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"You will be a massive failure": Steve Price unleashes on Kyle Sandilands

The feud between Steve Price and Kyle Sandilands has taken a new turn, as Price unleashed on Sandilands over the launch of The Kyle and Jackie O Show in Melbourne. The Project panel were discussing the show's first episode in the Victorian capital which was met with a mixed reception, given the use of coarse language. Price took the discussion to the next level as he made it clear he is not a fan of the KIISFM show or its host. “Kyle, last time I mentioned you on this program I called you a grubby buffoon. That was a compliment in hindsight,” Price said on Monday night's episode of The Project. “That garbage you put to air this morning, sexualised rubbish, toxic, nobody should listen to it and you will be a massive failure in Melbourne.” Price continued his tirade, accusing Sandilands of sending him a “threatening message” last November after his “grubby buffoon” comments, and he dared the KIIS FM star to “do it again”. He ended the spray by saying, “I do note that you didn’t have the guts to sit down and do an interview with me to talk about your new radio show, perhaps because you’ve got the intellect of a cumquat”. Sandilands responded to Price's comments live on air on Tuesday morning, taking aim at the co-host and the show at large. “[The Project] is no good,” he said about the Channel 10 program. “It’s a piece of s**t”. “No one watches it, and they don’t like us.” As for Price's claims, Sandilands accused the fellow broadcaster of being “fake”, and claimed that Price sent a revealing note to his manager last month. The note allegedly said, “I’m very aware Kyle and I have had some interesting whacks at each other over the years but as we know, it’s all part of the game.” “See, I’m right, it is feigned outrage,” Sandilands said. “Does he mean what he says or is he just full of s**t?” Kyle and Jackie O tried to call Price on Tuesday morning to address their ongoing feud, but he didn’t answer. Image credits: The Project / Instagram

Loyalty programs may limit competition, and they could be pushing prices up for everyone

<a href="https://theconversation.com/profiles/alexandru-nichifor-1342216">Alexandru Nichifor</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/scott-duke-kominers-1494057">Scott Duke Kominers</a>, <a href="https://theconversation.com/institutions/harvard-university-1306">Harvard University</a> Loyalty programs enable firms to offer significantly lower prices to some of their customers. You’d think this would encourage strong competition. But that isn’t always what actually happens. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4377561">New research</a> shows that paradoxically, by changing the way companies target customers, loyalty programs can sometimes reduce price competition. The research also points to solutions. <h2>A win-win proposition?</h2> Joining a loyalty program is supposed to be a win-win. You – the customer – get to enjoy perks and discounts, while the company gains useful commercial insights and builds brand allegiance. For example, a hotel chain loyalty program might reward travellers for frequent stays, with points redeemable for future bookings, upgrades or other benefits. The hotel chain, in turn, records and analyses how you spend money and encourages you to stay with them again. Such programs are commonplace across many industries – appearing everywhere from travel and accommodation to supermarket or petrol retailing. But they are increasingly coming under scrutiny. In 2019, the Australian Competition and Consumer Commission (ACCC) <a href="https://www.accc.gov.au/about-us/publications/customer-loyalty-schemes-final-report">cautioned</a> consumers about the sheer volume of personal data collected when participating in a loyalty program, and what companies can do with it. Hidden costs – such as having to pay a redemption fee on rewards or losing benefits when points expire – are another way these schemes can harm consumers. But a larger question – how loyalty programs impact consumers overall – remains difficult to settle, because their effect on competitiveness is unclear. As the ACCC’s <a href="https://www.accc.gov.au/about-us/publications/customer-loyalty-schemes-final-report">final report</a> notes, on the one hand: "Loyalty schemes can have pro-competitive effects and intensify competition between rivals leading to competing loyalty discounts and lower prices for consumers." But on the other hand: "Loyalty schemes can also reduce the flexibility of consumers’ buying patterns and responsiveness to competing offers, which may reduce competition." <h2>How a two-speed price system can hurt everyone</h2> A new economic theory research <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4377561">working paper</a>, coauthored by one of us (Kominers), suggests that on competitive grounds alone, loyalty programs can sometimes harm all consumers – both ordinary shoppers and the program’s own members. It’s easy to see how the ordinary shopper can be worse off. Since a firm’s loyalty program enables it to offer discounted prices to its members, the firm can raise the base prices it offers to everyone else. Those not participating in the program pay more than they otherwise would have, and the firm can respond by saying “join our program!” instead of having to lower its price. But sometimes, even the program’s own members can end up worse off. When a given customer’s loyalty status is not visible to a firm’s competitors – as is the case in many loyalty programs today – it’s hard for those competitors to identify them and entice them to switch. The main way to compete for those customers becomes to lower the base price for everyone, but this means missing out on the high base margins achieved through the existence of your own loyalty program – remember, having a loyalty program means you can charge non-members more. It’s often more profitable for firms to just maintain high base prices. This, in turn, reduces overall price competition for loyal customers, so firms can raise prices for them, too. <h2>What’s the solution?</h2> Despite these effects on competition, loyalty programs still offer benefits for consumers and an opportunity for brands to form closer relationships with them. So, how do we preserve these benefits while enabling price competition? The research suggests an answer: making a customer’s loyalty status verifiable, transparent and portable across firms. This would make it possible for firms to tailor offers for their competitors’ loyal customers. This is already happening in the market for retail electricity. While there aren’t loyalty programs there per se, a consumer’s energy consumption profile, which could be used by a competitor to calibrate a personalised offer, is known only to their current electricity supplier. To address this, in 2015, the Victorian government launched a <a href="https://compare.energy.vic.gov.au">program</a> encouraging households to compare energy offers. This process involved first revealing a customer’s energy consumption profile to the market, and then asking retailers to compete via personalised offers. By opening information that might have otherwise been hidden to the broader market, this approach enabled firms to compete for each other’s top customers, in a way that could be emulated for loyalty programs. Such systems in the private sector could build upon “<a href="https://thepointsguy.com/guide/airline-status-matches-challenges/">status match</a>” policies at airlines. These allow direct transfer of loyalty status, but currently rely on a lengthy, individual-level verification process. For example, a design paradigm known as “<a href="https://hbr.org/2022/05/what-is-web3">Web3</a>” – where customer transactions and loyalty statuses are recorded on public, shared blockchain ledgers – offers a way to make loyalty transparent across the market. This would enable an enhanced, decentralised version of status match: a firm could use blockchain records to verifiably identify who its competitors’ loyal customers are, and directly incentivise them to switch. Both startups and established firms have experimented with building such systems. <h2>What next?</h2> New academic research helps us model and better understand when loyalty programs could be weakening supply side competition and undermining consumer welfare. A neat universal solution may prove elusive. But targeted government or industry interventions – centred on increasing the transparency of a customer’s loyalty status and letting them move it between firms – could help level the playing field between firms and consumers.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/220669/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/alexandru-nichifor-1342216">Alexandru Nichifor</a>, Associate Professor, Faculty of Business and Economics, University of Melbourne, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/scott-duke-kominers-1494057">Scott Duke Kominers</a>, Sarofim-Rock Professor of Business Administration, <a href="https://theconversation.com/institutions/harvard-university-1306">Harvard University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/loyalty-programs-may-limit-competition-and-they-could-be-pushing-prices-up-for-everyone-220669">original article</a>.

Money & Banking

Think $5.50 is too much for a flat white? Actually it’s too cheap, and our world-famous cafes are paying the price

