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Qantas loses ground crew outsourcing challenge

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Qantas has lost a major court battle against the Transport Workers Union

The Federal Court has largely found in favour of the Transport Workers Union (TWU) against Qantas in a case challenging the outsourcing of about 2,000 ground crew jobs by the airline.

Justice Michael Lee was not convinced by evidence from Qantas and some of its senior executives that its decision to outsource the jobs was not motivated at least in part by the fact many were union members.

It is not clear yet what effect the decision will have on the workers whose jobs were outsourced.

In late November 2020, Qantas said its restructuring of ground handling operations, which included baggage handlers, push-back drivers, ramp workers, and aircraft cleaners, would see 2,000 jobs outsourced. 

Qantas argued doing so would see the airline save US$74 million annually.

The airline also said it would also avoid large capital spending on equipment such as aircraft tugs and baggage loaders, and better match the costs of ground handling with fluctuating demand.

Qantas went on to award contracts to Swissport and Menzies Aviation, after a bid by the TWU on behalf of employees was unsuccessful to keep them in their jobs.

In a statement, Qantas said it plans to appeal the Federal Court ruling.

“Qantas intends to appeal the Federal Court’s judgement that it contravened the Fair Work Act in outsourcing the remainder of its ground handling function.”

  • Qantas listed three “clear reasons” for its decision to transiton to contracted workers, and listed those reasons in its statement.
    • Using specialised companies could save Qantas up to $100 million a year – savings it desperately needed to unlock as part of its recovery from COVID.
    • It would also remove the need for Qantas to spend $80 million over five years on necessary ground handling equipment like tugs and baggage loaders.
    • Outsourcing would allow resources to be better matched with fluctuating levels of demand, especially when the same workforce is providing services to scores of airlines at the same airport. The need for this variability has been shown again by the latest set of lockdowns.

Today’s judgment does not mean Qantas is required to reinstate workers or pay compensation or penalties

 These matters have not yet been considered by the Court and Qantas will oppose any such orders.

Qantas will also seek to have its appeal heard as soon as possible and before any remedy hearing, the airline said.

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Money

Research shows daters are looking for solvent partners

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As the cost-of-living crisis continues to grip Australia, new research reveals a shifting landscape in the realm of dating preferences.

According to the survey conducted by eharmony, an overwhelming two-thirds of Australians are now keen to understand their potential partner’s financial situation before committing to a serious relationship.

The findings indicate a growing trend where individuals are becoming more discerning about whom they invest their affections in, particularly as the economic pressures intensify.

Read more: Why are car prices so high?

The study highlights that nearly half of respondents (48%) consider a potential partner’s debts and income as crucial factors in determining whether to pursue a relationship.

Certain types of debt, such as credit card debt, payday loans, and personal loans, are viewed unfavorably by the vast majority of respondents, signaling a preference for partners who exhibit financial responsibility.

Good debt

While certain forms of debt, such as mortgages and student loans (e.g., HECS), are deemed acceptable or even ‘good’ debt by a majority of respondents, credit card debt, payday loans (such as Afterpay), and personal loans top the list of ‘bad’ debt, with 82%, 78%, and 73% of respondents, respectively, expressing concerns.

Interestingly, even car loans are viewed unfavorably by a significant portion of those surveyed, with 57.5% considering them to be undesirable debt.

Sharon Draper, a relationship expert at eharmony, said the significance of financial compatibility in relationships, noting that discussions around money are increasingly taking place at earlier stages of dating.

“In the past, couples tended to avoid discussing money during the early stages of dating because it was regarded as rude and potentially off-putting,” Draper explains.

“However, understanding each other’s perspectives and habits around finances early on can be instrumental in assessing long-term compatibility.”

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Money

US energy stocks surge amid economic growth and inflation fears

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Investors are turning to U.S. energy shares in droves, capitalizing on surging oil prices and a resilient economy while seeking protection against looming inflationary pressures.

The S&P 500 energy sector has witnessed a remarkable ascent in 2024, boasting gains of approximately 17%, effectively doubling the broader index’s year-to-date performance.

This surge has intensified in recent weeks, propelling the energy sector to the forefront of the S&P 500’s top-performing sectors.

A significant catalyst driving this rally is the relentless rise in oil prices. U.S. crude has surged by 20% year-to-date, propelled by robust economic indicators in the United States and escalating tensions in the Middle East.

Investors are also turning to energy shares as a hedge against inflation, which has proven more persistent than anticipated, threatening to derail the broader market rally.

Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group, notes that having exposure to commodities can serve as a hedge against inflationary pressures, prompting many portfolios to overweight energy stocks.

Shell Service Station

Shell Service Station

Energy companies

This sentiment is underscored by the disciplined capital spending observed among energy companies, particularly oil majors such as Exxon Mobil and Chevron.

Among the standout performers within the energy sector this year are Marathon Petroleum, which has surged by 40%, and Valero Energy, up by an impressive 33%.

As the first-quarter earnings season kicks into high gear, with reports from major companies such as Netflix, Bank of America, and Procter & Gamble, investors will closely scrutinize economic indicators such as monthly U.S. retail sales to gauge consumer behavior amidst lingering inflation concerns.

The rally in energy stocks signals a broadening of the U.S. equities rally beyond growth and technology companies that dominated last year.

However, escalating inflation expectations and concerns about a hawkish Federal Reserve could dampen investors’ appetite for non-commodities-related sectors.

Peter Tuz, president of Chase Investment Counsel Corp., highlights investors’ focus on the robust economy amidst supply bottlenecks in commodities, especially oil.

This sentiment is echoed by strategists at Morgan Stanley and RBC Capital Markets, who maintain bullish calls on energy shares, citing heightened geopolitical risks and strong economic fundamentals.

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Money

How Australians lose nearly $1 billion to card scammers in a year

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A recent study by Finder has unveiled a distressing trend: Australians are hemorrhaging money to card scams at an alarming rate.

The survey, conducted among 1,039 participants, painted a grim picture, with 2.2 million individuals – roughly 11% of the population – falling prey to credit or debit card skimming in 2023 alone.

The financial toll of these scams is staggering. On average, victims lost $418 each, amounting to a colossal $930 million collectively across the country.

Rebecca Pike, a financial expert at Finder, underscored the correlation between the surge in digital transactions and the proliferation of sophisticated scams.

“Scammers are adapting, leveraging sophisticated tactics that often mimic trusted brands or exploit personal connections. With digital transactions on the rise, it’s imperative for consumers to remain vigilant and proactive in safeguarding their financial assets,” Pike said.

Read more – How Google is cracking down on scams

Concerning trend

Disturbingly, Finder’s research also revealed a concerning trend in underreporting.

Only 9% of scam victims reported the incident, while 1% remained oblivious to the fraudulent activity initially. Additionally, 1% of respondents discovered they were victims of bank card fraud only after the fact, highlighting the insidious nature of these schemes.

Pike urged consumers to exercise heightened scrutiny over their financial statements, recommending frequent monitoring for any unauthorised transactions.

She explained the importance of leveraging notification services offered by financial institutions to promptly identify and report suspicious activity.

“Early detection is key. If you notice any unfamiliar transactions, don’t hesitate to contact your bank immediately. Swift action can mitigate further unauthorised use of your card,” Pike advised, underscoring the critical role of proactive measures in combating card scams.

As Australians grapple with the escalating threat of card fraud, Pike’s counsel serves as a timely reminder of the necessity for heightened vigilance in an increasingly digitised financial landscape.

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