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Here’s what you need to know today

• Australia's unemployment rate jumped to a four-year high of 4.5% in September, up from 4.3% and well above the 4.3% economists expected. The surprise result saw markets price in a 70% chance of a November rate cut, up from 39% before the data. (AFR)
  
  

• AI & tech firms are racing to lock in computing power, and Macquarie Asset Management (MAM) is benefiting. MAM sold its Texas-based Aligned Data Centers for $61 billion to a consortium including BlackRock, Nvidia and Microsoft in the asset class's largest-ever deal. (Reuters)
  
  

• Additionally, AI infrastructure startup Firmus Technologies has signed a deal with Nvidia and CDC Data Centres worth an initial $4.5 billion to build massive AI data centres across Australia, with the plan potentially costing up to $73.3 billion by completion. Firmus is led by Oliver Curtis (who was jailed for insider trading in 2016) and was recently valued at $1.9 billion. (AFR)
  
  

• An FT investigation reveals Trump family crypto ventures have made over $1 billion in pre-tax profits since he took office, fuelled by the administration's industry-friendly policies. The empire includes memecoins ($427 million in fees), World Liberty Financial ($550 million from token sales plus $40 million in stablecoin interest), and digital trading cards. (FT)

  
  

• Investors appear desperate for some good news from the luxury sector. Luxury goods giant LVMH reported a return to sales growth of 1% in Q3. The result pushed the stock up 13%, and triggered a surge in European luxury stocks, with investors sensing demand for high-end items might have bottomed out. (Bloomberg)
  
  

• Weight loss drugs like Ozempic are threatening the business lunch, with diners eating less and ordering fewer courses. Nearly 12% of Americans have used the medicines. Restaurants are adapting with smaller portions, including Heston Blumenthal's Fat Duck introducing a "Mindful Experience" menu. (FT)
  
  

• President Trump said Indian Prime Minister Narendra Modi pledged to stop buying Russian oil, potentially easing trade tensions between the two countries. India currently faces 50% tariffs on many exports to the US. Trump said the shift would be "a little bit of a process" but would happen soon, adding "Now I've got to get China to do the same thing." (BBC)
  
  

• The federal government plans to launch a public register of beneficial ownership by early 2028 to boost transparency about who ultimately controls unlisted companies. The register will be maintained by ASIC rather than companies themselves, representing a shift from the government's previous two-staged approach. (Capital Brief)
  
  

• The US has seized more than $14 billion in bitcoin, the largest seizure ever, and charged UK-Cambodian national Chen Zhi with allegedly masterminding a massive cryptocurrency scam involving forced labour camps in Cambodia. Chen allegedly ran scam compounds using trafficked workers to defraud victims worldwide. (BBC)

What the…?

California has turned down the volume on streaming ads

The U.S’ third-largest state has passed a new law banning streaming ads from being louder than the shows they interrupt. The rule extends the federal CALM Act that already covers TV and radio.

Starting July 1, 2026, platforms like Netflix, Hulu, and Prime Video must match ad volume to program sound levels. The law follows thousands of viewer complaints and one viral story of a baby being woken by a blaring ad. (BBC)

Investing is a lifelong journey

Here’s what you can learn today

Understanding Franking Credits

Community Question: Can you explain franking credits and how they work?

We put this question to Charlie Viola, founding partner of Viola Private Wealth.

Franking credits represent the tax a company has already paid on its profits before distributing dividends to shareholders. When you receive a dividend, you also receive a credit for the tax the company has paid.

For example, if you receive a $70 cash dividend with $30 in franking credits, your taxable dividend income is $100. When filing your tax return, you include the total $100 as income. If your marginal tax rate is less than 30%, you may receive some of the franking credits back as a refund. If it’s higher, you’ll owe additional tax. This system prevents double taxation of corporate profits and ensures shareholders receive credit for the tax already paid by the company.

You can find out if you have franking credits by looking at your dividend statements, which detail both the cash dividend and the franking credit. These statements are provided by your share registry.

When you file your tax return, these franking credits are included, just like other types of income, in your taxable income. If you’re using an accounting software or a tax professional, they will ensure these are correctly reported.

Franking credits will automatically adjust your overall tax liability, either reducing the tax you owe or increasing your tax refund, depending on your circumstances.

Want to speak to Charlie or another of our hand-picked financial advisers? Fill out the form on our website and we’ll put you in touch.

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