AGP Executive Report

Mortgage Offset Shock: ASIC says major banks failed to properly link offset accounts, costing borrowers $55m+ in extra interest and paying compensation after offset errors left repayments unchanged. Cybersecurity & Consumer Data: Origin Energy confirmed a potential breach affecting about 900,000 customers, saying it had been reviewing a threat since early July before notifying customers once new info emerged. Retail Tech Shift: Accenture reports “agentic commerce” is taking off in APAC, with many consumers willing to let AI agents handle shopping and even switch brands based on recommendations. AI in the Aisle: UK supermarket Morrisons trialled Instacart’s AI smart trolleys with automatic product recognition and running basket totals to help shoppers stay on budget. Food & Consumer Trust: A review-style piece asks whether fake images/testimonials are allowed in Australia; the answer: no—false or misleading claims breach Australian Consumer Law. Health & Nutrition: a2 Milk shared new infant formula growth and safety findings at NUTRITION 2026 for A1PF (A1-type beta-casein-free) formula. Energy Policy Watch: Australia’s proposed national data-centre environmental rules hit a snag as Queensland and the Northern Territory declined to back the unanimity-based framework.

Cyber & Consumer Safety: Origin Energy admitted it was warned about a potential hack three weeks before it went public, with about 900,000 current and former customers’ personal data potentially accessed (names, addresses, DOBs, phone numbers and partial payment details), prompting scam warnings. Regulatory Action: ASIC fined Harvey Norman and Latitude a combined $55m over misleading “60-month interest-free” advertising that downplayed extra credit card fees and obligations. Telecom Access: Telstra expanded Starlink satellite connectivity for eligible customers to selected apps (maps, messaging, weather), but still blocks Triple Zero via satellite. Housing & Household Confidence: Reuters reports Australia’s housing slowdown is the worst since the pandemic, with falling clearance rates, fewer open-house visitors and knock-on pressure on consumer spending via the “wealth effect.” Energy Market Watch: ASX trading was mixed as oil eased on US-Iran de-escalation hopes, while investors awaited the RBA and US Fed decisions. Retail/Property Sentiment: A viral Sydney auctioneer post highlighted “no registered bidders” at weekend auctions, reflecting rising buyer caution. Business Appointments: Iron Mountain named Dominic Del Giudice as ANZ managing director to push data and AI-related information management services.

Cyber & Consumer Trust: Origin Energy confirmed a customer data breach, with bank and credit card details among the exposed information, prompting urgent “what to do next” guidance for affected customers. Retail & Competition: KPMG Australia will pause bids for new Victorian state government work while it reviews mishandling of confidential client information, widening fallout from earlier federal contract issues. Telecom Convenience: Telstra expanded its satellite service beyond SMS, adding “Select Satellite Apps” so eligible customers can use lighter data functions like WhatsApp and Google Maps when out of mobile range. Product Protection: AppleCare One rolls out in the UK (from 1 Aug 2026) as a multi-device insurance subscription, with Australia also included in the broader expansion. Travel & Branding: Air India signed an MoU with India’s Tourism Ministry to co-market “Incredible India” and boost inbound and transit tourism using Air India’s global network. Energy Exports: Santos shipped the first Barossa condensate cargo for export, marking a new milestone for the Timor Sea project.

Food fraud: The NFF Horticulture Council says a Four Corners investigation into food fraud should push tougher standards for imported pantry goods and fresh produce, warning Australian growers are already being squeezed off shelves. Tomato traceability: Separate reporting claims major brands sold tomato products grown in China as Australian-made, with forensic testing pointing to Xinjiang origins. Home energy consumer backlash: Complaints about Labor’s home batteries scheme have surged, with critics alleging defective products, poor installer behaviour and misleading advice as rebates drive more installs. Banking access: The ACCC has authorised banks to keep collaborating under the Banking Code of Practice to expand low or no-fee accounts, with conditions to proactively identify eligible customers. EV convenience: Coles is rolling out fast EV chargers at up to 30 stores with Evie Networks, aiming to make charging part of the grocery routine. Inflation watch: Markets are bracing for Australia’s June CPI and RBA commentary, with traders focused on whether inflation is easing fast enough to shape the next rate call. Cyber risk: Origin Energy’s data breach coverage continues to highlight what customers should do after personal and banking details were exposed. Retail/consumer protection: Consumer NZ is urging stronger rules against unfair trading and dark patterns, including all-inclusive pricing and enforceable protections.

