Money
Thriving in London but canceling Australia – why Magic Mike is ditching Aus
Australia’s most recent lockdowns are throwing another round of cancellations to live entertainment shows
The US producers and Australian management team of Magic Mike Live have announced the decision to cancel the remainder of the Aussie tour.
In a statement to Ticker News, the organisers stated that the decision to close the tour was made due to the impact of the ongoing COVID-19 restrictions imposed by the Victorian Government and the lack of certainty surrounding the tour’s ability to perform any of its announced dates.
“The team is committed to returning to Australia in the future and the producing team is working to provide the cast and crew with employment opportunities on other Magic Mike Live productions around the world. “
Magic Mike Live has been forced to suspend performances on four different occasions in Australia following government-imposed lockdowns.
Lockdowns forced the cancellation of opening nights in Sydney and Melbourne and government restrictions required most performance dates to be played at severely limited capacity.
The most recent lockdown has been the longest yet and there is no clear roadmap for the resumption of live events
“Everyone at Magic Mike Live is heartbroken to have to make this decision but we were left with no choice,”
said Executive Producer Vincent Marini.
“The producers have provided millions of dollars in funding to support the production during the various closures to preserve the tour for our amazing Australian fans. In every other market, we have been able to reopen the shows because of close partnerships between the producers, the management teams, and the various local and national governments. While the producers provided more funding and support to the Australian production than any other production in the world, we were forced to go it alone in Australia despite enduring four lockdowns and millions of dollars in refunds and cancellations. There is no way for us to sustain a show when we are not permitted to perform.”
The entertainment industry rebounds overseas
Magic Mike Live is currently playing to sold-out audiences in London’s West End.
The Las Vegas and Berlin productions are reopening on August 27 and September 9 respectively and the Magic Mike Live team is currently shooting a new unscripted series with HBO Max titled “Finding Magic Mike” which premieres in December.
COVID safe protocols at every event – but it isn’t enough to save the Aussie shows
All the productions around the world have industry leading, COVID-19-safe performance environments and are more dedicated than ever to providing patrons with a one-of-a-kind, joyous entertainment experience.
The Australian cancellations include the remainder of the Melbourne season, plus the Brisbane, Perth and Adelaide seasons which were scheduled to open in November 2021 and mid / late 2022 respectively. The producing team is simply not comfortable selling tickets to performances it may never be allowed to play.
Organisers have promised that guests with tickets for the remainder of the Australian tour will receive full refunds.
Money
Fed cuts rates, signals more potentially ahead
Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings
Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings
– The Federal Reserve cut interest rates by a quarter-point to address job market concerns.
– Officials expect at least two additional rate cuts by year-end amid ongoing economic uncertainties.
Fed Chair Jerome Powell noted a significant shift in the labour market, highlighting “downside risk” in his statements.
The recent rate cut, supported by 11 of 12 Fed voters, aims to recalibrate an economy facing uncertainties from policy changes and market pressures.
Policy Dynamics
The decision comes amid intense political scrutiny, with President Trump openly criticising Powell’s reluctance to lower rates.
Despite the controversy, Powell asserts that political pressures do not influence Fed operations.
The current benchmark federal-funds rate now sits between 4% and 4.25%, the lowest since 2021, providing some reprieve to consumers and small businesses. Economic forecasts indicate ongoing complexities, including inflation trends and the impact of tariffs on labour dynamics, complicating future policy decisions.
Money
Fed faces unusual dissent amid leadership uncertainty
Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up
Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up
– This week’s Federal Reserve meeting faces unusual dissent as Chair Powell approaches his term’s end.
– Analysts predict dissent over expected rate cuts due to political pressures from Trump-appointed officials.
The situation is further complicated by the recent swearing-in of Trump adviser Stephen Miran to the Fed’s board, following a Senate confirmation.
Analysts believe Powell may encounter dissent on an expected quarter-percentage-point rate cut from both Trump-appointed officials and regional Fed presidents concerned about inflation.
Potential Dissent
Trump has urged significant rate cuts and for the board to challenge Powell’s decisions.
Some analysts predict dissenting votes from Miran and other Trump appointees in favour of larger cuts. Federal Reserve veterans express concerns that political motivations may undermine the institution’s integrity, with indications that greater dissent could become commonplace.
Money
RBA plans to ban credit card surcharges in Australia
Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards
Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards.
– The RBA plans to ban surcharges on debit and credit card transactions, supported by consumer group Choice.
– Major banks oppose the ban, warning it could lead to higher card fees and reduced rewards for credit card users.
The Reserve Bank of Australia (RBA) intends to implement a ban on surcharges associated with debit and credit card transactions. Consumer advocacy group Choice endorses this initiative, arguing that it is unjust for users of low-cost debit cards to incur similar fees as credit card holders.
The major banks, however, are opposing this reform. They caution that the removal of surcharges could prompt customers to abandon credit cards due to diminished rewards.
A final decision by the RBA is anticipated by December 2025.
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