Accounting tricks are helping Big Tech firms avoid paying tax on up to 96.6% of their Australian income, according to a new analysis of Australian Taxation Office (ATO) figures that showed Apple was the worst offender when it came to corporate tax minimisation. The tech giant took $9.3 billion from Australian customers during the 2021-22… Read more »
Carmakers including Kia, Subaru, Mitsubishi and General Motors are providing details of owners’ driving behaviour to insurance companies, leading many drivers to report surges in car insurance premiums despite industry claims that the transmitted data (‘telematics’) helps good drivers pay less. The revelations have stoked a PR firestorm after the New York Times related the experiences of… Read more »
Expanding internet service provider Aussie Broadband is weighing its options after fibre infrastructure operator Superloop rejected as “opportunistic” a proposed acquisition that Aussie said would have created a serious market rival to “incumbents” Telstra and Optus. A merger of the companies – which would have created a “scale player” providing a wider product offering to… Read more »
Advocates believe a perfect storm of competition concerns, new fuel efficiency standards and the axing of archaic parallel-import restrictions could provide “achievable change” that boosts the supply of electric vehicles (EVs) and slashes their prices by around $9,000. That’s the amount Australians are overpaying for EVs, former ACCC chair Allan Fels concluded in a recent analysis of price… Read more »
The government should avoid “overzealous lawmaking” and lead by example with a “stepped, gradual approach” to regulating artificial intelligence (AI), the Productivity Commission (PC) has advised in an analysis that flags AI’s potential to resolve Australia’s productivity slump. Aiming to guide the understanding of AI’s productivity benefits, regulatory challenges and implications for data policy, the trilogy of… Read more »
Social media firms are offering “a product that’s killing people” and their CEOs have “blood on their hands” for failing to protect children from online predators, a US senator has told five tech executives during vitriolic hearings in which Meta CEO Mark Zuckerberg was forced to apologise to angry families of victims of online child grooming.… Read more »
It “most likely” won’t lead to an arrest, but the outing of Russian cyber criminal Aleksandr Ermakov for the 2022 Medibank hack “puts sand in the gears of cyber criminals,” a cyber expert has said as Australia’s government applies cyber sanctions for the first time. The announcement that Ermakov had been singled out for the hack –… Read more »
As car manufacturers have demonstrated for years, there is no functional reason why robots require a head, face, or personality – but with Generative AI (GenAI) now offering irresistible possibilities for designers, humanoid robots were out in force at the 2024 Consumer Electronics Show (CES). Chinese firm Kepler Exploration Robot Co, for one, used the… Read more »
MyGov will be modernised with passwordless logins and a new Digital Inclusion Standard, the federal government has announced in responding to a scathing audit that warned current legislation “impedes service delivery” through the underfunded platform. The government’s response to the myGov user audit – an election promise that began in September 2022 as a “myGov revolution” and handed down its findings in… Read more »
A simple database flag enabled cryptocurrency magnate Sam Bankman-Fried (SBF) to siphon billions of customer dollars into a lavish lifestyle that ultimately left failed exchange FTX over $12 billion ($US8 billion) in debt, a US court has heard as SBF’s trial nears its conclusion. Once the second largest cryptocurrency exchange with a valuation of $47 billion, the… Read more »
Be careful who you type your passwords in front of: cyber criminals can figure out which keys you’re pressing simply by getting a carefully trained AI model to listen to you type – and the technique even works over phone calls and Zoom sessions. Documented in a newly published paper, the acoustic side channel attack (ASCA) involves recording… Read more »
Buoyed by dramatic changes in the way consumers pay for goods and services, Australia’s payments processing ecosystem will be overhauled based on a new strategic plan that includes the phasing out of cheques and full transition to the New Payments Platform (NPP). The newly launched Strategic Plan for Australia’s Payments System – developed through consultation with regulators,… Read more »
Tech giants will be forced to scan Australians’ emails, online photo libraries, cloud storage accounts and dating sites for illegal content or face fines of nearly $700,000 per day, the eSafety Commissioner has said after rejecting two proposed industry codes as inadequate. Developed by key service providers and delivered to eSafety in February for review, the problematic… Read more »
The lack of skilled cyber security talent is a bigger challenge for companies in Australia than overseas, according to new research that also found high stress levels and inadequate supporting technologies are causing many workers to bolt after a data breach. Fully 45% of the Australian CISOs surveyed for Trellix’s newly released global study, The… Read more »
The world’s largest cryptocurrency exchange can no longer legally operate within Australia after financial regulator ASIC cancelled the firm’s financial services license due to policy breaches that left consumers financially exposed. Although it was licensed to sell financial derivatives to wholesale customers, Binance Australia Derivatives – the trading name of Oztures Trading Pty Ltd –… Read more »
The lessons from Uber, Ola and rideshare’s disruption is that in the end, the consumer still pays 
Atlassian cofounder Scott Farquhar steps down as co-CEO 
Here are the finalists in Fintech Australia’s 2024 Finnies awards 
Unicorn dehorned: Nasdaq-listed Brisbane EV charging venture Tritium collapses into receivership 
Daily startup news and insights, delivered to your inbox.