Qantas fallout: Former CEO Alan Joyce used 60 Minutes to admit he “got things wrong” during Covid, while arguing Qantas survived because it made more right decisions than wrong; he also defended the “ghost flights” practice amid ACCC action and a record $90m penalty over illegal pandemic sackings. Cybersecurity: Origin Energy confirmed a data breach with unauthorised access to customer information, potentially including names, addresses, DOBs, phone numbers and partial payment details, and said it’s contacting affected customers. Online safety: An EU expert panel backed an EU-wide minimum age for social media use (under-13s should be blocked until safety design features exist), feeding into upcoming EU proposals. Travel and consumer service: Aer Lingus “deeply regrets” denying an Irish mother access to a business lounge at an American airport while her seriously injured daughter needed pre-flight support. Trade and prices: Australia’s PM Albanese said the government will press the US to remove new forced-labour tariffs after Washington imposed 10–12.5% levies on 60 economies, including Australia. Food and retail: Barry Callebaut ended long-running distribution deals in Australia and Malaysia without disclosed reasons, while a leaked report suggests Pokemon Krispy Kreme donuts could finally land in the US. Energy and infrastructure: Cambodia moved ahead with plans for a 900MW LNG power plant via competitive bidding, alongside a push for cleaner electricity by 2030.

Trade & Tariffs: Anthony Albanese says he’ll raise Donald Trump’s new up-to-12.5% US tariffs “at every level” after the White House targeted countries over forced-labour claims, calling the move “unjustified” and warning it will hit consumers via higher costs. Household Costs Watch: Economists are bracing for the RBA to hold rates as Australia’s Q2 CPI lands, with oil prices pushed higher by renewed US-Iran fighting. Payments Perks at Risk: Travel agents warn a surcharge ban from October 1 could strip back credit-card perks like free travel insurance and lounge access as banks cut rewards to offset lower merchant fees. Energy Access Gap: Australia’s rooftop solar boom is leaving apartment residents behind, with far lower panel and battery take-up than detached homes due to body-corporate and metering hurdles. Food & Farming: Extreme winter weather in SA is downgrading mandarins and oranges, with cooler, wetter conditions forcing later, shorter picking shifts and reducing growers’ returns. Consumer Tech: CEIA debuted a new foodpro metal detector built for washdown environments, aiming to improve detection for meat and poultry. Retail & Consumer Sentiment: A Sydney pub menu “chicken salt” surcharge sparked backlash, with the venue later blaming a menu-entry error.

US Tariffs Hit Australia: The Trump administration’s new 10%–12.5% forced-labour tariffs on 60 economies took effect July 24, with Australia’s exports flagged at 12.5%. Trade Minister Don Farrell called the move “completely unjustified” and said Australia will keep lobbying for removal. Online Retail Rules: Amazon now requires sellers to label listing images and videos that include photorealistic AI-generated people, with metadata disclosure and a shopper-facing indicator planned. Privacy in Schools: A report warns AI tools in K-12 classrooms are outpacing safeguards, leaving children’s data exposed. Consumer Tech Glitch: ChatGPT and related OpenAI services went down worldwide, affecting ChatGPT, the API and Codex. Food & Drink Trends: IWSR says no- and low-alcohol wine demand keeps rising, with no-alcohol growing fastest across major markets including Australia. Local Partnerships: GAC became Official Automotive Partner of Melbourne City FC, expanding its Australian sports presence. Recycling Pressure: Australia’s lack of solar panel recycling is again criticised, with experts arguing most panel materials can be recovered.

Food Safety Recall: Yumbah Australian Greenlip Abalone 1kg has been recalled after brevetoxin (neurotoxin) contamination was found; NSW shoppers are told not to eat affected best-before dated packs and to return for a refund. Ag & Chemicals: Syngenta will stop selling paraquat in Australia, citing APVMA restrictions making the herbicide commercially unviable; the chemical is banned in the EU and linked to Parkinson’s disease concerns. Competition & Retail: Court refused Stryker’s bid to enforce a non-compete against a former sales rep, with the judge flagging the restraint’s broad reach and lack of identified confidential sales info. Trade & Prices: The US has imposed new 10%–12.5% forced-labour tariffs on 60 economies, including Australia at 12.5%, replacing expiring temporary duties—raising pressure on importers and potentially consumer prices. M&A Watch: Paramount Skydance agreed to delay its Warner Bros Discovery merger until after an antitrust trial path, with states’ challenge still active. Tech & Consumer Service: OpenAI’s “Presence” product for voice/chat customer service agents is being trialled by firms including Insurance Australia Group, spotlighting how AI agents may soon handle more customer requests.

