📈 Property continues to fall | Gambling giants accused of offering drugs to punters

Presented by

The Big Picture

• National property prices record biggest monthly fall since 2022. Australia's housing downturn is broadening beyond Sydney and Melbourne, with Brisbane and Adelaide now recording their second consecutive month of price declines. National property prices fell 0.7% in July being the largest single monthly drop since December 2022. Sydney fell -1.4% for the month with Melbourne down -1.2%, Brisbane down -0.6% and Adelaide -0.2% respectively. Darwin was the outlier with house prices rising 0.8%. (ABC)
  
  

• Australia records biggest ever quarterly surge in EV sales. Nearly one in two new vehicles sold in Australia in the June quarter was electric or hybrid. The EV market share rose from 12.3% to more than 21% in six months compared to the non-EV market share falling to 51% of June quarter sales, down from 64%. (ABC)
  
  

• Government raises media levy on tech giants. The federal government has increased the levy on technology companies that fail to strike content deals with Australian news organisations from 2.25% to 2.5% of advertising revenue. However, the levy will now apply only to digital advertising revenue rather than total revenue, significantly reducing the potential bill for companies like Google and Meta. (ABC)
  
  

• US and Japan join forces to support Yen at 40-year low. The US and Japan have confirmed a rare joint intervention to halt a slide in the yen after it weakened to a fresh 40-year low. The intervention highlights concerns that a sustained Yen sell-off could push up borrowing costs globally, with the currency being historically weak due to Japan's much lower interest rates compared to other major economies making it less attractive to overseas investors. (BBC)
  
  

• Oil falls 8% as Trump calls off Iran strikes. Brent crude fell more than 8% to around $82.95 a barrel after President Trump cancelled what he described as "massive" strikes on Iran, claiming to have reached the "perimeters" of a peace deal. Trump said new talks will begin on Monday, adding he had held off on what would have been "the biggest attack since World War II" at the request of US allies. (NYT)
  
  

• European wildfires have already cost more than €3 billion. Almost half a million hectares have been burnt across the five worst-hit eurozone countries including France, Spain, Portugal, Greece and Romania. Insurers warn the final toll will be significantly higher as the cost of property damage, crop losses and disruption to peak summer tourism is still being counted. (FT)

Companies in the news

• Tabcorp and Sportsbet accused of offering drugs to keep gamblers hooked. A Senate inquiry into gambling reform has heard allegations that major bookmakers including Tabcorp and Sportsbet offered drugs to retain high-spending customers. Former NRL player Luke Bateman told the inquiry he was regularly invited to VIP events and on one occasion did drugs with executives of a sports betting company. The allegations come as Australians lost $32.2 billion gambling last year, making the country the biggest per capita gamblers in the world. (AFR)
  
  

• SG Fleet offers $770 million to acquire FleetPartners as shares jump. Private equity firm Pacific Equity Partners (the owner of SG Fleet) has tabled a $770 million offer for ASX-listed FleetPartners, aiming to merge two Australia's two largest vehicle fleet management companies. FleetPartners shares surging more than 17% on the news. (AFR)
  
  

• BP to exit North Sea after 60 years. BP has put its North Sea business up for sale, marking the end of 60 years of production in the region, with the assets potentially worth around £2 billion. The business produces 117,000 barrels of oil per day, a small fraction of BP's total daily production of 2.3 million barrels, as the company continues to reduce its global operations. (BBC)
  
  

• Transurban and NSW government cap tolls from 2027. The NSW government has struck a deal with Transurban to permanently cap Sydney motorists' weekly toll costs at $60, following two years of negotiations. Tolls will also be lowered in the Lane Cove Tunnel, M2, and Cross City Tunnel, but neither WestConnex or NorthConnex will be included. The first reductions will take effect from mid-2027. (AFR)

eBay pays couple $79m over pig’s blood an funeral wreaths

eBay has agreed to pay a couple $79 million after a 2019 campaign of harassment targeting their eBay-critical newsletter EcommerceBytes. eBay executives were said to have sent the couple a pigs blood-covered mask in the mail, a funeral wreath, a book on surviving the death of a spouse, and attempted visits to install a tracking device on their car.

Seven former eBay executives pleaded guilty to criminal charges between 2022 and 2024, with the FBI describing it as "an unprecedented, relentless, and over-the-top harassment campaign." Former eBay CEO Devin Wenig, who had texted a colleague to "take her down" in reference to Ina Steiner, is personally contributing $1.42 million to the settlement. (BBC)

With PocketSmith, you get one place to see your day-to-day spending, savings and investing side by side. Link your accounts (including multi-currency), let transactions auto-categorise, then set budgets and regular investing contributions that match how you actually live.

PocketSmith’s calendar and forecasting show how each pay cycle looks in advance, while net worth tracking keeps the bigger picture in focus.

Right now, PocketSmith is offering 50% off the first 2 months of a Foundation Plan. To try PocketSmith for yourself and claim this deal, head to pocketsmith.com/equitymates

The Future of Farming is Already Here

In yesterday’s episode of Equity Mates Investing we explore the technology transforming the agriculture industry in the latest instalment of our Decade Ahead series. (Spotify | Apple | YouTube)

Commodity prices, weather risk, and low margin businesses have long been associated when traditionally thinking about investing in agriculture. But the industry is constantly coming out with cutting edge technology, like a robot patrolling a Queensland lettuce field, identifying individual weeds and zapping them with a laser while leaving the crop untouched. Which is in operation across Australian farms today.

There are four Australian and New Zealand companies at the forefront of this shift. All unfortunately for us are currently privately held companies, but they paint a clear picture of where the industry is heading.

Halter makes solar-powered smart collars for cattle that move herds through vibrations, eliminating the need for fences, motorbikes, or mustering. Backed by Peter Thiel, it recently raised $315 million at a $2.9 billion valuation.

Exigent Digital makes ear tag Fitbits for pigs, tracking 12 data points per second including temperature, movement, eating and drinking habits, with a red light that glows on the animal when it needs attention.

Swarm Farm Robotics builds autonomous robots that patrol fields, identify individual weeds, deliver targeted herbicide, then drive back to their docking station, refill, and start again. The result is a 90% reduction in herbicide use per hectare.

CropX aggregates all of this data alongside satellite imagery to give farmers a complete picture of crop health and soil conditions. In one study, CropX managed sugarcane fields produced 70% higher yields than traditionally managed fields.

The investment challenge is that the most exciting companies are all private. But for investors who want exposure, listed options include John Deere (NYSE: DE), precision agriculture software company Trimble (NASDAQ: TRMB), and three ETFs: the Betashares Global Agricultural ETF (ASX: FOOD), the VanEck Agribusiness ETF (NYSE: MOO), and the iShares MSCI Agricultural Producers ETF (NYSE: VEGI).

• On Get Started Investing Jess has just bought her first home with her partner which is an incredibly exciting milestone! But it’s raised a big question for her, should she keep investing every month, focus on paying down the home loan or build up the offset account? She’s joined by Financial Adviser Sam Hunt from Shadforth to unpack the options. (Spotify | Apple | YouTube)