<a href="https://theconversation.com/profiles/emma-felton-143029">Emma Felton</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Even in a stubborn cost-of-living crisis, it seems there’s one luxury most Australians <a href="https://www.comparethemarket.com.au/news/what-australians-wont-give-up-cost-of-living-crisis-report/">won’t sacrifice</a> – their daily cup of coffee. Coffee sales have largely <a href="https://www.statista.com/statistics/866543/australia-domestic-consumption-of-coffee/">remained stable</a>, even as financial pressures have bitten over the past few years. So too have prices. Though many of us became upset when prices began to creep up last year, they’ve since largely settled in the range between $4.00 and $5.50 for a basic drink. But this could soon have to change. By international standards, Australian coffee prices are low. No one wants to pay more for essentials, least of all right now. But our independent cafes are struggling. By not valuing coffee properly, we risk losing the <a href="https://bizcup.com.au/australian-coffee-culture/">internationally renowned</a> coffee culture we’ve worked so hard to create, and the phenomenal quality of cup we enjoy. <h2>Coffee is relatively cheap in Australia</h2> Our recent survey of Australian capital cities found the average price of a small takeaway flat white at speciality venues is A$4.78. But in <a href="https://pabloandrustys.com.au/blogs/drinkbettercoffee/global-coffee-prices">some international capitals</a>, it’s almost double this, even after adjusting for local <a href="https://www.investopedia.com/updates/purchasing-power-parity-ppp/">purchasing power parity</a>. <iframe id="gaplH" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/gaplH/" width="100%" height="400px" frameborder="0"></iframe> In London, a small flat white costs about A$6.96. Singapore, A$8.42. In Athens, as much as A$9.95. <h2>The cafe business is getting harder</h2> Over the past few decades, coffee prices haven’t kept pace with input costs. In the early 2000s, after wages, food costs, utilities and rent, many cafes <a href="https://www.coffeecommune.com.au/blog-why-are-cafes-so-expensive/">earned healthy profit margins</a> as high as 20%. The <a href="https://www.ibisworld.com/au/industry/cafes-coffee-shops/2015/">most recent data from IBISWorld</a> show that while Australian cafe net profits have recovered from a drop in 2020, at 7.6%, they remain much lower than the Australian <a href="https://www.money.com.au/research/australian-business-statistics">average business profit margin of 13.3%</a>. For an independent owner operating a cafe with the <a href="https://www.ibisworld.com/au/industry/cafes-coffee-shops/2015/">average turnover of A$300,000</a>, this would amount to a meagre A$22,800 annual net profit after all the bills are paid. <h2>What goes into a cup?</h2> Just looking at the cost of raw inputs – milk, beans, a cup and a lid – might make the margin seem lucrative. But they don’t paint the whole picture. <figure class="align-center "><img src="https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=600&fit=crop&dpr=1 600w, https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=600&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=600&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=754&fit=crop&dpr=1 754w, https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=754&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/584949/original/file-20240328-24-rlngpk.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=754&fit=crop&dpr=3 2262w" alt="A takeaway coffee cup showing the price inputs, with wages and operation costs making up over 65% of the cost of a coffee" /><figcaption>Chart: The Conversation. <a class="source" href="https://pabloandrustys.com.au/blogs/drinkbettercoffee/whats-in-the-cost-of-coffee">Data: Pablo and Rusty's Coffee Roasters</a>, <a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/">CC BY-SA</a></figcaption></figure> Over the past few years, renting the building, keeping the lights on and paying staff have all become <a href="https://www.reuters.com/business/ground-down-australia-coffee-shops-an-early-inflation-casualty-2023-07-10/">much bigger factors</a> in the equation for coffee shop owners, and many of these pressures aren’t easing. 1. Green coffee price Increasingly <a href="https://www.aa.com.tr/en/environment/brewing-crisis-how-climate-change-is-reshaping-coffee-production/3113886">subject to the effects</a> of climate change, the baseline commodity price of green (unroasted) coffee is <a href="https://perfectdailygrind.com/2024/02/demand-for-robusta-prices-record-high/">going up</a>. Arabica – the higher quality bean you’re most likely drinking at specialty cafes – is a more expensive raw product. Despite levelling off from post-pandemic highs, its price is still trending up. In 2018, it <a href="https://www.statista.com/statistics/675807/average-prices-arabica-and-robusta-coffee-worldwide/">sold</a> for US$2.93 per kilogram, which is projected to increase to US$4.38 dollars in 2025. Robusta coffee is cheaper, and is the type <a href="https://www.lavazza.com.au/en/coffee-secrets/difference-type-arabica-robusta-coffee">typically used to make instant coffee</a>. But serious drought in Vietnam has just pushed the price of robusta to an <a href="https://www.barchart.com/story/news/25094367/coffee-rallies-with-robusta-at-a-record-high-on-shrinking-coffee-output-in-vietnam">all-time high</a>, putting pressure on the cost of coffee more broadly. 2. Milk prices The price of fresh milk has risen by <a href="https://cdn-prod.dairyaustralia.com.au/-/media/project/dairy-australia-sites/national-home/resources/reports/situation-and-outlook/situation-and-outlook-report-march-2024.pdf?rev=b0222df4b01b40d0ae36cf8ac7b01bc0">more than 20%</a> over the past two years, and remains at a peak. This has put sustained cost pressure on the production of our <a href="https://gitnux.org/australian-coffee-consumption-statistics/#:%7E:text=Coffee%20is%20a%20beloved%20beverage,approximately%206%20billion%20cups%20annually.">most popular drink orders</a>: cappuccinos and flat whites. 3. Wages and utilities Over the past year, Australian wages have grown at their <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/real-wages-growth-back">fastest rate</a> since 2009, which is welcome news for cafe staff, but tough on operators in a sector with low margins. Electricity prices remain elevated after significant inflation, but could <a href="https://www.sbs.com.au/news/article/heres-how-much-your-energy-bills-might-go-down-by-and-when/k8g00jheg">begin to fall mid-year</a>. <h2>Specialty vs. commodity coffee: why price expectations create an industry divide</h2> One of the key factors keeping prices low in Australia is consumer expectation. For many people coffee is a fundamental part of everyday life, a marker of livability. Unlike wine or other alcohol, coffee is not considered a luxury or even a treat, where one might expect to pay a little more, or reduce consumption when times are economically tough. We anchor on familiar prices. <iframe id="oDbah" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/oDbah/" width="100%" height="400px" frameborder="0"></iframe> Because of this, it really hurts cafe owners to put their prices up. In touch with their customer base almost every day, they’re acutely aware of how much inflation can hurt. But in Australia, a huge proportion of coffee companies are also passionate about creating a world-class product by only using “<a href="https://medium.com/@samandsunrise/why-is-specialty-coffee-so-expensive-6cf298935e4b#:%7E:text=Specialty%20Shops%20Feature%20High%20Grade%20Coffees&text=Their%20coffees%20are%20hand%2Dpicked,even%20on%20the%20same%20tree.">specialty coffee</a>”. Ranked at least 80 on a quality scale, specialty beans cost significant more than commodity grade, but their production offers better working conditions for farmers and encourages more sustainable growing practices. Although not commensurate with the wine industry, there are similarities. Single origin, high quality beans are often sourced from one farm and demand higher prices than commodity grade coffee, where cheaper sourced beans are often combined in a blend. Running a specialty cafe can also mean roasting your own beans, which requires a big investment in expertise and equipment. It’s an obvious example of doing the right thing by your suppliers and customers. But specialty cafes face much higher operating costs, and when they’re next to a commodity-grade competitor, customers are typically unwillingly to pay the difference. <h2>Approach price rises with curiosity, not defensiveness</h2> When cafe owners put up their prices, we often rush to accuse them of selfishness or profiteering. But they’re often just trying to survive. Given the quality of our coffee and its global reputation, it shouldn’t surprise us if we’re soon asked to pay a little bit more for our daily brew. If we are, we should afford the people who create one of our most important “<a href="https://theconversation.com/how-cafes-bars-gyms-barbershops-and-other-third-places-create-our-social-fabric-135530">third spaces</a>” kindness and curiosity as to why. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/226015/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/emma-felton-143029">Emma Felton</a>, Adjunct Senior Researcher, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/think-5-50-is-too-much-for-a-flat-white-actually-its-too-cheap-and-our-world-famous-cafes-are-paying-the-price-226015">original article</a>.

Money & Banking

Qantas announces major price hike

Qantas customers have been warned that they will see a significant increase in price to the airline’s domestic club lounges from next month. For the first time in seven years, the airline will charge Qantas Club membership holders 17 per cent more to access their lounges, with price changes set to be made from April 18. The increase coincides with Qantas' plans to renovate 24 of their domestic lounges over the next year, with the carrier spending an estimated $100 million on renovations. This means that annual fees for new members will increase from $699 to $828, including the $129 joining fee. For current members looking to renew, their annual fees will rise from $540 to $629. “This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time. This follows a reduction in the membership fees for several years during the pandemic,” a spokesperson told news.com.au. They added that these changes will not affect Qantas Frequent Flyers members who will continue to receive complimentary access to the Club through Points Club Plus or their Gold, Platinum or Platinum One status. Members can also avoid the price hike if they renew their membership before April 18. Image: Getty

Money & Banking

"Fly high sweet Nacho": Robert Irwin shares sad loss of beloved pet

In a world often dominated by headlines of turmoil and strife, there's something oddly comforting about the internet rallying around the loss of a beloved pet chicken. Yes, you heard that right – a chicken named Nacho has captured the hearts of thousands, and her departure from this world has left a void in the Irwin family and beyond. Robert Irwin, the perpetually enthusiastic conservationist and wildlife warrior, took to Instagram to break the news of Nacho's sad passing. In a heartfelt video message, he shared the sorrowful tidings with his followers, who had grown fond of the feathery friend through their virtual interactions. “Hi guys, very sad news to report. Unfortunately, our gorgeous little chicken Nacho, who I know you all fell in love with, and we love so much, sadly passed away,” Robert lamented, his voice tinged with genuine sadness. “She was a beautiful old chook who lived a lot of great years and we’re really, really, really, really sad to lose her.” And oh, what a life Nacho must have lived! Robert reminisced about her golden years, filled with clucking adventures and pecking escapades. But, amid the sorrow, there shone a glimmer of hope as Robert introduced two new feathered friends into the Irwin fold – Waffles and Mochi. With names as delightful as their predecessor's, these plucky newcomers are sure to fill the coop with joy once more. In the world of social media condolences, the outpouring of love and support was nothing short of heartwarming. Messages of sympathy flooded Robert's feed, with followers expressing their condolences for the loss of Nacho while warmly welcoming Waffles and Mochi into the fold. "Fly high, sweet Nacho," one commenter bid farewell, echoing the sentiments of many who had come to adore the quirky chicken. There were also words of encouragement and delight for the newest additions to the Irwin menagerie. "Waffles and Mochi are adorable, and I also love their fluffy feet!" exclaimed one enthusiastic follower, proving that even in times of loss, there's always room for a little bit of joy. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/C4YEoIOill7/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/C4YEoIOill7/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Robert Irwin (@robertirwinphotography)</a> </div> </blockquote> This isn't the first time the Irwins have shared their grief over the loss of a beloved animal companion. Just a couple of years ago, they bid farewell to their cherished echidna, marking the passing of a creature who had been a part of their family for an impressive 38 years. In a world where bad news often seems to dominate the headlines, the simple story of a chicken named Nacho reminds us of the power of love and connection – even in the most unexpected of places. So here's to you, Nacho; may your wings carry you to chicken heaven, where the sun always shines, and the corn is always plentiful. Images: Instagram

Family & Pets

Altitude sickness is typically mild but can sometimes turn very serious − a high-altitude medicine physician explains how to safely prepare

