🚀 Bonza Airlines Enters Voluntary Administration Following Repossession Attempt

Apr 30, 2024

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The S&P/ASX 200 closed 26.7 points higher, up 0.35%.

The S&P/ASX 200 (XJO) closed at 7,664.1, just 0.55% above its session low and right on its session high. Although the benchmark had a strong finish, it is worrisome to observe that advancers in the broader-based S&P/ASX 300 (XKO) were outnumbered by decliners, with a ratio of 125 to 153.

Today, the Real Estate Investment Trusts (XPJ) sector had a strong performance, likely due to the ongoing decrease in bond yields. These yields play a crucial role in determining the market interest rates that the sector heavily depends on for its funding.

Similar to a quantitative analyst, the Consumer Discretionary (XDJ) (+0.79%) sector is greatly influenced by market interest rates. In fact, it was the second best performing sector today.

Experiencing a challenging day, the Gold (XGD) sub-index (-0.80%) seemed to be affected by the decline in precious metals prices. [Read more - Carl Capolingua ]

💡Evening’s Headlines

Australia's Treasurer Jim Chalmers says that the country's foreign investment system will be completely redesigned for the sake of national security.
Indian spies were sent back to India after being caught trying to steal secrets about Australia's trade relationships, sensitive defence projects, and airport security.
Lawmakers questioned One Nation leader Pauline Hanson about what she said about Muslims in public, and Greens senator Mehreen Faruqi is suing her over a post on X.

🗳️ HEADSTART

Dutton to Albanese: Replace Ministers over Illegal Detention Consequences

After the High Court's landmark decision that indefinite detention was illegal, Peter Dutton, the leader of the opposition, asked Prime Minister Anthony Albanese to fire the two ministers who were in charge of freeing the prisoners.

“We've seen some horrific scenes out of Western Australia, with the bashing of an elderly woman. It's just completely unacceptable, the level of crime and the law and order concerns that people have across the country at the moment. Minister Giles promised the Australian people in the Australian Parliament, he promised them that these people had ankle bracelets, that there was surveillance in place and that the community would be kept safe. But look at what's happened in WA and look at what is likely to happen if these people continue on the streets.
Home Affairs Minister Clare O'Neil and Immigration Minister Andrew Giles have not yet talked to the media about the attack on a Perth couple that is said to have been done by a former prisoner.” Dutton said .

Dutton said that the government was making things dangerous for the people in the area. [Read more]

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🔥 HOT COPY

Bonza Low-Cost Airline entered voluntary administration

Bonza entered voluntary administration on Tuesday, hours after abruptly cancelling all flights after its CEO was surprised by the repossession of its fleet.

Accounting firm Hall Chadwick, which is overseeing the administration of Bonza, has outlined the upcoming actions for the company. The fleet is currently grounded until Thursday 2 May 2024.

This morning, the notice was sent to the Australian Securities and Investments Commission (ASIC).

It says that as external administrators, Richard Albarran, Kathleen Vouris, Brent Kijurina, and Cameron Shaw from the accounting firm Hall Chadwick have been hired. [Read more]

🛒 MARKET EDGE

Consumers remain cautious as retail sales decline 0.4 percent

white and black bird on yellow metal wire — Photo by The Nix Company on Unsplash

Despite taking into account the time of year, Australian retail sales dropped 0.4% in March 2024, according to data released today by the Australian Bureau of Statistics (ABS).

Last month, prices went up by 0.2%, and the month before that, they went up by 1%.

Ben Dorber, who is in charge of retail statistics at ABS, said, "Consumers cut back on retail spending in March because the cost of living stayed high." [ Read More]

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🌎 World Tonight

In a disputed area of the South China Sea on Tuesday, the Philippines said that China's coast guard had harassed and damaged one of its boats. They also disagreed with Beijing's claim that it had kicked two ships off the shoal, which was the subject of a lot of disagreement. [REUTERS]
Antony Blinken, the U.S. secretary of state, said on Monday that Israel needs to do more to get more humanitarian aid into the besieged Gaza Strip. He also said that he would use his trip to the Middle East—his seventh since the Israel-Hamas war began in October—to make that case to Israeli leaders. [ AP]
King Charles III is getting treatment for an unknown type of cancer. On Tuesday, he went back to work for the first time since his diagnosis because his doctors were "very encouraged" by his progress. [ CNN]

🏅VIEWPOINT

Spend now, save later on poverty-curbing policies

By Ana Gamarra Rondinel and Anna MH Price, The University of Melbourne in Melbourne

a woman holding a jar with savings written on it — Photo by Towfiqu barbhuiya on Unsplash

The first 1,000 days of a child's life is among their most important, but a huge number of Australian parents are struggling to make ends meet.

If our children grow up poor, we’re a poorer nation.

Financial stress is biting Australian families hard as the cost of living crisis deepens and that has a detrimental effect on children.

From June 2020 to March 2024, 71 percent of the 8,943 families with children under five surveyed by the Melbourne Institute had difficulty paying for essential goods and services or were only "making ends meet". This was 2 percent higher than families with older children and 5 percent higher than those without children.

One of the reasons for financial hardships being more pronounced for families with children aged under five years is that the arrival of a child substantially impacts household finances. [Read more ]

LISTEN HERE

📰 Good News, Inspiring, Positive Stories

Three Australian Stories Front a National Campaign, Highlighting that Breast Cancer Does Not Discriminate

This year, the poignant message behind a national campaign shines a spotlight on the many different types of support required for each Australian with a breast cancer diagnosis. The Bakers Delight Pink Bun campaign tells three unique personal stories from Breast Cancer Network Australia (BCNA) members, who each speak to their lived experience.

The faces of this year's campaign – Kansas, Sam, and Jill – arrived from different parts of the country to share and shine a light on how BCNA and its staff have supported each of them through their respective breast cancer experiences.

Kansas, who was diagnosed at just 24 years of age, drove up from rural Victoria to take part. It was BCNA’s Pink Lady Match that reminded her to book in with her GP to get a lump checked. “In 2021, I had done a self-check and found a small lump in my upper left breast but had then gotten busy and just put it off – I thought that at 24 it couldn't be major,” Kansas said. “BCNA had the Pink Lady Match and hearing the stories of other people affected by breast cancer prompted me to get that lump checked.” [Read more]

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