10 things to know this morning in Australia

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Hello everyone.

Square shareholders voted to approve the Afterpay deal. This brings Australia’s biggest merger ever closer. Co-founder Jack Dorsey owns a controlling stake in the company, which means that was essentially a given. Afterpay’s board of directors recommended that shareholders approve the deal.

Josh Frydenberg is in the media this morning promoting the Coalition’s tax cuts. Frydenberg says he’s confident the extra spending money will help boost the post-containment economy. “According to our own Treasury analysis, these tax cuts can help create 60,000 new jobs in the economy,” he said. “The way you really improve your bottom line is to get fewer people on welfare and more people to work. “

As expected yesterday, the Commonwealth Bank has embarked on crypto. The bank has partnered with crypto exchange Gemini and blockchain data and analytics company Chainalysis to make crypto assets available to its customers through the CommBank app. The new features will be offered to some customers as part of a pilot program in the coming weeks, before being rolled out more widely in 2022.

Victoria Liberal MP Tim Smith is refusing to step down in the next election despite demands from Opposition Leader Matthew Guy. Smith crashed his car into another car and the wall of a bedroom in a family home while driving over twice the legal alcohol limit. Now it’s up to the Liberal Party and the screening committees to determine what happens next.

An analysis by the Australia Institute found that Australia has more than 100 fossil fuel developments in the pipeline that could result in around 5% of global industrial emissions if all of them continue. This is an indication of the development of fossil fuels that continues in Australia, despite the Morrison government’s commitment to net zero emissions by 2050. Analysis has shown that “Australia is stepping on the accelerator and doubles the expansion of fossil fuels, ”said Richie. Merzian, director of the climate and energy program at the Australia Institute.

New information from Nielsen shows the extent to which Millennials and Gen Z consumers are moving to buy now and pay later. Her analysis found that 31% of BNPL users were college students, with Gen Z women being the main cohort. Gen Z are now more likely to be a BNPL user than a credit card holder, the data suggests.

A new focus on providing a market-leading “customer experience” in climate technology could accelerate Australia’s transition to renewables, said Atlassian CEO Mike Cannon-Brookes. He said Australian policymakers could look to the UK as a role model, after Prime Minister Boris Johnson pledged to cut UK economy’s carbon emissions by 78% by 2035. “The world is going to move there if we don’t, but we must have an understanding that can be a very positive thing for our economy, ”Cannon-Brookes said.

ByteDance founder Zhang Yiming has stepped down as chairman of the company’s board of directors. Zhang said he was stepping down as CEO of the owner of TikTok in May because he was not an “ideal manager”. ByteDance’s recent reorganization comes amid a widespread crackdown on China’s tech industry, which reportedly prompted the company to halt an offshore IPO.

The World Health Organization (WHO) has granted emergency use approval for the Indian government-backed COVID-19 vaccine, Covaxin. This could result in an addition of 5 billion doses to the global supply by the end of next year. The shot, produced by Bharat Biotech, was found to be 78% effective against severe COVID-19 in a trial.

An equally hot housing market in the United States. Real estate platform Zillow said on Tuesday it would shut down its iBuying unit and lay off 25% of its staff after huge losses. He was using algorithms to find homes for a quick turnaround, but the wild price changes in the market were just too unpredictable. The volatility “far exceeds what we expected,” said CEO Rich Barton, adding that this made algorithmic buying too risky.

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