<a href="https://theconversation.com/profiles/brian-strickland-1506270">Brian Strickland</a>, <a href="https://theconversation.com/institutions/university-of-colorado-anschutz-medical-campus-4838">University of Colorado Anschutz Medical Campus</a> Equipped with the latest gear and a thirst for adventure, mountaineers embrace the perils that come with conquering the world’s highest peaks. Yet, even those who tread more cautiously at high altitude are not immune from the health hazards waiting in the thin air above. Altitude sickness, which most commonly refers to <a href="https://medlineplus.gov/ency/article/000133.htm">acute mountain sickness</a>, <a href="https://doi.org/10.1016/j.pcad.2010.02.003">presents a significant challenge</a> to those traveling to and adventuring in high-altitude destinations. Its symptoms can range from <a href="https://doi.org/10.1089/ham.2017.0164">mildly annoying to incapacitating</a> and, in some cases, may progress to more <a href="https://doi.org/10.1183/16000617.0096-2016">life-threatening illnesses</a>. While <a href="https://doi.org/10.18111/9789284424023">interest in high-altitude tourism is rapidly growing</a>, general awareness and understanding about the hazards of visiting these locations <a href="https://doi.org/10.1089/ham.2022.0083">remains low</a>. The more travelers know, the better they can prepare for and enjoy their journey. As an <a href="https://som.cuanschutz.edu/Profiles/Faculty/Profile/36740">emergency physician specializing in high-altitude illnesses</a>, I work to improve health care in remote and mountainous locations around the world. I’m invested in finding ways to allow people from all backgrounds to experience the magic of the mountains in an enjoyable and meaningful way. <h2>The science behind altitude sickness</h2> Altitude sickness is rare in locations lower than 8,200 feet (2,500 meters); however, <a href="https://www.ncbi.nlm.nih.gov/books/NBK430716/">it becomes very common</a> when ascending above this elevation. In fact, it affects about <a href="https://wwwnc.cdc.gov/travel/yellowbook/2024/environmental-hazards-risks/high-elevation-travel-and-altitude-illness">25% of visitors to the mountains of Colorado</a>, where I conduct most of my research. The risk rapidly increases with higher ascents. Above 9,800 feet (3,000 meters), up to <a href="https://www.ncbi.nlm.nih.gov/books/NBK430716/">75% of travelers</a> may develop symptoms. Symptoms of altitude sickness are usually mild and consist of <a href="https://doi.org/10.1089/ham.2017.0164">headache, dizziness, nausea, fatigue and insomnia</a>. They usually <a href="https://doi.org/10.1016/j.rceng.2019.12.009">resolve after one to two days</a>, as long as travelers stop their ascent, and the symptoms quickly resolve with descent. When travelers do not properly acclimatize, they can be susceptible to life-threatening altitude illnesses, such as <a href="https://doi.org/10.1016/j.resp.2007.05.002">high-altitude pulmonary edema</a> or <a href="https://doi.org/10.1089/1527029041352054">high-altitude cerebral edema</a>. These conditions are characterized by fluid accumulation within the tissues of the lungs and brain, respectively, and are the <a href="https://wwwnc.cdc.gov/travel/yellowbook/2024/environmental-hazards-risks/high-elevation-travel-and-altitude-illness">most severe forms of altitude sickness</a>. Altitude sickness symptoms are thought to be caused by <a href="https://doi.org/10.1093%2Fbjaceaccp%2Fmks047">increased pressure surrounding the brain</a>, which results from the failure of the body to acclimatize to higher elevations. As people enter into an environment with lower air pressure and, therefore, <a href="https://doi.org/10.1001/jamanetworkopen.2023.18036">lower oxygen content</a>, their <a href="https://doi.org/10.1093%2Fbjaceaccp%2Fmks047">breathing rate increases</a> in order to compensate. This causes an increase in the amount of <a href="https://doi.org/10.1016/s1357-2725(03)00050-5">oxygen in the blood as well as decreased CO₂ levels</a>, which then increases blood pH. As a result, the <a href="https://doi.org/10.1093%2Fbjaceaccp%2Fmks047">kidneys compensate</a> by removing a chemical called bicarbonate from the blood into the urine. This process makes people urinate more and helps correct the acid and alkaline content of the blood to a more normal level. <figure><iframe src="https://www.youtube.com/embed/iv1vQPIdX_k?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Tips for preventing or reducing the risk of altitude sickness.</figcaption></figure> <h2>The importance of gradual ascent</h2> High-altitude medicine experts and other physicians <a href="https://doi.org/10.1016/s0140-6736(76)91677-9">have known for decades</a> that <a href="https://doi.org/10.1089/ham.2010.1006">taking time to slowly ascend is the best way</a> to prevent the development of altitude sickness. This strategy gives the body time to complete its natural physiologic responses to the changes in air pressure and oxygen content. In fact, spending just <a href="https://doi.org/10.1089/ham.2010.1006">one night at a moderate elevation</a>, such as Denver, Colorado, which is at 5,280 feet (1,600 meters), has been shown to <a href="https://doi.org/10.7326/0003-4819-118-8-199304150-00003">significantly reduce the likelihood of developing symptoms</a>. People who skip this step and travel directly to high elevations are <a href="https://doi.org/10.1093/jtm/taad011">up to four times more likely</a> to develop altitude sickness symptoms. When going to elevations greater than 11,000 feet, multiple days of acclimatization are necessary. Experts generally recommend ascending <a href="https://doi.org/10.1089/ham.2010.1006">no more than 1,500 feet per day</a> once the threshold of 8,200 feet of elevation has been crossed. Workers at high altitude, such as <a href="https://doi.org/10.1089/ham.2020.0004">porters in the Nepali Himalaya</a>, are at <a href="https://doi.org/10.1016/j.wem.2018.06.002">particular risk of altitude-related illness</a>. These workers often do not adhere to acclimatization recommendations in order to maximize earnings during tourist seasons; as a result, they are more likely to experience <a href="https://www.cdc.gov/travel/yellowbook/2024/environmental-hazards-risks/high-elevation-travel-and-altitude-illness">severe forms of altitude sickness</a>. <h2>Effective medications</h2> For more than 40 years, <a href="https://doi.org/10.1056/nejm196810172791601">a medicine called acetazolamide</a> has been used to <a href="https://medlineplus.gov/druginfo/meds/a682756.html">prevent the development of altitude sickness</a> and to treat its symptoms. Acetazolamide is <a href="https://www.ncbi.nlm.nih.gov/books/NBK557838/">commonly used as a diuretic</a> and for the <a href="https://www.nei.nih.gov/learn-about-eye-health/eye-conditions-and-diseases/glaucoma">treatment of glaucoma</a>, a condition that causes increased pressure within the eye. If started <a href="https://doi.org/10.1378/chest.09-2445">two days prior</a> to going up to a high elevation, acetazolamide can <a href="https://doi.org/10.1378/chest.09-2445">prevent symptoms of acute illness</a> by speeding up the acclimatization process. Nonetheless, it does not negate the recommendations to ascend slowly, and it is <a href="https://doi.org/10.1016/j.wem.2019.04.006">routinely recommended only</a> when people cannot slowly ascend or for people who have a history of severe altitude sickness symptoms even with slow ascent. Other medications, including ibuprofen, have <a href="https://doi.org/10.1016/j.wem.2012.08.001">shown some effectiveness</a> in treating acute mountain sickness, although <a href="https://doi.org/10.1016/j.amjmed.2018.10.021">not as well as acetazolamide</a>. A <a href="https://pubmed.ncbi.nlm.nih.gov/2028586/">steroid medication called dexamethasone</a> is effective in both treating and preventing symptoms, but it does not improve acclimatization. It is <a href="https://doi.org/10.1016/j.wem.2019.04.006">recommended only when acetazolamide is not effective</a> or cannot be taken. Additionally, it is important to <a href="https://wwwnc.cdc.gov/travel/page/travel-to-high-altitudes">avoid alcohol during the first few days at higher altitudes</a>, as it impairs the body’s ability to acclimatize. <h2>Unproven therapies and remedies are common</h2> As high-altitude tourism becomes increasingly popular, multiple commercial products and remedies have emerged. Most of them are not effective or provide no evidence to suggest they work as advertised. Other options have mixed evidence, making them difficult to recommend. Medications such as <a href="https://doi.org/10.1089/ham.2007.1037">aspirin</a>, <a href="https://doi.org/10.1183/13993003.01355-2017">inhaled steroids</a> and <a href="https://doi.org/10.1089/ham.2011.0007">sildenafil</a> have been proposed as possible preventive agents for altitude sickness, but on the whole they have not been found to be effective. <a href="https://doi.org/10.1093/qjmed/hcp026">Supplements and antioxidants have no proven benefit</a> in preventing or treating altitude sickness symptoms. Both normal and high-altitude exercise are popular ways to prepare for high elevations, especially among athletes. However, beyond <a href="https://doi.org/10.1097/jes.0b013e31825eaa33">certain pre-acclimatization strategies</a>, such as brief sojourns to high altitude, <a href="https://doi.org/10.1016/j.tmaid.2013.12.002">physical fitness and training is of little benefit</a>. <a href="https://missouripoisoncenter.org/canned-oxygen-is-it-good-for-you">Canned oxygen</a> has also exploded in popularity with travelers. While <a href="https://doi.org/10.1016/0140-6736(90)93240-p">continuously administered medical oxygen</a> in a health care setting can alleviate altitude sickness symptoms, portable oxygen cans <a href="https://doi.org/10.1016/j.wem.2019.04.006">contain very little oxygen gas</a>, casting doubt on their effectiveness. Some high-altitude adventure travelers sleep in <a href="https://doi.org/10.2165/00007256-200131040-00002">specialized tents</a> that simulate increased elevation by lowering the quantity of available oxygen in ambient air. The lower oxygen levels within the tent are thought to accelerate the acclimatization process, but the tents aren’t able to decrease barometric pressure. This is an important part of the high-altitude environment that induces acclimatization. Without modifying ambient air pressure, these <a href="https://doi.org/10.1016/j.wem.2014.04.004">tents may take multiple weeks</a> to be effective. Natural medicines, such as <a href="https://doi.org/10.1580/08-weme-br-247.1">gingko</a> and <a href="https://doi.org/10.1186/s40794-019-0095-7">coca leaves</a>, are touted as natural altitude sickness treatments, but few studies have been done on them. The modest benefits and significant side effects of these options makes their use <a href="https://doi.org/10.1016/j.wem.2019.04.006">difficult to recommend</a>. <a href="https://pubmed.ncbi.nlm.nih.gov/8469948/">Staying hydrated</a> is very important at high altitudes due to fluid losses from increased urination, dry air and increased physical exertion. <a href="https://doi.org/10.1186%2Fs12889-018-6252-5">Dehydration symptoms</a> can also mimic those of altitude sickness. But there is <a href="https://doi.org/10.1580/1080-6032(2006)17%5B215:AMSIOF%5D2.0.CO;2">little evidence that consuming excessive amounts of water</a> can prevent or treat altitude sickness. The mountains have something for visitors of all interests and expertise and can offer truly life-changing experiences. While there are health risks associated with travel at higher elevations, these can be lessened by making basic preparations and taking time to slowly ascend.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/222057/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/brian-strickland-1506270">Brian Strickland</a>, Senior Instructor in Emergency Medicine, <a href="https://theconversation.com/institutions/university-of-colorado-anschutz-medical-campus-4838">University of Colorado Anschutz Medical Campus</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/altitude-sickness-is-typically-mild-but-can-sometimes-turn-very-serious-a-high-altitude-medicine-physician-explains-how-to-safely-prepare-222057">original article</a>.

