Here’s what you need to know today

• Australia’s Reserve Bank held interest rates steady at 4.35%. Between May 2022 and November 2023, Australia saw 13 rate rises in 18 months. In the 10 months since, rates have been held steady and the RBA has watched inflation slowly drift towards the 2-3% target. In the 12 months to July, core inflation was 3.7%.
  
  

• The fallout from the ACCC’s case against Coles and Woolworth’s continues. As more examples emerge of the supermarkets raising prices only to ‘discount’ them a few weeks later, Aldi is expected to be the big winner out of all this negative media attention.
  
  

• The US has proposed a new law that would ban cars that use Chinese and Russian vehicle software or hardware, citing national security concerns. US automakers like General Motors, Ford and Tesla would no longer be able to export vehicles from China to the US. US Secretary of Commerce Gina Raimondo explained, “Cars today have cameras, microphones, GPS tracking and other technologies connected to the internet. It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens.”
  
  

• The US state of California sued ExxonMobil, alleging a “decades-long campaign of deception” by falsely advertising the recyclability of plastic. California’s attorney-general accused ExxonMobil of lying to “further its record-breaking profits”. Also this week, California banned all plastic bags.
  
  

• Novo Nordisk is now more valuable than the entire GDP of its native Denmark, as shares in the maker of weight-loss drugs Ozempic and Wegovy has grown 19% so far this year.
  
  

• As Britain’s debt-to-GDP reaches 100%, Chancellor Rachel Reeves has vowed to continue increasing public spending and that “investment is the solution” to the UK’s growth challenges. In her speech she also promised to appoint a corruption commissioner to investigate alleged misconduct by the Conservative party during the pandemic.
  
  

• This week, organisers of the next UN Climate Change Conference, COP29 in Azerbaijan, will meet in preparation for the event in November. However, there is disagreement even amongst organisers. The International Energy Agency says any new coal or long-term oil and has projects will prevent countries meeting their Paris Agreement targets. Azerbaijan plans to increase gas production 33% in the next decade and fossil fuels still make up 90% of the country’s exports. COP29 will be held in Azerbaijan’s capital Baku in November.

What the…?

Cards Against Humanity v SpaceX: This probably wasn’t on anyone’s bingo card for 2024. The makers of the popular card game are suing Elon Musk’s SpaceX, accusing the company of trespassing on and damaging a plot of land it owns in Texas.

The land in question is just three miles from SpaceX’s Starbase launch facility and Cards Against Humanity claim SpaceX has been illegally storing construction equipment on their land.

Investing is a lifelong journey

Here’s what you can learn today.

Question: If we wanted to do a quick financial health check, what would be the key things you’re looking at?

We put this question to Glen Hare, financial adviser and cofounder of Fox & Hare

Cashflow reigns supreme when it comes to financial health. It's the lifeblood of our financial well-being, the king, queen, jack, and joker all rolled into one. Just a quick review and evaluation of a person’s spending habits, and I can paint a pretty clear picture of their financial situation. It might sound straightforward, but a surprising number of Australians are completely in the dark about their income and expenses each pay cycle.

It's actually quite alarming, how many Aussies have no idea where their income is going. They feel like they’re drowning in debt, they’re feeling totally overwhelmed, and they’ll be the first to tell you that owning a home, building a solid investment portfolio or achieving financial freedom are totally out of reach. It's a tough spot to be in, but the number of times that I've heard these complaints and then, after a simple cash flow review, have been able to build a plan that enables all three would blow your mind.

Of course, there are plenty of Australians struggling with negative cash flow because their salaries aren't keeping up with inflation. This is a very real and very big problem. That being said, there's also a large portion of the population who don't face this issue but, because they’ve never had proper guidance or encouragement, feel genuinely trapped and are unable to realise their potential. That's why, when we kick off  with new Fox & Hare Financial Advice members, we dive right into cash flow.

The things we work out are super simple:

• How much money is coming in?

• How much money is going out?

• What's the difference between the two?

But once people have a handle on where their money's going, and way, way, way too many don't, they can start planning and making the choices that will help them achieve their goals. And, I think, that's the foundation of good financial health. Understanding your financial inflows and outflows, so you can take control and build a brighter financial future.

Want to speak to Glen 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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