Here’s what you need to know today

• European leaders from Germany, France and Britain will join Volodymyr Zelenskyy in Washington today for his meeting with Donald Trump. Ahead of the talks, German Chancellor Friedrich Merz, French President Emmanuel Macron and UK Prime Minister Keir Starmer held a two-hour video call with allies, including Australia’s Prime Minister Anthony Albanese. The leaders want firm security guarantees for Ukraine, while Trump is pushing for a deal after his meeting with Vladimir Putin in Alaska on Friday. (AFR)
  
  

• All eyes are on Canberra this week as Anthony Albanese and Treasurer Jim Chalmers host a three-day Economic Reform Roundtable at Parliament House from August 19 to 21. Originally billed as a productivity summit, the event will bring together leaders from business, unions, politics and society to discuss the most pressing economic challenges and potential reforms. (Capital Brief)

  
  

• Qantas has been hit with a $90m penalty for illegally firing 1,820 baggage handlers and ground staff in 2020, the largest fine ever under the Fair Work Act. Federal Court Justice Michael Lee said the money will be split with $50m going to the Transport Workers Union and $40m to the affected workers. The ruling adds to Qantas’ $100m civil penalty and $20m compensation last year for selling tickets on flights that had already been cancelled. (BBC)
  
  

• Google was also hit with a $55m penalty on Monday, following an Australian Competition and Consumer Commission (ACCC) investigation. Google Asia Pacific admitted to anti-competitive conduct, reaching agreements with Telstra and Optus between December 2019 and March 2021 that required Google Search to be preinstalled as the sole search option on Android phones they sold. (Reuters)
  
  

• REA Group shares lifted on Monday by 4% after the real estate platform appointed former CAR Group boss Cameron McIntyre as its new chief executive. McIntyre will begin his as REA Group’s CEO on the 3rd November, replacing Owen Wilson who will retire after 6 years as CEO. (Capital Brief)
  
  

• Air Canada’s striking flight attendants have refused a government-backed order to return to work, forcing the airline to delay restarting operations and leaving passengers in limbo. The Canadian Union of Public Employees, which represents 10,000 attendants, called the order unconstitutional and “designed to protect the airline’s profit”. The union invited Air Canada, the country’s largest airline, back to the table to “negotiate a fair deal”. (The Guardian)
  
  

• Australia’s reporting season is off to a stronger than expected start. According to AMP, about a quarter of companies have beaten consensus earnings expectations, while only 19% have missed them. (AFR)
  
  

• National Australia Bank was among the companies reporting today. The bank expects to incur $130 million in costs from payroll problems, including the underpayment of staff wages and entitlements. Despite this, shares rose 2.5% as investors focused on stronger aspects of the results, including 4% profit growth year on year and higher than expected guidance. (SMH)
  
  

• DigiCo Infrastructure REIT also reported on Monday, delivering its inaugural financial results, posting full-year underlying earnings of $99 million. The trust, which owns billions of dollars’ worth of US data centres, saw its shares slump nearly 14% on the news. (Capital Brief)

  
  

• The Tasmanian government has announced a pause on the expansion of the state’s salmon industry while an independent review examines its long-term sustainability and environmental impact. The decision follows reports that the Piscirickettsia salmonis disease was again affecting salmon pens in southern Tasmania. (ABC)

What the…?

US companies are increasingly turning to interim CEOs to plug leadership gaps, with one-third of new chief execs in early 2025 starting as temps, a new study from Challenger, Gray & Christmas has found.

It's partly due to record-high CEO turnover, up 15% year on year, and partly a strategic shift from companies.

Temporary CEOs are seen as a way to stabilise struggling companies, oversee restructures or prepare for exits, without the time (or politics) of a permanent hire. (Quartz)

Investing is a lifelong journey

Here’s what you can learn today.

Is it worth paying off HECS debt?

This is taken from the Equity Mates Investing clip titled ‘What I’d Do at 20: HECS vs. Super vs. Investing’ (YouTube)

I’m 20 years old and working full-time. Should I make voluntary payments on my $30k HECS debt or contribute more to super now? How should I balance saving, investing, and spending as a young person?

Ren: You’re 20, working full time, thinking about investing. You're doing a lot, right! We can speak generally here, but obviously not aware of your personal financial circumstances.

Bryce: I didn’t enter the full‑time workforce until I was 24 or 25. At 20, I would not be thinking about HECS personally at all. I would be focused on increasing your income and figuring out how you can start saving as much of your income. Because with $30K HECS debt at 20, if you climb the ladder over the next decade, you'll pay it off pretty quickly, but I wouldn't be focused on it now.

Ren: HECS is the most inoffensive form of debt in Australia. There’s no interest, it’s indexed. On a relative return basis, if you can get 8% in the stock market vs. 2-3% indexation on HECS, financial math’s says chase the higher return.

Bryce: The only point I would consider it is if it became an issue when going for a home loan. At that point they look at your HECS debt and it affects borrowing. That’s the time to consider it.

Ren: But at this stage, we would say let HECS tick away in the background and focus on building wealth outside and doing other things.

Bryce: As for contributing more to super at 20, you have so long before you can access it. Yes, it's a great tax environment, but I would personally focus on building wealth outside super; saving, earning as high an income as possible, automating investments, and building wealth in flexible, accessible investments.

Ren: You could juice your super early and let it compound, but having a portfolio you can see and touch makes investing more real and gives flexibility as life changes. Investing outside gives control and choice.

Want to watch the full clip? Check out or YouTube Clips page.

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