Travel Trouble

Worried about price gouging? For banks, there’s a simple solution

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Does it feel like you’re being charged more for all sorts of things these days, from <a href="https://theconversation.com/supermarkets-airlines-and-power-companies-are-charging-exploitative-prices-despite-reaping-record-profits-222755#:%7E:text=According%20to%20the%20inquiry%2C%20the,dairy%20products%20and%20breakfast%20cereals.&text=Farmers%20recently%20accused%20supermarkets%20of%20making%20too%20much%20profit%20from%20their%20crops.">groceries</a> to <a href="https://theconversation.com/see-when-australias-biggest-banks-stopped-paying-proper-interest-on-your-savings-and-what-you-can-do-about-it-200265">banking</a>? Turns out, you’re right. While we might be more likely to remember prices that go up than prices that go down, the very best evidence – assembled by Australia’s <a href="https://treasury.gov.au/sites/default/files/2023-11/competition-review-mergers-background-note.pdf">Treasury</a>, the federal government’s lead economic adviser – says your suspicions are right. We really are being charged more than we used to be two decades ago. Coupled with the latest profit reports from Australia’s biggest supermarkets and banks, including Tuesday’s half-year results from Coles, it suggests we are contributing more to company profits than we used to. <h2>Climbing price markups</h2> The Treasury estimates show in the 13 years between 2003-04 and 2016-17, the average price markup – the difference between the cost of a product and its selling price – across all Australian industries climbed 6%. That’s extra profit, taken from your wallet, going to the people selling you things. Those Treasury estimates are contained in a background paper prepared for the competition <a href="https://treasury.gov.au/review/competition-review-2023">inquiry</a> being undertaken by a panel including Productivity Commission chair Danielle Wood, former Competition and Consumer Commission chief Rod Sims, and business leader David Gonski. At the same time, the average share of each industry held by its biggest four firms edged up from 41% to 43%. Profit margins are also higher here than in more competitive markets overseas. This is true in banking, where the big four have taken over St George, BankWest, and the Bank of Melbourne – and are about to take over <a href="https://www.accc.gov.au/media-release/australian-competition-tribunal-authorises-anz%E2%80%99s-proposed-acquisition-of-suncorp-bank">Suncorp</a>. It’s also true in supermarkets, where the big two, Woolworths and Coles, have taken over or seen off Franklins, Bi-Lo and Safeway. <h2>Bigger profit margins than overseas</h2> Coles supermarkets reported earnings <a href="https://www.investopedia.com/terms/e/ebitda.asp#:%7E:text=EBITDA%2C%20or%20earnings%20before%20interest,generated%20by%20the%20company's%20operations.">before adjustments</a> of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777616-3A637432">A$1.73 billion</a> on sales of $19.778 billion in the half year to December – a profit margin of 8.7%. Last week, Woolworths supermarkets reported earnings of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02774826-2A1506104">$2.45 billion</a> on sales of $25.648 billion – a margin of 9.6%. By way of comparison, the dominant UK supermarket group, Sainsbury’s, has a profit margin of <a href="https://stockanalysis.com/quote/lon/SBRY/statistics/">6.13%</a>. In banking, the Commonwealth Bank has just reported a return on equity (profit as a proportion of shareholders’ funds) of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02772167-2A1504649">13.8%</a>. National Australia Bank reported <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2023-full-year-results.pdf">12.9%</a>. While on a par with the big banks overseas, those recent returns are a good deal higher than CommBank’s <a href="https://www.commbank.com.au/content/dam/commbank-assets/about-us/2021-08/2021-annual-report_spreads.pdf">11.5%</a> and NAB’s <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2021-full-year-results-management-discussion-and-analysis.pdf">10.7%</a> reported two years ago. <h2>Little hope for groceries</h2> For supermarkets, there’s not a lot the government can do, apart from launching an <a href="https://www.accc.gov.au/inquiries-and-consultations/supermarkets-inquiry-2024-25">inquiry</a>, and perhaps giving Australian authorities the power to <a href="https://www.afr.com/policy/economy/break-up-firms-that-abuse-market-power-says-former-competition-tsar-20230709-p5dmtq">break up</a> firms that abuse their market power. But Prime Minister Anthony Albanese has said he isn’t keen on giving Australian authorities the sort of powers available to authorities in the United States and the United Kingdom, saying (incongruously) Australia is “<a href="https://www.pm.gov.au/media/radio-interview-abc-radio-brisbane-mornings">not the old Soviet Union</a>”. And doing anything short of that would be unlikely to have much effect. Australia’s two supermarket giants have invested a fortune in high-tech <a href="https://theconversation.com/coles-and-woolworths-are-moving-to-robot-warehouses-and-on-demand-labour-as-home-deliveries-soar-166556">warehouses and distribution systems</a>, which new rivals would be hard-pressed to match. <h2>Hope for more competitive banking</h2> But for banks it’s altogether different. Richard Denniss of the Australia Institute has come up with the idea, and it’s a beauty. It’s for the government to provide a low-cost banking service – expanding on services it already offers. The costs would be so low, other banks might decide to add features and resell them in the same way as resellers sell <a href="https://www.whistleout.com.au/MobilePhones/Guides/Telstra-network-coverage-vs-ALDI-Woolworths-Belong-Boost">mobile phone</a> and <a href="https://www.nbnco.com.au/residential/service-providers">NBN</a> services. The primary function of any bank is to provide a numbered account into which Australians can deposit and withdraw funds. The Australian Tax Office does this already, at an incredibly low cost. The tax office gives every working Australian a <a href="https://www.ato.gov.au/individuals-and-families/tax-file-number">tax file number</a>. Employers deposit money into these accounts, and – should the tax office owe a refund – taxpayers withdraw them. Some taxpayers ensure their tax is <a href="https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/in-detail/income/refund-of-over-withheld-withholding-how-to-apply">overpaid</a>, so they withdraw later. Denniss describes it as a bank account with the world’s clumsiest interface. <h2>The government could offer bank loans</h2> It wouldn’t be much of a stretch from improving that interface to offering government loans. In fact, government loans are already provided in some circumstances: such as to retirees with home equity through the <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/home-equity-access-scheme">home equity access scheme</a>, and to Centrelink recipients through <a href="https://www.servicesaustralia.gov.au/centrelink-online-account-help-apply-for-advance-payment">advance payments</a>. It woudn’t be much more of stretch to provide loans more broadly, at an incredibly low administrative cost. The government already lends against the <a href="https://www.servicesaustralia.gov.au/who-can-get-loan-under-home-equity-access-scheme">value of homes</a>. Back in the days when the federal government owned the <a href="https://www.commbank.com.au/about-us/our-company/history.html">Commonwealth Bank</a>, it had to cover the high costs of running bricks and mortar branches. Freed from those costs, the government could now offer a low-cost, technology-enabled basic banking service that would tempt us away from the big four banks – unless they offered better value. Of course it would cost money, although a lot of it has already been spent setting up the system of tax file numbers and accounts. And of course the banks would hate the idea. That would be the point. But doing what we can to stop Australians being overcharged is important, not only for wage earners but also for businesses. The <a href="https://treasury.gov.au/review/competition-review-2023">competition inquiry</a> the government has launched is a good start. It shouldn’t be frightened about where it might lead.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223821/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/worried-about-price-gouging-for-banks-theres-a-simple-solution-223821">original article</a>.

Money & Banking

"Pretty brutal": Peter Garrett slams Taylor Swift for price gouging tickets

Peter Garrett has taken aim at Taylor Swift, calling out her extrationate ticket prices for a place at the Eras Tour. The Midnight Oil frontman joined 107.1 SAFM’s Bec & Soda radio show on Friday when he was informed that he was co-host Mark “Soda” Soderstrom’s favourite artist, or in other words, “his Taylor Swift.” Garrett didn't take too kindly to the comparison, and launched into a rant about the price of Swift's concert tickets. “I’m not price gouging like Taylor, to be blunt,” he began. The radio hosts reminisced about attending a Midnight Oil concert in 1985 when tickets were just $15.90, compared to Swifts forking out hundreds of dollars for the highly anticipated Eras Tour. Tickets for Swift’s Australian tour ranged from $79.90 for G-reserve tickets to $379.90 for A-reserve ticket, while also offering fans multiple VIP packages, reaching an eye-watering $1249.90 for a single ticket. Some diehard fans were quick to complain about the lack of added value in the packages, which included premium seats with add-ons such as a tote bags, collectable pins, stickers and postcards. Garrett continued, “I wouldn’t begrudge anyone’s success, that’s the first thing to say." "She’s obviously touching a chord with masses of people, particularly people of a certain age group who have experienced growing up at a certain time, and what she’s singing and talking about is really ringing true with them.” However, he also said that “the dollar end of it having looked at it from a distance, having been in this business forever, is pretty brutal.” Garrett continued to share his disapproval of Swift's Australian domination, complaining about how five of her albums dominated the ARIA charts, booting Aussie artists off the ladder. “She is so pervasive, she has become such a phenomenon, that she is displacing artists left right and centre. In our ARIA top 100 chart – that’s the Australian record industry chart – I think at one point in the last week or two, we only had three Australian artists in that top 100,” Garrett said. “Not good enough! And that’s not me crying about it, I’ve had an incredible run. But I think about the younger artists coming through and it’s extremely hard for them now.” Image credits: Getty Images

Money & Banking

The secret sauce of Coles’ and Woolworths’ profits: high-tech surveillance and control

<a href="https://theconversation.com/profiles/lauren-kate-kelly-1262424">Lauren Kate Kelly</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Coles and Woolworths, the supermarket chains that together control <a href="https://www.abc.net.au/news/2024-02-20/woolworths-coles-supermarket-tactics-grocery-four-corners/103405054">almost two-thirds</a> of the Australian grocery market, are facing unprecedented scrutiny. One recent inquiry, commissioned by the Australian Council of Trade Unions and led by former Australian Consumer and Competition Commission chair Allan Fels, found the pair engaged in unfair pricing practices; an ongoing <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Supermarket_Prices/SupermarketPrices">Senate inquiry into food prices</a> is looking at how these practices are linked to inflation; and the ACCC has just begun <a href="https://www.accc.gov.au/inquiries-and-consultations/supermarkets-inquiry-2024-25">a government-directed inquiry</a> into potentially anti-competitive behaviour in Australia’s supermarkets. Earlier this week, the two companies also came under the gaze of the <a href="https://www.abc.net.au/news/2024-02-19/super-power-the-cost-of-living-with-coles-and-woolworths/103486508">ABC current affairs program Four Corners</a>. Their respective chief executives each gave somewhat prickly interviews, and Woolworths chief Brad Banducci <a href="https://www.abc.net.au/news/2024-02-21/woolworths-ceo-brad-banducci-retirement-four-corners/103493418">announced his retirement</a> two days after the program aired. A focus on the power of the supermarket duopoly is long overdue. However, one aspect of how Coles and Woolworths exercise their power has received relatively little attention: a growing high-tech infrastructure of surveillance and control that pervades retail stores, warehouses, delivery systems and beyond. <h2>Every customer a potential thief</h2> As the largest private-sector employers and providers of essential household goods, the supermarkets play an outsized role in public life. Indeed, they are such familiar places that technological developments there may fly under the radar of public attention. Coles and Woolworths are both implementing technologies that treat the supermarket as a “problem space” in which workers are controlled, customers are tracked and profits boosted. For example, in response to a purported spike in shoplifting, a raft of customer surveillance measures have been introduced that treat every customer as a potential thief. This includes <a href="https://www.news.com.au/lifestyle/food/eat/coles-introducing-new-technology-which-will-track-shoppers-every-move/news-story/86ea8d330f76df87f2235eeda4d1136e">ceiling cameras</a> which assign a digital ID to individuals and track them through the store, and <a href="https://www.thenewdaily.com.au/finance/consumer/2023/08/16/smart-gate-technology">“smart” exit gates</a> that remain closed until a purchase is made. Some customers have reported being “<a href="https://7news.com.au/lifestyle/coles-supermarketshoppers-dramatic-checkout-experience-goes-viral-i-was-trapped-c-12977760">trapped</a>” by the gate despite paying for their items, causing significant embarrassment. At least one Woolworths store has <a href="https://www.news.com.au/finance/business/woolies-in-wetherill-park-fitted-with-500-tiny-cameras-to-monitor-stock-levels/news-story/585de8c741ae9f520adcc4005f2a736a">installed 500 mini cameras</a> on product shelves. The cameras monitor real-time stock levels, and Woolworths says customers captured in photos will be silhouetted for privacy. A Woolworths spokesperson <a href="https://www.smh.com.au/national/nsw/up-to-70-cameras-watch-you-buy-groceries-what-happens-to-that-footage-20230819-p5dxtp.html">explained</a> the shelf cameras were part of “a number of initiatives, both covert and overt, to minimise instances of retail crime”. It is unclear whether the cameras are for inventory management, surveillance, or both. Workers themselves are being fitted with body-worn cameras and wearable alarms. Such measures may protect against customer aggression, which is a <a href="https://www.abc.net.au/news/2023-11-22/retail-union-staff-abuse-cost-of-living-christmas/103117014">serious problem facing workers</a>. Biometric data collected this way could also be used to discipline staff in what scholars Karen Levy and Solon Barocas refer to as “<a href="https://ijoc.org/index.php/ijoc/article/view/7041">refractive surveillance</a>” – a process whereby surveillance measures intended for one group can also impact another. <h2>Predicting crime</h2> At the same time as the supermarkets ramp up the amount of data they collect on staff and shoppers, they are also investing in data-driven “crime intelligence” software. Both supermarkets have <a href="https://www.smartcompany.com.au/industries/information-technology/grocery-chains-surveillance-tech-auror/">partnered with New Zealand start-up Auror</a>, which shares a name with the magic police from the Harry Potter books and claims it can predict crime before it happens. Coles also recently began a partnership with Palantir, a global data-driven surveillance company that takes its name from magical crystal balls in The Lord of the Rings. These heavy-handed measures seek to make self-service checkouts more secure without increasing staff numbers. This leads to something of a vicious cycle, as under-staffing, self-checkouts, and high prices are often <a href="https://www.aap.com.au/news/retail-workers-facing-increased-violence-and-abuse/">causes of customer aggression</a> to begin with. Many staff are similarly frustrated by <a href="https://www.theguardian.com/business/2023/jun/05/coles-woolworths-court-accused-of-underpaying-workers">historical wage theft by the supermarkets</a> that totals hundreds of millions of dollars. <h2>From community employment to gig work</h2> Both supermarkets have brought the gig economy squarely <a href="https://theconversation.com/coles-uber-eats-deal-brings-the-gig-economy-inside-the-traditional-workplace-204353">inside the traditional workplace</a>. Uber and Doordash drivers are now part of the infrastructure of home delivery, in an attempt to push last-mile delivery costs onto gig workers. The precarious working conditions of the gig economy are well known. Customers may not be aware, however, that Coles recently increased Uber Eats and Doordash prices by at least 10%, and will <a href="https://7news.com.au/lifestyle/shoppers-slam-coles-over-major-change-to-half-price-buys-that-will-affect-millions-c-12860556">no longer match in-store promotions</a>. Drivers have been instructed to dispose of the shopping receipt and should no longer place it in the customer’s bag at drop-off. In addition to higher prices, customers also pay service and delivery fees for the convenience of on-demand delivery. Despite the price increases to customers, drivers I have interviewed in my ongoing research report they are earning less and less through the apps, often well below Australia’s minimum wage. Viewed as a whole, Coles’ and Woolworths’ high-tech measures paint a picture of surveillance and control that exerts pressures on both customers and workers. While issues of market competition, price gouging, and power asymmetries with suppliers must be scrutinised, issues of worker and customer surveillance are the other side of the same coin – and they too must be reckoned with.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/224076/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/lauren-kate-kelly-1262424">Lauren Kate Kelly</a>, PhD Candidate, ARC Centre of Excellence for Automated Decision-Making and Society, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-secret-sauce-of-coles-and-woolworths-profits-high-tech-surveillance-and-control-224076">original article</a>.

