Squiz Today – Thursday, 1 December

THE SQUIZ

In what feels like some rare good news for the Aussie economy, new data from the Bureau of Stats shows that inflation bucked expectations in October by easing slightly. The monthly consumer price index (CPI) – a measurement of how much we pay for stuff – rose 6.9% over the year to October, down from September’s 7.3% headline rate. It was surprising as experts had predicted inflation would go up and has sparked hope that price rises and inflation may have peaked, or at least be nearing the peak. But Treasurer Jim Chalmers says while he’s “cautiously optimistic”, we’re still yet to feel the full impact of floods and the Ukraine conflict.

WHAT’S CAUSED THE DROP?

An easing of the price of fruit and veg was a key factor, as was a decrease in the cost of clothes and shoes. And perhaps most surprisingly, travel price increases dropped from 12.6% to 3.7%. Not everything got cheaper, though… By far, the biggest contributor to the annual rise was new homes at 20.4%, which ABS boss Michelle Marquardt says is down to “ongoing shortages of labour and materials”. Renters didn’t fare much better as rents went up from 2.9% to 3.5%. Fuel prices also increased from 10.1% to 11.8% after the government’s temporary cut to the fuel excise ended. It’s also worth noting the latest figures don’t include power bills which jumped 15.6% last quarter. And because this is only the 2nd monthly CPI data release from the ABS – which they previously released quarterly – these figures carry less weight. 

SO THE ECONOMY’S ALL GOOD NOW?

Not quite… even if inflation has peaked, we’re still way above the official target of 2-3%. The results also follow a warning from Deutsche Bank predicting that a global recession is looming as governments worldwide struggle to control inflation. Many Aussies are also still feeling the pinch, as paying significantly more for goods than this time last year is no small matter. Perhaps the biggest indicator of how our economy is going will come next Tuesday when the Reserve Bank announces its monthly interest rate decision. Some experts say the decrease could encourage the RBA not to raise rates by more than 0.25% to 3.1%, or better yet, even pause future rate hikes. Fingers crossed…

Sensational Socceroos surprise the world

Football fans who stayed/got up for the 2am kick-off this morning were handsomely rewarded as they watched the Socceroos make history by defeating Denmark 1-0 to secure a place in the World Cup Round of 16 in Qatar. It’s only the 2nd time ever that Australia has advanced out of the group stage, having made it through to the knockouts once before in 2006. Veteran forward Mathew Leckie struck his first-ever World Cup goal in the 60th minute, which turned out to be golden as it knocked World #10 Demark (Oz is ranked #38) out of the tournament. It’s also the first time the Aussies have won back-to-back games in a World Cup. Following a thrilling 1-0 win against Tunisia last weekend, it means the Socceroos progress in 2nd place behind current title holders France in Group D and will play the winners of Group C on Sunday. Speaking of the amazing win, retired Socceroo Craig Foster says, “Sometimes you have to survive and suffer in football matches, and they did that”.

Morrison condemned over multiple ministries

As expected, former PM Scott Morrison was censured in Parliament yesterday, with MPs voting to formally condemn his decision to secretly appoint himself to 5 ministries during the COVID pandemic. It came after former High Court Justice Virginia Bell released a report into Morrison’s multiple ministries last Friday. Alongside an earlier investigation by the Solicitor-General, Bell’s report found Morrison’s actions were legal but “undermined” the government. For his part, Morrison refused to apologise but did admit that he gave “insufficient consideration” to appointing himself to the roles. It’s prompted the Albanese Government to introduce legislation to prevent anything similar from happening again… Yesterday, the Parliament also approved the establishment of a National Anti-Corruption Commission, with Attorney-General Mark Dreyfus labelling it “a historic day”. To summarise: once it’s up and running, it will have powers to investigate corruption in the public sector.

Former Chinese leader Jiang Zemin dies

The man who oversaw China as it opened up to the world after the Tiananmen Square protests, Jiang Zemin, has died at 96yo as civil unrest continues across the country. A Chinese Communist Party statement says he died in Shanghai yesterday from leukaemia and multiple organ failure, hailing him as an “outstanding leader with high prestige” and “a long-tested Communist fighter”. Jiang took over in 1989 and helped make China an economic and political powerhouse. He was known for crushing internal dissent, pursuing a hardline stance on Taiwan, and a heavy-handed crackdown on the religious sect Falun Gong in 1999, but also mending fences with the US. His death came as protestors in Guangzhou clashed with police – but their efforts seem to have had an impact as authorities suddenly lifted some restrictions. Demonstrators have been working hard to avoid government censors, and it seems even those wanting to post tributes to Jiang have also had to get creative…

An Alzheimer’s breakthrough

Researchers have made huge headwinds in finding a treatment for Alzheimer’s after a drug aimed at slowing its onset was proven to work for the first time. Results from a clinical trial conducted by US drug company Biogen and Japan’s Eisai showed injecting the drug Lecanemab helped clear out proteins that build up in the brain and are thought to cause Alzheimer’s, the most common form of dementia. Out of 1,800 participants with early stages of the disease, 900 saw a 27% reduction in cognitive decline over an 18-month period. It’s a small but significant result because there are currently no treatments for slowing or curing Alzheimer’s, and previous studies haven’t been successful. Eisai said the next steps are applying to get the drug approved early next year before rolling it out to patients. However, researchers say the safety of the drug needs to be studied first, with side effects including potentially deadly brain bleeds. 

Strange things continue to dominate Netflix

And no, we’re not talking about Stranger Things… The hit horror/mystery series has been dethroned by Wednesday after it claimed a new Netflix record for the most hours viewed for an English-language series in its first week. The Tim Burton-directed spinoff of the iconic 1960s TV series/90s films The Addams Family clocked a total of 341.2 million viewing hours during its premiere week – beating series 4 of Stranger Things 335.01 million hours. Korean drama Squid Game continues to hold Netflix’s all-time record for first-week viewing with an impressive 571.8 million hours. Shows that have been able to tap into the nostalgia of older generations while piquing the interest of younger audiences have traditionally done well on Netflix, and critics say Wednesday has retained some elements of the original show/films while bringing a new flavour to it, as exemplified by this viral scene. Makers of The Crown, take note…  

World AIDS Day

National Water Safety Day

Birthdays for director Woody Allen (1935), actress/singer Bette Midler (1945), singer Janelle Monáe (1985) and actor Zoe Kravitz (1988)

Anniversary of:
• the Ford Motor Company establishing the world’s first moving assembly line (1913)
• the invention of modern-day Bingo by American toymaker Edwin S Lowe (1929)
• Hugh Hefner publishing the first edition of Playboy magazine featuring Marilyn Monroe as the centrefold (1953)
• the arrest of Rosa Parks for refusing to move to the back of a bus in Montgomery, Alabama (1955)
• the signing of the Antarctic Treaty (1959)
• Papua New Guinea gaining self-governance from Australia (1973)
• the earliest traceable patient, a 55yo man, developing symptoms of COVID-19 in Wuhan, China (2019)