US Trade Shock for Consumers: The Trump administration has launched forced-labour tariffs on 60 economies, with rates of 10% or 12.5% kicking in as temporary levies expire—Australia included—prompting fresh pushback from trading partners and warnings of higher costs. Australian Business Pressure: Australia’s trade minister Don Farrell called the move “completely unjustified” and said the government will lobby for removal, while the broader tariff regime is already feeding uncertainty into supply chains. Smart-Home Cyber Risk: A reported flaw in SharkNinja robot vacuums could let hackers remotely take control via overly permissive cloud access, turning camera-equipped devices into surveillance targets (patches reportedly rolled out July 20). Scam Arms Race: Westpac fraud experts warn scammers are using AI for more convincing, personalised attacks, as Australians keep losing billions to scams. Perth Airport Growth: Skyfields (Perth Airport) is advancing a major retail and lifestyle development at Dunreath Green, part of a long-term expansion of non-aviation land. Food & Farming Spillover: Louisiana sugarcane is facing a new threat from the Australian-native pasture mealybug, with no clear eradication playbook yet.

US Tariff Shock (Forced Labour): The Trump administration has started a new wave of 10%–12.5% tariffs on imports from 60 trading partners, including Australia, tied to claims of weak forced-labour enforcement—replacing an expiring temporary global duty and landing at the same moment it lapsed. Australian Consumer Impact: Markets are already reacting: ASX sentiment is pressured by higher oil prices and the tariff hit on local exports, adding fresh cost and uncertainty for consumer-facing supply chains. Household Finance Pressure: A new analysis warns many Australians are effectively earning negative returns on savings because average deposit rates lag inflation. Retail Rewards Push: Velocity Frequent Flyer launched a new online store letting members earn and redeem Velocity Points across 300+ brands, with a 1,000-point bonus for first transactions. Food & Health: Kirin and Blackmores are rolling out a cognition supplement in Australia/NZ, while Domino’s faces a Federal Court finding of misleading conduct over pay-rate representations to franchise workers. Biosecurity Watch: Queensland recorded its first suspected H5 bird flu case in a seabird, with authorities saying poultry remains safe.

AI in Customer Service: Uber is cutting about 10% of its Community Operations (customer support) team and bringing remote staff back to offices three days a week, saying AI is the driver of a restructure. Market & Energy: Oil jumped after Houthi attacks on Saudi tankers in the Red Sea, with Brent briefly topping $100; markets also reacted to Alphabet’s EU antitrust fine. Retail & Brands: KMD Brands issued a trading update: Kathmandu sales rose 4.8% while Rip Curl fell 2.8%, and the group plans to sell its Southeast Asian manufacturing facility. Consumer Tech & Safety: Australia’s Origin Energy confirmed a cyber incident that may have exposed customer bank and credit card details, while the ACCC pursued Dusk over allegedly non-compliant button batteries. Travel & Leisure: An Air New Zealand autism-friendly claim is challenged by a mother who says her trip was extended and support fell short. Food & Drink: Snacking demand remains strong globally, with Australia flagged as a $30bn market growing about 6%.

Consumer Safety & Regulation: The TGA has issued a new warning for Ozempic, Wegovy, Mounjaro and other GLP-1 medicines after reports of a rare eye disorder that can cause sudden vision loss and permanent impairment. Product Compliance Crackdown: The CER has suspended multiple solar companies under a compliance push, including firms accused of incomplete work or false claims about system readiness. Food & Retail Watch: Snackbrands Australia recalls Chickadees nationally over rubber contamination, while a separate overseas case shows how strict food rules can get serious fast (a Seoul restaurant faces jail over ant-topped desserts). Housing & Construction: Metricon has completed Melbourne’s first modular “Lego-like” prefabs in just 20 days, though most materials were made in China. Markets & Cost Pressure: Australia’s June jobs surge (unemployment steady at 4.4%) is keeping rate-hike bets alive, with fixed loan rates shifting across the big banks. Tech & Devices: Samsung’s Galaxy Z Fold 8 range is now open for pre-orders in Australia, alongside new Galaxy Watch models. Automotive Consumer Risk: A report warns Australia could be a “dumping ground” for Chinese EVs if flush door-handle rules leave gaps in Australian standards.