Money & Banking

Mission: Impossible Sydney mansion sells for eye-watering price

One of Sydney's most iconic properties, known as the Boomerang in Elizabeth Bay, has sold for $80 million. The mansion is featured in the second instalment in the Mission: Impossible franchise, with the 2000 movie starring Tom Cruise being set and filmed in Sydney. It was the first house to officially sell for above $1 million in 1978, before setting another record in 2002 when it fetched $20.7 million. Now, multiple sources have confirmed it has been snapped up by a purchaser, originally from Asia, for four times what it last sold for. The property has long been rated as one of Sydney’s Top 50 homes, and has been in the name of Katrina Fox, the daughter of Melbourne-based billionaire trucking magnate Lindsay Fox, since 2005. The impressive home was put up for sale by Ray White in 2017 with hopes of selling for $60 million and then again with Brad Pillinger of Pillinger for $80 million in 2021 — the last agent to have it listed. Pillinger couldn’t be contacted ahead of publication, but other sources have confirmed the property has sold for the $80m asking price, while speculation from other sources that the result was $105 million have been dismissed. Boomerang sits on 4233 square metres of waterfront land, and features 25 rooms including a private cinema modelled on the State Theatre. Image credits: realestate.com.au / Paramount Pictures

Real Estate

Why prices are so high – 8 ways retail pricing algorithms gouge consumers

<a href="https://theconversation.com/profiles/david-tuffley-13731">David Tuffley</a>, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> The just-released report of the inquiry into <a href="https://pricegouginginquiry.actu.org.au/">price gouging and unfair pricing</a> conducted by Allan Fels for the Australian Council of Trades Unions does more than identify the likely offenders. It finds the biggest are supermarkets, banks, airlines and electricity companies. It’s not enough to know their tricks. Fels wants to give the Australian Competition and Consumer Commission more power to investigate and more power to prohibit mergers. But it helps to know how they try to trick us, and how technology has enabled them to get better at it. After reading the report, I’ve identified eight key maneuvers. <h2>1. Asymmetric price movements</h2> Otherwise known as <a href="https://www.jstor.org/stable/25593733">Rocket and Feather</a>, this is where businesses push up prices quickly when costs rise, but cut them slowly or late after costs fall. It seems to happen for <a href="https://www.sciencedirect.com/science/article/abs/pii/S0140988323002074">petrol</a> and <a href="https://www.sciencedirect.com/science/article/abs/pii/S105905601730240X">mortgage rates</a>, and the Fels inquiry was presented with evidence suggesting it happens in supermarkets. Brendan O’Keeffe from NSW Farmers told the inquiry wholesale lamb prices had been falling for six months before six Woolworths announced a cut in the prices of lamb it was selling as a “<a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">Christmas gift</a>”. <h2>2. Punishment for loyal customers</h2> A <a href="https://theconversation.com/simple-fixes-could-help-save-australian-consumers-from-up-to-3-6-billion-in-loyalty-taxes-119978">loyalty tax</a> is what happens when a business imposes higher charges on customers who have been with it for a long time, on the assumption that they won’t move. The Australian Securities and Investments Commission has alleged a big <a href="https://theconversation.com/how-qantas-might-have-done-all-australians-a-favour-by-making-refunds-so-hard-to-get-213346">insurer</a> does it, setting premiums not only on the basis of risk, but also on the basis of what a computer model tells them about the likelihood of each customer tolerating a price hike. The insurer disputes the claim. It’s often done by offering discounts or new products to new customers and leaving existing customers on old or discontinued products. It happens a lot in the <a href="https://www.finder.com.au/utilities-loyalty-costing-australians-billions-2024">electricity industry</a>. The plans look good at first, and then less good as providers bank on customers not making the effort to shop around. Loyalty taxes appear to be less common among mobile phone providers. Australian laws make it easy to switch <a href="https://www.reviews.org/au/mobile/how-to-switch-mobile-carriers-and-keep-your-number/">and keep your number</a>. <h2>3. Loyalty schemes that provide little value</h2> Fels says loyalty schemes can be a “low-cost means of retaining and exploiting consumers by providing them with low-value rewards of dubious benefit”. Their purpose is to lock in (or at least bias) customers to choices already made. Examples include airline frequent flyer points, cafe cards that give you your tenth coffee free, and supermarket points programs. The purpose is to lock in (or at least bias) consumers to products already chosen. The <a href="https://www.accc.gov.au/consumers/advertising-and-promotions/customer-loyalty-schemes">Australian Competition and Consumer Commission</a> has found many require users to spend a lot of money or time to earn enough points for a reward. Others allow points to expire or rules to change without notice or offer rewards that are not worth the effort to redeem. They also enable businesses to collect data on spending habits, preferences, locations, and personal information that can be used to construct customer profiles that allow them to target advertising and offers and high prices to some customers and not others. <h2>4. Drip pricing that hides true costs</h2> The Competition and Consumer Commission describes <a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">drip pricing</a> as “when a price is advertised at the beginning of an online purchase, but then extra fees and charges (such as booking and service fees) are gradually added during the purchase process”. The extras can add up quickly and make final bills much higher than expected. Airlines are among the best-known users of the strategy. They often offer initially attractive base fares, but then add charges for baggage, seat selection, in-flight meals and other extras. <h2>5. Confusion pricing</h2> Related to drip pricing is <a href="https://www.x-mol.net/paper/article/1402386414932836352">confusion pricing</a> where a provider offers a range of plans, discounts and fees so complex they are overwhelming. Financial products like insurance have convoluted fee structures, as do electricity providers. Supermarkets do it by bombarding shoppers with “specials” and “sales”. When prices change frequently and without notice, it adds to the confusion. <h2>6. Algorithmic pricing</h2> <a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">Algorithmic pricing</a> is the practice of using algorithms to set prices automatically taking into account competitor responses, which is something akin to computers talking to each other. When computers get together in this way they can <a href="https://www.x-mol.net/paper/article/1402386414932836352">act as it they are colluding</a> even if the humans involved in running the businesses never talk to each other. It can act even more this way when multiple competitors use the same third-party pricing algorithm, effectively allowing a single company to influence prices. <h2>7. Price discrimination</h2> Price discrimination involves charging different customers different prices for the same product, setting each price in accordance with how much each customer is prepared to pay. Banks do it when they offer better rates to customers likely to leave them, electricity companies do it when they offer better prices for business customers than households, and medical specialists do it when they offer vastly different prices for the same service to consumers with different incomes. It is made easier by digital technology and data collection. While it can make prices lower for some customers, it can make prices much more expensive to customers in a hurry or in urgent need of something. <h2>8. Excuse-flation</h2> <a href="https://www.bloomberg.com/news/articles/2023-03-09/how-excuseflation-is-keeping-prices-and-corporate-profits-high">Excuse-flation</a> is where general inflation provides “cover” for businesses to raise prices without justification, blaming nothing other than general inflation. It means that in times of general high inflation businesses can increase their prices even if their costs haven’t increased by as much. On Thursday Reserve Bank Governor <a href="https://www.afr.com/policy/economy/inflation-is-cover-for-pricing-gouging-rba-boss-says-20240215-p5f58d">Michele Bullock</a> seemed to confirm that she though some firms were doing this saying that when inflation had been brought back to the Bank’s target, it would be "much more difficult, I think, for firms to use high inflation as cover for this sort of putting up their prices." <h2>A political solution is needed</h2> Ultimately, our own vigilance won’t be enough. We will need political help. The government’s recently announced <a href="https://treasury.gov.au/review/competition-review-2023">competition review</a> might be a step in this direction. The legislative changes should police business practices and prioritise fairness. Only then can we create a marketplace where ethics and competition align, ensuring both business prosperity and consumer wellbeing. This isn’t just about economics, it’s about building a fairer, more sustainable Australia.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223310/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/david-tuffley-13731">David Tuffley</a>, Senior Lecturer in Applied Ethics & CyberSecurity, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-prices-are-so-high-8-ways-retail-pricing-algorithms-gouge-consumers-223310">original article</a>.

Money & Banking

Supermarkets, airlines and power companies are charging ‘exploitative’ prices despite reaping record profits

