Markets live: Wall Street dragged lower as Trump tariffs hurt company profits, ASX to open steady
Overnight On Wall Street, major companies like Caterpillar revealed the impact of US President Donald Trump's tariff on their quarterly earnings.
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ABC News
19 minutes ago
- ABC News
Optus sued by privacy regulator in warning to Australian corporates to protect data or face fines
Optus could face another hefty penalty, as the privacy watchdog sues the telco over the 2022 cyber attack that exposed the data of around 9.5 million Australians. The Office of the Australian Information Commissioner (OAIC) has filed civil penalty proceedings in the Federal Court, alleging Optus breached privacy laws by failing to properly protect consumers' data. The OAIC has alleged that for a nearly three-year period until September 2022, when the breach occurred as the result of a cyber attack, Optus "seriously interfered with the privacy of approximately 9.5 million Australians by failing to take reasonable steps to protect their personal information from misuse, interference and loss, and from unauthorised access, modification or disclosure" under the Privacy Act. The regulator has claimed Optus failed to manage cybersecurity and information security adequately for an organisation of its size, for the volume of personal information it held and for the company's "risk profile". "The commencement of these proceedings confirms that the [Office of the Australian Information Commissioner] will take the action necessary to uphold the rights of the Australian community," one of the commissioners, Elizabeth Tydd, said. "Organisations hold personal information within legal requirements and based upon trust. "The Australian community should have confidence that organisations will act accordingly, and if they don't, the OAIC as regulator will act to secure those rights." An Optus spokesperson said the company was reviewing the matters raised in the proceedings and will respond to the claims "in due course". "Optus apologises again to our customers and the broader community that the 2022 cyber-attack occurred," the statement to ABC News read. The telco said it had been "working hard" to minimise the impact of the 2022 incident and "will continue to invest in the security of our customers' information, our systems, and our cyber defence capabilities". The theoretical fine the telco may face could reach into trillions of dollars, as the Federal Court can impose a civil penalty of up to $2.22 million for each contravention under the Privacy Act. The OAIC said it was alleging one contravention for "each of the 9.5 million individuals whose privacy it alleges Optus seriously interfered with", but the regulator noted any penalty was a matter for the court to determine. A body representing communications consumers, ACCAN, welcomed the action by the OAIC and said it sent a "clear message" to the sector, with "trillions at stake for Optus". "We have a long way to go to remedy the sorts of practices and behaviours we have seen from Optus over the past few years," ACCAN chief executive Carol Bennett said. Optus has already faced legal proceedings over the high-profile attack and last year said it intended to defend claims by the Australian Communications and Media Authority (ACMA) that it failed to protect confidential details in its database. In June, Optus agreed to pay a $100 million penalty after it admitted to inappropriate sales practices and misconduct, following legal proceedings brought by the consumer watchdog in an unrelated matter. Jamieson O'Reilly, the founder of a firm that companies pay to find IT vulnerabilities, welcomed the court action over one of Australia's most significant data breaches. "I do believe these civil proceedings are a net positive to the cyber security of Australian companies. "Many times, historically, private companies have effectively gotten away with exposing their customer information," he told ABC News. Privacy and data security have remained in the headlines following the 2022 Optus cyber attack, with Australian and global corporates continuing to face hacks and breaches. In recent months, the information of 5.7 million Qantas customers was compromised in a cyber attack on the airline's systems. Mr O'Reilly, the founder of Dvuln, said civil penalties did act as a deterrent and encouraged companies to take cybersecurity seriously. "Traditionally, security leaders in organisations struggle to get money from the board to invest in cybersecurity, this allows them to have something to go to the board and say if we don't invest in cybersecurity, this is what happens." Mr O'Reilly said consumers could also help hold companies to account by taking their business elsewhere. "After the shock and awe of the event, if customers don't have the time or effort to pursue legal and civil action, or leave the company, that also sends a message to the board that they don't have to take it [cybersecurity] as seriously"
ABC News
19 minutes ago
- ABC News
Is the opening of Mecca's megastore a positive sign for Melbourne CBD's retail precinct?