Consumer Protection & AI Safety: Australia flags consumer protection and a digital duty of care as AI safety priorities, adding to the push for clearer rules as tech moves faster than safeguards. Regional Services Under Pressure: A Senate inquiry is scrutinising Australia Post’s retail network and the future of face-to-face services in regional towns, with Licensed Post Office operators warning that a “parcel first” shift is shrinking counters, visits and income. Cyber & Customer Data Risk: Origin Energy is investigating a suspected cyber incident after claims of unauthorised access that could affect millions of customers, keeping data-breach fallout front and centre for everyday consumers. Fintech Expansion: Revolut secures Australia’s first full fintech banking licence from APRA and launches as a licensed bank, with plans to invest heavily locally. Food & Retail Watch: Lindt & Sprüngli reports 4.3% organic sales growth in H1 2026, but notes weaker Europe demand and volume pressure from price rises. Packaging/Environment: A major plastic pellet spill into the River Tyne highlights ongoing consumer-product waste risks. Energy Transition: The federal government backs a forestry-waste-to-jet-fuel project with $32m via ARENA, aiming to cut reliance on overseas fuel shocks.

Cybersecurity Shock (Energy): Origin Energy is urgently investigating a potential security incident after reports a hacker may have accessed personal data of up to 2 million customers, with Origin saying it doesn’t believe credit card or bank details were involved and that it has notified the AFP, the Cyber Security Centre and the privacy watchdog. Consumer Safety Court Case: The ACCC has taken Dusk to Federal Court over alleged button-battery safety and information breaches, saying thousands of candles, diffusers and other LED homewares didn’t meet mandatory standards. New Banking Challenger: Revolut Bank Australia has launched after receiving its banking licence, with eligible deposits protected up to $250,000 and an automated transition for existing users. Retail Expansion (Fashion): Seafolly has entered China, opening a Shanghai office and using local social commerce and influencer livestreams to drive discovery. Brand & Product Moves (Beauty): Hugel launched its botulinum toxin brand Letybo in India, aiming for early market share as Korean aesthetics demand grows. Food & Value: Red Rooster rolled out a permanent under-$5 “Chook Change” menu nationwide. Market Watch (Tech/Infrastructure): NextDC jumped after reporting higher contracted utilisation from new data-centre customer contracts.

Fintech Banking: Revolut has secured a full, unrestricted ADI licence from APRA and launched Revolut Bank Australia, with plans to invest nearly A$400m over five years as it moves its 1m+ Australian customers into a regulated banking setup. Consumer Tech & Design: Canva has made “Canva Code 2.0” generally available, letting users generate and edit designs from prompts and existing creations, including for free users. Home & Lifestyle Services: ALG Building expanded its custom home building and renovation services across NSW’s Central Coast, targeting extensions, kitchen/bath upgrades and outdoor work. Home Comfort Retail: Levoit air purifiers are now available via Bing Lee Online ahead of the winter school-holiday period, pushing everyday indoor air upgrades. Sports Tech: Preciser partnered with Glory League to turn grassroots basketball footage into on-demand AI stats for players and coaches across Australia and New Zealand. Food & Snacking Trends: Circana reports snacking growth in Australia (up ~6.9% in value) with consumers shifting toward functional “fuel and fun” products rather than price-led buying. Market Watch (Auto Imports): New data highlights China’s auto export surge, with vehicle exports jumping sharply in 2026’s first half—fueling competitive pressure for global car markets including Australia.

AI Governance: Australia is drafting tighter rules for how AI is used across federal agencies and digital services, with a focus on transparency, accuracy, fairness and human accountability after the Robodebt fallout. Banking & Fraud: The Australian Banking Association is pushing for banks to verify loan and income details directly against ATO records, warning fake payslips and doctored statements are getting easier. Competition & Retail: Coles is fighting a regulator block on a second supermarket in Kalgoorlie, with the ACCC arguing it could force smaller rivals out. Consumer Safety: Footwear brand FRANKIE4 recalls its Amara heels after reports the heel can detach while being worn, creating a serious fall risk. Food & Retail Deals: Coles is running a $100,000 Australian Red Cross disaster recovery donation drive via Pine O Cleen purchases. Cars & Market Signals: Fiat has paused importing passenger cars into Australia while it reviews its local model lineup. Business Insurance: Petcover launches a specialist Veterinary Practice Insurance Program, claiming average premium savings of about 35% for eligible clinics. Energy Costs: South Australians are being warned they may need to tolerate occasional blackouts to curb rising power bills.