<a href="https://theconversation.com/profiles/sanjoy-paul-1141384">Sanjoy Paul</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> Australians have been hit by large rises in grocery, energy, transport, child and aged care prices, only adding to other cost of living pressures. While extreme weather and supply delays have contributed to the increases, an inquiry into what’s causing the hikes has confirmed what commentators and consumers suspected - many sectors are resorting to dodgy price practices and confusing pricing. Headed by the former Australian Consumer and Competition Commission (ACCC) boss, Allan Fels, on behalf of the ACTU, the inquiry found inflation, questionable pricing practices, a lack of price transparency and regulations, a lack of market competition, supply chain problems and unrestricted price setting by retailers are to blame for fuelling the increases. The inquiry, which released its <a href="https://www.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web9-1.pdf">final report</a> on Wednesday, is one of four examining price rises. The other three are being undertaken by a Senate committee, the Queensland government and the ACCC, which has been given extra powers by the government. <h2>Prices vs inflation</h2> The inflation rate in Australia peaked at <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release">7.8%</a> in December 2022 and has been gradually dropping since then. While the inquiry found higher prices contributed to inflation, it reported that businesses claimed it was inflation that caused price rises - making it a chicken-or-egg kind of problem. However, many businesses made enormous <a href="https://theconversation.com/amid-allegations-of-price-gouging-its-time-for-big-supermarkets-to-come-clean-on-how-they-price-their-products-219316">profits</a> in 2022-23, which the inquiry said contributed to rising prices and inflation. In most cases, post-pandemic profit margins were much higher than before the pandemic. <h2>How prices are set</h2> Business pricing strategies had a big impact on product prices. In Australia, businesses often provided partial and misleading pricing information which differed from the actual price. For example, supermarkets were “<a href="https://www.afr.com/politics/federal/accc-warns-supermarkets-about-discount-claims-20240114-p5ex1s">discounting</a>” products by raising prices beforehand. These practices helped raise prices and were “exploitative”, the inquiry found. A lack of transparent pricing information caused a poor understanding by consumers of how prices were set. This was significantly worsened by a lack of competition. While market concentration was a major issue, the inquiry found prices in Australia are way higher than in many other less competitive markets. Large price increases occurred across many sectors: AVIATION While it is free to set any price for airfares, Australia’s largest and highest profile aviation company, Qantas, has been <a href="https://www.thenewdaily.com.au/life/2023/12/28/qantas-deceptive-conduct-accc">accused</a> of price gouging since the pandemic. According to the inquiry report, Qantas made a profit of $1.7 billion in 2023 - 208% higher than in 2019. At the same time, its reputation has been badly damaged by unreliable timetables, lost baggage and so-called <a href="https://www.9news.com.au/national/qantas-files-legal-defence-refutes-accc-case-and-ghost-flight-claims/9a6296c9-9238-4053-9f36-cc3cbf1f8a55">“ghost” flights</a> (selling tickets for a flight that’s been cancelled or doesn’t exist). Despite its huge profits and poorer service, Qantas passed on extra expenses to consumers in the form of higher airfares, the inquiry found. BANKING The banking industry has a long history of being tardy in passing on the Reserve Bank’s cash rate cuts to consumers. However, when the reserve raised the cash rates, banks immediately increased their standard variable rates and passed them on to customers. This practice keeps the bank’s profit margin higher. According to the inquiry report, the major banks’ average profit margins have been higher since May 2022 than in the 15 years before the pandemic. For 2022-23, the four big Australian banks’ profit margins were 35.5%, compared to an average of 32.4% from 2005 to 2020. CHILDCARE Australian households spent a good portion of their income on childcare, and for many of them, it was <a href="https://www.vu.edu.au/sites/default/files/mitchell-institute-assessing-childcare-affordability-in-Australia.pdf">unaffordable</a>. In Australia, the lack of availability and difficulty in switching services makes it even harder for working parents to find alternative options. This indicates parents are forced to pay more if the service providers raise prices. The inquiry found the childcare sector increased fees by 20% to 32% from 2018 to 2022. Accordingly, Australian households’ out-of-pocket expenses for childcare increased more than the rate of wage growth. For-profit childcare businesses have higher margins than not-for-profit centres. ELECTRICITY In recent years, electricity price increases have impacted all Australian households. The inquiry found both wholesale and retail electricity pricing strategies were responsible for these increased prices. It reported that wholesale price increases were mainly responsible for an estimated 9% to 20% increase in electricity bills in 2022-23. The report noted the “price bidding system” was largely responsible for increasing wholesale electricity prices. The inquiry was critical of the profit margin of AGL, a leading electricity retailer: <blockquote> It would seem that AGL needs to explain why consumers are paying $60.10/MWh more than seems to be justified by cost differentials. That is, for every consumer bill of $1,000 there is an apparent excess to be explained of $205.61 relative to prices charged to large business customers and not accounted for by genuine cost differences. </blockquote> SUPERMARKETS Supermarket prices have received the most attention recently with the main providers being accused of price gouging. As has occurred in other sectors, profit margins were well above pre-COVID levels. In 2023, the margin was more than 3.5% compared to less than 3% in 2017 and 2018. In Australia, <a href="https://www.smh.com.au/politics/federal/not-happy-little-vegemites-food-prices-rising-faster-than-inflation-20230522-p5da9w.html">food prices</a> also increased well above the inflation rate. According to the inquiry, the price increases for groceries between March 2021 and September 2023 varied between 19.2% and 27.3% for different categories, including cheese, bread, milk, eggs, dairy products and breakfast cereals. Farmers recently <a href="https://www.news.com.au/finance/business/retail/aussie-farmer-shipping-beautiful-melons-to-japan-rather-than-deal-with-coles-and-woolworths/news-story/bd685cd91f934f31c02c764097f496ae">accused</a> supermarkets of making too much profit from their crops. This was backed by the inquiry, which found the disproportionate market power held by supermarkets and food processors was of significant concern. The report noted that supermarkets increased prices when there was a shortage or cost increase, but the opposite did not happen easily when supplies were plentiful and prices were cheaper. <h2>Issues common to all sectors</h2> Among the issues common to all sectors were weak competition, a lack of price transparency, the difficulty consumers face switching between suppliers and providers, a lack of pricing policies and a lack of consumer awareness. While the price rises imposed by service providers and retailers were <a href="https://www.accc.gov.au/business/pricing/setting-prices-whats-allowed">not unlawful</a>, the increases in all sectors were significant and were hurting everyday Australians. <h2>Fels’ recommendations</h2> Many of the recommendations were sector-specific, but the one that applied to all areas related to the lack of regulation and pricing policies. The ACCC should be empowered to investigate, monitor and regulate prices for the child and aged care, banking, grocery and food sectors, the inquiry found. This was necessary to ensure businesses used fair and transparent pricing. A review of all existing policies was also recommended. For example, the government should use the current aviation review to remove international and domestic restrictions on competition. It was important aviation stakeholders, such as airlines and airports, were involved in the process. The report suggested the grocery <a href="https://www.accc.gov.au/business/industry-codes/food-and-grocery-code-of-conduct">code of conduct</a> should be mandatory for the food and grocery sector, and a price register for farmers should be created. This should be a government priority to protect farmers from unfair pricing by major supermarkets and food processors. <h2>Change is needed</h2> The current pricing practices for all business sectors must improve for greater transparency and to protect Australian consumers from unfair pricing. The inquiry report’s findings and recommendations are helpful in ensuring fair and transparent pricing policies and improving the current regulations for price settings. Implementing the recommendations will improve fair and transparent pricing practices and may help Australians get relief from the cost of living pressure in future.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/222755/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/sanjoy-paul-1141384">Sanjoy Paul</a>, Associate Professor, UTS Business School, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/supermarkets-airlines-and-power-companies-are-charging-exploitative-prices-despite-reaping-record-profits-222755">original article</a>.

Money & Banking

Zimmerman founder sets new price record for Bondi home

Simone Zimmerman has set a new home price record for Bondi, and she didn't even need to take out a mortgage. The fashion guru and founder of Zimmermann has splurged $30 million for her four-bedroom, three-bathroom home just moments away from the iconic Bondi Beach. “This ocean front executive residence is tucked away in a quiet street only moments to the iconic Bondi Beach and all it has to offer,” the listing for the beachside home read. According to property records, the home - which is located just behind the popular Bondi to Bronte walk - last sold for $5.75m in June 2008. The fashion mogul is reported to have bypassed local real estate agents, purchasing the home directly from a local investor. No major changes have been made to the home since, but prior to Zimmerman's purchase it was being rented out at $4,400 per week. According to PropTrack the median house price for Bondi is around $3.75m, which went up by 4.7 per cent over the past year. The stunning home features 4 double bedrooms, all with large built-in wardrobes and a separate study perfect for the business-woman. It also has a gourmet kitchen with a stainless-steel benchtop and large open dining room. The lounge room opens onto a large deck with beautiful ocean views and plenty of natural lighting. This comes after the luxury womenswear label sold a majority stake in its company to private equity investors in August last year. Sisters Simone and Nicky Zimmerman are founders of the brand, which initially began as a stall in Sydney’s Paddington market, before the sisters opened their first local shop in Darlinghurst. It now operates across 58 global destinations in the USA, UK, Europe and China, with the sisters now having an estimated net worth of around $1bn each. Images: Realestate.com.au

Money & Banking

"Wokeness gone mad": Steve Price slams AO Australia Day boycott

Steve Price has slammed Australian Open organisers for choosing not to celebrate Australia Day for the second year in a row. The decision came after the Victorian government axed its Australia Day parade last year, amid growing backlash from athletes about celebrating on January 26. “This started last year and ended Australia Day celebrations, they used to feature fireworks, the playing of the national anthem and special musical events to mark the day at the tennis,” the Sky News host said. “So we have First Nations day, no drama from me about that, then the organisers have set aside a day for Australian Open Pride Day, an Australian Open All Abilities Day and an Australian Open Glam Slam for the LGBTI+ folk that will run across January 26 to 28. “You can’t make this stuff up.” Price also slammed the AO's decision to move the induction day for the tennis player who made it into this year's Australian Tennis Hall of Fame. The event normally takes place on January 26, but this year Lleyton Hewitt’s induction has been moved to the 24th of January. “This year it’s going to be Lleyton Hewitt – you couldn’t get a more Australian Australian than Lleyton Hewitt,” Price said. “They’ve changed the date of that event from Australia Day, when it used to be, to the 24th, two days earlier. “This is just crazy wokeness gone mad. “Can anyone at Tennis Australia defend this disgraceful snubbing of our national day by a tournament that carries the name of our nation," he ranted. Price then slammed the AO organisers for their decision. “It’s a pity the woke directors who run Tennis Australia don’t have the courage to drag the South African bloke running the organisation Craig Tiley into line and insist we recognise the great nation that lends its name to his tennis tournament," he said. A few others have agreed with Price, including Journalist Joe Hildebrand, who said that the decision is “counter-productive” in terms of making any meaningful difference. “The idea that these sorts of ridiculous virtue-signalling gestures are going to make any difference … is absolutely ridiculous – in fact, it puts people off even considering or wanting to address these issues, “This sort of stuff is what cost the Yes vote its victory … and it’s just so counter-productive, self-destructive, idiotic – you could use any name.” Radio Personality Tom Elliott, also called the move ridiculous. “If you’re going to call yourself the Australian Open and it happens that our national day takes place during the tournament, you have to acknowledge Australia Day,” he said. “Maybe the date will change down the track, but right now it’s January 26.” Images: Getty/ Sky News

Travel Trouble

Amid allegations of price gouging, it’s time for big supermarkets to come clean on how they price their products