As a cosmetics giant opened the doors to shoppers at a new flagship store on Friday, some wondered if the opening marked a turning point for Melbourne's hushed post-pandemic CBD. "I think there's definitely going to be a halo effect in the CBD and you're already starting to see it," one woman who had taken a day off work to attend the opening said. "I think you'll start to see neighbouring businesses opening up and it will give a lot of people hope. It was a sentiment shared by others in line at Mecca's new multi-level emporium. One woman said people had travelled from all parts of the country. "I think it's going to bring more people in … even today, people have flown in from interstate just for today so what does that tell you?" she said. About 20,000 people were expected to attend the grand opening with some eager customers lining Bourke Street as early as 4am. "We had a curriculum day so we've got the day off to come down and see the new store," 17-year-old student Tess, who was waiting first in line, said. The company's founder, Jo Horgan, said she envisioned the new store as a cultural institution to be associated with the city. "We want it to be just as synonymous with Melbourne as the National Gallery of Victoria or the Australian Football League," Ms Horgan said. Billed as Melbourne's "biggest retail opening" in 100 years, the Mecca megastore launch comes amid a revival of consumer activity in the CBD despite a slow post-pandemic recovery for the city overall. While data shows Melbourne has the highest office vacancy rate in the country — 17.9 per cent according to the Property Council of Australia — the retail sector is continuing to show promise. The retail vacancy rate in central Melbourne (which takes in the city's main shopping precinct) was just 5.5 per cent last month after peaking at 27.9 per cent in 2021 while the city was in the midst of COVID lockdowns. The broader CBD retail vacancy rate was last month 7.8 per cent, according to the City of Melbourne. "We're seeing a strong surge in businesses opening their doors in Melbourne — from global brands to local heroes — fuelling the fire of the city's retail revival," Councillor Kevin Louey said. In July, pedestrian foot traffic on Bourke Street Mall also improved from the same time last year, reaching 70.5 per cent of the pre-COVID benchmark. That uptick in activity is supported by statistics that show the city's economic output has continually outperformed both Victoria and Australia for the last 20 years. Dr Bo Pang, a consumer expert from the Swinburne Institute of Technology, said Mecca's "ambitious" 4,000 square metre project indicated strong demand for traditional brick-and-mortar shopping. "While some may see this as a risk, it's also a visionary bet on the future of retail, where connection discovery, and human touch remain irreplaceable," he said. "The stakes are high, but so is the potential reward for redefining what physical retail can be." Many more Australians shop online today compared to before the pandemic, with online sales now comprising 11 per cent of all retail in the country, but surveys show a vast majority of shoppers prefer to go in-store. E-commerce leader Mal Chia told the Australian Retail Outlook 2025 that the return to physical shopfronts, particularly experiential stores providing pop-ups and marketing events, would be a top trend this year. "The narrative of physical retail's demise has been thoroughly debunked by the sustained resurgence of brick-and-mortar since pandemic lockdowns lifted," he said. "This wasn't just a temporary reaction to confinement. It signalled a fundamental shift in how physical retail serves brand strategy." Mecca's CBD flagship launch comes ahead of a number of other precincts being opened around Bourke Street Mall later this year — Melbourne Walk, Collins Arcade, and Town Hall station. Retail leasing expert Zelman Ainsworth said those projects were likely to drive further investment and attract businesses of all scales. "There's been several developments recently in the CBD retail core which coincidentally happened around the same time, so it created some disruptions to the traffic flow in the retail core," he said. "But now they're all being delivered at the same time. The Melbourne CBD has never experienced such a rejuvenation, hype and uplift in decades. Mr Ainsworth said the city's retail resurgence was attributable not only to larger, more established chains but sole traders too. "The artisan, more creative retailers that create the charm the Melbourne CBD is world-famous for, is only improving," he said. "We're seeing retailers starting to go up multi-level buildings, into lower grounds, into laneways, into rooftops." Mr Ainsworth doesn't believe the booming retail industry will be hampered by the otherwise high vacancy rates for CBD offices, an issue he argued had different underlying factors. Melbourne CBD's office leasing market remains under strain, with almost one in five spaces left empty for the last 12 months, according to the Property Council data released on Thursday. It's a stark contrast from before the pandemic in January 2020, when the vacancy rate sat at a historic low of 3.2 per cent. The Victorian government's plans to enshrine the right to work from home for two days a week by law prompted fears that there would be fewer workers in the city, worsening vacancy rates and dampening economic growth more broadly.
News.com.au
19 minutes ago
- News.com.au
St George Illawarra extend coach Shane Flanagan's contract until the end of 2028
St George Illawarra has locked in coach Shane Flanagan until the end of 2028 despite a 2025 campaign set to fall short of the finals. Dragons chief executive Tim Watsford said the decision was about committing to 'stability, growth, and a long-term vision for success'. Flanagan, contracted until the end of 2026, has been granted the two-year extension with the Dragons sitting 12th on the NRL table, having won seven games this season, and ahead of a home clash with Cronulla on Saturday. 'Shane has played a critical role in setting the foundation for where this club is heading,' Watsford said 'He's re-instilled belief in our playing group, coaches and supporters together with reiterating the privilege of wearing the Red V.' Flanagan said it was a 'privilege' to be given the backing of a club 'built on such a rich history'. 'The playing group is full of talent and I'm excited by the prospect of realising success for the Red V over the coming years,' he said. 'It's clear the club is setting structures and processes in place to deliver outcomes for years to come and to be entrusted by the board and management is something I don't take for granted.' Watsford said the recent addition of Daniel Anderson as the club's head of recruitment and pathways would ensure the right talent found its way to Flanagan. 'The alignment between Shane and Daniel is essential to create lasting success,' Watsford added. 'It gives us confidence that we are not just making short-term decisions, we are building a sustainable future. 'The Dragons are proud of the progress that is being made and remain focused on continuing the journey toward consistent finals contention, driven by a committed group of players, staff, and loyal supporters. 'This is an exciting era for the Red V; one built on resilience, local pride, and an unwavering belief in the future.'
