In a surprising move, ANZ has abruptly closed its Cashrewards platform, a money-back service that allowed consumers to earn cashback on purchases through partner retailers. This sudden shutdown, which took effect today, marks a significant shift for the ANZ-owned venture capital business 1835i, which managed the platform. Meanwhile, early university applications in Australia have hit a record high, reflecting a growing trend among students to bypass traditional ATAR-based admissions.
The Cashrewards platform, known for generating revenue through commissions from retailers, ceased operations at midday. A notice on the Cashrewards website confirmed the cessation of offers on its website, app, and notifier. ANZ and 1835i have yet to provide a detailed comment on the closure.
Leadership Changes in Australian Finance
In related news, Prime Minister Anthony Albanese has appointed Matt Yannopoulos as the new head of the Department of Finance, succeeding Jenny Wilkinson, who transitioned to the Treasury earlier this year. Yannopoulos, who has served as an associate secretary at the Defence Department since 2021, brings a wealth of experience in budget and financial reporting. His five-year term is set to begin on September 29.
Finance Minister Katy Gallagher expressed her support for Yannopoulos, highlighting his extensive experience in public sector governance and budget management. “His leadership will be critical as the Department continues its vital work supporting the Government’s priorities and ensuring strong, sustainable public finances,” Gallagher stated.
Record Highs in University Applications
On the education front, the University Admissions Centre (UAC) has reported a record number of early offer applications, with nearly 28,000 students applying through the Schools Recommendation Scheme (SRS). This represents a 3.3% increase over last year’s record intake. The SRS allows universities to offer early admissions based on criteria beyond ATAR scores, such as Year 11 studies and school references.
Peter Gangemi, a spokesperson for UAC, noted the significant interest in university education among school leavers. “The number of applications shows a significant appetite for university study,” he said. The first SRS offers are scheduled to be released on November 13.
Political Tensions and Apologies
In political news, Liberal MP Alex Hawke has called for Senator Jacinta Nampijinpa Price to apologize for her controversial remarks regarding Indian immigration to Australia. Hawke claims to have received widespread support for his stance, noting increased racial targeting of South Asian Australians since Price’s comments. Despite the backlash, Price has yet to issue an apology, and the situation remains tense within the Coalition.
Hawke, who serves as the shadow industry minister, emphasized the importance of accepting Australia’s multicultural society. “If anyone wants to be a leader in this country, we have to accept the modern multicultural society we have built,” he stated.
Real Estate and Economic Updates
In the real estate market, auction activity is holding steady as spring approaches, with over 2,000 properties going to auction across major cities. Property analytics firm Cotality reports that more than 2,400 homes are set to go to auction this week, with about 2,600 expected next week. The preliminary clearance rate has remained at or above 75% for four consecutive weeks, indicating strong buyer interest.
Meanwhile, supermarket giants Coles and Woolworths are facing a potential $1 billion bill for underpaying employees. The federal court recently found that both companies failed to adequately track entitlements, resulting in years of missed payments. Despite this, Woolworths’ market value has risen, while Coles has experienced a slight decline.
As these developments unfold, the implications for consumers, employees, and the broader economy remain significant. The closure of Cashrewards and the surge in early university applications highlight shifting trends in consumer behavior and education, while political and economic challenges continue to shape the national landscape.