<a href="https://theconversation.com/profiles/sanjoy-paul-1141384">Sanjoy Paul</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> With inflation driving up the cost of living, many are dreading not just the hassle of a big grocery shop, but also the bruising cost. But while Australians struggle with their budget and spending, several major supermarkets made large profits in 2022–23. Coles and Woolworths, for example, made net profits of <a href="https://www.theguardian.com/business/2023/aug/23/woolworths-posts-162bn-profit-with-dramatic-lift-in-margins-despite-cost-of-living-crisis">A$1.1 billion and A$1.62 billion</a>, respectively. <a href="https://www.news.com.au/finance/money/costs/coles-and-woolworths-chief-executives-to-face-senate-inquiry-into-supermarket-price-hikes/news-story/0f74b6d4cac20ee65b818642f4f554ba">Allegations of price gouging</a> by Australian supermarkets have even led to a <a href="https://www.abc.net.au/news/2023-12-03/greens-move-to-establish-senate-inquiry-into-supermarkets/103179656">Senate inquiry</a> into supermarket pricing. Coles chief executive Leah Weckert has <a href="https://www.colesgroup.com.au/media-releases/?page=coles-group-statement-on-senate-inquiry-into-supermarket-prices">promised</a> to appear at the inquiry, saying the company “works hard to keep prices affordable for Australian households […]” and is ready to “engage in an informed discussion on the factors that influence supermarket pricing.” Woolworths Group chief executive Brad Banducci, meanwhile, <a href="https://www.woolworthsgroup.com.au/au/en/media/latest-news/2023/woolworths-group-confirms-ceo-will-appear-at-senate-inquiry-on-s.html">said</a> he welcomes the chance to explain to the Senate “how we are working to balance the needs of our customers, our team and our suppliers in the context of economy-wide inflationary pressure”. But why wait until a Senate inquiry to explain all that? There’s an opportunity now for the big supermarkets to be more transparent about how they decide what prices to put on products. <h2>Allegations of price gouging</h2> It’s not just <a href="https://www.abc.net.au/news/2023-12-03/greens-move-to-establish-senate-inquiry-into-supermarkets/103179656">politicians</a> and <a href="https://au.finance.yahoo.com/news/woolworths-photo-exposes-everything-wrong-with-supermarkets-002726485.html">customers</a> complaining about supermarket prices. Australian farmers have also accused Coles and Woolworths of price gouging for <a href="https://www.news.com.au/finance/business/retail/aussie-farmer-shipping-beautiful-melons-to-japan-rather-than-deal-with-coles-and-woolworths/news-story/bd685cd91f934f31c02c764097f496ae">fruits and vegetables</a>, claiming supermarkets profit too much from their crops. The National Farmers’ Federation has <a href="https://www.freshplaza.com/oceania/article/9583132/farmers-call-for-price-transparency-beyond-supermarket-inquiry/">called</a> for greater transparency from the supermarkets on how they decide prices. A recent <a href="https://www.freshplaza.com/oceania/article/9583132/farmers-call-for-price-transparency-beyond-supermarket-inquiry/">survey</a> by AUSVEG (the peak industry body for the Australian vegetable and potato industries) found 34% of vegetable growers are considering leaving the industry in the next 12 months as they <a href="https://www.news.com.au/finance/business/retail/aussie-farmer-shipping-beautiful-melons-to-japan-rather-than-deal-with-coles-and-woolworths/news-story/bd685cd91f934f31c02c764097f496ae">struggle</a> to turn a profit. When asked about calls for more transparent pricing, a Woolworths spokesperson told The Conversation: <blockquote> We publish both our average gross margin and EBIT (earnings before interest and taxes) margin transparently in our public financial reports. Supply chain costs are different for every product and they are constantly fluctuating, as are our buying costs in the case of fresh food like fruit and vegetables. Shoppers are very savvy. We operate in a highly competitive industry and we know our customers will – and do – shop around to find the best value. As we start to see the rate of inflation ease, we will continue to focus on delivering savings to our customers. </blockquote> Coles was also contacted for comment but did not reply before publication deadline. <h2>Factoring in many costs</h2> When a retailer buys products from their suppliers, it involves a supply chain that includes supply, manufacturing, transportation and distribution, warehouse and storage. There are several costs – such as product costs, transportation fees, labour, rent, inventory and more – involved at every step of the process. The supermarket must factor in all costs, as well as its profit margin, when it sets the selling price for a product. Organisations usually have these cost breakdowns as part of their internal decision-making – but they don’t typically disclose these calculations to their customers. <h2>Not disclosing the cost breakdowns</h2> The problem for supermarkets is that when they don’t disclose details such as their buying price or supply chain costs, it can contribute to anger among customers and suppliers. Apple and Pear Australia Limited – the national peak industry body for apple and pear growers – has <a href="https://apal.org.au/retailers-need-to-demonstrate-greater-price-transparency/">called for</a> retailers to demonstrate greater price transparency, saying, “frustration at the behaviour of the major retailers has again angered many growers”. Of course, supermarkets use several pricing strategies to win customer support – such as locking in prices for a certain period of time, everyday low prices on key products, specials, price-matching and discounts. Supermarkets spend millions of dollars on these price-related advertisements, but perhaps they would get more community support by simply disclosing cost breakdowns on their websites and in-store to show their commitment to transparent and fair pricing. <h2>Transparent and fair pricing</h2> Research shows price transparency helps businesses build trust with their <a href="https://fastercapital.com/content/The-Importance-of-Price-Transparency-in-Pricing-Psychology.html">customers</a>. Many major retailers already have this information for internal decision-making, so could display this online and in stores. Yes, prices change constantly due to factors outside their control – such as fuel prices, shipping problems or even supply chain issues linked to global conflict. But being more open with customers about these issues could help repair relationships and their public image. Perhaps there may even be a role for government, which could collaborate with supermarkets and retailers to develop policies for transparent and fair pricing. Everyday Australians deserve to be treated fairly and given the information they need about how major supermarkets price their products, so they can make informed decisions at the checkout.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/219316/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/sanjoy-paul-1141384">Sanjoy Paul</a>, Associate Professor, UTS Business School, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/amid-allegations-of-price-gouging-its-time-for-big-supermarkets-to-come-clean-on-how-they-price-their-products-219316">original article</a>.

Money & Banking

Three-bedroom home on the market for unbelievably cheap price

A three-bedroom home located on the border of Victoria and South Australia is up for sale for just $65,000. But there is a catch to future homeowners who want to experience the “quiet and cheap country living”, as they might need to be handy with a hammer. “If you’re a handyman and willing to put some elbow grease into it, then this one might be for you,” the listing read. The home itself is located on two plots of land measuring 2,100m2 in Serviceton, Victoria, and is only 16 minutes away from Bordertown, South Australia. “Being on two titles, you can utilise both or sell the vacant allotment as all the dwellings are on one,” the listing read. It also features a large lounge room with wood-fire heater, and a centrally located bathroom with a bath and vanity. There's plenty of room to cook in the massive kitchen, despite it needing a lot of work, it features a formal dining area that has a sliding servery window which connects to the lounge room. Outside, the future homeowner can find a large shed, rain water storage, and a gate that opens up to a park. “It went under contract ... an hour and a half (after it was listed),” Ray White agent Hayden Obst told 7News. The condition of its electrical, plumbing and appliances are unknown, but people are still expressing their interest. Despite this, many people from different parts of the country and a few investors are still calling the real estate agent, just in case the contract falls through. Images: 7News.com.au

Real Estate

Fed up farmer blasts major supermarkets for price gouging

In a heartfelt plea captured in a viral video, Ross Marsolino, a Victorian farmer and owner of Natural Earth Produce, expressed his frustration with major supermarkets and their pricing strategies for fruits and vegetables. Marsolino, who specialises in growing zucchinis, tomatoes and eggplants in Victoria's Goulburn Valley, said that the profit margins imposed by supermarkets are crippling farmers, adversely impacting consumers, and driving growers out of business. “We’re going to walk away from 80 acres today,” Marsolino said in his video posted to social media. “We’re not retailing the right price to be able to keep the product moving and selling. Plain and simple. The supermarkets are making too much profit out of our crops. We can’t survive. As growers we can’t afford to pay the workers, 50 people are going to be out of the system looking for work.” The crux of Marsolino's argument lies in the claim that supermarkets are engaging in price-gouging, purchasing produce from growers at a considerably lower price and then selling it at a steep markup. He highlighted the stark contrast between the $1.80 per kilo that supermarkets allegedly pay to farmers and the retail price of $4.99, stating that this disparity is unsustainable for growers. The consequence, as Marsolino outlined, is a domino effect on the entire supply chain. Farmers, unable to cover their costs, are forced to reduce the quantity of product they sell, leading to both financial losses for growers and higher prices for consumers. That is why, in his case, Marsolino is saying he is prepared to abandon his 80-acre zucchini crop, estimating the loss at a staggering $2 million. This decision, he said, is a result of the unsustainable economics of the industry. Marsolino's argument goes beyond his personal struggle; he contends that the high retail prices set by supermarkets are ultimately detrimental to consumers and the agricultural industry as a whole. He believes that if prices were lowered to a more reasonable level, consumers would be more inclined to purchase the produce, resulting in increased sales for growers and a healthier industry overall. The plea from Marsolino has also sparked a call for government intervention. He urged authorities to scrutinise the pricing practices of supermarkets, demanding transparency in their transactions with growers. Marsolino's desire is for someone to hold the major supermarket chains accountable for the prices they set and to ensure that they are fair and reasonable. In response to Marsolino's claims, representatives from Woolworths and Coles <a href="https://www.news.com.au/finance/business/retail/fed-up-farmer-abandons-80acre-zucchini-crop-blaming-high-markups-at-supermarkets/news-story/30c5ebbaa296e74b8c12c1da356696cd" target="_blank" rel="noopener">defended their pricing structures</a>. They argued that the prices paid to suppliers are influenced by various factors, including processing, transport, labour, packaging and market conditions. Both companies emphasised their commitment to fair pricing and their efforts to balance the interests of suppliers and consumers. Marsolino's plea serves as a reminder of the delicate balance required to sustain both the agricultural sector and the affordability of fresh produce for consumers. As the debate continues, it remains to be seen whether there will be a shift towards a more equitable pricing structure that benefits all stakeholders in the industry. Images: Instagram

Money & Banking

Millions of high-risk Australians aren’t getting vaccinated. A policy reset could save lives

