufacturing in Australia".
Clearly a rocky road ahead.
I've got 2 minutes
The Federal Government introduced legislation on Thursday to increase paid parental leave (PPL) to 26 weeks by 2026.
It comes after PPL was expanded from 18 to 20 weeks earlier this year.
If passed, the laws will gradually increase the number of weeks of PPL new parents can access.
Paid parental leave:
About 180,000 families receive PPL every year. Almost all payments are redeemed by female parents.
Eligible parents need to have worked consistent hours prior to the birth or adoption of their child and meet an income test proving they require the payment.
How PPL would gradually change under the draft laws:
July 2024: 20 → 22 weeks
July 2025: 22 → 24 weeks
July 2026: 24 → 26 weeks
The draft laws:
The legislation also proposes adding four weeks of 'concurrent' leave for parents caring for the same child. It's hoped this will help partners support birthing parents, and encourage both parents to take leave.
It is also aimed at increasing female workforce participation and addressing the 'motherhood penalty' — a key driver of gendered earning inequality in Australia.
Will it pass?
PPL legislation was introduced in the House of Representatives on Thursday morning. The Opposition has said they will now consider the draft laws before coming to a public position.
The Government has a majority of seats in the Lower House, but not in the Senate. This means they'll need some additional support to pass the measures.
Give me some good news
Scotland’s largest offshore wind farm is now operating at full capacity.
The project could generate enough electricity for two-thirds of all Scottish homes, and make a significant contribution to the country’s net zero by 2045 goal.
The milestone has been hailed as an important achievement for clean energy in the UK.
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A TDA tidbit
Forget Hinge.
A Republican Senator has shared that 20 couples have now married after meeting in his office.
90-year-old Chuck Grassley from Iowa posted photos this week on social media of his chief of staff, Jennifer Heins, and former aide, Nick Davis, getting married last weekend. And, I repeat, it’s the 20th time that two people who have worked in his office have tied the knot.
What a romantic cheerleader.
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