<a href="https://theconversation.com/profiles/peter-breadon-1348098">Peter Breadon</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/ingrid-burfurd-1295906">Ingrid Burfurd</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> Each year, vaccines prevent thousands of deaths and hospitalisations in Australia. But millions of high-risk older Australians <a href="https://grattan.edu.au/report/a-fair-shot-ensuring-all-australians-can-get-the-vaccines-they-need/">aren’t getting</a> recommended vaccinations against COVID, the flu, pneumococcal disease and shingles. Some people are more likely to miss out, such as migrant communities and those in rural areas and poorer suburbs. As our new <a href="https://grattan.edu.au/report/a-fair-shot-ensuring-all-australians-can-get-the-vaccines-they-need/">Grattan report shows</a>, a policy reset to encourage more Australians to get vaccinated could save lives and help ease the pressure on our struggling hospitals. <h2>Adult vaccines reduce the risk of serious illness</h2> Vaccines slash the risk of <a href="https://www.ncirs.org.au/sites/default/files/2021-03/Influenza-fact-sheet_31%20March%202021_Final.pdf">hospitalisation</a> and serious illness, <a href="https://ncirs.org.au/recent-covid-19-vaccination-highly-effective-against-death-caused-sars-cov-2-infection-older">often by more than half</a>. COVID has already caused more than <a href="https://www.abs.gov.au/statistics/health/causes-death/provisional-mortality-statistics/latest-release">3,000 deaths in Australia this year</a>. On average, the flu kills about <a href="https://www.doherty.edu.au/news-events/news/statement-on-the-doherty-institute-modelling">600 people a year</a>, although a bad flu season, like 2017, can mean <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/3303.0%7E2017%7EMain%20Features%7EAustralia's%20leading%20causes%20of%20death,%202017%7E2">several thousand deaths</a>. And pneumococcal disease may also kill <a href="https://www.aihw.gov.au/getmedia/49809836-8ead-4da5-81c4-352fa64df75b/aihw-phe-263.pdf?inline=true">hundreds</a> of people a year. Shingles is rarely fatal, but can be extremely painful and cause <a href="https://www.healthdirect.gov.au/shingles#complications">long-term nerve damage</a>. Even before COVID, vaccine-preventable diseases caused tens of thousands of potentially preventable hospitalisations each year – more than <a href="https://www.aihw.gov.au/reports/primary-health-care/disparities-in-potentially-preventable-hospitalisa/data">80,000 in 2018</a>. Vaccines offered in Australia have been tested for safety and efficacy and have been found to be <a href="https://www.health.gov.au/topics/immunisation/about-immunisation/vaccine-safety#:%7E:text=serious%20side%20effects.-,Vaccine%20safety%20monitoring,approved%20for%20use%20in%20Australia.">very safe</a> for people who are <a href="https://www.health.gov.au/topics/immunisation/when-to-get-vaccinated/national-immunisation-program-schedule">recommended to get them</a>. <h2>Too many high-risk people are missing out</h2> Our <a href="https://grattan.edu.au/report/roundabouts-overpasses-carparks-hauling-the-federal-government-back-to-its-proper-role-in-transport-projects">report</a> shows that before winter this year, only 60% of high-risk Australians were vaccinated against the flu. Only 38% had a COVID vaccination in the last six months. Compared to a year earlier, two million more high-risk people went into winter without a recent COVID vaccination. Vaccination rates have fallen further since. Just over one-quarter (<a href="https://www.health.gov.au/sites/default/files/2023-11/covid-19-vaccine-rollout-update-10-november-2023.pdf">27%</a>) of people over 75 have been vaccinated in the last six months. That leaves more than 1.3 million without a recent COVID vaccination. Uptake is also low for other vaccines. Among Australians in their 70s, <a href="https://ncirs.org.au/sites/default/files/2022-12/Coverage%20report%202021%20SUMMARY%20FINAL.pdf">less than half</a> are vaccinated against shingles and only one in five are vaccinated against pneumococcal disease. These vaccination rates aren’t just low – they’re also unfair. The likelihood that someone is vaccinated changes depending on where they live, where they were born, what language they speak at home, and how much they earn. For example, at the start of winter this year, the COVID vaccination rate for high-risk Aboriginal and Torres Strait Islander adults was only 25%. This makes them about one-third less likely to have been vaccinated against COVID in the previous six months, compared to the average high-risk Australian. For more than 750,000 high-risk adults who do not speak English at home, the COVID vaccination rate is below 20% – about half the level of the average high-risk adult. Within this group, 250,000 adults aren’t proficient in English. They were 58% less likely to be vaccinated for COVID in the previous six months, compared to the average high-risk person. High-risk adults who speak English at home have a flu vaccination rate of 62%. But for people from 29 other language groups, who aren’t proficient in English, the rate is less than 31%. These 39,000 people have half the vaccination rate of people who speak English at home. These vaccination gaps contribute to the differences in people’s health. Australians born overseas don’t just have much lower rates of COVID vaccination, they also have much higher rates of death from COVID. Where people live also affects vaccination rates. High-risk people living in remote and very remote areas are less likely to be vaccinated, and even within capital cities there are big differences between different areas. <h2>We need to set ambitious targets</h2> Australia needs a vaccination reset. A new National Vaccination Agreement between the federal and state governments should include ambitious but achievable targets for adult vaccines. This can build on the success of targets for childhood and adolescent vaccination, setting targets for overall uptake and for communities that are falling behind. The federal government should ask the Australian Technical Advisory Group on Immunisation (ATAGI) to advise on vaccination targets for COVID, flu, pneumococcal and shingles for all high-risk older adults. <h2>Different solutions for different barriers</h2> Barriers to vaccination range from the trivial to the profound. A new national vaccination strategy needs to dismantle high and low barriers alike. First, to increase overall uptake, vaccination should be easier, and easier to understand. The federal government should introduce vaccination “surges”, especially in the lead-up to winter, as <a href="https://www.who.int/europe/news/item/09-10-2023-vulnerable--vaccinate.-protecting-the-unprotected-from-covid-19-and-influenza">countries in Europe</a> do. During surges, high-risk people should be able to get vaccinated even if they have had a recent infection or injection. This will make the rules simpler and make vaccination in aged care easier. Surges should be reinforced with advertising explaining who should get vaccinated and why. High-risk people should get SMS reminders. Second, targeted policies are needed for the many people who are happy to use mainstream primary care services, but who don’t get vaccinated – for example, due to <a href="https://theconversation.com/how-can-governments-communicate-with-multicultural-australians-about-covid-vaccines-its-not-as-simple-as-having-a-poster-in-their-language-156097">language barriers</a>, or living in <a href="https://theconversation.com/over-half-of-eligible-aged-care-residents-are-yet-to-receive-their-covid-booster-and-winter-is-coming-205403">aged care</a>. <a href="https://www.health.gov.au/our-work/phn/what-PHNs-are">Primary Health Networks</a> should get funding to coordinate initiatives such as vaccination events in aged care and disability care homes, workforce training to support culturally appropriate care, and provision of interpreters. Third, tailored programs are needed to reach <a href="https://www.aihw.gov.au/reports/australias-health/health-promotion">people who are not comfortable or able to access mainstream health care</a>, who have the most complex barriers to vaccination – for example, distrust of the health system or poverty. These communities are all very different, so one-size-fits-all programs don’t work. The pandemic showed that vaccination programs can succeed when they are designed and delivered with the communities they are trying to reach. Examples are “<a href="https://pubmed.ncbi.nlm.nih.gov/36366401/">community champions</a>” who challenge misinformation, or health services organising vaccination events where communities work, gather or <a href="https://www.theguardian.com/australia-news/2021/aug/11/hundreds-queue-for-hours-and-some-camp-overnight-at-pop-up-vaccine-clinic-in-sydneys-lakemba">worship</a>. These programs should get ongoing funding, but also be accountable for achieving results. Adult vaccines are the missing piece in Australia’s whole-of-life vaccination strategy. For the health and safety of the most vulnerable members of our community, we need to close the vaccination gap. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/217915/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-breadon-1348098">Peter Breadon</a>, Program Director, Health and Aged Care, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/ingrid-burfurd-1295906">Ingrid Burfurd</a>, Senior Associate, Health Program, Grattan Institute, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/millions-of-high-risk-australians-arent-getting-vaccinated-a-policy-reset-could-save-lives-217915">original article</a>.

Body

Kyle Sandilands leaves brutal voicemail for Steve Price

In the latest episode of "Australia's Got Voicemails", shock jock extraordinaire Kyle Sandilands unleashed a verbal tempest upon fellow broadcaster Steve Price. What sparked this war of words? Apparently, Price had the audacity to <a href="https://www.oversixty.com.au/entertainment/tv/steve-price-slams-buffoon-kyle-sandilands-over-move-to-melbourne-airwaves" target="_blank" rel="noopener">label Sandilands a "grubby buffoon"</a> on national television. And you thought your family gatherings were awkward. Let's rewind to the moment when Price, with all the subtlety of a kangaroo in a china shop, decided to throw some shade on The Project. With the finesse of a wordsmith, Price declared, "I don't think grubby buffoons work in Melbourne." Ouch. Melbourne, known for its coffee, culture, and now apparently, a grubby buffoon ban. In response, Sandilands, not one to be outdone in the art of verbal gymnastics, left Price a voicemail that would make a sailor blush. "Hey, you piece of sh*t," Sandilands began, setting the tone for a heartfelt exchange of pleasantries, "we’ve spoken before, last time you forgot that you’re not allowed to mouth off about me. “Steve, it’s Kyle obviously, there is probably a long list of people who ring you. “Again just surprised at your feigned reaction on The Project, can’t you just be yourself? Can’t you just say your true thoughts? I can’t wait to see you face-to-face buddy, it’s been too long. “It’s disappointing that as you’ve gotten older you have turned into a real piece of sh*t. Feel free to play this on tonight’s Project because that’s the last gig you will ever have. "See you mate, by the way love the alcoholic nose, bye bro.” Despite the verbal thrashing, Price seemed unconcerned. "I described him as a grubby buffoon, and that's it," <a href="https://www.heraldsun.com.au/entertainment/page-13/pieceofsh-radio-war-of-words-between-steve-price-heats-up-with-veiled-threats/news-story/ed616773a1064b8e8afd8e448977b40b" target="_blank" rel="noopener">Price retorted</a>, probably sipping tea and counting the days until the next headline-grabbing voicemail. It's all in a day's work for a grizzled commentator who's clearly impervious to verbal beatdowns. In the grand tradition of radio feuds, this clash of titans unfolded after Sandilands and his partner-in-crime, Jackie 'O' Henderson, inked a jaw-dropping $200 million deal live on air. As the radio waves settle from this tempestuous encounter, we can't help but marvel at the drama that unfolds in the seemingly mundane world of talk radio. Who needs reality TV when you have Australian broadcasters providing this level of entertainment? In the end, whether it's a buffoon's brawl or a radio roast, one thing's for sure – the Australian airwaves are never short of surprises. Tune in next time for another episode of He Said, He Said, where words are sharper than claws, and feuds are settled with voicemails, not handshakes. Images: Network Ten / KIIS FM

Steve Price slams "buffoon" Kyle Sandilands over move to Melbourne airwaves

The radio waves have been rocked once again after Steve Price, a man with the subtlety of a sledgehammer, dubbed fellow radio shock jock Kyle Sandilands a "grubby buffoon". The saga unfolded as Sandilands and his radio partner-in-crime, Jackie O Henderson, inked a deal reportedly worth a staggering $200 million. Yes, you heard that right – $200 million. But the real kicker as far as Price is concerned? The show is expanding to Melbourne next year, leaving the current breakfast hosts, Jason Hawkins and Lauren Phillips, with a one-way ticket to radio oblivion. In a tearful farewell on their Melbourne morning show, Phillips lamented: "This is certainly not the way we wanted to bow out." Price, the unsolicited guardian of Melbourne's radio sensibilities, didn't hold back in his assessment of Sandilands, calling him a "grubby buffoon" and then backpedaling to settle on "just a grub". “Kyle’s a grubby buffoon," Price said to the bemused panel on a recent episode of The Project. "And I don’t think grubby buffoons work in Melbourne. I probably shouldn’t call him a grubby buffoon. He’s just a grub.” Price also predicted that Melbourne might not be ready for the explicit nature of the Kyle and Jackie O Show. “Some of the sexually explicit material is off-putting," he explained. "Sarah [Harris] would know better than anyone else that it’s school drop-off time for kids. You don’t want people talking about anal sex at breakfast time, in my view. That’s what they do on that show. "Melbourne people are not going to embrace that. Look, the company that is putting them on the air has a different view to that, and I may be proven to be completely wrong, but that doesn’t happen very often.” Despite Price's dire predictions, Sandilands remains unfazed, his ageless charm apparently defying the laws of time. Given that the $200 million deal extends for the next ten years, that would put Sandilands well into his sixties – quite a challenging age for a "shock jock" to remain relevant. “Can a 60-year-old be smutty?” Price was asked by the panel. “I don’t think they can, and that is part of the problem,” he replied. “But Kyle seems to be ageless. I don’t know how, with that unhealthy lifestyle he has. But he doesn’t seem to age much. So perhaps he can, at 62 . . . You can’t imagine he’s going to be appealing to the 18 to 28-year-old demographic that the radio station is paying him to drag in. I find that really puzzling.” So brace yourselves, Melbourne: the radio waves are about to get a whole lot grubbier, buffoonier and possibly more explicit. It's the Kyle Sandilands extravaganza, and no amount of Price's disapproval can stop the buffoonery. Images: KIIS FM / Network 10

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